How did CRMD's Q4 earnings surprise impact investor confidence?

**CorMedix Inc.'s (CRMD) Q4 earnings surprise had a significant impact on investor confidence**, as evidenced by the following points: 1. **Earnings Surprise**: CorMedix reported a quarterly adjusted loss of 5 cents per share for Q4, which was higher than the same quarter last year's EPS of -17 cents. This indicates a deterioration in earnings, which typically signals a negative surprise to investors. 2. **Revenue Surprise**: Despite the negative EPS surprise, the company's revenue for the quarter was $11.46 million, slightly exceeding analysts' expectations of $10.84 million. This could have mitigated some of the negative sentiment, as revenue performance is a critical indicator of a company's financial health and growth prospects. 3. **Analyst Expectations**: The mean expectation of four analysts for Q4 was for a loss of 10 cents per share, with Wall Street expecting results to range from -13 cents to -6 cents per share. The actual EPS of -5 cents was closer to the higher end of these expectations, which might have been perceived as a modest positive by investors, as it was better than anticipated. 4. **Stock Performance**: CorMedix shares had risen by 60.5% this quarter and gained 244.9% so far this year. The positive stock performance suggests that investors may be optimistic about the company's future prospects, despite the Q4 earnings miss. 5. **Analyst Ratings and Price Targets**: The current average analyst rating on CRMD shares is "buy," with a consensus recommendation for the pharmaceuticals peer group also being "buy". This indicates that analysts are generally optimistic about the stock's future performance, which could reflect investor confidence in the company's long-term prospects. 6. **Market Reaction**: RBC Capital Markets, a leading investment bank, adjusted its outlook on CorMedix, increasing its price target on the company's shares to $12.00 from $11.00, maintaining its Outperform rating. This positive revision in the price target reflects optimism about the company's future performance, which could have bolstered investor confidence. In conclusion, while the Q4 earnings miss may have raised some concerns, the overall positive stock performance, analyst ratings, and price target revisions suggest that investor confidence in CorMedix remains relatively high. The successful rollout of its flagship product, DefenCath, and the company's strategic partnerships with dialysis providers are likely contributing factors to this confidence.