Revenue has exploded from $806K in Q2 2024 to $127.4M in Q1 2026, but gross margins have compressed from a peak of 96.2% to 75.7% in Q2 2026, suggesting the initial high-margin launch phase is normalizing as sales volume scales.
CorMedix Inc. (CRMD) annual income statement — 18-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 462.25M | 311.71M | 43.47M | 0 | 65.41K | 190.94K | 239.23K | 283.27K | 429.8K | 329.33K | 224.1K | 210.13K | 189.27K | 2K | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 280.5% | 617.03% | - | -100% | -65.74% | -20.19% | -15.55% | -34.09% | 30.51% | 46.95% | 6.65% | 11.02% | 9363.7% | - | - | - | - | - | - |
| Cost of Goods Sold | 79.61M | 35.96M | 3.19M | 205.56K | 3.73K | 148.94K | 204.85K | 373.23K | 396.79K | 114.96K | 366.67K | 318.72K | 445.8K | 201.6K | 0 | 0 | 0 | 0 | 1.04M |
| COGS % of Revenue | - | 11.54% | 7.34% | - | 5.71% | 78% | 85.63% | 131.76% | 92.32% | 34.91% | 163.62% | 151.68% | 235.53% | 10080.25% | - | - | - | - | - |
| Gross Profit | 382.64M | 275.75M | 40.28M | -205.56K | 61.67K | 42K | 34.38K | -89.97K | 33.01K | 214.36K | -142.57K | -108.59K | -256.52K | -199.6K | 0 | 0 | 0 | 0 | -1.04M |
| Gross Margin % | 82.78% | 88.46% | 92.66% | - | 94.29% | 22% | 14.37% | -31.76% | 7.68% | 65.09% | -63.62% | -51.68% | -135.53% | -9980.2% | - | - | - | - | - |
| Gross Profit Growth % | - | 584.55% | 19695.86% | -433.3% | 46.85% | 22.14% | 138.22% | -372.54% | -84.6% | 250.36% | -31.29% | 57.67% | -28.52% | - | - | - | - | 100% | - |
| Operating Expenses | 165.6M | 125.61M | 62.64M | 48.75M | 30.69M | 29.48M | 27.26M | 20.92M | 26.9M | 33.14M | 24.62M | 16.55M | 8.65M | 4.72M | 3.04M | 7.25M | 8.51M | 6.06M | 3.77M |
| OpEx % of Revenue | - | 40.3% | 144.09% | - | 46914.2% | 15439.51% | 11392.81% | 7384.55% | 6258.12% | 10062.48% | 10985.19% | 7873.88% | 4567.77% | 235789.55% | - | - | - | - | - |
| Selling, General & Admin | 138M | 30.17M | 58.7M | 35.8M | 20.01M | 16.35M | 13.88M | 0 | 8.07M | 8.65M | 8.88M | 10.26M | 7.33M | 3.49M | 1.86M | 3.15M | 3.01M | 1.17M | 691.89K |
| SG&A % of Revenue | - | 9.68% | 135.02% | - | 30586.61% | 8561.3% | 5801.06% | - | 1878.73% | 2627.28% | 3963.79% | 4884.39% | 3871.03% | 174445.85% | - | - | - | - | - |
| Research & Development | 27.59M | 19.33M | 3.94M | 13.16M | 10.68M | 13.13M | 13.38M | 11.05M | 18.82M | 24.49M | 15.74M | 6.28M | 1.32M | 1.23M | 1.19M | 4.1M | 5.49M | 4.89M | 3.08M |
| R&D % of Revenue | - | 6.2% | 9.07% | - | 16327.59% | 6878.21% | 5591.75% | 3901.95% | 4379.39% | 7435.2% | 7021.4% | 2989.49% | 696.73% | 61343.7% | - | - | - | - | - |
| Other Operating Expenses | 0 | 76.11M | 0 | 0 | 0 | 0 | 0 | 9.87M | 0 | 0 | 0 | 0 | 0 | -4.51K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 217.04M | 150.14M | -22.36M | -48.96M | -30.62M | -29.44M | -27.22M | -21.01M | -26.86M | -32.92M | -24.76M | -16.65M | -8.9M | -4.92M | -3.04M | -7.25M | -8.51M | -6.06M | -4.82M |
| Operating Margin % | 46.95% | 48.17% | -51.43% | - | -46819.91% | -15417.51% | -11378.44% | -7416.31% | -6250.44% | -9997.39% | -11048.8% | -7925.56% | -4703.3% | -245769.75% | - | - | - | - | - |
| Operating Income Growth % | - | 771.58% | 54.34% | -59.87% | -4.03% | -8.14% | -29.57% | 21.8% | 18.41% | -32.97% | -48.68% | -87.08% | -81.11% | -61.44% | 57.99% | 14.81% | -40.49% | -25.75% | - |
| EBITDA | 252.11M | 165.13M | -22.05M | -48.89M | -30.41M | -29.26M | -27.08M | -20.93M | -26.79M | -32.89M | -24.74M | -16.64M | -8.89M | -4.91M | -3.04M | -7.23M | -8.49M | -6.05M | -3.77M |
| EBITDA Margin % | 54.54% | 52.98% | -50.71% | - | -46500.32% | -15324.8% | -11318.46% | -7390.44% | -6233.17% | -9986.19% | -11037.38% | -7918.38% | -4695.33% | -245511.7% | - | - | - | - | - |
| EBITDA Growth % | 405.7% | 849% | 54.9% | -60.73% | -3.95% | -8.06% | -29.34% | 21.86% | 18.54% | -32.96% | -48.66% | -87.23% | -80.99% | -61.64% | 58.01% | 14.83% | -40.52% | -60.15% | - |
| D&A (Non-Cash Add-back) | 35.07M | 14.99M | 309.78K | 70.75K | 209.04K | 177.02K | 143.49K | 73.29K | 74.22K | 36.89K | 25.6K | 15.08K | 15.07K | 5.16K | 7.02K | 12.25K | 12.17K | 9.95K | 1.04M |
| EBIT | 214.52M | 152.8M | -19.29M | -46.3M | -30.26M | -29.44M | -27.16M | -21.01M | -26.83M | -33M | -24.64M | -18.18M | -20.45M | -7.69M | -3.04M | -7.21M | -8.09M | -6.05M | -4.79M |
| Net Interest Income | -315.07K | 1.06M | 2.54M | 2.65M | 299.5K | -1.54K | 82.84K | -464.82K | 34.74K | 105.09K | 125.46K | 56.43K | 627 | -1.44M | -380.97K | 0 | -3.07M | -2.07M | -4.18M |
| Interest Income | 2.45M | 3.85M | 2.58M | 2.68M | 326.02K | 14.4K | 116.06K | 322.67K | 36.62K | 110.71K | 126.77K | 60.39K | 2.71K | 668 | 1.97K | 12.04K | 23.44K | 2.13K | 25.9K |
| Interest Expense | 2.77M | 2.78M | 36.41K | 34.3K | 26.52K | 15.94K | 33.23K | 787.49K | 1.87K | 5.62K | 1.31K | 3.96K | 2.09K | 1.44M | 382.94K | 12.04K | 3.09M | 2.07M | 4.21M |
| Other Income/Expense | -13.64M | -125K | 3.03M | 2.62M | 336.65K | -22.83K | 23.67K | 9.64M | 34.57K | -85.8K | 117.29K | -1.53M | -11.55M | -4.22M | -380.97K | 41.86K | -2.68M | -2.07M | -4.18M |
| Pretax Income | 203.4M | 150.02M | -19.32M | -46.34M | -30.29M | -29.46M | -27.2M | -11.37M | -26.83M | -33.01M | -24.64M | -18.19M | -20.45M | -9.13M | -3.43M | -7.21M | -11.19M | -8.12M | -9M |
| Pretax Margin % | 44% | 48.13% | -44.45% | - | -46305.23% | -15429.47% | -11368.54% | -4014.71% | -6242.4% | -10023.45% | -10996.46% | -8655.37% | -10806.25% | -456654.9% | - | - | - | - | - |
| Income Tax | 16.23M | -13.04M | -1.39M | 0 | -585.62K | -1.25M | -5.17M | 5.06M | 36.44K | -31.27K | 1.31K | 3.96K | 2.09K | 0 | 1.97K | -493.86K | -280.92K | 2.13K | 0 |
| Effective Tax Rate % | 7.98% | -8.69% | 7.22% | 0% | 1.93% | 4.24% | 19.01% | -44.5% | -0.14% | 0.09% | -0.01% | -0.02% | -0.01% | 0% | -0.06% | 6.85% | 2.51% | -0.03% | 0% |
| Net Income | 187.17M | 163.06M | -17.93M | -46.34M | -29.7M | -28.21M | -22.03M | -16.43M | -26.83M | -33.01M | -24.64M | -18.19M | -20.45M | -9.13M | -3.43M | -6.71M | -10.91M | -8.12M | -9M |
| Net Margin % | 40.49% | 52.31% | -41.24% | - | -45409.9% | -14774.7% | -9207.7% | -5801.29% | -6242.4% | -10023.45% | -10996.46% | -8655.37% | -10806.25% | -456654.9% | - | - | - | - | - |
| Net Income Growth % | 265.86% | 1009.4% | 61.31% | -56.02% | -5.29% | -28.07% | -34.04% | 38.75% | 18.72% | -33.95% | -35.5% | 11.08% | -123.95% | -166.61% | 48.96% | 38.46% | -34.28% | 9.73% | - |
| Net Income (Continuing) | 187.17M | 163.06M | -17.93M | -46.34M | -29.7M | -28.21M | -22.03M | -16.43M | -26.83M | -33.01M | -24.64M | -18.19M | -20.45M | -9.13M | -3.43M | -6.71M | -10.91M | -8.12M | -9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.02 | 2.04 | -0.30 | -0.91 | -0.74 | -0.75 | -0.77 | -0.68 | -1.51 | -2.99 | -3.25 | -2.90 | -4.77 | -3.30 | -1.50 | -2.94 | -5.76 | -47.40 | -53.42 |
| EPS Growth % | 182.94% | 780% | 67.03% | -22.97% | 1.33% | 2.6% | -13.24% | 54.97% | 49.5% | 8% | -12.07% | 39.2% | -44.55% | -120% | 48.98% | 48.96% | 87.85% | 11.27% | - |
| EPS (Basic) | - | 2.25 | -0.30 | -0.91 | -0.74 | -0.75 | -0.77 | -0.68 | -1.51 | -2.99 | -3.25 | -2.90 | -4.77 | -3.30 | -1.50 | -2.94 | -5.76 | -47.40 | -53.42 |
| Diluted Shares Outstanding | 92.48M | 80.31M | 58.87M | 50.9M | 40.27M | 37.67M | 28.56M | 24.15M | 17.82M | 11.03M | 7.59M | 6.27M | 4.29M | 2.76M | 2.28M | 2.28M | 1.89M | 171.33K | 168.43K |
| Basic Shares Outstanding | 78.44M | 72.03M | 58.87M | 50.9M | 40.14M | 37.61M | 28.56M | 24.15M | 17.82M | 11.03M | 7.59M | 6.27M | 4.29M | 2.76M | 2.28M | 2.28M | 1.89M | 171.33K | 168.43K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CRMD stock.
For fiscal year 2025, CorMedix Inc. (CRMD) reported total revenue of $311.7M.
CorMedix Inc. (CRMD) is profitable, generating $163.1M in net income for the fiscal year ending 2025 with a net profit margin of 52.3%.
CorMedix Inc. (CRMD) reported an operating income of $150.1M, resulting in an operating profit margin of 48.2%. This margin reflects the operational efficiency of the business before interest and taxes.
CorMedix Inc. (CRMD) generated $275.7M in gross profit for the year, representing a gross profit margin of 88.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue concentration and volatility
Metrics are mathematically derived from official filings.
Explosive Growth from Commercial Launch
CorMedix's revenue trajectory shows a dramatic inflection, with quarterly sales surging from under $1M in early 2024 to over $127M by Q1 2026, indicating a successful commercial ramp of its lead product.
The company's revenue growth has been explosive, moving from negligible sales to a $127.4M quarter in Q1 2026, representing a 156.5% year-over-year increase in Q2 2026. This pattern is characteristic of a biotech company transitioning from development to commercial launch, with growth driven by volume adoption rather than pricing. The durability of this growth will depend on market penetration and potential competition, as the initial ramp phase is now maturing.
High-Margin Profile Under Pressure
Gross margins have compressed from a peak of 96.2% in Q4 2024 to 75.7% in Q2 2026, suggesting the initial high-margin launch phase is giving way to a more normalized cost structure as sales volume scales.
The decline in gross margin from near-perfect levels to the mid-70s appears to be a natural consequence of scaling manufacturing and distribution for a commercial product. While still strong relative to many industrial peers, this trend warrants monitoring as it may indicate rising direct costs or shifts in product mix. The current margin level remains supportive of strong operating profitability.
Significant Operating Leverage Realized
Operating income scaled from a loss of $16.7M in Q1 2024 to a profit of $63.7M in Q1 2026, demonstrating powerful operating leverage as revenue growth outpaced the growth in SG&A and R&D expenses.
The company has exhibited exceptional operating leverage, with operating margins expanding from negative territory to a peak of 50.0% in Q1 2026. This indicates that the fixed cost base of R&D and SG&A is being efficiently absorbed by the rapidly growing revenue stream. The slight moderation to 42.1% in Q2 2026 suggests that while leverage remains strong, the rate of margin expansion may be slowing as the business matures.
Net Income Volatility from Non-Operating Items
Reported net income has been volatile, with Q3 2025 showing a $108.6M profit on $104.3M revenue, indicating significant non-operating gains that distort the underlying operational earnings power.
The quality of reported earnings is mixed. While core operational profitability is strong, the Q3 2025 net income figure, which exceeded revenue, points to substantial non-operating items, likely one-time gains or tax benefits. This volatility means investors should focus on operating income as a cleaner measure of recurring performance. The impact of stock-based compensation, which has fluctuated between negative and positive values, also adds complexity to the diluted EPS calculation.
Commercial Launch Inflection in 2024
The pivotal inflection occurred in Q3 2024, when revenue jumped from $806K to $11.5M, marking the transition from a pre-commercial to a revenue-generating entity and setting the stage for subsequent explosive growth.
This quarter represents the fundamental shift in the company's financial profile, moving from a pure R&D burn to a commercial operation. The lasting impact is the establishment of a high-margin revenue base that has since scaled dramatically, transforming the income statement from consistent losses to substantial profitability. The success of this launch is the primary driver of the current financial strength.
Sustainability of Hyper-Growth Under Scrutiny
The 156.5% year-over-year revenue growth in Q2 2026, while impressive, may be unsustainable as the initial launch surge normalizes, posing a risk to the premium valuation implied by such hyper-growth rates.
A short-seller would focus on the deceleration from Q1 to Q2 2026, where sequential revenue declined from $127.4M to $101.9M. This could signal that the initial stocking and adoption wave is peaking. Furthermore, the compression in gross margins suggests that the ultra-high profitability of the launch phase is not permanent. Investors should monitor whether the company can maintain its growth trajectory and margin profile as it moves beyond the initial commercial ramp.