Filing Flows › CorMedix (CRMD) › Q1 2026
CorMedix (CRMD) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 14, 2026
CorMedix (CRMD) reported revenue of $127M for the first quarter 2026 (Q1 2026), +226% from a year earlier and -0.9% from the quarter before. Operating margin was 50.0%, net earnings $38.6M (30.3% of revenue).
CorMedix, Q1 2026: revenue $127M (+226% year over year), operating margin 50.0%, net earnings $38.6M, operating cash flow $42.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $127M | -0.9% | +226% |
| Gross profit | $105M | -2% | +180% |
| Operating profit | $63.7M | +8% | +216% |
| Net earnings | $38.6M | +175% | +87% |
| Operating cash flow | $42.4M | -55% | +115% |
| Free cash flow | $41.7M | -55% | +111% |
What changed
Revenue was $127.4M in Q1 2026, up 226% year over year and down 1% from the previous quarter. DefenCath was the largest line at 77% of revenue. DefenCath added $58.4M year over year (up 150%), 66% of the total change.
Gross margin was 82.5%, down 13.4 points from Q1 2025. Operating profit was $63.7M, a 50.0% margin (down 1.5 points year over year). Of the extra revenue versus Q1 2025, 49% reached operating profit, below the 51% margin then. Operating expenses grew 139% against revenue growth of 226%. The fastest-growing cost line was Sales & marketing (+180%). Net earnings were $38.6M, up 87% year over year. The effective tax rate was 30.6%.
Operating cash flow was $42.4M (up 115% year over year), 110% of net earnings. Non-cash charges added back $10.5M of depreciation and amortization and $4.6M of share-based compensation. Working capital and other items used $11.3M. Capital expenditures of $729K left free cash flow of $41.7M.
Questions
What was CorMedix's revenue in the first quarter 2026?
CorMedix (CRMD) reported revenue of $127M for the first quarter 2026 (Q1 2026), +226% from a year earlier and -0.9% from the quarter before.
Was CorMedix profitable in the first quarter 2026?
Operating profit was $63.7M (50.0% of revenue) and net earnings $38.6M.
Source: CorMedix 10-Q on SEC EDGAR.