CorMedix Inc. (NYSE: CRMD) ended last session with 3.33% change

By | October 24, 2019

On Wednesday CorMedix Inc. (NYSE: CRMD) ended the last transaction at $6.03 with a change of 3.33%. The company has a market worth of $140.86M. It holds an average volume of 280.68K shares. In recent session, the stock hit the peak level of $6.99 and touched to lowest level of $5.96.

CorMedix Inc. (NYSE: CRMD), recently reported financial results for the second quarter and six months ended June 30, 2019.

For the second quarter 2019, CorMedix recorded a net loss of $0.7M, or $0.03 per share, contrast with a net loss of $8.6M, or $0.52 per share, in the second quarter of 2018, a decrease of $7.9M. During the second quarter of 2019, the Company recorded a tax benefit of $5.1M resulting from the sale of $5.4M of its New Jersey Net Operating Losses.

Operating expenses in the second quarter of 2019 declined 35% to $5.5M, contrast with $8.5M in the second quarter of 2018.  R&D expense declined about 55% to $3.0M from $6.6M, mainly Because of a $4.7M decrease in clinical trial expense, partially offset by a $1M increase in CMC-related activities. SG&A expense increased 32% to $2.6M contrast with $1.9M in the second quarter of 2018.  Higher compliance expenses, staffing, consulting and marketing expenses were partially offset by a reduction in legal fees, patents, and investor relations expenses.

For the six months ended June 30, 2019, CorMedix recorded a net loss of $5.9M, or $0.25 per share, contrast with a net loss of $18.7M, or $1.19 per share, in the first half of 2018, a decrease of $12.8M.

Operating expenses in the first half of 2019 were $10.4M, contrast to $18.7M in the first half of 2018, a decrease of about 44%. This decrease was due primarily to a $9.0M, or 60%, decrease in R&D expense, while SG&A expense increased by 18%.

Total cash on hand and short-term investments as of June 30, 2019 was $26.4M, not including restricted cash of $0.2M.

In the liquidity ratio analysis; CorMedix, Inc.’s (CRMD) debt to equity ratio was 0.41 while current ratio was 6.30. The company has the institutional ownership of 24.70% while the Beta factor was 3.12. The stock’s RSI amounts to 41.46.

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