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Mediwound (MDWD)
NASDAQ:MDWD
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Mediwound
(NASDAQ:MDWD)
46Neutral
Positive Factors
Market Opportunity
EscharEx is being developed for enzymatic debridement of chronic wounds in the outpatient setting, representing a potential ~$2.5B market opportunity.
Product Validation
Mediwound has secured an additional collaboration for its DFU study, with Kerecis joining to contribute its MariGen Fish-Skin graft, representing additional validation for the potential of EscharEx.
Regulatory Support
New Medicare policy could strengthen EscharEx adoption by emphasizing the need for complete wound debridement before applying cellular and/or tissue-based products.
Negative Factors
Approval Delays
NexoBrid guidance tightened towards lower end, reflecting adjusted timelines for EU approval of the manufacturing facility.
Capacity Constraints
Global demand for NexoBrid currently exceeds MDWD's manufacturing capacity by roughly threefold, a dynamic that will ease over the course of this year as manufacturing capacity ramps.
Production Limitations
NexoBrid sales are limited only by supply, as demand for the product continues to exceed supply.
Mediwound (MDWD) vs. S&P 500 (SPY)
Market Cap
$183.07M
Dividend YieldN/A
Average Volume (3M)72.93K
Price to Earnings (P/E)―
Beta (1Y)1.02
Revenue Growth8.22%
EPS Growth-300.13%
CountryUS
Employees111
SectorHealthcare
Sector Strength74
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.07
Shares Outstanding11,251,766
10 Day Avg. Volume94,123
30 Day Avg. Volume72,926
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)9.80
Price to Cash Flow (P/CF)N/A
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$30.00Price Target Upside82.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
Mediwound Business Overview & Revenue Model
Company DescriptionMediwound Ltd. is a biopharmaceutical company operating in the healthcare sector, focusing on the development, manufacturing, and commercialization of novel therapeutics for tissue repair and regeneration. The company's core products include innovative enzyme-based solutions designed to treat severe burns, chronic wounds, and other hard-to-heal injuries. Mediwound's flagship product, NexoBrid, is used for the removal of eschar in adults with deep partial- and full-thickness thermal burns.
How the Company Makes MoneyMediwound makes money primarily through the sales of its proprietary products like NexoBrid. The company's revenue model is based on direct sales to healthcare facilities, partnerships with distributors, and licensing agreements. Mediwound collaborates with governmental and non-governmental organizations for the procurement of its products, which contributes significantly to its earnings. Additionally, the company benefits from various grants, research collaborations, and milestone payments from strategic partnerships aimed at expanding the application of its technologies.
Mediwound Financial Statement Overview
Summary
MediWound's financials show challenges typical in biotech, such as negative margins and cash flow. While there's an improvement in loss reduction and cash management, revenue decline and increased liabilities pose risks.Income Statement
Mediwound's income statement reveals significant challenges. Revenue for the TTM (Trailing-Twelve-Months) period decreased by 25.5% compared to 2022. The company reported negative gross profit margin in the TTM period due to a gross profit of $2.45M on revenues of $19.72M. Both EBIT and EBITDA margins are negative, indicating operational inefficiencies. Net profit margin is also negative, which reflects ongoing losses. However, the company has managed to reduce its losses in comparison to previous years, which suggests some operational improvements.45
Neutral
Balance Sheet
The balance sheet shows a moderate financial position. The debt-to-equity ratio is 0.19, indicating a low reliance on debt. However, total liabilities have increased, reflecting potential risk if not managed well. The equity ratio stands at 45.8%, indicating a healthy proportion of equity financing. Return on equity is negative due to losses, but the equity base has been strengthened over the past year, which might support future stability if profitability improves.60
Neutral
Cash Flow
Cash flow analysis presents mixed results. Operating cash flow is negative, indicating that the company is not generating sufficient cash from its core operations. Free cash flow also remains negative, but there is an observed improvement in free cash flow growth rate over the previous year, suggesting efforts towards better cash management. The operating cash flow to net income ratio is below 1, indicating that operational cash generation is less than net losses.50
Neutral
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 19.72M | 18.69M | 26.50M | 23.76M | 21.76M | 31.79M | Gross Profit |
| 2.45M | 3.58M | 13.16M | 8.77M | 7.54M | 19.94M | EBIT |
| -17.18M | -15.29M | -8.35M | -11.22M | -8.84M | 4.49M | EBITDA |
| -13.49M | -4.89M | -18.09M | -11.22M | -7.75M | 3.42M | Net Income Common Stockholders |
| -28.06M | -6.72M | -19.60M | -13.55M | -9.60M | 3.72M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 23.63M | 41.54M | 33.90M | 11.05M | 21.58M | 29.46M | Total Assets |
| 35.28M | 66.46M | 50.02M | 19.74M | 31.07M | 40.59M | Total Debt |
| 0.00 | 6.35M | 846.00K | 1.39M | 1.74M | 2.01M | Net Debt |
| -6.72M | -5.52M | -33.05M | -9.65M | -15.63M | -5.24M | Total Liabilities |
| 26.30M | 34.86M | 39.10M | 24.33M | 23.80M | 25.42M | Stockholders Equity |
| 8.97M | 31.59M | 10.91M | -4.58M | 7.27M | 15.17M |
| Cash Flow | Free Cash Flow | ||||
| -20.80M | -16.93M | -12.44M | -9.40M | -7.82M | 7.50M | Operating Cash Flow |
| -13.19M | -10.46M | -11.88M | -8.92M | -6.89M | 8.29M | Investing Cash Flow |
| -9.06M | -34.32M | -481.00K | 3.55M | 17.39M | -6.90M | Financing Cash Flow |
| 19.70M | 22.92M | 35.76M | -1.05M | -629.00K | -1.01M |
Mediwound Technical Analysis
Negative
16.45
Price Trends
18.10
Negative
17.71
Negative
17.63
Negative
Market Momentum
-0.15
Positive
42.18
Neutral
12.65
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MDWD, the sentiment is Negative. The current price of 16.45 is below the 20-day moving average (MA) of 17.18, below the 50-day MA of 18.10, and below the 200-day MA of 17.63, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 42.18 is Neutral, neither overbought nor oversold. The STOCH value of 12.65 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MDWD.
Mediwound Risk Analysis
Mediwound disclosed 58 risk factors in its most recent earnings report. Mediwound reported the most risks in the “Legal & Regulatory” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Mediwound Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $946.22M | ― | -59.77% | ― | 120.51% | 25.37% | |
49 Neutral | $172.67M | ― | -84.46% | ― | -40.09% | -18.67% | |
49 Neutral | $6.94B | 0.66 | -52.58% | 2.47% | 22.65% | 0.94% | |
46 Neutral | $183.07M | ― | -96.33% | ― | 8.22% | -300.13% | |
44 Neutral | $25.70M | ― | -270.01% | ― | -65.96% | 40.80% | |
37 Underperform | $51.21M | ― | -1546.58% | ― | 47.66% | -5.04% |
* Healthcare Sector Average
Performance Comparison
MDWD
Mediwound
16.45
0.89
5.72%
CARA
Cara Therapeutics
5.62
-3.14
-35.84%
ACRS
Aclaris Therapeutics
1.70
0.52
44.07%
RCUS
Arcus Biosciences
9.12
-7.53
-45.23%
VRCA
Verrica Pharmaceuticals
0.52
-4.80
-90.23%
Mediwound Earnings Call Summary
Earnings Call Date: Mar 19, 2025 | % Change Since: -14.63% | Next Earnings Date: May 28, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant clinical and commercial progress, particularly with EscharEx and NexoBrid, along with strategic collaborations and a strong financial backing. However, the increased operating and net losses, along with a decline in gross margin, suggest financial challenges. The positive advancements in products and strategic partnerships indicate a promising outlook despite these financial hurdles.Highlights
Strong Clinical Progress with EscharEx
Reported compelling results from a head-to-head analysis against SANTYL, demonstrating EscharEx’s superiority in key clinical endpoints like complete debridement and wound closure. Market research estimates peak sales potential at approximately $725 million.
Expanded Commercial Reach for NexoBrid
NexoBrid generated $20.2 million in revenue with a projected increase to $24 million in 2025. Expanded reach in Europe, Japan, and the US, with a 42% increase in US hospital orders in Q4 2024.
Strategic Collaborations and Funding
Secured €16.5 million from the European Innovation Council for EscharEx development and entered strategic research collaborations with key industry partners like Solventum, Mölnlycke, and MIMEDX.
Completed State-of-the-Art GMP Manufacturing Facility
Successfully completed construction of a new manufacturing facility, expected to reach full operational capacity by late 2025, with regulatory approval anticipated in 2026.
$25 Million PIPE Financing Round
Strengthened balance sheet with a $25 million PIPE financing round led by Mölnlycke, reflecting industry confidence.
Lowlights
Increased Operating Loss
Operating loss increased to $19.4 million for the year, up from $15.3 million in 2023, partly due to higher R&D and SG&A expenses.
Higher Net Loss
Net loss for the year was $30.2 million, significantly higher than the $6.7 million loss in the previous year, attributed to financial expenses and share price revaluation.
Gross Margin Decline
Gross margin declined to 13% for the year, down from 19.1% in 2023, due to changes in revenue mix and higher fixed costs from scaling production.
Company Guidance
During the MediWound earnings call for the fourth quarter and full year 2024, management provided comprehensive guidance and future projections. EscharEx, their next-generation enzymatic debridement therapy, demonstrated superiority over SANTYL in clinical endpoints, with a peak sales potential estimated at $725 million. The ongoing VALUE Global Phase 3 trial for venous leg ulcers involves 216 patients across 40 sites, with interim results expected in mid-2026 and completion by year-end 2026. The company anticipates a 2025 revenue of $24 million for NexoBrid, up from $20.2 million in 2024, and highlighted an FDA approval for pediatric use. The newly constructed GMP manufacturing facility is set for full capacity by late 2025, with regulatory approvals projected for 2026. Financially, MediWound reported a 2024 total revenue of $20.2 million, a gross margin of 13%, and an operating loss of $19.4 million. The company ended the year with $43.6 million in cash and a robust cash runway of approximately $44 million, supporting its ambitious clinical and commercial objectives.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.