Filing Flows › CorMedix (CRMD) › Q3 2025
CorMedix (CRMD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
CorMedix (CRMD) reported revenue of $104M for the third quarter 2025 (Q3 2025), +810% from a year earlier and +162% from the quarter before. Operating margin was 49.2%, net earnings $109M (104.1% of revenue).
CorMedix, Q3 2025: revenue $104M (+810% year over year), operating margin 49.2%, net earnings $109M, operating cash flow $30.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $104M | +162% | +810% |
| Gross profit | $93.1M | +146% | +764% |
| Operating profit | $51.3M | +163% | — |
| Net earnings | $109M | +448% | — |
| Operating cash flow | $30.9M | +3% | — |
| Free cash flow | $30.4M | +1% | — |
What changed
Revenue was $104.3M in Q3 2025, up 810% year over year and up 162% from the previous quarter. Defen Cath was the largest line at 85% of revenue. Defen Cath added $77.3M year over year (up 675%), 83% of the total change.
Gross margin was 89.3%, down 4.7 points from a year earlier. Operating profit was $51.3M, a 49.2% margin (up 77.9 points year over year). Operating expenses grew 197% against revenue growth of 810%. The fastest-growing cost line was Research & development (+601%). Net earnings were $108.6M. The tax line was a benefit of $56.0M on pre-tax earnings of $52.6M.
Operating cash flow was $30.9M, 28% of net earnings. Non-cash charges added back $3.8M of depreciation and amortization and $4.1M of share-based compensation. Working capital and other items used $85.5M. Capital expenditures of $506K left free cash flow of $30.4M.
Questions
What was CorMedix's revenue in the third quarter 2025?
CorMedix (CRMD) reported revenue of $104M for the third quarter 2025 (Q3 2025), +810% from a year earlier and +162% from the quarter before.
Was CorMedix profitable in the third quarter 2025?
Operating profit was $51.3M (49.2% of revenue) and net earnings $109M.
Source: CorMedix 10-Q on SEC EDGAR.