MediWound Ltd. (MDWD) Market Cap
MediWound Ltd. has a market capitalization of $185.5M.
Financials based on reported quarter end 2025-12-31
Price: $17.08
▲ 0.48 (2.89%)
Market Cap: 185.53M
NASDAQ · time unavailable
CEO: Ofer Gonen
Sector: Healthcare
Industry: Biotechnology
IPO Date: 2014-03-20
Website: https://www.mediwound.com
MediWound Ltd. (MDWD) - Company Information
Market Cap: 185.53M · Sector: Healthcare
MediWound Ltd., a biopharmaceutical company, develops, manufactures, and commercializes novel and bio-therapeutic solutions for tissue repair and regeneration. It markets NexoBrid, a biopharmaceutical product for the removal of eschar, a dead or damaged tissue in adults with deep partial- and full-thickness thermal burns to burn centers and hospitals burn units. The company also develops EscharEx, which has completed Phase II clinical trials for the debridement of chronic and other hard-to-heal wounds; MW005, which is in phase I/II for the treatment of low-risk basal cell carcinoma. MediWound Ltd. was founded in 2000 and is headquartered in Yavne, Israel.
Analyst Sentiment
Based on 13 ratings
Analyst 1Y Forecast: $33.50
Average target (based on 3 sources)
Consensus Price Target
Low
$36
Median
$36
High
$36
Average
$36
Potential Upside: 110.8%
Price & Moving Averages
Related Companies in Healthcare
Fundamentals Overview
Management’s tone was constructive and execution-focused (VALUE progressing, manufacturing expansion commissioned, expanded clinical footprint). However, the hard numbers show significant income statement pressure: Q4 revenue fell to $1.9M from $5.8M, driven mainly by the U.S. government shutdown delaying development services contracts; adjusted EBITDA loss widened to $6.5M. Gross margin held roughly flat (14.9% vs 15.5%), while net loss per share worsened ($0.56 vs $0.36) due to warrant revaluation effects. In Q&A, the “risk” items were more specific than the prepared remarks: (1) BARDA revenue timing is expected to start only in Q2 2026 (second-half weighted), and (2) NexoBrid commercialization is contingent on EMA/FDA clearance later in 2026. On EscharEx, management quantified enrollment flexibility—if interim power is insufficient, adding 20–40 patients could add “another couple of months,” while +100 patients could add at least six months and ~$10M—highlighting the operational downside to the year-end 2026 enrollment target.
Growth Catalysts
- Phase III VALUE trial enrollment ongoing in venous leg ulcers (target 216 patients across ~40 US/EU sites; prespecified interim assessment at ~65% enrollment; enrollment completion expected by year-end 2026)
- Expansion of EscharEx into additional chronic wound indications: Phase II diabetic foot ulcers (DFU) planned to initiate in 2026; investigator-initiated pressure ulcer study expected to begin in 2026
- NexoBrid expanded manufacturing facility commissioned; production capacity increased sixfold; commercialization pending EMA/FDA approval expected in 2026
Business Development
- B. Braun joined EscharEx development via research collaboration agreement; will participate in planned DFU Phase II study
- Existing EscharEx collaborations: Coloplast (via Kerecis), ConvaTec, Essity, Mölnlycke, Solventum, MiMedx
- For VALUE/EscharEx studies, collaborators supply standard-of-care products/dressing/compression components; specifically for DFU Phase II, B. Braun supplies antimicrobial wound cleanser Prontosan used in both arms
- NexoBrid international adoption: utilization across >70 burn centers; majority of Vericel’s ~90 target accounts
- BARDA RFP (Aug 2025) covering stockpiling, warm-temperature stable formulation, and trauma/blast injury indications; Vericel leads US process while MediWound provides technical/development support
- US Department of War collaboration: room-temperature stable formulation for nonsurgical burn treatment for the U.S. Army; total awarded to date $18.2 million nondilutive funding
Financial Highlights
- Q4 2025 revenue: $1.9M vs $5.8M in Q4 2024 (primary driver: lower development services revenue due to U.S. government shutdown delaying budget approval and new contracts)
- Q4 2025 gross profit: $0.3M (14.9% of revenue) vs $0.9M (15.5%) prior year
- Q4 2025 R&D: $4.5M vs $3.0M (investment in EscharEx VALUE Phase III)
- Q4 2025 SG&A: $3.6M vs $4.0M (lower marketing and share-based comp)
- Q4 2025 operating loss: $7.8M vs $6.1M; net loss: $7.2M or $0.56/share vs $3.9M or $0.36/share (driven by lower noncash financial income from warrant revaluation)
- FY 2025 revenue: $17.0M vs $20.2M in FY 2024 (primarily U.S. government shutdown; small part from lower product sales to Vericel)
- FY 2025 gross profit: $3.3M (19.2% margin) vs $2.6M (13%) in 2024 (margin improvement from more favorable revenue mix)
- FY 2025 net loss: $23.9M or $2.10/share vs $30.2M or $3.30/share (noncash warrant revaluation: $2.2M income in 2025 vs $10.7M expense in 2024)
- Adjusted EBITDA loss: $20.3M vs $14.8M in 2024
- Balance sheet: cash/cash equivalents/deposits $53.6M at Dec 31, 2025 vs $43.6M at Dec 31, 2024; FY 2025 used $21.4M for operating activities
- Equity funding: completed $30.0M registered direct offering; additional $3.5M from Series A warrant exercises
Capital Funding
- Cash: $53.6M at Dec 31, 2025 (vs $43.6M at year-end 2024)
- Operating cash burn: $21.4M used in 2025
- Financing during 2025: $30.0M registered direct offering; $3.5M from Series A warrant exercises
Strategy & Ops
- NexoBrid manufacturing expansion: operational; capacity increased sixfold; product release depends on regulatory approvals (EMA/FDA expected later in 2026)
- Clinical supply chain status amid Israel-related geopolitical concern: management stated enough EscharEx to support trial continuation for at least six months; ancillaries from global companies expected in sites
- EscharEx DFU program design shift: moved to a 50-patient Phase II rather than adaptive Phase II/III previously planned, citing EMA/FDA feedback and agency expectations for DFU approval pathway
- VALUE trial statistical design: interim assessment at ~65% enrollment; potential sample size increase to preserve ~90% statistical power
Market Outlook
- Reaffirmed revenue guidance: 2026 $24M-$26M; 2027 $32M-$35M; 2028 $50M-$55M
- 2026 guidance key assumption: continued support from BARDA and U.S. Department of War; 2028 assumes potential initial contribution from EscharEx subject to regulatory approval
- Q&A on timing: management expects BARDA-linked revenue to be recorded starting Q2 2026; as modeled, second half 2026 revenues are better than first half
Risks & Headwinds
- U.S. government shutdown already impacted FY 2025 development services revenue (delayed budget approval and initiation of new contracts); also cited as primary driver of Q4 revenue decline
- Regulatory approval timing risk for NexoBrid expanded facility: commercialization only after EMA or FDA clearance expected in 2026
- VALUE enrollment/sample size risk: interim assessment at ~65% could require additional patients; upside scenario finish as planned by end of 2026, but downside scenarios could add months and incremental costs
- VALUE operational/clinical supply chain: Israel conflict check did not indicate disruption near-term, but mitigation was explicitly “enough EscharEx for at least six months” rather than unlimited supply
- DFU/pressure ulcer label expansion path depends on FDA stance on the need for large-scale Phase III studies; management expects potentially “easier” approval framework and intends discussions with FDA on necessity of large trials per indication
Sentiment: MIXED
Note: This summary was synthesized by AI from the MDWD Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.