MediWound (MDWD) Q2 2026 earnings summary

Executive summary

• Advanced EscharEx VALUE phase III trial, with enrollment ongoing at ~40 sites across the U.S., Europe, and Israel, and key milestones (interim assessment and enrollment completion) targeted for Q1 2027.

• Expanded EscharEx's addressable market, with updated U.S. peak sales estimate at $1.05 billion, now including pressure ulcers.

• NexoBrid achieved record U.S. quarterly revenue and hospital adoption, supported by a new master service agreement (MSA) with Vericel and BARDA contract.

• Advanced next-generation NexoBrid programs, including a room-temperature stable formulation for military and mass casualty use, funded by the Department of War.

• Reaffirmed full-year 2026 revenue guidance of $24–26 million.

Financial highlights

• Q2 2026 revenue was $3.1 million, down from $5.7 million in Q2 2025, mainly due to timing of BARDA-funded revenue.

• Gross profit was $0.3 million (10.9% margin), down from $1.3 million (23.5%) in Q2 2025, impacted by a one-time facility scale-up.

• R&D expenses rose to $5.9 million from $3.5 million year-over-year, reflecting increased investment in EscharEx VALUE phase III.

• Net loss for Q2 2026 was $7.4 million ($0.57/share), improved from $13.3 million ($1.23/share) in Q2 2025, due to non-cash financial income.

• Cash and equivalents were $36 million as of June 2026, with $20 million cash burn in H1 2026.

Outlook and guidance

• Full-year 2026 revenue guidance of $24–26 million reaffirmed, with revenue weighted to the second half due to MSA and government-funded programs.

• Priorities for the remainder of 2026 include executing the VALUE trial, recognizing revenue under the Vericel MSA, advancing next-gen NexoBrid, and completing EMA-requested facility modifications.

• EMA-requested modifications to NexoBrid manufacturing facility expected to complete in Q4 2026; commercial supply from expanded facility anticipated in H2 2027, pending regulatory approval.

• EscharEx U.S. market peak sales potential estimated at $1.05 billion, with pressure ulcers included in the assessment.