MediWound (MDWD) Q1 2024 earnings summary

Executive summary

• Q1 2024 revenue reached $5 million, up from $3.8 million in Q1 2023, driven by NexoBrid sales and new DoD contracts.

• Construction of a new manufacturing facility is on schedule for mid-2024 completion, aiming for a sixfold capacity increase and full operational capacity by 2025.

• Secured orders meeting the annual revenue projection of $24 million for 2024.

• Set to join the Russell 3000 and Russell 2000 Indexes, increasing investment visibility.

• EscharEx Phase III trial protocol submission is on track, with study commencement expected in H2 2024.

Financial highlights

• Gross profit for Q1 2024 was $0.6 million (12.2% margin), down from $0.8 million (21.7%) in Q1 2023 due to revenue mix changes.

• Operating loss improved to $3.7 million from $4.4 million in Q1 2023.

• Net loss widened to $9.7 million ($1.05/share) from $3.7 million ($0.44/share), mainly due to $6.1 million in warrant revaluation expenses.

• Adjusted EBITDA loss was $2.9 million, improved from $3.4 million loss in Q1 2023.

• Cash and equivalents totaled $36 million as of March 31, 2024.

Outlook and guidance

• New manufacturing facility to be completed mid-2024, with European approval expected first and full capacity by end of 2025.

• 2024 revenue forecast for NexoBrid is $24 million.

• EscharEx phase III trial to start in H2 2024, with interim analysis after 67% enrollment.

• FDA decision on NexoBrid pediatric use and feedback on temperature-stable formulation expected in H2 2024.