Revenue growth has normalized to 2.3% in 2026Q1, while the company maintains strong pricing power with gross margins consistently above 80%.
| 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 | 400.05M | 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 % | 384.6% | 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 | 56.67M | 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 | 343.39M | 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 % | 85.83% | 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 | 149.71M | 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 | 126.36M | 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 | 23.35M | 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 | 193.67M | 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 % | 48.41% | 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 | 218.6M | 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 % | 54.64% | 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 % | 1364.88% | 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) | 24.93M | 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 | 195.8M | 150.14M | -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 | 507.21K | 1.06M | 2.54M | 2.68M | 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 | 3.28M | 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 | 0 | 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 | -8.66M | -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 | 185.02M | 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 % | 46.25% | 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 | 4M | -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 % | 2.16% | -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 | 181.01M | 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 % | 45.25% | 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 % | 953.62% | 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) | 181.01M | 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) | 1.95 | 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 % | 847.04% | 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 | 92.98M | 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 | 79.51M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Reimbursement cliff and adoption
As reported in recent quarterly filings, CorMedix experienced a rapid initial revenue ramp following the DefenCath launch, yet growth has decelerated to 2.3% in 2026Q1, suggesting that the initial surge of channel stocking and early adoption is transitioning toward a more sustainable, volume-driven commercial phase.
The sharp deceleration from the high-growth quarters of 2025 indicates that the company is moving past the initial market penetration phase. Investors should monitor whether this stabilization reflects a mature adoption curve within the major dialysis providers or if it signals potential saturation in the current addressable market.
Based on the provided financial statements, CorMedix maintains robust gross margins exceeding 80%, peaking at 96.2% in 2024Q4, which highlights the significant pricing power afforded by its unique regulatory status and the current NTAP reimbursement pathway for its antimicrobial catheter lock solution.
These elevated margins appear to be a direct function of the premium pricing enabled by the New Technology Add-on Payment program. However, the slight compression observed in 2026Q1 suggests that as the product mix evolves or competitive pressures emerge, maintaining these levels may become increasingly difficult.
According to the income statement data, CorMedix has successfully achieved positive operating leverage, with operating income scaling to $63.7M in 2026Q1 as the company effectively manages its SG&A expenses relative to the significant revenue expansion realized since the 2024 commercial launch.
The ability to convert gross profit into operating income at a 50% margin suggests that the commercial infrastructure is becoming more efficient as it scales. This trend implies that the company is successfully moving beyond the heavy investment phase required to build out its sales and regulatory support teams.
As noted in the financial disclosures, the company's profitability is heavily reliant on temporary reimbursement programs, and the potential for a revenue cliff remains a significant risk if DefenCath is integrated into the standard ESRD bundle at rates lower than current NTAP levels.
The reliance on specific CMS add-on payments creates a binary risk profile that may not be fully captured in current valuation multiples. If the transition to the standard bundle payment system results in margin compression, the company's current earnings quality could be significantly impaired.
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.