MediWound (MDWD) Q4 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with major progress in clinical trials and manufacturing expansion, setting the stage for long-term growth.

• Operational resilience was maintained despite geopolitical and macroeconomic challenges, with continued focus on clinical and commercial milestones.

• EscharEx clinical program expanded to cover venous leg ulcers, diabetic foot ulcers, and pressure ulcers, with regulatory alignment in the US and Europe.

• NexoBrid manufacturing capacity increased sixfold, with the expanded facility operational and regulatory approvals expected in 2026.

• Multiple industry collaborations and real-world data reinforced product value and market positioning, including B. Braun joining the EscharEx program.

Financial highlights

• Q4 2025 revenue was $1.9M, down from $5.8M in Q4 2024, mainly due to delayed US government contracts.

• Full-year 2025 revenue was $17M, down from $20.2M in 2024, with gross profit of $3.3M (19.2% margin), up from $2.6M (13.0% margin) in 2024.

• Q4 gross profit was $0.3M (14.9% margin), with R&D expenses rising to $4.5M due to EscharEx trial investment.

• Q4 net loss was $7.2M ($0.56/share), up from $3.9M ($0.36/share) in Q4 2024, mainly due to lower non-cash financial income.

• Full-year net loss was $23.9M ($2.10/share), improved from $30.2M ($3.03/share) in 2024, aided by favorable warrant revaluation.

Outlook and guidance

• Revenue guidance: $24M–$26M for 2026, $32M–$35M for 2027, $50M–$55M for 2028, assuming BARDA and DoW support.

• 2028 guidance includes potential initial EscharEx contribution, pending regulatory approval.

• Second half of 2026 expected to see significant revenue increase due to BARDA contracts and expanded manufacturing.