MediWound Ltd. (MDWD) Market Cap
MediWound Ltd. has a market capitalization of $192.5M.
Financials based on reported quarter end 2025-12-31
Price: $17.72
▲ 0.62 (3.63%)
Market Cap: 192.48M
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: 192.48M · 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 6 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: 103.2%
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"MDWD reports revenue of $1.867M, a position characterized by minimal earnings activity. The company's net income stands at a loss of $7.183M, reflecting significant operational challenges. Given its balance sheet position, total assets are $86.255M against total liabilities of $34.332M, providing a net equity of $43.632M, suggesting a reasonably healthy equity buffer relative to liabilities. However, with negative cash flow of $2.750M from operations and total free cash flow also negative at $5.234M, cash generation remains a pressing issue. The lack of dividends indicates no return to shareholders in this period. The stock has seen a modest yearly price increase of 0.97%, with a more pronounced decline over six months (-7%) and year-to-date (-9.83%), suggesting that market sentiment is bearish. The current price target stands at $36, but given the recent performance, analysts may reassess this outlook. Overall, the fundamentals signal a challenging environment with significant losses and cash flow constraints that investors should consider cautiously."
Revenue Growth
Minimal revenue indicates limited growth prospects.
Profitability
Significant losses highlight poor profitability.
Cash Flow Quality
Negative cash flow reflects operational difficulties.
Leverage & Balance Sheet
Adequate net equity provides some leverage stability.
Shareholder Returns
No dividends and weak price performance reflect low shareholder returns.
Analyst Sentiment & Valuation
Price target remains positive, but recent declines suggest caution.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
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.