CorMedix, Inc. (CRMD)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$7.85-3.09%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge CorMedix, Inc.’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
FY 2026 · Q4
Revenue	—	54.47M
EPS	—	-0.129
FY 2026 · Annual
Revenue	—	337.07M
EPS	—	0.495
Operating expenses	$145M–$155M	—
FY 2027 · Annual
Revenue	—	289.27M
EPS	—	0.057

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Full-year 2026 adjusted EBITDA of $115M to $135M	Profit is expected near $125 million adjusted EBITDA in 2026.	Intact	Adjusted EBITDA falls below $115 million in 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
DefenCath sales of $100M to $140M in 2027	A supporting condition in CorMedix, Inc.'s published investment case. The stated target is >= $100 million.	Intact	DefenCath sales fall below $100 million in 2027	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Consistent progress on revenue and profit targets	A supporting condition in CorMedix, Inc.'s published investment case. The stated target is Maintain or improve progress score >= 66%.	Broken	Progress score falls below 66%	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Full-year 2026 revenue of $325M to $345M	A primary condition in CorMedix, Inc.'s published investment case. The stated target is >= $325 million.	Intact	Full-year 2026 revenue falls below $325 million	Revenue: $101.931M FY2026-Q2; GAAP. Published target: >= $325 million. Target period is not explicitly aligned with this observation. Source published Aug 13, 2026101,931,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 9a3f32b4-e871-48ec-ad20-47275e2dd352. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPSUnavailable

$0.09 → Unavailable · observed estimates

FY2027 revenueUnavailable

$0.29B → Unavailable · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$0.09	$285,221,800	5 / 5
2026-07-25	$0.09	$285,221,800	5 / 5
2026-07-26	Unavailable	Unavailable	3 / 3
2026-07-27	$0.09	$285,221,800	5 / 5
2026-07-28	$0.09	$285,221,800	5 / 5
2026-07-29	Unavailable	Unavailable	3 / 3
2026-07-30	$0.09	$285,221,800	5 / 5
2026-07-31	$0.09	$285,221,800	5 / 5
2026-08-01	Unavailable	Unavailable	3 / 3
2026-08-02	$0.09	$285,221,800	5 / 5
2026-08-03	Unavailable	Unavailable	3 / 3
2026-08-04	Unavailable	Unavailable	3 / 3
2026-08-05	Unavailable	Unavailable	3 / 3
2026-08-06	Unavailable	Unavailable	3 / 3
2026-08-07	Unavailable	Unavailable	3 / 3
2026-08-08	$0.09	$285,221,800	5 / 5
2026-08-09	Unavailable	Unavailable	3 / 3
2026-08-10	Unavailable	Unavailable	3 / 3
2026-08-11	$0.09	$285,221,800	5 / 5
2026-08-12	$0.09	$285,221,800	5 / 5
2026-08-13	Unavailable	Unavailable	3 / 3
2026-08-14	Unavailable	Unavailable	3 / 3
2026-08-15	Unavailable	Unavailable	3 / 3
2026-08-16	Unavailable	Unavailable	3 / 3
2026-08-17	Unavailable	Unavailable	3 / 3
2026-08-18	Unavailable	Unavailable	3 / 3
2026-08-19	Unavailable	Unavailable	3 / 3
2026-08-20	Unavailable	Unavailable	3 / 3
2026-08-21	Unavailable	Unavailable	3 / 3
2026-08-22	Unavailable	Unavailable	3 / 3
2026-08-23	Unavailable	Unavailable	3 / 3
2026-08-24	Unavailable	Unavailable	3 / 3
2026-08-25	Unavailable	Unavailable	3 / 3
2026-08-26	Unavailable	Unavailable	3 / 3
2026-08-27	Unavailable	Unavailable	3 / 3
2026-08-28	Unavailable	Unavailable	3 / 3
2026-08-29	Unavailable	Unavailable	3 / 3
2026-08-30	Unavailable	Unavailable	3 / 3
2026-08-31	Unavailable	Unavailable	3 / 3
2026-09-01	Unavailable	Unavailable	3 / 3
2026-09-02	Unavailable	Unavailable	3 / 3
2026-09-03	Unavailable	Unavailable	3 / 3
2026-09-04	Unavailable	Unavailable	3 / 3
2026-09-05	Unavailable	Unavailable	3 / 3
2026-09-06	Unavailable	Unavailable	3 / 3
2026-09-07	Unavailable	Unavailable	3 / 3
2026-09-08	Unavailable	Unavailable	3 / 3
2026-09-09	Unavailable	Unavailable	3 / 3
2026-09-10	Unavailable	Unavailable	3 / 3
2026-09-11	Unavailable	Unavailable	3 / 3
2026-09-12	Unavailable	Unavailable	3 / 3
2026-09-13	Unavailable	Unavailable	3 / 3
2026-09-14	Unavailable	Unavailable	3 / 3
2026-09-15	Unavailable	Unavailable	3 / 3
2026-09-16	Unavailable	Unavailable	3 / 3
2026-09-17	Unavailable	Unavailable	3 / 3
2026-09-18	Unavailable	Unavailable	3 / 3
2026-09-19	Unavailable	Unavailable	3 / 3
2026-09-20	Unavailable	Unavailable	3 / 3
2026-09-21	Unavailable	Unavailable	3 / 3
2026-09-22	Unavailable	Unavailable	3 / 3
2026-09-23	Unavailable	Unavailable	3 / 3
2026-09-24	Unavailable	Unavailable	4 / 4
2026-09-25	Unavailable	Unavailable	4 / 4
2026-09-26	Unavailable	Unavailable	4 / 4
2026-09-27	Unavailable	Unavailable	4 / 4
2026-09-28	Unavailable	Unavailable	4 / 4
2026-09-29	Unavailable	Unavailable	4 / 4
2026-09-30	Unavailable	Unavailable	4 / 4
2026-10-01	Unavailable	Unavailable	4 / 4
2026-10-02	Unavailable	Unavailable	4 / 4
2026-10-03	Unavailable	Unavailable	4 / 4
2026-10-04	Unavailable	Unavailable	4 / 4
2026-10-05	Unavailable	Unavailable	4 / 4
2026-10-06	Unavailable	Unavailable	4 / 4
2026-10-07	Unavailable	Unavailable	4 / 4
2026-10-08	Unavailable	Unavailable	4 / 4
2026-10-09	Unavailable	Unavailable	4 / 4
2026-10-10	Unavailable	Unavailable	4 / 4
2026-10-11	Unavailable	Unavailable	4 / 4
2026-10-12	Unavailable	Unavailable	4 / 4
2026-10-13	Unavailable	Unavailable	4 / 4
2026-10-14	Unavailable	Unavailable	4 / 4
2026-10-15	Unavailable	Unavailable	4 / 4
2026-10-16	Unavailable	Unavailable	4 / 4
2026-10-17	Unavailable	Unavailable	4 / 4
2026-10-18	Unavailable	Unavailable	4 / 4
2026-10-19	Unavailable	Unavailable	4 / 4
2026-10-20	Unavailable	Unavailable	4 / 4
2026-10-21	Unavailable	Unavailable	4 / 4
2026-10-22	Unavailable	Unavailable	4 / 4
2026-10-23	Unavailable	Unavailable	4 / 4
2026-10-24	Unavailable	Unavailable	4 / 4

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	7	0	0
2026-06-01	6	0	0
2026-07-01	5	0	0
2026-08-01	5	0	0
2026-09-01	6	0	0
2026-10-01	6	0	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 6 Buy / Strong Buy · 0 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Full-year 2026 adjusted EBITDA of $115M to $135MDirect metric needs a verified mapping
DefenCath sales of $100M to $140M in 2027Direct metric needs a verified mapping
Consistent progress on revenue and profit targetsPublished status: Broken
Full-year 2026 revenue of $325M to $345MRevenue: $101.931M

Next proof point

Nov 11, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.6%Typical daily move · historical

Downside history

-50.9%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

CorMedix, Inc. outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a commercial-growth healthcare company with meaningful execution risk, rather than a proven steady compounder. Its long-term thesis is intact, though the overall signal has softened from favorable to mildly favorable.

What's priced into CorMedix, Inc.

The valuation evidence describes CRMD as cheap versus peers, while also showing a 17% premium versus peers and an expectations gap of -0.51. The pricing tag is justified, with low flagged fragility, but the evidence does not specify what growth or execution assumptions are already reflected in the valuation.

What the fundamentals likely do

Near term, reported revenue fell from $127.4 million in Q1 to $101.9 million in Q2, even as adjusted EBITDA guidance increased and full-year revenue guidance was maintained. The new agreement covering all top five U.S. dialysis providers supports DefenCath access, while lower Q2 sales and a pending expanded REZZAYO indication leave delivery in progress. Elevated risk, recent litigation filings, and a 50% estimated miss probability make the next report worth watching.

What CorMedix, Inc. hinges on

Over the next few quarters, the thesis hinges on meeting maintained 2026 revenue guidance and converting broader dialysis-provider access into sustained DefenCath sales. A guidance cut would be a meaningful negative, while FDA review of REZZAYO’s expanded indication and continued strength in healthcare peers could support the business backdrop. Weakening employment data could add pressure to healthcare names, and the evidence does not explain the litigation claims.