CorMedix Inc.
CRMDHealthcare|Biotechnology|US
$5.32
+0.09 (+1.72%)
Tangible Book / Share
$0.92
Graham Number
$17.76
Cash / Share
$3.27
Financials
Financial Snapshot
Market Cap
$414.7M
Enterprise Value
$303.1M
Revenue (TTM)
$462.2M
Net Income (TTM)
$187.2M
Cash & Investments
$256.7M
Net Cash
$111.5M
Free Cash Flow (TTM)
$251.7M
Operating CF (TTM)
$253.9M
Debt/Equity
0.31
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $20.2M | $12.0M | $17.6M | $28.5M | $46.3M | $65.5M | $59.0M | $76.0M | $51.7M | $149.5M | $256.7M | |
| Operating Cash Flow | -$22.3M | -$28.6M | -$23.7M | -$15.1M | -$22.0M | -$21.2M | -$24.4M | -$38.4M | -$50.6M | $175.0M | $253.9M | |
| Free Cash Flow | -$22.3M | -$28.7M | -$23.7M | -$15.1M | -$22.1M | -$22.6M | -$24.6M | -$38.7M | -$50.7M | $172.8M | $251.7M | |
| Capital Expenditure | -$58.7K | -$152.0K | -$48.9K | -$36.6K | -$112.6K | -$1.4M | -$219.4K | -$327.3K | -$116.0K | -$2.3M | -$2.2M | |
| Financing Cash Flow | $7.1M | $20.5M | $29.4M | $25.8M | $40.1M | $41.8M | $17.9M | $55.9M | $26.3M | $238.5M | $129.9M |
R&D Spending
R&D (TTM)
$27.6M
R&D Intensity
6.0%
R&D Growth vs Prior
+42.7%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $224.1K | $329.3K | $429.8K | $283.3K | $239.2K | $190.9K | $65.4K | $0.00 | $43.5M | $311.7M | $462.2M | |
| R&D Expense | $15.7M | $24.5M | $18.8M | $11.1M | $13.4M | $13.1M | $10.7M | $13.2M | $3.9M | $19.3M | $27.6M | |
| R&D % of Revenue | 7021.4% | 7435.2% | 4379.4% | 3902.0% | 5591.7% | 6878.2% | 16327.6% | — | 9.1% | 6.2% | 6.0% | |
| SG&A | $8.9M | $8.7M | $8.1M | $0.00 | $13.9M | $16.3M | $20.0M | $35.8M | $58.7M | $30.2M | $138.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $224.1K | $329.3K | $429.8K | $283.3K | $239.2K | $190.9K | $65.4K | $0.00 | $43.5M | $311.7M | $462.2M | |
| Cost of Revenue | $366.7K | $115.0K | $396.8K | $373.2K | $204.8K | $148.9K | $3.7K | $205.6K | $3.2M | $36.0M | $79.6M | |
| Gross Profit | -$142.6K | $214.4K | $33.0K | -$90.0K | $34.4K | $42.0K | $61.7K | -$205.6K | $40.3M | $275.7M | $382.6M | |
| R&D | $15.7M | $24.5M | $18.8M | $11.1M | $13.4M | $13.1M | $10.7M | $13.2M | $3.9M | $19.3M | $27.6M | |
| SG&A | $8.9M | $8.7M | $8.1M | $0.00 | $13.9M | $16.3M | $20.0M | $35.8M | $58.7M | $30.2M | $138.0M | |
| Operating Income | -$24.8M | -$32.9M | -$26.9M | -$21.0M | -$27.2M | -$29.4M | -$30.6M | -$49.0M | -$22.4M | $150.1M | $217.0M | |
| Interest Expense | $1.3K | $5.6K | $1.9K | $787.5K | $33.2K | $15.9K | $26.5K | $34.3K | $36.4K | $2.8M | $2.8M | |
| Pretax Income | -$24.6M | -$33.0M | -$26.8M | -$11.4M | -$27.2M | -$29.5M | -$30.3M | -$46.3M | -$19.3M | $150.0M | $203.4M | |
| Net Income | -$24.6M | -$33.0M | -$26.8M | -$16.4M | -$22.0M | -$28.2M | -$29.7M | -$46.3M | -$17.9M | $163.1M | $187.2M | |
| EPS (Diluted) | -3.25 | -2.99 | -1.51 | -0.68 | -0.77 | -0.75 | -0.74 | -0.91 | -0.30 | 2.04 | 2.13 | |
| EBITDA | -$24.6M | -$33.0M | -$26.8M | -$20.9M | -$27.0M | -$29.4M | -$30.2M | -$46.2M | -$19.0M | $167.3M | $249.8M | |
| Shares Out. (M) | 7.59 | 11.03 | 17.82 | 24.15 | 28.56 | 37.67 | 40.27 | 50.90 | 58.87 | 80.31 | 92.48 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.1M | $10.4M | $17.6M | $16.5M | $41.9M | $53.3M | $43.4M | $43.6M | $40.7M | $145.8M | $256.7M | |
| Short-Term Investments | $12.1M | $1.6M | $0.00 | $12.0M | $4.4M | $12.1M | $15.6M | $32.4M | $11.0M | $3.7M | $0.00 | |
| Total Current Assets | $21.8M | $13.3M | $18.7M | $29.3M | $48.2M | $66.5M | $59.6M | $79.5M | $114.6M | $367.1M | $480.6M | |
| Total Assets | $21.9M | $13.5M | $18.8M | $29.5M | $49.3M | $68.9M | $62.0M | $82.1M | $118.8M | $826.1M | $904.1M | |
| Total Current Liabilities | $4.1M | $6.3M | $7.8M | $5.8M | $4.2M | $5.3M | $6.3M | $11.4M | $33.8M | $174.3M | $187.4M | |
| Long-Term Debt | $0.00 | $0.00 | $6.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $144.6M | $145.2M | |
| Total Liabilities | $4.1M | $6.3M | $13.9M | $5.8M | $5.1M | $6.1M | $7.0M | $11.9M | $34.2M | $420.8M | $443.2M | |
| Stockholders' Equity | $17.8M | -$152.2M | -$179.0M | -$195.4M | $44.2M | $62.8M | $55.1M | $70.1M | $84.7M | $405.3M | $460.8M | |
| Retained Earnings | -$119.2M | -$152.2M | -$179.0M | -$195.4M | -$217.4M | -$245.7M | -$275.4M | -$321.7M | -$339.6M | -$176.6M | -$112.0M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$22.3M | -$28.6M | -$23.7M | -$15.1M | -$22.0M | -$21.2M | -$24.4M | -$38.4M | -$50.6M | $175.0M | $253.9M | |
| Capital Expenditure | -$58.7K | -$152.0K | -$48.9K | -$36.6K | -$112.6K | -$1.4M | -$219.4K | -$327.3K | -$116.0K | -$2.3M | -$2.2M | |
| Free Cash Flow | -$22.3M | -$28.7M | -$23.7M | -$15.1M | -$22.1M | -$22.6M | -$24.6M | -$38.7M | -$50.7M | $172.8M | $251.7M | |
| Investing Cash Flow | $11.4M | $10.4M | $1.6M | -$12.0M | $7.4M | -$9.1M | -$3.7M | -$17.1M | $21.2M | -$308.4M | -$285.6M | |
| Financing Cash Flow | $7.1M | $20.5M | $29.4M | $25.8M | $40.1M | $41.8M | $17.9M | $55.9M | $26.3M | $238.5M | $129.9M | |
| Issuance of Stock | $6.2M | $18.6M | $22.0M | $15.2M | $39.7M | $41.8M | $17.9M | $56.1M | $26.6M | $96.5M | $5.9M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $7.5M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $150.0M | $0.00 | |
| Stock Based Comp. | $1.3M | $1.7M | $1.1M | $2.4M | $2.5M | $5.0M | $4.1M | $5.5M | $6.1M | $13.8M | $7.7M | |
| Net Change in Cash | -$3.8M | $2.3M | $7.2M | -$1.3M | $25.6M | $11.5M | -$10.2M | $448.4K | -$3.1M | $105.1M | $98.3M |
Dilution Tracker
Shares outstanding grew 181.2% over 5 years — significant dilution
Shares Outstanding
78M
5-Year Share Growth
+181.2%
Stock Issuance (TTM)
$5.9M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 7.59 | 11.03 | 17.82 | 24.15 | 28.56 | 37.67 | 40.27 | 50.90 | 58.87 | 80.31 | 92.48 | |
| Change vs Prior % | — | 45.2% | 61.6% | 35.6% | 18.3% | 31.9% | 6.9% | 26.4% | 15.7% | 36.4% | 15.2% | |
| Stock Issuance | $6.2M | $18.6M | $22.0M | $15.2M | $39.7M | $41.8M | $17.9M | $56.1M | $26.6M | $96.5M | $5.9M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.3M | $1.7M | $1.1M | $2.4M | $2.5M | $5.0M | $4.1M | $5.5M | $6.1M | $13.8M | $7.7M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -63.6% | 65.1% | 7.7% | -31.8% | 14.4% | 22.0% | 94.3% | — | 92.7% | 88.5% | 82.8% | |
| Operating Margin % | -11048.8% | -9997.4% | -6250.4% | -7416.3% | -11378.4% | -15417.5% | -46819.9% | — | -51.4% | 48.2% | 47.0% | |
| Net Margin % | -10996.5% | -10023.4% | -6242.4% | -5801.3% | -9207.7% | -14774.7% | -45409.9% | — | -41.2% | 52.3% | 40.5% | |
| EBITDA Margin % | -10985.0% | -10012.2% | -6224.7% | -7390.4% | -11301.2% | -15388.7% | -46135.3% | — | -43.7% | 53.7% | 54.0% | |
| FCF Margin % | -9961.5% | -8726.6% | -5525.7% | -5326.7% | -9229.7% | -11826.2% | -37573.5% | — | -116.7% | 55.4% | 54.5% | |
| ROE % | -138.3% | 21.7% | 15.0% | 8.4% | -49.8% | -44.9% | -53.9% | -66.1% | -21.2% | 40.2% | 44.6% | |
| ROA % | -112.5% | -245.4% | -142.5% | -55.8% | -44.7% | -40.9% | -47.9% | -56.5% | -15.1% | 19.7% | 20.7% | |
| ROIC % | -139.0% | -457.3% | -242.9% | -88.8% | -48.7% | -44.2% | -53.8% | -69.1% | -24.4% | 23.0% | 27.9% | |
| R&D / Revenue % | 7021.4% | 7435.2% | 4379.4% | 3902.0% | 5591.7% | 6878.2% | 16327.6% | — | 9.1% | 6.2% | 6.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 6.7% | 47.0% | 30.5% | -34.1% | -15.5% | -20.2% | -65.7% | -100.0% | 0.0% | 617.0% | |
| Gross Profit | -31.3% | 250.4% | -84.6% | -372.5% | 138.2% | 22.1% | 46.8% | -433.3% | 19695.9% | 584.6% | |
| Operating Income | -48.7% | -33.0% | 18.4% | 21.8% | -29.6% | -8.1% | -4.0% | -59.9% | 54.3% | 771.6% | |
| Net Income | -35.5% | -33.9% | 18.7% | 38.8% | -34.0% | -28.1% | -5.3% | -56.0% | 61.3% | 1009.4% | |
| EPS (Diluted) | -12.1% | 8.0% | 49.5% | 55.0% | -13.2% | 2.6% | 1.3% | -23.0% | 67.0% | 780.0% | |
| Operating Cash Flow | -77.7% | -28.4% | 17.1% | 36.5% | -45.9% | 3.7% | -15.1% | -57.7% | -31.8% | 445.8% | |
| Free Cash Flow | -78.0% | -28.7% | 17.4% | 36.5% | -46.3% | -2.3% | -8.8% | -57.6% | -31.0% | 440.6% | |
| R&D Expense | 150.5% | 55.6% | -23.1% | -41.3% | 21.0% | -1.8% | -18.7% | 23.2% | -70.0% | 390.4% | |
| SG&A Expense | -13.5% | -2.6% | -6.7% | -100.0% | 0.0% | 17.8% | 22.4% | 79.0% | 63.9% | -48.6% | |
| Total Assets | -41.0% | -38.6% | 39.9% | 56.6% | 67.3% | 39.8% | -10.0% | 32.3% | 44.8% | 595.1% | |
| Book Value / Share | -56.8% | -72.2% | -57.5% | 253.5% | 58.1% | 7.8% | -17.8% | 0.5% | 4.4% | 291.3% | |
| Debt | 0.0% | 0.0% | 0.0% | -99.9% | 21926.8% | -10.6% | -13.1% | -16.8% | -22.6% | 28702.8% | |
| Diluted Shares | 21.1% | 45.2% | 61.6% | 35.6% | 18.3% | 31.9% | 6.9% | 26.4% | 15.7% | 36.4% |
Valuation
P/E (TTM)2.21
P/S0.90
10Y Low / Med / High2.69 / 267.38 / 2589.59
P/B0.91
10Y Low / Med / High2.07 / 3.08 / 5.63
EV/EBITDA1.21
EV/Revenue0.66
10Y Low / Med / High2.70 / 240.62 / 1938.72
P/FCF1.65
Intrinsic Value Models (per share)
Tangible Book / Share
$0.92
Net Current Assets / Share
$0.48
Graham Number
$17.76
Cash / Share
$3.27
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -2.35 | -0.84 | -4.27 | -10.71 | -9.65 | -6.07 | -5.70 | -4.13 | -27.00 | 5.17 | 2.21 | |
| P/S Ratio | 259.21 | 83.72 | 267.38 | 620.71 | 887.07 | 896.33 | 2589.59 | 0.00 | 10.97 | 2.69 | 0.90 | |
| P/B Ratio | 3.26 | -0.18 | -0.64 | -0.90 | 4.80 | 2.73 | 3.08 | 2.73 | 5.63 | 2.07 | 0.91 | |
| EV/EBITDA | -2.03 | -0.52 | -3.87 | -7.61 | -6.34 | -4.04 | -4.20 | -3.21 | -23.01 | 5.02 | 1.21 | |
| EV/Revenue | 223.22 | 52.20 | 240.62 | 562.39 | 716.22 | 621.93 | 1938.72 | 0.00 | 10.05 | 2.70 | 0.66 |
Analyst Estimates & Quality
Altman Z-Score
2.07
Grey Zone
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $336.4M | $281.5M | $332.8M |
| Net Income | $40.2M | $1.9M | $41.2M |
| EPS | $0.49 | $0.03 | $0.35 |
| # Analysts (EPS) | 4 | 4 | 4 |
Revenue Segments
By Product
| Segment | 2025 |
|---|---|
| Product | $304.3M |
By Geography
| Segment | 2020 | 2021 |
|---|---|---|
| Europe | $237.0K | $190.9K |