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1. Company Snapshot

1.a. Company Description

MediWound Ltd., a biopharmaceutical company, develops, manufactures, and commercializes novel and bio-therapeutic solutions for tissue repair and regeneration.It markets NexoBrid, a biopharmaceutical product for the removal of eschar, a dead or damaged tissue in adults with deep partial- and full-thickness thermal burns to burn centers and hospitals burn units.The company also develops EscharEx, which has completed Phase II clinical trials for the debridement of chronic and other hard-to-heal wounds; MW005, which is in phase I/II for the treatment of low-risk basal cell carcinoma.


MediWound Ltd.was founded in 2000 and is headquartered in Yavne, Israel.

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1.b. Last Insights on MDWD

MediWound Ltd.'s recent performance was negatively impacted by a quarterly loss of $1.23 per share, exceeding the estimated loss of $0.55. Despite a 43% revenue growth to $5.7 million, the company's loss per share widened from $0.68 a year ago. However, strategic investments, expanded approvals for NexoBrid, and a new manufacturing facility are expected to drive revenue growth. The company's participation in the European Burns Association Congress, with 36 scientific presentations on NexoBrid, may boost visibility. A solid cash runway and no debt provide stability.

1.c. Company Highlights

2. MediWound's Q3 Earnings: Strong Revenue Growth and Operational Progress

In Q3, MediWound reported $5.4 million in revenue, representing a 23% year-over-year increase compared to $4.4 million in the same period last year. The gross margin improved to 16.5% from 15.5% in the prior year period. The company's actual EPS loss was $0.24, significantly better than the estimated loss of $0.81. According to Hani Luxenburg, the revenue growth was driven by a favorable change in revenue mix, which is expected to gradually move towards 25% in full capacity.

Publication Date: Nov -25

📋 Highlights
  • Revenue Growth: Q3 revenue reached $5.4 million, reflecting a 23% year-over-year increase from $4.4 million in 2024.
  • Gross Margin Expansion: Gross margin improved to 20% in Q3, up from 12% in the prior year, driven by favorable revenue mix.
  • Manufacturing Capacity: NexoBrid production capacity expanded 6x, ensuring supply scalability to meet global demand.
  • EscharEx VLU Trial Progress: Enrollment of 216 patients across 40+ sites in the Phase III trial is underway, targeting complete debridement endpoints.
  • CPT Code Milestone: A temporary CPT code for NexoBrid boosted institutional adoption, with a permanent code expected in 2027 if approved.

Operational Highlights

MediWound made significant progress in its strategic priorities, including the ongoing enrollment in the VALUE Phase III trial for EscharEx in venous leg ulcers (VLU) and the completion of the expanded NexoBrid manufacturing facility. The new facility has increased production capacity by 6 times, positioning the company for future growth. Ofer Gonen mentioned that the company is well-positioned for 2026, with a solid financial foundation.

EscharEx and NexoBrid Updates

The EscharEx trial continues to progress, with a target enrollment of 216 patients across 40 sites in the US and Europe. Barry Wolfenson noted that the company is modeling a price between a 15% and 50% premium over SANTYL, with a cap at around 50% premium. For NexoBrid, the temporary CPT code has boosted legitimacy and institutional acceptance, potentially leading to increased patient use.

Valuation and Growth Prospects

Analysts estimate MediWound's revenue growth at 26.2% for next year. With a current P/S Ratio of 9.91 and an EV/EBITDA of -5.63, the market is pricing in significant growth expectations. The company's ROE is -96.71%, and the ROIC is -57.25%, indicating that the company is still in a growth phase and not yet profitable. As the company approaches full capacity in its manufacturing facility by year-end 2025, it is expected to disclose its commercial plans, potentially driving further growth.

BARDA Contract and Future Plans

Ofer Gonen mentioned that the company is still waiting for the BARDA contract to be signed, with a potential 10-year program starting from October 1, 2025. The company is expecting its manufacturing facility to be fully operational by year-end 2025, enabling it to start manufacturing for the markets. This will be a significant milestone for MediWound, positioning it for future growth and potentially impacting its valuation.

3. NewsRoom

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MediWound Ltd. (MDWD) Q3 2025 Earnings Call Transcript

Nov -20

Source: seekingalpha.com

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MediWound (MDWD) Reports Q3 Loss, Misses Revenue Estimates

Nov -20

Source: zacks.com

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MediWound Reports Third Quarter 2025 Financial Results and Provides Corporate Update

Nov -20

Source: globenewswire.com

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MediWound to Report Third Quarter 2025 Financial Results

Nov -05

Source: globenewswire.com

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MediWound Successfully Completes Commissioning of Expanded GMP Manufacturing Facility for NexoBrid®

Nov -03

Source: globenewswire.com

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MediWound Announces $30 Million Registered Direct Offering of Ordinary Shares

Sep -29

Source: globenewswire.com

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MediWound Expands Global Reach with Marketing Approval of NexoBrid® in Australia

Sep -25

Source: globenewswire.com

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MediWound's NexoBrid® to be Highlighted in 36 Scientific Presentations at the 21st European Burns Association Congress

Sep -02

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.20%)

6. Segments

Bio-therapeutic, Non-surgical Solutions

Expected Growth: 10.2%

Increasing demand for non-invasive wound care solutions, growing prevalence of chronic wounds, and advancements in enzyme-based treatments drive the growth of MediWound's bio-therapeutic solutions.

7. Detailed Products

NexoBrid

A topical biological product for the treatment of severe burns, chronic wounds, and other complex wounds.

EscharEx

A topical biological product for the debridement of chronic and hard-to-heal wounds.

Curenity

A digital health platform for remote monitoring and management of wounds.

8. MediWound Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

MediWound Ltd. has a moderate threat of substitutes due to the presence of alternative wound care products and treatments.

Bargaining Power Of Customers

MediWound Ltd.'s customers have limited bargaining power due to the company's specialized products and limited competition.

Bargaining Power Of Suppliers

MediWound Ltd. has a moderate bargaining power of suppliers due to the availability of multiple suppliers for raw materials and components.

Threat Of New Entrants

MediWound Ltd. faces a high threat of new entrants due to the growing demand for wound care products and the relatively low barriers to entry.

Intensity Of Rivalry

MediWound Ltd. operates in a moderately competitive industry with several established players, but the company's unique products and technology help to differentiate it from competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 17.52%
Debt Cost 6.19%
Equity Weight 82.48%
Equity Cost 8.01%
WACC 7.69%
Leverage 21.24%

11. Quality Control: MediWound Ltd. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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MediWound

A-Score: 2.9/10

Value: 6.0

Growth: 3.3

Quality: 3.3

Yield: 0.0

Momentum: 3.5

Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.68$

Current Price

17.68$

Potential

-0.00%

Expected Cash-Flows