CorMedix (CRMD) financial statements
CorMedix reported revenue of $312M in fiscal 2025, up 123.5% a year over 9 years.
Net income was $163M and the operating margin 48.2%, against -11048.8% in 2016.
Free cash flow was $173M.
The diluted share count rose 112% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from CorMedix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $224,105 | $329,327 | $429,797 | $283,266 | $239,231 | $190,936 | $65,408 | — | $43M | $312M |
| Cost of revenue | $366,673 | $114,964 | $396,786 | $373,234 | $204,846 | $148,938 | $3,734 | — | $3M | $22M |
| Gross profit | -$142,568 | $214,363 | $33,011 | -$89,968 | $34,385 | $41,998 | $61,674 | — | $40M | $276M |
| Research and development | $16M | $24M | $19M | $11M | $13M | $13M | $11M | $13M | $4M | $19M |
| Selling, general and admin | $9M | $9M | $8M | $10M | $14M | $16M | $20M | $36M | $59M | $106M |
| Operating income | -$25M | -$33M | -$27M | -$21M | -$27M | -$29M | -$31M | -$49M | -$22M | $150M |
| Interest expense | $1,311 | $5,619 | $1,873 | $787,488 | $33,226 | $15,943 | $26,515 | $34,296 | $36,000 | $3M |
| Pre-tax income | -$25M | -$33M | -$27M | -$21M | -$27M | -$29M | -$30M | -$46M | -$19M | $150M |
| Income tax | — | — | — | -$5M | -$5M | -$1M | -$585,617 | — | -$1M | -$13M |
| Net income | -$25M | -$33M | -$27M | -$16M | -$22M | -$28M | -$30M | -$46M | -$18M | $163M |
| EPS (diluted) | -$0.65 | -$0.60 | -$1.51 | -$1.80 | -$0.77 | -$0.75 | -$0.74 | -$0.91 | -$0.30 | $2.04 |
| Diluted shares | 38M | 55M | 18M | 24M | 29M | 38M | 40M | 51M | 59M | 80M |
| Gross margin | -63.6% | 65.1% | 7.7% | -31.8% | 14.4% | 22.0% | 94.3% | — | 92.7% | 88.5% |
| Operating margin | -11048.8% | -9997.4% | -6250.4% | -7416.3% | -11378.4% | -15417.5% | -46819.9% | — | -51.4% | 48.2% |
| Net margin | -10996.5% | -10023.4% | -6242.4% | -5801.3% | -9207.7% | -14774.7% | -45409.9% | — | -41.2% | 52.3% |
Balance sheet
Fiscal years, from CorMedix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $20M | $12M | $18M | $28M | $46M | $65M | $59M | $76M | $52M | $149M |
| Receivables | $12,014 | $64,148 | $10,904 | — | — | — | — | — | $52M | $171M |
| Inventory | $166,733 | $594,194 | $428,515 | $338,465 | $143,564 | $3,008 | — | $2M | $8M | $30M |
| Total current assets | $22M | $13M | $19M | $29M | $48M | $66M | $60M | $79M | $115M | $367M |
| Property, plant and equipment | $69,695 | $186,282 | $160,860 | $122,130 | $111,499 | $1M | $2M | $2M | $2M | $6M |
| Goodwill | — | — | — | — | — | — | — | — | — | $30M |
| Total assets | $22M | $13M | $19M | $29M | $49M | $69M | $62M | $82M | $119M | $826M |
| Total current liabilities | $4M | $6M | $8M | $6M | $4M | $5M | $6M | $11M | $34M | $174M |
| Total liabilities | $4M | $6M | $14M | $6M | $5M | $6M | $7M | $12M | $34M | $421M |
| Shareholders' equity | $18M | $7M | $5M | $24M | $44M | $63M | $55M | $70M | $85M | $405M |
| Net debt | -$8M | -$10M | -$18M | -$16M | -$42M | -$53M | -$43M | -$44M | -$41M | -$145M |
Cash flow
Fiscal years, from CorMedix's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$22M | -$29M | -$24M | -$15M | -$22M | -$21M | -$24M | -$38M | -$51M | $175M |
| Capital spending | $58,723 | $151,988 | $48,893 | $36,571 | $112,638 | $1M | $219,360 | $327,300 | $116,000 | $2M |
| Free cash flow | -$22M | -$29M | -$24M | -$15M | -$22M | -$23M | -$25M | -$39M | -$51M | $173M |
| Stock-based compensation | $1M | $2M | $1M | $2M | $2M | $5M | $4M | $5M | $6M | $14M |
| Free cash flow margin | -9961.5% | -8726.6% | -5525.7% | -5326.7% | -9229.7% | -11826.2% | -37573.5% | — | -116.7% | 55.4% |
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Open CRMD in InvestinglyQuestions
What was CorMedix's revenue in 2025?
$312M in fiscal 2025, from its 10-K filing.
How much free cash flow does CorMedix generate?
$173M in fiscal 2025 (operating cash flow minus capital spending).
From CorMedix's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.