Sep. 11 at 5:46 PM
$CRMD Revenue exploded from near zero to
$312M in 2025, but analysts expect it to fall roughly 15% in the coming year, signaling real uncertainty ahead.
The business keeps about 42 cents of every dollar as operating profit (operating margin), which is exceptionally high for a small biotech and shows the product carries very little cost to deliver.
For every dollar invested back into the business, it earns about 25% in return (return on invested capital, or ROIC), well above a typical 9-10% cost of capital.
Cash on hand has grown to
$257M against
$145M of debt, meaning the company now holds more cash than it owes, a strong safety cushion.
At about 23 times next year's expected earnings (forward P/E), the stock is pricing in a recovery in growth that analysts are not yet forecasting, which is a notable risk. The spare cash the business generated (free cash flow) swung from negative
$51M in 2024 to positive
$173M in 2025, but that dramatic shift makes it hard to predict a reliable baseline
