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Mediwound (MDWD)
NASDAQ:MDWD
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Mediwound
(NASDAQ:MDWD)
50Neutral
Positive Factors
Funding
MediWound received €16.5 million in funding from the European Innovation Council to accelerate the development of EscharEx in the DFU indication.
Market Opportunity
EscharEx represents a potential $2.5 billion market opportunity for enzymatic debridement of chronic wounds in the outpatient setting.
Partnerships and Collaborations
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.
Negative Factors
Manufacturing Capacity
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.
Regulatory Challenges
NexoBrid guidance tightened towards lower end, reflecting adjusted timelines for EU approval of the manufacturing facility.
Supply Constraints
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
$192.27M
Dividend YieldN/A
Average Volume (3M)68.66K
Price to Earnings (P/E)―
Beta (1Y)0.87
Revenue Growth8.22%
EPS Growth-300.13%
CountryUS
Employees111
SectorHealthcare
Sector Strength50
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.36
Shares Outstanding10,807,726
10 Day Avg. Volume38,776
30 Day Avg. Volume68,662
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.81
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit59.17
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$29.29Price Target Upside67.18% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
Mediwound Business Overview & Revenue Model
Company DescriptionMediWound 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.
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 faces significant financial challenges with persistent losses and cash flow issues. While debt remains manageable, the negative equity and inconsistent revenue growth present long-term sustainability risks. The company needs to improve profitability and operational efficiency to enhance its financial health.Income Statement
Mediwound's income statement reveals a challenging financial position with consistent net losses. The gross profit margin has significantly declined from historical levels, indicating a struggle in maintaining profitability. The net profit margin is negative, reflecting substantial net losses. Revenue growth is inconsistent, with a recent decline after a previous increase. EBIT and EBITDA margins are also negative, showing operational inefficiencies.45
Neutral
Balance Sheet
The balance sheet shows a moderate financial stability with a manageable debt-to-equity ratio due to relatively low total debt. However, the return on equity is negative due to consecutive net losses, impacting stockholders' equity. The equity ratio indicates a reasonable portion of assets funded by equity, but decreasing equity over time poses a risk.50
Neutral
Cash Flow
Mediwound's cash flow statement highlights negative free cash flow, indicating cash outflows exceeding inflows. The operating cash flow to net income ratio is negative, consistent with the company's losses. The free cash flow to net income ratio also reflects operational and capital expenditure challenges. Cash flow issues underline sustainability concerns.40
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 20.22M | 18.69M | 26.50M | 23.76M | 21.76M | Gross Profit |
| 2.63M | 3.58M | 13.16M | 8.77M | 7.54M | EBIT |
| -19.40M | -15.29M | -8.35M | -11.22M | -8.84M | EBITDA |
| -27.93M | -4.89M | -18.09M | -11.22M | -7.75M | Net Income Common Stockholders |
| -30.22M | -6.72M | -19.60M | -13.55M | -9.60M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 9.15M | 41.54M | 33.90M | 11.05M | 21.58M | Total Assets |
| 73.50M | 66.46M | 50.02M | 19.74M | 31.07M | Total Debt |
| 6.51M | 6.35M | 846.00K | 1.39M | 1.74M | Net Debt |
| -2.64M | -5.52M | -33.05M | -9.65M | -15.63M | Total Liabilities |
| 42.34M | 34.86M | 39.10M | 24.33M | 23.80M | Stockholders Equity |
| 31.15M | 31.59M | 10.91M | -4.58M | 7.27M |
| Cash Flow | Free Cash Flow | |||
| -19.90M | -16.93M | -12.44M | -9.40M | -7.82M | Operating Cash Flow |
| -13.62M | -10.46M | -11.88M | -8.92M | -6.89M | Investing Cash Flow |
| -8.40M | -34.32M | -481.00K | 3.55M | 17.39M | Financing Cash Flow |
| 19.39M | 22.92M | 35.76M | -1.05M | -629.00K |
Mediwound Technical Analysis
Neutral
17.52
Price Trends
17.01
Positive
17.57
Negative
17.57
Negative
Market Momentum
0.23
Positive
52.36
Neutral
40.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MDWD, the sentiment is Neutral. The current price of 17.52 is above the 20-day moving average (MA) of 17.47, above the 50-day MA of 17.01, and below the 200-day MA of 17.57, indicating a neutral trend. The MACD of 0.23 indicates Positive momentum. The RSI at 52.36 is Neutral, neither overbought nor oversold. The STOCH value of 40.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $163.06M | 52.28 | 5.62% | ― | 29.04% | ― | |
59 Neutral | $233.14M | 139.58 | 2.17% | ― | 134.52% | ― | |
54 Neutral | $211.03M | ― | -17.22% | ― | -22.93% | -65.68% | |
52 Neutral | $5.17B | 3.59 | -42.19% | 2.82% | 15.05% | -0.04% | |
50 Neutral | $192.27M | ― | -96.33% | ― | 8.22% | -300.13% | |
45 Neutral | $190.09M | ― | -14.10% | ― | 5.73% | 72.50% | |
38 Underperform | $246.71M | ― | -43.16% | ― | ― | -8.07% |
* Healthcare Sector Average
Performance Comparison
MDWD
Mediwound
17.52
0.20
1.15%
AMRN
Amarin
10.41
-6.64
-38.94%
INGN
Inogen
6.24
-2.22
-26.24%
GNFT
Genfit SA
4.30
0.54
14.36%
BWAY
Brainsway
8.71
3.38
63.41%
DRTS
Alpha Tau Medical Ltd
2.95
0.36
13.90%
Mediwound Earnings Call Summary
Earnings Call Date:Mar 19, 2025
(Q4-2024)
| % Change Since: -9.08%|
Next Earnings Date:May 21, 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.Q4-2024 Updates
Positive Updates
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.
Negative Updates
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.