Revenue growth has turned sharply negative with a 62.7% year-over-year contraction in 2026Q1, while gross margins remain constrained at 21.9% due to high production costs.
| 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 | 14.48M | 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 % | -24.64% | -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 | 11.64M | 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 | 2.84M | 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 % | 19.61% | 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 | 30.87M | 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 | 14.41M | 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 | 16.62M | 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 | -28.03M | -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 % | -193.62% | -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 | -26.15M | -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 % | -180.63% | -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 % | -34.81% | -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) | 1.88M | 1.86M | 1.48M | 1.3M | 1.27M | 1.24M | 1.09M | 1.15M | 577K | 567K | 589K | 503K | 492K | 336K | 267K |
| EBIT | -26.09M | -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 | -2.95M | 1.2M | 1.49M | 2.01M | 108K | -156K | 97K | 227K | 412K | 349K | 414K | 288K | 117K | -1.67M | 6K |
| Interest Income | 5.04M | 1.86M | 2.05M | 2.34M | 270K | 11K | 297K | 434K | 412K | 349K | 414K | 288K | 174K | 1K | 6K |
| Interest Expense | 7.99M | 663K | 561K | 335K | 162K | 167K | 200K | 207K | 0 | 0 | 0 | 0 | 57K | 1.67M | 0 |
| Other Income/Expense | 2.08M | 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 | -25.96M | -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 % | -179.28% | -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 | 147K | 169K | 61K | 185K | 78K | 27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.57% | -0.71% | -0.2% | -2.83% | -0.4% | -0.2% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -26.11M | -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 % | -180.3% | -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 % | -23.01% | 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) | -26.11M | -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) | -2.03 | -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 % | -8.28% | 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 | 12.87M | 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 | 12.87M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
According to recent financial disclosures, MediWound's revenue trajectory has turned sharply negative, with the company reporting a 62.7% year-over-year decline in 2026Q1, suggesting that the commercial adoption of NexoBrid is failing to offset the inherent lumpiness of government-funded research and development contracts.
The inconsistent revenue performance indicates a reliance on non-recurring milestone payments rather than a stable commercial base. Investors should monitor whether the recent contraction reflects a permanent shift in procurement cycles or a fundamental failure to penetrate the U.S. burn center market.
As reported in the company's income statements, gross margins have consistently languished below 22%, with a 2026Q1 figure of 21.9%, which highlights the significant cost burden associated with the biological extraction process required for their proprietary enzymatic technology.
These thin margins suggest that the current manufacturing scale is insufficient to absorb the high fixed costs of production. Without a significant improvement in yield efficiency, the company may struggle to achieve the gross margin profile typical of successful biotechnology firms.
Based on the provided quarterly data, MediWound continues to exhibit significant operating deleverage, as evidenced by an operating loss of $8.0 million in 2026Q1, which far exceeds the gross profit generated during the same period, indicating a lack of scalable operational efficiency.
The persistent gap between revenue generation and operating expenses suggests that the company's cost structure is not currently aligned with its commercial output. This trend implies that further revenue growth alone may not be sufficient to reach profitability without a fundamental restructuring of the expense base.
Financial filings reveal that R&D expenditures remain the primary driver of the company's cash burn, with 2026Q1 research costs of $5.2 million significantly outpacing the $1.5 million in total revenue, creating a precarious financial position for the organization.
The heavy investment in R&D, while necessary for pipeline development, appears to be unsustainable given the current revenue trajectory and limited cash reserves. This cost structure warrants further investigation into the company's ability to fund future clinical trials without resorting to dilutive financing.
Data from recent quarterly reports indicates that with cash reserves dropping to $4.8 million, the company faces an immediate liquidity challenge, suggesting that the current business model may be unable to sustain operations without significant external capital injections in the near term.
Short-term observers may focus on the potential for a 'going concern' risk if the company fails to secure additional funding or improve its commercial performance. The combination of contracting revenue and high cash burn creates a high-risk environment that investors should monitor closely.
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.