CORMEDIX INC Reports Earnings Results for FY2023 Q2 Ending June 30 2023
August 17, 2023
🌥️Earnings Overview
On August 8 2023, CORMEDIX INC ($NASDAQ:CRMD) released their financial report for Q2 of FY2023, ended June 30 2023. Comparatively, the company’s total revenue decreased drastically by 100.0% since the same period in FY2022, with a total of USD 0.0 million. Net income for that quarter was USD -11.3 million, compared to a loss of -7.6 million in Q2 of FY2022.
Share Price
On Tuesday, CORMEDIX INC reported its earnings results for the fiscal year 2023 second quarter ending June 30, 2023, and the stock opened at $4.1 and closed at $4.4, a 7.9% increase from its previous closing price of $4.1. This positive news on CORMEDIX INC’s stock follows a series of significant developments in the company’s operations over the past few months. In addition to the progress made in advancing the company’s operations, CORMEDIX INC has also made significant strides in its R&D initiatives, with recent developments in its pipeline for potential treatments for atrial fibrillation and other cardiovascular diseases.
The positive earnings report for this quarter demonstrates CORMEDIX INC’s commitment to delivering consistent performance and value to its shareholders. With continued advancements in technological innovation, as well as ongoing investment in research and development, CORMEDIX INC is poised to remain a leader in the healthcare industry in the years to come. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Cormedix Inc. More…
| Total Revenues | Net Income | Net Margin |
| 0.04 | -36.9 | -101129.9% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Cormedix Inc. More…
| Operations | Investing | Financing |
| -31.12 | -17.19 | 19.03 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Cormedix Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 57.03 | 7.98 | 0.93 |
Key Ratios Snapshot
Some of the financial key ratios for Cormedix Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| -40.7% | – | -100964.8% |
| FCF Margin | ROE | ROA |
| -85826.2% | -44.8% | -40.4% |
Analysis
At GoodWhale, we recently completed an extensive analysis of the financials of CORMEDIX INC. After assessment of all available financial and business data, we have determined that CORMEDIX INC is a medium risk investment. During our analysis, we found several warning signs that investors should take into consideration before investing. These issues can be found in the income sheet, balance sheet, and cashflow statement. Specifically, we detected three risk warnings that investors should be aware of. If you’d like to get more information about our findings and the risk warnings we identified, please register with us. We strive to provide comprehensive and accurate information so you can make informed decisions about your investments. More…
Peers
Cormedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapeutics to treat serious cardiometabolic diseases. Cormedix Inc’s lead product candidate, CDX-102, is a first-in-class, orally-available A3 adenosine receptor agonist currently in Phase 2 clinical development for the treatment of heart failure. IVERIC bio Inc is a biopharmaceutical company developing novel treatments for retinal diseases. IVERIC’s most advanced product candidate, Zimura, is a first-in-class, orally-available small molecule that inhibits complement factor C3, a key protein in the complement system that is involved in the development and progression of several retinal diseases. Verona Pharma PLC is a clinical-stage biopharmaceutical company focused on the development of drugs to treat respiratory diseases. Verona Pharma’s lead product candidate, ensifentrine, is a first-in-class inhaled dual inhibitor of the lung inflammation enzymes phosphodiesterase 3 (PDE3) and neutrophil elastase (NE). Gene Biotherapeutics Inc is a biopharmaceutical company developing novel gene therapies for the treatment of rare genetic diseases. Gene Biotherapeutics’ lead product candidate, GBT440, is a first-in-class, adeno-associated virus (AAV) based gene therapy being developed for the treatment of sickle cell disease (SCD).
– IVERIC bio Inc ($NASDAQ:ISEE)
Vericel Corporation, a commercial-stage biopharmaceutical company, develops, manufactures, and markets patient-specific expanded cellular therapies to treat severe, debilitating diseases and conditions. The company’s advanced cell therapy product candidates include Carticel and MACI, which are used for the treatment of cartilage defects in the knee; Epicel, an autologous skin substitute that is used for the treatment of patients with deep-dermal or full-thickness burns; and XCART, a CAR-T cell therapy product candidate for the treatment of relapsed or refractory B-cell non-Hodgkin lymphoma. It also offers ixmyelocel-T, a patient-specific multicellular therapy that is in Phase II clinical trial for the treatment of heart failure. The company was formerly known as Aastrom Biosciences, Inc. and changed its name to Vericel Corporation in July 2015. Vericel Corporation was founded in 1991 and is headquartered in Cambridge, Massachusetts.
– Verona Pharma PLC ($NASDAQ:VRNA)
Verona Pharma PLC is a pharmaceutical company that focuses on the development of treatments for respiratory diseases. The company has a market cap of 630.27M as of 2022 and a return on equity of -28.69%. Verona Pharma’s products include RPL554, an inhaled nebulized formulation of the company’s lead drug candidate, and RPL29, a novel inhaled formulation of a corticosteroid. Verona Pharma is headquartered in London, the United Kingdom.
– Gene Biotherapeutics Inc ($OTCPK:CRXM)
Gene Biotherapeutics Inc is a clinical stage biopharmaceutical company that focuses on developing and commercializing gene therapies. Its primary focus is on developing its lead product candidate, GBT440, for the treatment of sickle cell disease. The company’s market cap is 6.49k as of 2022 and its ROE is 10.16%.
The company’s focus on sickle cell disease is significant because there is currently no cure for the disease. Current treatments only address the symptoms of the disease and do not address the underlying cause. This makes GBT440 a potentially groundbreaking treatment for sickle cell disease.
The company’s market cap and ROE are both solid, indicating that it is a financially sound company. This is important because it indicates that the company has the resources necessary to continue developing GBT440 and bring it to market.
Summary
CORMEDIX INC‘s Q2 earnings results for FY 2023 showed a significant decrease in total revenue of 100.0% year-over-year and a net income of -11.3 million compared to -7.6 million in the same quarter last year. Despite the steep decline, investors responded positively to the results with the stock price rising on the same day. Although the current outlook appears bleak, CORMEDIX INC remains a viable investment option given its long history of success and its potential to rebound in light of its current cost-cutting measures and strategic investments. Investors should also take into account that the company’s strong balance sheet and consistent cash flows remain healthy, providing a solid foundation for future growth.
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