Tue, May 6, 12:33 PM (17 days ago)
**CorMedix Inc. (CRMD) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** $39.1 million (Q1 2024: $0) - **Gross Profit:** $37.5 million (Q1 2024: -$0.8 million) - **Operating Income:** $20.1 million (Q1 2024: -$16.7 million) - **Net Income:** $20.6 million (Q1 2024: -$14.5 million) - **Cash Flow from Operations:** $19.7 million (Q1 2024: -$17.3 million) **Profit Margins:** - **Gross Margin:** 95.8% (Q1 2024: -100%) - **Operating Margin:** 51.5% (Q1 2024: -430.2%) - **Net Margin:** 52.7% (Q1 2024: -371.1%) **Earnings Changes:** - **EPS (Basic):** $0.32 (Q1 2024: -$0.25) - **EPS (Diluted):** $0.30 (Q1 2024: -$0.25) **Quarterly Performance Discussion:** - **Revenue Growth:** Driven by DefenCath sales, launched in April 2024 (inpatient) and July 2024 (outpatient). - **Cost of Revenues:** $1.6 million, including manufacturing, distribution, and amortization of license intangible asset. - **Operating Expenses:** Increased R&D ($3.2 million) due to clinical trial services. Decreased S&M ($4.5 million) due to internal sales force severance. - **Cash Flow:** Positive cash flow from operations due to net income and changes in working capital. **Trends & Uncertainties:** - **Revenue Trends:** Positive trend with DefenCath sales. - **Uncertainties:** Dependence on DefenCath sales, manufacturing capabilities, competition, and reimbursement environment. **Future Operations Impact:** - **Liquidity:** $77.5 million in cash, cash equivalents, and short-term investments as of March 31, 2025. - **Funding:** Expect to fund operations from cash on hand, cash equivalents, short-term investments, and potential capital raising. - **Contractual Obligations:** $9.1 million committed under Syneos agreement and $2.0 million paid for license agreement milestone. **Ticker:** CRMD