CorMedix
CRMD on Nasdaq. CorMedix sells infection prevention and treatment drugs to hospitals and dialysis clinics. Market value $566m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $44.13 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 44 of 100. Price score: 83 of 100. Our list needs 70 on quality and 60 on price.
$7.28 a share, 19% above its 1-year low
Over the past year the price has ranged from $6.13 to $13.02.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $250 million in the past 12 months, $173 million in the year to December 2025.
| Revenue | |||||
| Revenue | $190,936 | $65,408 | n/a | $43m | $312m |
| Operating margin | |||||
| Operating margin | -15417.5% | -46819.9% | n/a | -51.4% | 48.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.05bn | 0.06bn | 0.08bn | 0.08bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 319.8% a year
- Buying back its own sharesNo, 89% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $102 million last quarter, up 157% on a year ago.
- Profit: $26 million, up 31% on a year ago.
- It keeps 47 cents of each $1 of sales as operating profit, up from 41 cents a year earlier.
- Spare cash over the past 12 months: $250 million, up from $30 million.
- 29% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $11m |
| December 2024 | $31m |
| March 2025 | $39m |
| June 2025 | $40m |
| September 2025 | $104m |
| December 2025 | $129m |
| March 2026 | $127m |
| June 2026 | $102m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$3m |
| December 2024 | $13m |
| March 2025 | $21m |
| June 2025 | $20m |
| September 2025 | $109m |
| December 2025 | $14m |
| March 2026 | $39m |
| June 2026 | $26m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 5 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 194 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $17m | 0.1% | Added |
| Gotham Asset ManagementJoel Greenblatt | $175,840 | <0.1% | Added |
Largest holders overall
- BlackRock$50mAdded
- Deep Track Capital, LP$49m
- Vanguard Capital Management$25m
- State Street$18mAdded
- Royce & Associates$17mAdded
- Geode Capital Management$15mAdded
- UBS Group AG$15mAdded
- Oberweis Asset Management$10mAdded
- Alyeska Investment Group, L.P.$7m
- Marshall Wace, LLP$6mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Deep Track Capital, LPPassive investorat least 7.9%+1.6 pts(filed with 2 related holders)Since 31 March 2026
- BlackRock, Inc.Passive investor7.5%Since 31 December 2024
- SHAIBATALHAMD AYMEN ABDALKADERPassive investor5.9%0.0 ptsSince 11 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Deep Track Capital, LP Passive investor | at least 7.9%+1.6 pts (filed with 2 related holders) | 31 March 2026 | |
BlackRock, Inc. Passive investor | 7.5% | 31 December 2024 | |
SHAIBATALHAMD AYMEN ABDALKADER Passive investor | 5.9%0.0 pts | 11 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $275,500 of shares on the open market. 4 sold $3m, $2m of it under preset trading plans.
- Dillione JanetDirectorSoldunder a preset trading plan
- Date
- 21 January 2026
- Shares
- 10,000
- Price
- $6.88
- Value
- $68,800
- DUNTON ALAN WDirectorSoldunder a preset trading plan
- Date
- 30 December 2025
- Shares
- 20,000
- Price
- $13.00
- Value
- $260,000
- Todisco JosephChief Executive Officer, DirectorSoldunder a preset trading plan
- Date
- 18 December 2025
- Shares
- 30,000
- Price
- $12.00
- Value
- $360,000
- Dillione JanetDirectorSoldunder a preset trading plan
- Date
- 9 December 2025
- Shares
- 34,000
- Price
- $12.00
- Value
- $408,000
- Lefkowitz Steven WDirectorSold
- Date
- 9 December 2025
- Shares
- 40,000
- Price
- $11.88
- Value
- $475,200
- Dillione JanetDirectorSoldunder a preset trading plan
- Date
- 2 December 2025
- Shares
- 46,657
- Price
- $10.00
- Value
- $466,570
- Dillione JanetDirectorSold
- Date
- 24 November 2025
- Shares
- 26,343
- Price
- $9.93
- Value
- $261,586
- Dillione JanetDirectorSold
- Date
- 14 November 2025
- Shares
- 30,000
- Price
- $11.42
- Value
- $342,600
- Kaplan MyronDirectorBought
- Date
- 23 October 2025
- Shares
- 25,000
- Price
- $11.02
- Value
- $275,500
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 21 January 2026 | Dillione Janet Director | Sold under a preset trading plan | 10,000 | $6.88 | $68,800 |
| 30 December 2025 | DUNTON ALAN W Director | Sold under a preset trading plan | 20,000 | $13.00 | $260,000 |
| 18 December 2025 | Todisco Joseph Chief Executive Officer, Director | Sold under a preset trading plan | 30,000 | $12.00 | $360,000 |
| 9 December 2025 | Dillione Janet Director | Sold under a preset trading plan | 34,000 | $12.00 | $408,000 |
| 9 December 2025 | Lefkowitz Steven W Director | Sold | 40,000 | $11.88 | $475,200 |
| 2 December 2025 | Dillione Janet Director | Sold under a preset trading plan | 46,657 | $10.00 | $466,570 |
| 24 November 2025 | Dillione Janet Director | Sold | 26,343 | $9.93 | $261,586 |
| 14 November 2025 | Dillione Janet Director | Sold | 30,000 | $11.42 | $342,600 |
| 23 October 2025 | Kaplan Myron Director | Bought | 25,000 | $11.02 | $275,500 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
1 serious warning sign in CorMedix’s filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 5 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 9 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weakness in our internal control over financial reporting previously disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2025.”
Show the full paragraph
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weakness in our internal control over financial reporting previously disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the year ended December 31, 2025.
From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On June 25, 2026, the Audit Committee of the Board of Directors of CorMedix Inc. (the “Company”) approved the decision to change its independent registered public accounting firm and dismissed CBIZ CPAs P.C. (“CBIZ CPAs ”) as the Company’s independent registered public accounting firm.”
From an 8-K filed 1 July 2026: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.