CorMedix Inc (CRMD)

[Frankestin]

Solid results for a company with a surprisingly small market cap.
CorMedix reported a very strong Q4 and full-year 2025, driven primarily by continued uptake of DefenCath.
Revenue growth driven by DefenCath: Q4 net revenue reached $128.6 million, including $91.2 million from DefenCath and $37.4 million from the Melinta portfolio.
For FY 2025, total revenue was $311.7 million, with $258.8 million coming from DefenCath, confirming the product as a strong commercial driver.
Highly profitable operations: Despite increased operating expenses, the company generated Q4 net income of $14.0 million (EPS $0.16) and adjusted EBITDA of $77.2 million.
For the full year, net income reached $163.0 million (EPS $2.04), a remarkable level of profitability for a company still early in its commercial ramp.
Strong balance sheet: CorMedix ended 2025 with $148.5 million in cash and short-term investments, providing financial flexibility to support commercialization and pipeline development.
Shareholder returns already starting: The board approved a share repurchase program of up to $75 million, signaling management confidence in the company’s valuation and cash generation.
Pipeline catalysts ahead: Additional value could come from ongoing clinical programs, including:
• Phase 3 ReSPECT data for REZZAYO prophylaxis expected in Q2 2026
• Continued enrollment in the Phase 3 taurolidine/heparin catheter lock study in TPN patients, targeting completion in H1 2027
Stable outlook for 2026: The company reiterated 2026 revenue guidance of $300–320 million and adjusted EBITDA of $100–125 million, indicating expectations for sustained profitability.
Bottom line: With over $300 million in annual revenue, strong profitability, meaningful cash reserves, and a share buyback program, it is notable that CorMedix currently trades at a market capitalization of only about $570 million—a valuation that appears modest relative to its earnings power and growth potential.