10-Q · May 14, 2026
CorMedix Inc. reported significant Q1 2026 revenues of $127.4 million, driven by strong sales of DefenCath and contributions from the Melinta portfolio. EPS stood at $0.48, ahead of consensus estimates, with management…
Earnings analysis · 10-Q
CRMD earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
CorMedix reported Q2 2026 revenue of $101.931 million and diluted EPS of $0.29, beating consensus estimates of $95.778 million and $0.24, respectively. Revenue was substantially above Q2 2025's $40 million but below Q1…
Read full summary
CorMedix reported Q2 2026 revenue of $101.931 million and diluted EPS of $0.29, beating consensus estimates of $95.778 million and $0.24, respectively. Revenue was substantially above Q2 2025's $40 million but below Q1 2026's $127 million; DefenCath contributed $66.1 million and Melinta contributed $35.8 million. Management maintained FY 2026 revenue guidance of $325 million-$345 million while raising adjusted EBITDA guidance to $125 million-$140 million. The principal filing-specific concern is that one material weakness in financial reporting controls remained unremediated as of June 30, 2026.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.29
What stood out
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Revenue beat consensus despite sequential decline
Q2 revenue was $101.931 million, up from $127 million in Q1 2026? No—revenue declined sequentially by approximately 19.7%, but increased from $40 million in Q2 2025 by approximately 154.8%. Revenue exceeded the $95.778 million consensus estimate by $6.153 million, or 6.4%.
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EPS exceeded consensus by $0.05
Diluted EPS was $0.29 versus the $0.24 consensus estimate, a $0.05 beat. EPS also increased from $0.28 in Q2 2025, but declined from $0.43 in Q1 2026.
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DefenCath and Melinta drove revenue
DefenCath generated $66.1 million of Q2 sales, while the Melinta portfolio generated $35.8 million; together, the two businesses contributed $101.9 million of reported revenue.
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Adjusted EBITDA outlook was raised
FY 2026 consolidated revenue guidance remained $325 million-$345 million, while adjusted EBITDA guidance increased to $125 million-$140 million. Cash operating expense guidance was narrowed to $145 million-$155 million.
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Share repurchase program underway
The company authorized a share repurchase program of up to $75 million through December 31, 2027. During Q2, it repurchased 814,281 shares at an average price of $7.85.
What to watch
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Unremediated material weakness
Disclosure controls remained ineffective as of June 30, 2026 because of one unremediated material weakness related to review of significant, non-routine transactions. Management attributed the weakness to finance-function capacity constraints during a period involving a large acquisition and a convertible debt offering.
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Cash deployment through repurchases
The company repurchased 814,281 shares for approximately $6.4 million during May at an average price of $7.85, leaving approximately $57.516 million available under the $75 million authorization. Continued repurchases could reduce liquidity available for operations, acquisitions, or debt obligations.
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Inflation and tariff exposure
Management stated that inflationary factors, including raw-material, supply, interest, overhead, tariff, and trade-dispute costs, could adversely affect results if prices continue to rise. The filing states inflation had not had a material impact to date, but future effects remain possible.
Management's outlook
FY 2026 consolidated revenue guidance was maintained at $325 million-$345 million. Adjusted EBITDA guidance was raised to $125 million-$140 million, and cash operating expense guidance was narrowed to $145 million-$155 million.
Earlier filings 4
10-K · March 5, 2026
CorMedix’s 2025 results show a commercial inflection driven by DefenCath and the Aug 29, 2025 acquisition of Melinta, with Q4 2025 net revenue of $128.6 million and strong cash generation (Q4 2025 free cash flow $93.0…
10-Q · August 7, 2025
CorMedix reported a strong commercial quarter: net sales of $39,736,790 and diluted EPS of $0.28, reversing prior-year losses and driving operating income of $19,543,505. The company generated robust gross margin…
10-Q · October 30, 2024
CorMedix reported notable quarterly growth in Q3 2024, with revenues reaching $11.46 million compared to zero revenue in Q3 2023. The gross margin improved significantly to 94%, while the net loss per share narrowed to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.