Cormedix Financials
This page shows Cormedix (CRMD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
CorMedix's commercial scale-up flipped a long cash burn into cash-backed profits, while the balance sheet expanded with launch.
Net income of$163.1M and operating cash flow of$175.0M moved together in FY2025, so the first profitable year was not just an accounting swing. Yet cash on hand finished at only$144.8M because investing outflows of$308.4M and a much larger receivables position absorbed much of that new earning power.
Gross margin stayed at
Commercialization did not just improve earnings; it changed how the company is financed. Even after producing
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Cormedix's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cormedix has an operating margin of 48.2%, meaning the company retains $48 of operating profit per $100 of revenue. This results in a moderate score of 46/100, indicating healthy but not exceptional operating efficiency. This is up from -51.4% the prior year.
Cormedix carries a low D/E ratio of 1.04, meaning only $1.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.
Cormedix's current ratio of 2.11 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.
Cormedix's free cash flow margin of 55.4% results in a low score of 2/100. Capital expenditures of $2.3M absorb a large share of operating cash flow.
Cormedix generates a 40.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 12/100. This is up from -21.2% the prior year.
Cormedix scores 1.86, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Cormedix passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Cormedix generates $1.07 in operating cash flow ($175.0M OCF vs $163.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Cormedix earns $54.0 in operating income for every $1 of interest expense ($150.1M vs $2.8M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Cormedix generated $311.7M in revenue in fiscal year 2025. This represents an increase of 617.0% from the prior year.
Cormedix's EBITDA was $164.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 847.0% from the prior year.
Cormedix reported $163.1M in net income in fiscal year 2025. This represents an increase of 1009.4% from the prior year.
Cormedix earned $2.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 780.0% from the prior year.
Cash & Balance Sheet
Cormedix generated $172.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 440.6% from the prior year.
Cormedix held $144.8M in cash against $0 in long-term debt as of fiscal year 2025.
Cormedix had 79M shares outstanding in fiscal year 2025. This represents an increase of 23.1% from the prior year.
Margins & Returns
Cormedix's gross margin was 88.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.2 percentage points from the prior year.
Cormedix's operating margin was 48.2% in fiscal year 2025, reflecting core business profitability. This is up 99.6 percentage points from the prior year.
Cormedix's net profit margin was 52.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 93.5 percentage points from the prior year.
Cormedix's ROE was 40.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 61.4 percentage points from the prior year.
Capital Allocation
Cormedix invested $19.3M in research and development in fiscal year 2025. This represents an increase of 390.4% from the prior year.
Cormedix invested $2.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1848.3% from the prior year.
CRMD Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $127.4M-0.9% | $128.6M+23.3% | $104.3M+162.4% | $39.7M+1.7% | $39.1M | N/A | $11.5M+1321.1% | $806K |
| Cost of Revenue | $12.0M+8.0% | $11.1M+46.9% | $7.6M+306.2% | $1.9M+20.5% | $1.5M | N/A | $635K+24.5% | $510K |
| Gross Profit | $105.1M-2.0% | $107.3M+15.3% | $93.1M+145.8% | $37.9M+1.0% | $37.5M | N/A | $10.8M+3534.9% | $296K |
| R&D Expenses | $7.2M-16.1% | $8.6M+68.7% | $5.1M+108.7% | $2.4M-23.5% | $3.2M | N/A | $727K+11.7% | $651K |
| SG&A Expenses | $21.7M-7.9% | $23.6M-7.4% | $25.5M+167.8% | $9.5M-1.9% | $9.7M | N/A | $6.6M-12.9% | $7.6M |
| Operating Income | $63.7M+7.7% | $59.1M+15.2% | $51.3M+162.7% | $19.5M-2.9% | $20.1M | N/A | -$3.3M+78.5% | -$15.3M |
| Interest Expense | N/A | $1.8M+91.6% | $948K+14114.4% | $7K-33.3% | $10K | N/A | $10K+52.6% | $7K |
| Income Tax | $17.0M-59.8% | $42.4M+175.8% | -$56.0M-10835.6% | $522K | $0 | N/A | N/A | N/A |
| Net Income | $38.6M+175.3% | $14.0M-87.1% | $108.6M+447.5% | $19.8M-4.0% | $20.6M | N/A | -$2.8M+80.4% | -$14.2M |
| EPS (Diluted) | $0.43 | N/A | $1.26+350.0% | $0.28-6.7% | $0.30 | N/A | $-0.05+80.0% | $-0.25 |
CRMD Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $815.6M-1.3% | $826.1M+10.0% | $750.9M+197.3% | $252.6M+68.9% | $149.6M+25.9% | $118.8M+53.2% | $77.6M+34.4% | $57.7M |
| Current Assets | $383.1M+4.4% | $367.1M+41.4% | $259.5M+4.6% | $248.1M+71.2% | $144.9M+26.4% | $114.6M+56.6% | $73.2M+37.5% | $53.2M |
| Cash & Equivalents | $178.1M+23.0% | $144.8M+198.7% | $48.5M-69.6% | $159.3M+140.3% | $66.3M+63.1% | $40.7M+15.2% | $35.3M+23.6% | $28.5M |
| Inventory | $30.7M+3.4% | $29.7M+2.8% | $28.9M+200.1% | $9.6M+28.7% | $7.5M-1.5% | $7.6M+14.3% | $6.6M+65.8% | $4.0M |
| Accounts Receivable | $154.8M-9.6% | $171.2M+8.0% | $158.6M+269.5% | $42.9M-21.4% | $54.6M+5.7% | $51.7M+197.1% | $17.4M+8326.7% | $206K |
| Goodwill | $30.0M0.0% | $30.0M+71.3% | $17.5M | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $378.6M-10.0% | $420.8M+11.7% | $376.7M+1078.4% | $32.0M-7.9% | $34.7M+1.5% | $34.2M+81.1% | $18.9M+63.5% | $11.5M |
| Current Liabilities | $128.8M-26.1% | $174.3M+30.4% | $133.6M+321.4% | $31.7M-7.8% | $34.4M+1.6% | $33.8M+83.1% | $18.5M+66.3% | $11.1M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $437.0M+7.8% | $405.3M+8.3% | $374.1M+69.6% | $220.6M+92.0% | $114.9M+35.7% | $84.7M+44.2% | $58.7M+27.1% | $46.2M |
| Retained Earnings | -$138.0M+21.9% | -$176.6M+7.4% | -$190.6M+36.3% | -$299.2M+6.2% | -$319.0M+6.1% | -$339.6M+3.8% | -$353.1M-0.8% | -$350.3M |
CRMD Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $42.4M-55.1% | $94.5M+206.1% | $30.9M+2.9% | $30.0M+52.0% | $19.7M+451.5% | -$5.6M+58.9% | -$13.6M+2.8% | -$14.0M |
| Capital Expenditures | $729K-57.6% | $1.7M+240.1% | $506K+1996.7% | $24K+141.2% | $10K-1.4% | $10K+3.8% | $10K-71.9% | $35K |
| Free Cash Flow | $41.7M-55.1% | $92.7M+205.6% | $30.4M+1.3% | $30.0M+51.9% | $19.7M+450.7% | -$5.6M+58.8% | -$13.7M+2.9% | -$14.1M |
| Investing Cash Flow | $3.0M-10.1% | $3.3M+101.1% | -$291.3M-1341.4% | -$20.2M-10264.9% | -$195K+35.8% | -$304K-104.8% | $6.3M+0.8% | $6.3M |
| Financing Cash Flow | -$12.1M-756.1% | -$1.4M-100.9% | $150.5M+80.8% | $83.2M+1266.2% | $6.1M-46.0% | $11.3M-19.8% | $14.1M+1232.1% | $1.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $11.1M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
CRMD Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 82.5%-0.9pp | 83.4%-5.8pp | 89.3%-6.0pp | 95.3%-0.6pp | 95.9% | N/A | 94.0%+57.3pp | 36.8% |
| Operating Margin | 50.0%+4.0pp | 46.0%-3.3pp | 49.2%+0.1pp | 49.2%-2.3pp | 51.5% | N/A | -28.7%+1869.4pp | -1898.1% |
| Net Margin | 30.3%+19.4pp | 10.9%-93.2pp | 104.1%+54.2pp | 49.9%-2.9pp | 52.8% | N/A | -24.2%+1731.3pp | -1755.5% |
| Return on Equity | 8.8%+5.4pp | 3.5%-25.6pp | 29.0%+20.0pp | 9.0%-9.0pp | 18.0% | N/A | -4.7%+25.9pp | -30.6% |
| Return on Assets | 4.7%+3.0pp | 1.7%-12.8pp | 14.5%+6.6pp | 7.8%-6.0pp | 13.8% | N/A | -3.6%+20.9pp | -24.5% |
| Current Ratio | 2.98+0.9 | 2.11+0.2 | 1.94-5.9 | 7.82+3.6 | 4.21+0.8 | 3.39-0.6 | 3.96-0.8 | 4.79 |
| Debt-to-Equity | 0.87-0.2 | 1.04+0.0 | 1.01+0.9 | 0.14-0.2 | 0.30-0.1 | 0.40+0.1 | 0.32+0.1 | 0.25 |
| FCF Margin | 32.7%-39.4pp | 72.1%+43.0pp | 29.1%-46.3pp | 75.4%+24.9pp | 50.5% | N/A | -119.2%+1626.8pp | -1746.0% |
Similar Companies
Frequently Asked Questions
What is Cormedix's annual revenue?
Cormedix (CRMD) reported $311.7M in total revenue for fiscal year 2025. This represents a 617.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cormedix's revenue growing?
Cormedix (CRMD) revenue grew by 617% year-over-year, from $43.5M to $311.7M in fiscal year 2025.
Is Cormedix profitable?
Yes, Cormedix (CRMD) reported a net income of $163.1M in fiscal year 2025, with a net profit margin of 52.3%.
What is Cormedix's EBITDA?
Cormedix (CRMD) had EBITDA of $164.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Cormedix's gross margin?
Cormedix (CRMD) had a gross margin of 88.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cormedix's operating margin?
Cormedix (CRMD) had an operating margin of 48.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cormedix's net profit margin?
Cormedix (CRMD) had a net profit margin of 52.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cormedix's return on equity (ROE)?
Cormedix (CRMD) has a return on equity of 40.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cormedix's free cash flow?
Cormedix (CRMD) generated $172.8M in free cash flow during fiscal year 2025. This represents a 440.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cormedix's operating cash flow?
Cormedix (CRMD) generated $175.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cormedix's total assets?
Cormedix (CRMD) had $826.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cormedix's capital expenditures?
Cormedix (CRMD) invested $2.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cormedix spend on research and development?
Cormedix (CRMD) invested $19.3M in research and development during fiscal year 2025.
What is Cormedix's current ratio?
Cormedix (CRMD) had a current ratio of 2.11 as of fiscal year 2025, which is generally considered healthy.
What is Cormedix's debt-to-equity ratio?
Cormedix (CRMD) had a debt-to-equity ratio of 1.04 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cormedix's return on assets (ROA)?
Cormedix (CRMD) had a return on assets of 19.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cormedix's Altman Z-Score?
Cormedix (CRMD) has an Altman Z-Score of 1.86, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cormedix's Piotroski F-Score?
Cormedix (CRMD) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cormedix's earnings high quality?
Cormedix (CRMD) has an earnings quality ratio of 1.07x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cormedix cover its interest payments?
Cormedix (CRMD) has an interest coverage ratio of 54.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cormedix?
Cormedix (CRMD) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.