Start here if you're new
what it is
CorMedix sells DefenCath, a catheter-lock solution meant to prevent deadly bloodstream infections in dialysis patients.
how it gets paid
Last year Cormedix made $312M in revenue.
why it's growing
Revenue grew 617.0% last year. Latest-quarter revenue was $183 million, up 76% vs. prior year, and EPS was $1.97, up 56% vs. prior year, based on the SEC-backed figures provided.
what just happened
The latest quarter printed $183M in revenue with 92.0% gross margin, which is what a successful launch looks like on paper.
At a glance
B balance sheet — gets the job done, barely
25/100 earnings predictability — expect surprises
3.4x trailing p/e — the market's not buying it — or you found a deal
-$0.30 fy2024 eps est
$44M fy2024 rev est
xvary composite: 39/100 — weak
What they do
CorMedix sells DefenCath, a catheter-lock solution meant to prevent deadly bloodstream infections in dialysis patients.
This is a one-product story, which is usually terrifying. Here, that one product posted 92.0% gross margin, meaning gross margin → money left after making the product → almost every new sales dollar drops hard to profit. You also have a balance sheet with just $3 million of long-term debt, or 1% of capital, so the company is not carrying a bank on its back.
How they make money
$312M
annual revenue · their business grew +617.0% last year
total revenue
$312M
+617.0%
The products that matter
prevents catheter infections
DefenCath
$312M · 100% of revenue
It generated 100% of the company's $312M in annual revenue, so any change in DefenCath demand is a change in the entire company.
100% of revenue
Key numbers
$312M
ttm revenue
Revenue → money customers actually paid → CorMedix is already far past the tiny-commercial-stage label.
92.0%
gross margin
Gross margin → sales left after product costs → this is software-level richness inside a healthcare product story.
48.2%
operating margin
Operating margin → profit after running the business → nearly half of revenue is turning into operating profit, per.
$3M
long-term debt
Long-term debt is just 1% of capital, which means the balance sheet is not the thing that breaks your thesis.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $3M (1% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CRMD right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The latest quarter printed $183M in revenue with 92.0% gross margin, which is what a successful launch looks like on paper.
Latest-quarter revenue was $183 million, up 76% vs. prior year, and EPS was $1.97, up 56% vs. prior year, based on the SEC-backed figures provided. Gross margin was 92.0%, so the quiet part is loud now: this product is not just selling, it is throwing off cash-like economics.
$183M
revenue
$1.97
eps
92.0%
gross margin
the number that mattered
The number that mattered was 92.0% gross margin because gross margin → money left after product costs → it tells you this launch scales very differently from a normal drug rollout.
source: company earnings report, 2026
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What could go wrong
The #1 risk is DefenCath commercialization wobbling after the first launch surge.
med
Single-product dependency
DefenCath generated 100% of Cormedix's $312M revenue. There is no second engine if this one misfires.
Impact: a commercial setback would hit the entire business, not one segment.
med
Flat guidance after a launch spike
Management guided to $300–$320M for 2026 after $312M last year. Low-end guidance is below last year's revenue. High-end guidance is barely above it.
Impact: if the ramp has already plateaued, the low trailing multiple is less of a bargain than it looks.
med
Commercial strategy is still settling
January 2026 brought leadership changes, including a new chief commercial officer. New leadership can improve execution, but it usually arrives because execution was not where it needed to be.
Impact: salesforce changes and channel adjustments during a critical adoption period can delay demand visibility.
med
Volatility is part of the package
Price stability is 5 / 100 and the 52-week range runs from $6 to $17. This is a stock where expectation resets can happen fast.
Impact: even if the business survives a weak quarter, the share price may not behave politely on the way there.
Because DefenCath drives 100% of the company's $312M revenue, any slowdown in adoption flows straight through the entire story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that matters
Quarterly revenue versus the $300–$320M guide
This is the scoreboard now. If quarterly results track toward the low end, the slowdown thesis wins. If they start leaning above the range, the reset may have gone too far.
trend
Whether DefenCath demand is stabilizing or simply normalizing lower
Last year's +617.0% growth was always going to decelerate. The question is where it settles once the first commercial burst is behind it.
calendar
The next earnings report
After a March 5, 2026 earnings release, the next update matters more than usual. You need another data point to know whether flat guidance was caution or a real ceiling.
risk
What the new commercial leadership changes
A new chief commercial officer is not cosmetic here. Watch whether messaging, selling effort, or channel execution actually show up in the numbers.
Analyst rankings
earnings predictability
25 / 100
Low predictability means the quarterly numbers can move around a lot. In human-speak: analysts do not have a clean line of sight here.
risk rank
4
Safer than 20% of stocks. Translation: the market treats this like a volatile small-cap healthcare name, not a steady compounder.
source: institutional data
Institutional activity
institutional ownership data for CRMD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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