CorMedix Inc
CRMD Healthcare Biotechnology
CorMedix Inc’s revenue for fiscal 2025 (year ended December 2025) was $311.7 million, up 617.0% from fiscal 2024. In the quarter to June 2026, revenue grew 156.5%, EPS grew 13.8% and free cash flow grew 185.9%, each against the same quarter a year earlier.
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CorMedix Inc (CRMD) Beneish M-score
CorMedix Inc's Beneish M-score for fiscal 2025 is 12.80; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 12.80 | 1.28 |
| FY2021 | 11.52 | 11.55 |
| FY2018 | −0.03 | 2.96 |
| FY2017 | −2.99 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.46 | — | 0.43 | |
| Gross margin index | 1.05 | — | 0.55 | |
| Asset quality index | 26.69 | — | 10.78 | |
| Sales growth index | 7.17 | — | 6.40 | |
| Depreciation index | 0.28 | — | 0.03 | |
| SG&A index | 0.25 | — | −0.04 | |
| Total accruals to total assets | (0.01) | — | −0.07 | |
| Leverage index | 1.36 | — | −0.44 | |
| Beneish M-score | Flagged by the model | 12.80 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| VALN Valneva SE Sponsored ADR compare | −3.3× |
| PHAT Phathom Pharmaceuticals, Inc. compare | −1.4× |
| ZVRA Zevra Therapeutics, Inc. compare | 1.5× |
| CRMD CorMedix Inc | 12.8× |
| SLN Silence Therapeutics PLC Sponsored ADR compare | 45.8× |
| OLMA Olema Pharmaceuticals, Inc. compare | — |
| STTK Shattuck Labs, Inc. compare | — |
| DBVT DBV Technologies S.A. compare | — |
| SGMT Sagimet Biosciences Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI