Revenue has contracted through the recent window, with 2026Q2 sales of $3.1M and a gross margin of 10.9%, while operating losses of -$9.5M dwarf gross profit of $337K, suggesting operating expenses remain far out of proportion to the company's earnings base.
MediWound Ltd. (MDWD) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 11.86M | 16.96M | 20.22M | 18.69M | 26.5M | 23.76M | 21.76M | 31.79M | 3.4M | 2.5M | 1.56M | 601K | 259K | 0 | 0 |
| Revenue Growth % | -40.26% | -16.14% | 8.22% | -29.48% | 11.5% | 9.19% | -31.54% | 834.7% | 36.26% | 60.21% | 159.23% | 132.05% | - | - | - |
| Cost of Goods Sold | 10.03M | 13.71M | 17.59M | 15.11M | 13.33M | 14.99M | 14.22M | 11.85M | 2.09M | 1.58M | 2.16M | 2.52M | 2.79M | 335K | 268K |
| COGS % of Revenue | - | 80.81% | 86.97% | 80.85% | 50.31% | 63.09% | 65.33% | 37.27% | 61.39% | 63.22% | 138.51% | 419.13% | 1075.29% | - | - |
| Gross Profit | 1.83M | 3.25M | 2.63M | 3.58M | 13.16M | 8.77M | 7.54M | 19.94M | 1.31M | 918K | -600K | -1.92M | -2.53M | -335K | -268K |
| Gross Margin % | 15.46% | 19.19% | 13.03% | 19.15% | 49.69% | 36.91% | 34.67% | 62.73% | 38.61% | 36.78% | -38.51% | -319.13% | -975.29% | - | - |
| Gross Profit Growth % | - | 23.54% | -26.38% | -72.82% | 50.1% | 16.25% | -62.16% | 1418.66% | 43.03% | 253% | 68.72% | 24.07% | -654.03% | -25% | - |
| Operating Expenses | 33.61M | 28.53M | 22.02M | 19.08M | 20.83M | 19.99M | 16.39M | 15.45M | 5.27M | 14.61M | 19.55M | 19.31M | 18.9M | 7.25M | 2.46M |
| OpEx % of Revenue | - | 168.25% | 108.87% | 102.1% | 78.6% | 84.13% | 75.29% | 48.59% | 155.04% | 585.14% | 1255.13% | 3212.81% | 7297.68% | - | - |
| Selling, General & Admin | 14.74M | 13.93M | 12.91M | 11.38M | 10.37M | 9.45M | 8.5M | 9.06M | 7.94M | 9.09M | 12.42M | 13.23M | 13.5M | 3.89M | 1.14M |
| SG&A % of Revenue | - | 82.11% | 63.84% | 60.89% | 39.14% | 39.78% | 39.04% | 28.5% | 233.58% | 364.06% | 797.24% | 2201.16% | 5213.51% | - | - |
| Research & Development | 19.03M | 14.32M | 8.88M | 7.47M | 10.18M | 10.26M | 7.7M | 4.97M | 4.07M | 5.46M | 7.07M | 6.02M | 5.35M | 3.36M | 1.32M |
| R&D % of Revenue | - | 84.44% | 43.9% | 39.96% | 38.42% | 43.16% | 35.37% | 15.63% | 119.73% | 218.83% | 453.66% | 1001.83% | 2065.25% | - | - |
| Other Operating Expenses | -155K | 288K | 228K | 235K | 274K | 283K | 190K | 1.42M | -6.74M | 56K | 66K | 59K | 49K | 0 | 0 |
| Operating Income | -31.78M | -25.28M | -19.38M | -15.5M | -7.66M | -11.22M | -8.84M | 4.49M | -3.96M | -13.69M | -20.16M | -21.23M | -21.43M | -7.58M | -2.73M |
| Operating Margin % | -267.86% | -149.06% | -95.85% | -82.96% | -28.91% | -47.22% | -40.62% | 14.13% | -116.44% | -548.36% | -1293.65% | -3531.95% | -8272.97% | - | - |
| Operating Income Growth % | - | -30.43% | -25.04% | -102.34% | 31.73% | -26.93% | -296.75% | 213.46% | 71.07% | 32.09% | 5.05% | 0.93% | -182.64% | -177.69% | - |
| EBITDA | -29.89M | -23.42M | -17.9M | -14.2M | -6.39M | -9.98M | -7.75M | 5.64M | -3.38M | -13.12M | -19.57M | -20.72M | -20.93M | -7.25M | -2.46M |
| EBITDA Margin % | -251.94% | -138.09% | -88.51% | -75.98% | -24.11% | -42.01% | -35.61% | 17.75% | -99.47% | -525.64% | -1255.84% | -3448.25% | -8083.01% | - | - |
| EBITDA Growth % | -45.12% | -30.84% | -26.07% | -122.23% | 36% | -28.81% | -237.36% | 266.78% | 74.21% | 32.94% | 5.59% | 1.01% | -188.96% | -194.15% | - |
| D&A (Non-Cash Add-back) | 1.89M | 1.86M | 1.48M | 1.3M | 1.27M | 1.24M | 1.09M | 1.15M | 577K | 567K | 589K | 503K | 492K | 336K | 267K |
| EBIT | -20.89M | -23.33M | -29.41M | -6.1M | -19.52M | -12.62M | -8.44M | 2.99M | -4.77M | -13.71M | -18.04M | -20.83M | -18.08M | -6.83M | 11.98M |
| Net Interest Income | 6.71M | 1.2M | 1.49M | 2.01M | 108K | -156K | 97K | 227K | 412K | 349K | 414K | 288K | 117K | -1.67M | 6K |
| Interest Income | 7.84M | 1.86M | 2.05M | 2.34M | 270K | 11K | 297K | 434K | 412K | 349K | 414K | 288K | 174K | 1K | 6K |
| Interest Expense | 1.12M | 663K | 561K | 335K | 162K | 167K | 200K | 207K | 0 | 0 | 0 | 0 | 57K | 1.67M | 0 |
| Other Income/Expense | 11.74M | 1.57M | -10.78M | 8.97M | -11.86M | -2.3M | -436K | -2.43M | -1.71M | -846K | 1.27M | -444K | 2.55M | -920K | 14.71M |
| Pretax Income | -20.04M | -23.71M | -30.16M | -6.53M | -19.52M | -13.52M | -9.28M | 2.07M | -5.67M | -14.53M | -18.89M | -21.67M | -18.88M | -8.5M | 11.98M |
| Pretax Margin % | -168.9% | -139.81% | -149.16% | -34.95% | -73.68% | -56.91% | -42.62% | 6.5% | -166.57% | -582.25% | -1212.13% | -3605.82% | -7287.64% | - | - |
| Income Tax | 142K | 169K | 61K | 185K | 78K | 27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.71% | -0.71% | -0.2% | -2.83% | -0.4% | -0.2% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -20.18M | -23.88M | -30.22M | -6.72M | -19.6M | -13.55M | -9.2M | 4.96M | -1.06M | -22.15M | -18.89M | -22.09M | -18.88M | -15.35M | 10.94M |
| Net Margin % | -170.1% | -140.8% | -149.46% | -35.94% | -73.97% | -57.03% | -42.26% | 15.59% | -31.08% | -887.38% | -1212.13% | -3675.21% | -7287.64% | - | - |
| Net Income Growth % | 28.53% | 20.99% | -350.03% | 65.73% | -44.63% | -47.36% | -285.59% | 568.78% | 95.23% | -17.28% | 14.5% | -17.02% | -22.96% | -240.32% | - |
| Net Income (Continuing) | -20.18M | -23.88M | -30.22M | -6.72M | -19.6M | -13.55M | -9.28M | 2.07M | -5.67M | -14.53M | -18.89M | -21.67M | -18.88M | -8.5M | 11.98M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 80K | 2.89M | 4.61M | -7.62M | 0 | -417K | 0 | -6.85M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.57 | -2.10 | -3.03 | -0.75 | -3.93 | -3.48 | -2.38 | 1.26 | -0.28 | -6.64 | -6.05 | -7.13 | -6.65 | -5.28 | 3.76 |
| EPS Growth % | 39.33% | 30.69% | -304% | 80.92% | -12.93% | -46.22% | -288.89% | 550% | 95.78% | -9.75% | 15.15% | -7.22% | -25.95% | -240.43% | - |
| EPS (Basic) | - | -2.10 | -3.03 | -0.75 | -3.93 | -3.48 | -2.38 | 1.26 | -0.28 | -6.64 | -6.05 | -7.13 | -6.65 | -5.28 | 3.76 |
| Diluted Shares Outstanding | 12.88M | 11.38M | 9.96M | 9.01M | 4.99M | 3.89M | 3.89M | 3.88M | 3.87M | 3.33M | 3.12M | 3.1M | 2.84M | 2.91M | 2.91M |
| Basic Shares Outstanding | 12.88M | 11.38M | 9.96M | 9.01M | 4.99M | 3.89M | 3.89M | 3.88M | 3.87M | 3.33M | 3.12M | 3.1M | 2.84M | 2.91M | 2.91M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying MDWD stock.
For fiscal year 2025, MediWound Ltd. (MDWD) reported total revenue of $17.0M.
MediWound Ltd. (MDWD) reported a net loss of $23.9M for the fiscal year ending 2025.
MediWound Ltd. (MDWD) reported an operating income of $-25.3M, resulting in an operating profit margin of -149.1%. This margin reflects the operational efficiency of the business before interest and taxes.
MediWound Ltd. (MDWD) generated $3.3M in gross profit for the year, representing a gross profit margin of 19.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent operating losses and funding dependence
Revenue Contracting Amid Volatile Quarters
Based on reported figures, MDWD's quarterly revenue fell 45.8% year over year to $3.1M in 2026Q2, following a 62.7% decline in 2026Q1, suggesting the top line has not yet stabilized despite intermittent sequential recoveries across the ten-quarter window.
The revenue series alternates between sequential rebounds and sharp drops, with 2025Q1 through 2026Q2 showing no sustained upward trajectory. The 24.7% year-over-year gain in 2025Q3 appears to have been a timing-driven outlier rather than evidence of durable growth. Investors should monitor whether the 2026Q2 level holds in subsequent quarters before extrapolating any recovery.
Gross Margins Structurally Thin and Erratic
As reported in the income statement, MDWD's gross margin ranged between 8.8% and 23.5% over ten quarters, with the most recent 10.9% reading in 2026Q2 sitting near the lower end of that band.
Gross margins have not expanded in a consistent way, and the swings track revenue volatility more than any identifiable pricing or mix improvement. Gross profit of roughly $0.3M to $1.3M per quarter leaves little cushion to absorb fixed manufacturing and overhead costs. This pattern suggests the business lacks the pricing power or scale needed to support a durable margin structure.
Operating Losses Widen Relative to Gross Profit
According to reported quarterly figures, MDWD's operating loss of $9.5M in 2026Q2 dwarfed gross profit of $337K, implying operating expenses are consuming many multiples of the company's gross earnings in the period.
R&D expense of $5.9M and SG&A of $3.9M in the latest quarter together exceed revenue by roughly three times, indicating no operating leverage is present. The cost base has not scaled down with the shrinking revenue line. This configuration suggests the company is dependent on external funding to sustain operations, a conclusion that warrants further investigation through the cash flow statement.
Net Losses Driven by Operating Shortfall
Net loss of $7.4M in 2026Q2 against an operating loss of $9.5M indicates a non-operating benefit of roughly $2.1M, with diluted EPS of -$0.57 reflecting both the loss and share count dynamics in the quarter.
The gap between operating and net loss suggests non-operating income or tax effects partially offset the core shortfall, though the supplied data does not disclose the composition. Stock-based compensation of $644K to $1.0M per quarter represents a recurring non-cash cost embedded in operating expenses. Reported EPS should be read as a function of persistent operating deficits rather than any one-time item.
Unsustainable Losses Could Undermine Recovery Thesis
Based on reported figures, MDWD has posted operating margins below -88% in every one of the last ten quarters, and a bull case requires a revenue inflection that the current trajectory does not yet show.
Short-side scrutiny would focus on the fact that R&D and SG&A have stayed well above gross profit throughout the series, implying the cost base is not self-correcting with revenue. Any claim of imminent margin recovery would need to be reconciled with gross margins that have hovered near 10% to 20%, which offers little room for operating breakeven. Investors should treat the absence of a clear path to operating profitability as the central analytical risk until the data shows otherwise.