MediWound (MDWD) Q3 2025 earnings summary

Executive summary

• Achieved strong execution across strategic, clinical, and operational objectives, advancing EscharEx and NexoBrid programs and expanding manufacturing capacity.

• Q3 2025 revenue reached $5.4 million, up 23% year-over-year, driven by higher development services revenue and new DOD contracts.

• Completed commissioning of expanded NexoBrid manufacturing facility, increasing capacity sixfold, with full operational readiness expected by year-end 2025.

• Ongoing enrollment in EscharEx VALUE Phase III trial for venous leg ulcers; FDA-aligned trial design and plans to initiate diabetic foot ulcer trial in H2 2026.

• Secured $30 million in equity financing, strengthening the balance sheet and supporting long-term growth initiatives.

Financial highlights

• Q3 2025 revenue was $5.4 million (up 23% YoY); gross profit was $0.9 million (16.5% margin, up from 15.5%).

• Net loss for Q3 was $2.7 million ($0.24/share), a significant improvement from $10.3 million ($0.98/share) in Q3 2024, mainly due to non-cash financial income from warrant revaluation.

• Adjusted EBITDA loss for Q3 was $5.4 million, compared to $3.7 million loss in Q3 2024.

• As of September 30, 2025, cash and equivalents totaled $60 million, up from $44 million at year-end 2024.

• 9M 2025 revenue was $15.1 million (up from $14.4 million YoY); gross profit was $3.0 million (19.7% margin, up from 12.0%).

Outlook and guidance

• Monitoring EU regulatory adjustments for the EscharEx VALUE trial; will update guidance as visibility improves.

• DFU study expected to initiate in the second half of 2026, pending EMA feedback.

• Full operational capacity for NexoBrid manufacturing anticipated by year-end 2025, with regulatory review determining commercial output timing.

• Market access and pricing assessment estimates peak sales opportunity for EscharEx at $831 million.