CorMedix (CRMD) has opened 2026 with Q1 revenue of US$127.4 million and basic EPS of US$0.49, set against a very large year over year earnings expansion and a move in net profit margin from 20.8% to 45% over the past 12 months. The company has seen quarterly revenue step up from US$39.1 million in Q1 2025 to US$127.4 million in Q1 2026. Trailing twelve month EPS has moved from US$0.28 at the start of 2025 to US$2.38 by Q1 2026. This gives investors a results set where wider margins and higher profitability sit beside more modest forward growth forecasts. Overall, the latest print highlights a business where margin strength is front and center in how the quarter will likely be assessed.

See our full analysis for CorMedix.

With the headline numbers on the table, the next step is to see how these results line up with the stories investors commonly tell about CorMedix and where those narratives might need a reset.

TTM earnings of US$180 million reshape the story

• On a trailing twelve month basis, CorMedix reported US$400.1 million in revenue and US$180.0 million in net income, with trailing EPS at US$2.38 compared with US$0.28 at the start of 2025.
• What bullish investors focus on is that this very large year over year earnings gain alongside a five year earnings growth rate of 58% per year lines up with their view that DefenCath and Rezzayo can support strong cash generation, even though the bullish narrative also builds in margin compression from today’s high levels.
  • The bullish case points to current profitability of US$180.0 million and a 45% net margin as evidence that the portfolio can generate substantial profits while it scales into larger infection prevention markets.
  • At the same time, the bullish narrative assumes future earnings of US$298.7 million by 2028, which is a step up from the US$162.5 million reference point used there, so the latest TTM figure of US$180.0 million gives you a concrete benchmark to compare with those expectations.

CorMedix’s rapid move from a TTM loss of US$17.9 million in Q4 2024 to TTM profit of US$180.0 million by Q1 2026 is exactly the kind of earnings shift bullish investors build their story around, so it is worth reading how they connect these results to future scenarios in the 🐂 CorMedix Bull Case.

45% net margin meets slower 8.5% revenue growth

• Net profit margin over the last year sits at 45% compared with 20.8% a year ago, while trailing revenue growth of 8.5% per year is below the cited 11.6% pace for the broader US market.
• Bears highlight the risk that high margins may not last once reimbursement changes and trial outcomes play through, and the current 8.5% revenue growth rate already being below the US market growth rate gives them a data point to argue that revenue momentum may not match more aggressive expectations.
  • The cautious narrative points to potential pricing pressure on DefenCath after the TDAPA period and to trial outcomes for Rezzayo and Nutri Guard, which, if less supportive, could leave CorMedix growing from a slower 8.5% revenue base than many US stocks.
  • Critics also point out that analysts expect profit margins to shrink from around the low 50% area in their models to below 21% over a few years, so the current 45% margin can be read as a high watermark that might be difficult to maintain if revenue growth continues to trail the broader market.

Skeptical investors often point to this mix of high current margins and slower revenue growth as a warning sign, so it can be useful to see how their full argument lines up with the numbers in the 🐻 CorMedix Bear Case.

Low 3.5x P/E and DCF fair value of US$91.58 stand out

• Using the current share price of US$7.93 and trailing EPS of US$2.38, the stock trades on a P/E of about 3.5x, which sits well below the cited industry average of 15.3x and peer average of 28.4x, and far below the provided DCF fair value of US$91.58.
• Analysts’ consensus view ties this low multiple to a mixed outlook where earnings are forecast to grow about 8.1% per year and revenue around 8.5% per year, with a single permitted analyst price target of US$15.00 that is materially above the current US$7.93 share price, and investors have to weigh that upside against dilution over the past year and expectations for margin compression from today’s 45% level.
  • Consensus commentary points out that the stock trades at a large discount to both the 15.3x industry P/E and the DCF fair value figure, which is the foundation for the idea that the current price embeds cautious assumptions.
  • On the other side, the same consensus expects margins to move down from current high levels and earnings to trend closer to US$67.8 million in a few years, so the market may be reacting to those lower long term earnings projections rather than just the strong trailing US$180.0 million result.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for CorMedix on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

If this mix of strong recent earnings and cautious projections leaves you unsure, move quickly from summary to source data and weigh it for yourself with the 5 key rewards and 1 important warning sign.

See What Else Is Out There

CorMedix combines a 45% net margin with revenue growth that trails the broader US market and consensus expectations for lower future earnings.

If this mix of slower growth and concerns about sustaining margins feels uncomfortable, compare it with 67 resilient stocks with low risk scores and focus on companies where risk scores are already on your side.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.