AI-extracted from the 10-Q filed 2026-08-13 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenue rose 157% to $101.9M on the Melinta acquisition and DefenCath demand, but management expects lower DefenCath net sales in H2 2026 after post-TDAPA reimbursement declined.
Biggest Revenue Drivers
DefenCath$66.1M
Sustained DefenCath demand, including onboarding of the large dialysis customer mid-last year
Melinta Portfolio$28.2M
Melinta acquired August 2025; no comparable prior-year amount, and Q2 reflects lower wholesaler channel inventory levels
Biggest Revenue Drivers
Total revenue: $101.9M+157% YoY
DefenCath$66.1M
Sustained DefenCath demand, including onboarding of the large dialysis customer mid-last year
Melinta Portfolio$28.2M
Melinta acquired August 2025; no comparable prior-year amount, and Q2 reflects lower wholesaler channel inventory levels
Contract revenue$5.0M+100% YoY
Milestone, royalty and inventory revenue under Melinta's licensing agreements; none in prior year
Grant income$2.6M+100% YoY
BARDA reimbursement recognized as qualifying costs are incurred; none in prior year
Largest Expense Items
General and administrative$15.1M+59% YoY
Combined-company costs, facilities, personnel, PDUFA and branded drug fees, offset by $4.2M insurance loss recoveries
Cost of sales (excl. amortization)$14.5M+701% YoY
Higher product sales driven by higher DefenCath volume and the Melinta acquisition
Selling and marketing$12.4M+95% YoY
Higher personnel cost for the larger product portfolio and marketing programs from the Melinta acquisition
Amortization of intangibles$10.3M+19,708% YoY
Intangible assets acquired in the Melinta merger completed in the third quarter of 2025
Margins: Gross profit was $77.1M, up 104%, but cost of sales rose 701% and amortization added $10.3M. Management flags new API tariffs as potentially adverse to gross margins.
Watch Items from the Filing
DefenCath's TDAPA reimbursement became a post-TDAPA Add-On July 1, 2026; reimbursement declined significantly and the company expects lower net sales in H2 2026.
Four customers were 27%, 25%, 20% and 10% of Q2 revenue; Customer C is 47% of gross accounts receivable at June 30, 2026.
Disclosure controls were not effective at June 30, 2026; the material weakness over review of significant non-routine transactions remains unremediated.
An impairment indicator was identified for the oritavancin group (KIMYRSA, ORBACTIV); no impairment was recorded, but a material future charge is reasonably possible.
A customer agreed to defer volume-rebate payments; CorMedix will issue an approximately $59M letter of credit in Q3 2026, backed by equal restricted cash.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About CorMedix Inc. (CRMD): stock profile, AI score and financials
CorMedix Inc. (CRMD) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores CRMD at 79.0/100 on a composite quality score built from its SEC filings, placing it at rank #43 of 2,925 stocks — the top 5% of the AI-ranked universe. CRMD scores in the top quartile across revenue growth (99.4), balance sheet strength (98.6), free cash flow (96.0). Areas of concern include revenue scale (35.9), which score below median versus the broader universe. Shareholder dilution risk is elevated at 25.8/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), CorMedix Inc. reports quarterly revenue of $101.9M, net income of $26.0M, an operating margin of 42.1%. Top institutional holders of CRMD by reported 13-F value include BlackRock, Deep Track Capital, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. CRMD trades on the Nasdaq exchange and files with the SEC under CIK 1410098. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate CRMD daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for CorMedix Inc. directly from SEC EDGAR.