CorMedix Inc.

AI-generated fair value estimate for this company.

Method: 10-year 2-stage DCF: $67M year-1 normalized earnings base (approximately 20% net margin on the company's own $325-345M 2026 net revenue guidance, which steps down from an inflated $462.3M TTM figure as a one-time BARDA/TDAPA-related reimbursement dynamic normalizes); 6% annual growth years 1-3, 5% years 4-5, tapering to 3-4% years 6-10; 12% discount rate for single-product concentration and reimbursement-policy risk; 3% terminal growth; $109.2M net cash; 77.94M shares outstanding.

Reasoning: CorMedix's trailing financials are distorted by a one-time government stockpile order and an expiring TDAPA reimbursement add-on; normalizing to management's own forward revenue guidance and a more sustainable margin, with a higher discount rate for single-product (DefenCath) concentration risk, gives a more durable estimate of intrinsic value than extrapolating the inflated trailing year.