Filing Flows › CorMedix (CRMD) › Q1 2026 › vs Q1 2025
CorMedix (CRMD) Q1 2026 vs Q1 2025 (year over year)
CorMedix's revenue rose $88.3M (+226%) from $39.1M in Q1 2025 to $127M in Q1 2026. The biggest changes: Product sales, net +$82.8M (+212%); Contract revenue +$5.5M (—). Gross margin 82.5% against 95.9% (-13.4 pts).
CorMedix, Q1 2026: revenue $127M (+226% year over year), operating margin 50.0%, net earnings $38.6M, operating cash flow $42.4M. The chart draws each line against Q1 2025, the increases inside each band.
Margins
| Q1 2026 | Q1 2025 | Change | |
|---|---|---|---|
| Gross margin | 82.5% | 95.9% | -13.4 pts |
| Operating margin | 50.0% | 51.5% | -1.5 pts |
| Net margin | 30.3% | 52.8% | -22.5 pts |
| Free cash flow margin | 32.7% | 50.5% | -17.8 pts |
Every line
| Line | Q1 2026 | Q1 2025 | Change | % |
|---|---|---|---|---|
| DefenCath | $97.5M | $39.1M | $58.4M | +150% |
| Melinta Portfolio | $24.4M | $0 | $24.4M | — |
| Product sales, net | $122M | $39.1M | $82.8M | +212% |
| Contract revenue | $5.5M | $0 | $5.5M | — |
| Revenue | $127M | $39.1M | $88.3M | +226% |
| Gross profit | $105M | $37.5M | $67.6M | +180% |
| Cost of revenue | $22.3M | $1.6M | $20.7M | 14× |
| Operating profit | $63.7M | $20.1M | $43.5M | +216% |
| Operating expenses | $41.5M | $17.4M | $24.1M | +139% |
| Pre-tax earnings | $55.6M | $20.6M | $35.0M | +170% |
| Other expense, net | $8.0M | −$519K | $8.5M | — |
| Research & development | $7.2M | $3.2M | $4.0M | +126% |
| Sales & marketing | $12.5M | $4.5M | $8.1M | +180% |
| General & admin | $21.7M | $9.7M | $12.0M | +124% |
| Net earnings | $38.6M | $20.6M | $18.0M | +87% |
| Income tax | $17.0M | $0 | $17.0M | — |
| Depreciation & amortization | $10.5M | $162K | $10.4M | 65× |
| Share-based compensation | $4.6M | $3.5M | $1.1M | +31% |
| Working capital & other | $11.3M | $4.6M | $6.8M | +148% |
| Operating cash flow | $42.4M | $19.7M | $22.6M | +115% |
| Free cash flow (OCF − capex) | $41.7M | $19.7M | $21.9M | +111% |
| Capital expenditures | $729K | $10K | $719K | 73× |
Questions
How much did CorMedix's revenue grow year over year in Q1 2026?
CorMedix's revenue rose $88.3M (+226%) from $39.1M in Q1 2025 to $127M in Q1 2026.
What drove CorMedix's revenue change in Q1 2026?
Product sales, net +$82.8M (+212%); Contract revenue +$5.5M (—).