MediWound (MDWD) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $1.5 million, down from $4 million in Q1 2025, mainly due to BARDA revenue timing and postponed shipments from regional conflict.

• EscharEx Phase III VALUE study for venous leg ulcers is ongoing at over 30 global sites, with enrollment and interim assessment expected to complete by end of Q1 2027; collaborations now include all major advanced wound care companies.

• NexoBrid saw increased commercial adoption, supported by a new 10-year BARDA contract valued up to $197 million, with procurement expected to begin in H2 2026.

• Expanded manufacturing facility for NexoBrid is progressing, with EMA pre-audit recommendations being implemented in H2 2026.

• Full-year 2026 revenue guidance reaffirmed at $24–26 million, with growth expected in the second half from government-related procurement and development.

Financial highlights

• Gross profit for Q1 2026 was $0.3 million (21.9% margin), up from 18.7% margin in Q1 2025 despite lower revenue.

• R&D expenses rose to $5.2 million from $2.9 million, mainly due to EscharEx trial costs.

• Operating loss was $8 million, compared to $5.2 million in Q1 2025; net loss was $3 million ($0.23/share) vs. $0.7 million ($0.07/share) prior year.

• Adjusted EBITDA loss was $7 million, compared to $4 million in Q1 2025.

• Cash, equivalents, and deposits totaled $45 million as of March 31, 2026, down from $54 million at year-end 2025.

Outlook and guidance

• Full-year 2026 revenue guidance maintained at $24–26 million, with anticipated revenue growth in H2 2026 from government contracts.

• BARDA-related procurement and development revenue to begin in the second half of 2026, pending regulatory approval for expanded manufacturing.

• Enrollment and interim assessment for EscharEx VALUE study expected to complete by end of Q1 2027.