Filing Flows › CorMedix (CRMD) › Q2 2026 › vs Q2 2025
CorMedix (CRMD) Q2 2026 vs Q2 2025 (year over year)
CorMedix's revenue rose $62.2M (+157%) from $39.7M in Q2 2025 to $102M in Q2 2026. The biggest changes: Product sales, net +$54.6M (+137%); Contract revenue +$5.0M (—); Grant income +$2.6M (—). Gross margin 75.7% against 95.3% (-19.6 pts).
CorMedix, Q2 2026: revenue $102M (+156% year over year), operating margin 42.1%, net earnings $26.0M, operating cash flow $86.2M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 75.7% | 95.3% | -19.6 pts |
| Operating margin | 42.1% | 49.2% | -7.1 pts |
| Net margin | 25.5% | 49.9% | -24.4 pts |
| Free cash flow margin | 84.1% | 75.4% | +8.6 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| DefenCath | $66.1M | $39.7M | $26.4M | +66% |
| Melinta Portfolio | $28.2M | $0 | $28.2M | — |
| Product sales, net | $94.3M | $39.7M | $54.6M | +137% |
| Contract revenue | $5.0M | $0 | $5.0M | — |
| Grant income | $2.6M | $0 | $2.6M | — |
| Revenue | $102M | $39.7M | $62.2M | +157% |
| Gross profit | $77.1M | $37.9M | $39.3M | +104% |
| Cost of revenue | $24.8M | $1.9M | $22.9M | 13× |
| Operating profit | $42.9M | $19.5M | $23.4M | +120% |
| Operating expenses | $34.2M | $18.3M | $15.9M | +87% |
| Pre-tax earnings | $38.7M | $20.4M | $18.4M | +90% |
| Other expense, net | $4.2M | −$806K | $5.0M | — |
| Research & development | $6.7M | $2.4M | $4.2M | +174% |
| Sales & marketing | $12.4M | $6.4M | $6.1M | +95% |
| General & admin | $15.1M | $9.5M | $5.6M | +59% |
| Net earnings | $26.0M | $19.8M | $6.2M | +31% |
| Income tax | $12.7M | $522K | $12.2M | 24× |
| Depreciation & amortization | $10.5M | $163K | $10.4M | 65× |
| Share-based compensation | $4.1M | $2.7M | $1.4M | +53% |
| Working capital & other | $45.6M | $7.3M | $38.3M | +523% |
| Operating cash flow | $86.2M | $30.0M | $56.2M | +188% |
| Free cash flow (OCF − capex) | $85.7M | $30.0M | $55.7M | +186% |
| Capital expenditures | $561K | $24K | $537K | 23× |
Questions
How much did CorMedix's revenue grow year over year in Q2 2026?
CorMedix's revenue rose $62.2M (+157%) from $39.7M in Q2 2025 to $102M in Q2 2026.
What drove CorMedix's revenue change in Q2 2026?
Product sales, net +$54.6M (+137%); Contract revenue +$5.0M (—); Grant income +$2.6M (—).