MediWound (MDWD) Q2 2026 earnings summary

Executive summary

• Advanced EscharEx Phase III VALUE trial, with enrollment ongoing at ~40 sites and interim assessment and completion targeted for end of Q1 2027.

• Expanded commercial and development opportunities for NexoBrid, including a new master service agreement (MSA) with Vericel under BARDA contract and progress on next-generation formulations.

• Updated U.S. market assessment for EscharEx, now including pressure ulcers, estimates annual peak sales at $1.05 billion.

• NexoBrid achieved record U.S. quarterly revenue and hospital adoption, with ~80 burn centers ordering since launch.

• 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 for Q2 was $0.3 million (10.9% margin), down from $1.3 million (23.5%) last year, impacted by a one-time facility scale-up.

• Q2 net loss was $7.4 million ($0.57/share), improved from $13.3 million ($1.23/share) in Q2 2025, reflecting non-cash financial income.

• First half 2026 revenue was $4.6 million, down from $9.7 million in 2025; net loss was $10.3 million ($0.80/share) vs. $14 million ($1.30/share) prior year.

• Cash and equivalents at June 2026 were $36 million, 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 remainder of 2026: execute VALUE trial, recognize revenue under Vericel MSA, advance next-gen NexoBrid, and complete 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.