Filing Flows › CorMedix (CRMD) › Q1 2026 › vs Q4 2025
CorMedix (CRMD) Q1 2026 vs Q4 2025 (quarter over quarter)
CorMedix's revenue fell $1.2M (-0.9%) from $129M in Q4 2025 to $127M in Q1 2026. The biggest changes: Product sales, net −$2.1M (-2%); Contract revenue +$875K (+19%). Gross margin 82.5% against 83.4% (-0.9 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 Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 82.5% | 83.4% | -0.9 pts |
| Operating margin | 50.0% | 46.0% | +4.0 pts |
| Net margin | 30.3% | 10.9% | +19.4 pts |
| Free cash flow margin | 32.7% | 72.1% | -39.4 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| DefenCath | $97.5M | $91.2M | $6.3M | +7% |
| Melinta Portfolio | $24.4M | $32.7M | −$8.3M | -25% |
| Product sales, net | $122M | $124M | −$2.1M | -2% |
| Contract revenue | $5.5M | $4.6M | $875K | +19% |
| Revenue | $127M | $129M | −$1.2M | -0.9% |
| Gross profit | $105M | $107M | −$2.2M | -2% |
| Cost of revenue | $22.3M | $21.3M | $998K | +5% |
| Operating profit | $63.7M | $59.1M | $4.5M | +8% |
| Operating expenses | $41.5M | $48.2M | −$6.7M | -14% |
| Pre-tax earnings | $55.6M | $56.4M | −$801K | -1% |
| Other expense, net | $8.0M | $2.7M | $5.3M | +199% |
| Research & development | $7.2M | $8.6M | −$1.4M | -16% |
| Sales & marketing | $12.5M | $16.0M | −$3.5M | -22% |
| General & admin | $21.7M | $23.6M | −$1.9M | -8% |
| Net earnings | $38.6M | $14.0M | $24.6M | +175% |
| Income tax | $17.0M | $42.4M | −$25.4M | -60% |
| Depreciation & amortization | $10.5M | $10.4M | $110K | +1% |
| Share-based compensation | $4.6M | $3.6M | $993K | +28% |
| Working capital & other | $11.3M | −$66.4M | $77.8M | — |
| Operating cash flow | $42.4M | $94.5M | −$52.1M | -55% |
| Free cash flow (OCF − capex) | $41.7M | $92.7M | −$51.1M | -55% |
| Capital expenditures | $729K | $1.7M | −$991K | -58% |
Questions
How much did CorMedix's revenue grow quarter over quarter in Q1 2026?
CorMedix's revenue fell $1.2M (-0.9%) from $129M in Q4 2025 to $127M in Q1 2026.
What drove CorMedix's revenue change in Q1 2026?
Product sales, net −$2.1M (-2%); Contract revenue +$875K (+19%).