Filing Flows › CorMedix (CRMD) › How it makes money
How CorMedix (CRMD) makes money
CorMedix (CRMD) made $102M of revenue in the second quarter 2026 (Q2 2026), +157% from a year earlier. Product sales, net brought in $94.3M (93%); Contract revenue brought in $5.0M (5%); Grant income brought in $2.6M (3%). Of every dollar of revenue, 76¢ was left as gross profit, 42¢ was left as operating profit, 25¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q2 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Product sales, net | $94.3M | 92.6% | — | +137% |
| ↳ DefenCath | $66.1M | 64.9% | — | +66% |
| ↳ Melinta Portfolio | $28.2M | 27.7% | — | — |
| Contract revenue | $5.0M | 4.9% | — | — |
| Grant income | $2.6M | 2.6% | — | — |
Where each dollar of revenue goes
| Line | Q2 2026 | % of revenue |
|---|---|---|
| Revenue | $102M | 100.0% |
| Cost of revenue | $24.8M | 24.3% |
| Gross profit | $77.1M | 75.7% |
| Operating expenses | $34.2M | 33.6% |
| Operating profit | $42.9M | 42.1% |
| Income tax | $12.7M | 12.5% |
| Net earnings | $26.0M | 25.5% |
| Operating cash flow | $86.2M | 84.6% |
| Free cash flow | $85.7M | 84.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q2 2026 | $102M | +156% |
| Q1 2026 | $127M | +226% |
| Q4 2025 | $129M | +312% |
| Q3 2025 | $104M | +810% |
| Q2 2025 | $39.7M | 49× |
| Q1 2025 | $39.1M | — |
| Q4 2024 | $31.2M | — |
From CorMedix's 10-Q filed Aug 13, 2026 (on EDGAR).
Questions
How does CorMedix make money?
CorMedix (CRMD) made $102M of revenue in the second quarter 2026 (Q2 2026), +157% from a year earlier. Product sales, net brought in $94.3M (93%); Contract revenue brought in $5.0M (5%); Grant income brought in $2.6M (3%). Of every dollar of revenue, 76¢ was left as gross profit, 42¢ was left as operating profit, 25¢ was left as net earnings.
What is CorMedix's biggest business?
Product sales, net: $94.3M in the second quarter 2026, 93% of revenue, +137% from a year earlier.
What is CorMedix's profit margin?
Net earnings were $26.0M, 25.5% of revenue, in the second quarter 2026; the operating margin was 42.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.