MediWound (MDWD) Q2 2024 earnings summary

Executive summary

• Completed construction of a new GMP-compliant NexoBrid manufacturing facility, increasing capacity sixfold and targeting full operational capacity in 2025.

• Raised $25 million in financing led by Mölnlycke, strengthening financial position and forming a strategic collaboration agreement.

• Secured EUR 16.25 million EIC funding to accelerate EscharEx development for diabetic foot ulcers, expanding addressable market and advancing clinical programs.

• U.S. NexoBrid launch gaining momentum: 70 burn centers engaged, 40+ approved, driving a 76% sequential revenue increase.

• Included in the Russell 3000 Index as part of the 2024 reconstitution.

Financial highlights

• Q2 2024 revenue was $5.1 million, up from $4.8 million in Q2 2023, mainly from Vericel partnership.

• Gross profit for Q2 2024 was $0.4 million (9% margin), down from $1.1 million (24%) in Q2 2023 due to revenue mix and nonrecurring costs.

• Q2 2024 net loss was $6.3 million ($0.68/share) versus net profit of $0.9 million ($0.10/share) in Q2 2023, mainly due to warrant revaluation.

• First half 2024 revenue was $10 million, up from $8.6 million in 2023; net loss was $16 million ($1.73/share) versus $2.8 million ($0.32/share) in 2023, mainly due to $8 million in warrant revaluation expenses.

• Cash and equivalents at June 30, 2024, were $29.7 million; $25 million raised in July PIPE offering.

Outlook and guidance

• New manufacturing facility commissioning underway, aiming for full operational capacity in 2025.

• Expect European approval for expanded NexoBrid capacity in early 2025 and U.S. approval by end of 2025; FDA approval for NexoBrid pediatric indication anticipated in Q3 2024.

• EscharEx phase III VLU study to start in H2 2024; DFU phase II/III study expected to begin after regulatory setup, likely in 2025, accelerated by EIC funding.