CorMedix Inc. — Earnings Quality Grade F
CRMD · Healthcare
Major red flags
Screening Summary
Management Signals
Source: SEC EDGAR 8-K Item 5.02, with exhibit links when available
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 201 days, change -233 days YoY
AR growth 231.5% vs revenue growth 617.0%
Revenue 617.0%, CFFO 445.8%. Cash follows revenue
Expense Quality
Inventory 291.0% vs COGS 1027.3%. Normal
CapEx growth 1848.3% is >2x revenue growth 617.0%
SG&A/Gross Profit = 38.5%. Normal
Gross margin 88.5%, change -4.2pp. Stable
Cash Flow Quality
CFFO/NI = 1.07. Profits backed by cash
FCF $0.2B, FCF/NI = 1.06
Accruals ratio = -1.5%. Low accruals
Cash $0.1B covers 100% of debt $0.1B
Balance Sheet Health
Goodwill+Intangibles $0.4B = 101% of equity. Over 50%
Debt/EBITDA = 0.9x. Healthy
Other assets 302.9% vs revenue 617.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles surged 22084% YoY
Manipulation Score
M-Score = 15.42 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25