Recent News
On August 14, 2025 the company released second-quarter 2025 results and said U.S. NexoBrid adoption continues to grow, manufacturing commissioning remains on track for full operational readiness by year-end 2025, and the DoD provided an additional $3.6 million for a room-temperature stable NexoBrid formulation. On August 13, 2025 a Phase II post‑hoc clinical analysis for EscharEx appeared in a peer‑reviewed journal showing favorable debridement and wound‑healing signals versus collagenase in venous leg ulcers; the VALUE Phase III enrollment remains ongoing with interim assessment planned for mid‑2026.
Technical Analysis
Directional indicators show competing pressure: ADX at 28.1 signals a strong trending environment while the positive directional index recently dip‑and‑reversed (DI+ at 19.93) — a bullish development — even as the negative directional index also dip‑and‑reversed (DI‑ at 21.09), indicating prevailing negative directional pressure currently exceeds positive directional pressure. That combination implies trend strength with downside bias unless DI+ sustains its advance.
MACD reads negative at -0.29 and the MACD trend shows a peak‑and‑reversal, a bearish momentum characteristic, but MACD sits above its signal line (-0.29 vs. -0.39), a short‑term bullish cross. The result: short‑term momentum has shifted upward while underlying momentum recently rolled over, producing a conflicted momentum picture.
MRO registers 1.94 with a dip‑and‑reversal; that positive MRO places price above the model target and implies potential downward pressure until mean reversion occurs. RSI at 41.59 with a dip‑and‑reversal shows a recent uptick from lower levels but remains below the midpoint, capping broad bullish conviction.
Price action sits above the 20‑day average ($17.11) and near the 12‑day EMA ($17.26) yet below the 50‑day ($18.42) and 200‑day ($18.32) averages; price recently crossed above the -1x standard‑deviation Bollinger band, consistent with a short‑term mean reversion move toward the 20‑day mean. Volume today (51,549) trails the 10‑day average (200,226), signaling limited participation behind the recent move and raising the risk of follow‑through failure without higher volume support.
Fundamental Analysis
Revenue and growth: total revenue stands at $5,708,000 and YoY revenue growth reads 21.23%. Quarterly revenue change shows a sequential decline of approximately -2.37% QoQ. Gross margin at 23.51% provides a constructive base for product economics, and YoY gross margin expanded materially versus prior periods.
Profitability and earnings: operating income equals -$5,716,000, producing an operating (EBIT) margin of -100.14%. The company reported EPS of -$1.23 versus an estimate of -$0.57, creating an EPS surprise of -115.79% and an EPS shortfall of -$0.66 per share. Worsened operating leverage drives the large negative margins despite revenue growth.
Cash, liquidity and leverage: cash and short‑term investments total $32,436,000 against total debt of $8,070,000. Current ratio sits at 1.48 and quick ratio at 1.35; cash ratio equals 1.12, indicating cash coverage of short‑term obligations. Debt to equity equals 40.11% while interest coverage remains negative, reflecting ongoing operating losses. Free cash flow stands at -$6,805,000 and free cash flow yield at -3.37%, weaker than the industry peer mean, reflecting elevated cash burn during clinical investment and manufacturing scale‑up.
Working capital and capital efficiency: days inventory outstanding (105.28 days) and days payables outstanding (154.19 days) combine into a cash conversion cycle of 46.81 days. Asset turnover runs low at 0.08393, showing limited revenue per dollar of assets but improving sequentially.
Peer context where available: the EBIT margin of -100.14% sits below the industry peer mean of about -0.75% and below the industry peer median of 23.76% (industry peer range provided); price‑to‑book equals 10.02x versus an industry peer mean near 5.28x; debt‑to‑equity at ~40.11% sits above the industry peer mean of ~25.57%. These comparisons show MediWound carries deeper negative margins while trading at a premium multiple to book and holding higher leverage versus the industry peer mean and median where supplied.
Valuation: WMDST values the stock as under‑valued. That determination reflects a combination of program‑driven optionality (EscharEx VALUE enrollment and registrational pathway), expanding commercial traction for NexoBrid, and a cash balance sizable enough to fund near‑term operations through planned manufacturing commissioning, balanced against substantial negative margins and cash burn.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-14 |
| NEXT REPORT DATE: | 2025-11-19 |
| CASH FLOW | Begin Period Cash Flow | $ 1.4 M |
| Operating Cash Flow | $ -5.76 M | |
| Capital Expenditures | $ -1.05 M | |
| Change In Working Capital | $ -1.10 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -300.00 K | |
| End Period Cash Flow | $ 1.1 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 5.7 M | |
| Forward Revenue | $ 646.7 K | |
| COSTS | ||
| Cost Of Revenue | $ 4.4 M | |
| Depreciation | $ 394.0 K | |
| Depreciation and Amortization | $ 394.0 K | |
| Research and Development | $ 3.5 M | |
| Total Operating Expenses | $ 11.4 M | |
| PROFITABILITY | ||
| Gross Profit | $ 1.3 M | |
| EBITDA | $ -5.32 M | |
| EBIT | $ -5.72 M | |
| Operating Income | $ -5.72 M | |
| Interest Income | — | |
| Interest Expense | $ 7.6 M | |
| Net Interest Income | $ -7.56 M | |
| Income Before Tax | $ -13.28 M | |
| Tax Provision | $ 38.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -13.32 M | |
| Net Income From Continuing Operations | $ -13.32 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.57 | |
| EPS Actual | $ -1.23 | |
| EPS Difference | $ -0.66 | |
| EPS Surprise | -115.789 % | |
| Forward EPS | $ -0.56 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 67.0 M | |
| Intangible Assets | $ 66.0 K | |
| Net Tangible Assets | $ 20.1 M | |
| Total Current Assets | $ 43.1 M | |
| Cash and Short-Term Investments | $ 32.4 M | |
| Cash | — | |
| Net Receivables | $ 6.8 M | |
| Inventory | $ 3.8 M | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 5.9 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 29.1 M | |
| Net Debt | — | |
| Total Debt | $ 8.1 M | |
| Total Liabilities | $ 46.9 M | |
| EQUITY | ||
| Total Equity | $ 20.1 M | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 1.86 | |
| Shares Outstanding | 10.876 M | |
| Revenue Per-Share | $ 0.53 | |
| VALUATION | Market Capitalization | $ 201.7 M |
| Enterprise Value | $ 177.3 M | |
| Enterprise Multiple | -33.315 | |
| Enterprise Multiple QoQ | 0.745 % | |
| Enterprise Multiple YoY | -1.828 % | |
| Enterprise Multiple IPRWA | high: 47.216 median: 14.143 mean: 5.445 MDWD: -33.315 low: -68.907 |
|
| EV/R | 31.062 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 3.33 | |
| Asset To Liability | 1.429 | |
| Debt To Capital | 0.286 | |
| Debt To Assets | 0.12 | |
| Debt To Assets QoQ | 29.405 % | |
| Debt To Assets YoY | 8.592 % | |
| Debt To Assets IPRWA | high: 0.995 mean: 0.195 MDWD: 0.12 median: 0.062 low: 0.0 |
|
| Debt To Equity | 0.401 | |
| Debt To Equity QoQ | 95.263 % | |
| Debt To Equity YoY | 12.785 % | |
| Debt To Equity IPRWA | high: 1.577 MDWD: 0.401 mean: 0.256 median: 0.059 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 10.024 | |
| Price To Book QoQ | 62.596 % | |
| Price To Book YoY | 9.946 % | |
| Price To Book IPRWA | high: 16.592 MDWD: 10.024 median: 6.295 mean: 5.28 low: -9.599 |
|
| Price To Earnings (P/E) | -18.364 | |
| Price To Earnings QoQ | -92.793 % | |
| Price To Earnings YoY | -28.817 % | |
| Price To Earnings IPRWA | high: 44.732 mean: -11.163 MDWD: -18.364 median: -19.0 low: -73.374 |
|
| PE/G Ratio | -0.013 | |
| Price To Sales (P/S) | 35.331 | |
| Price To Sales QoQ | -27.519 % | |
| Price To Sales YoY | 9.802 % | |
| Price To Sales IPRWA | high: 517.227 mean: 56.266 MDWD: 35.331 median: 19.711 low: 0.25 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -34.744 | |
| Forward PE/G | -0.025 | |
| Forward P/S | 313.783 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 0.212 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.084 | |
| Asset Turnover Ratio QoQ | 51.225 % | |
| Asset Turnover Ratio YoY | -0.804 % | |
| Asset Turnover Ratio IPRWA | high: 0.388 mean: 0.115 median: 0.113 MDWD: 0.084 low: -0.001 |
|
| Receivables Turnover | 0.953 | |
| Receivables Turnover Ratio QoQ | 20.222 % | |
| Receivables Turnover Ratio YoY | -3.932 % | |
| Receivables Turnover Ratio IPRWA | high: 6.517 median: 1.422 mean: 1.408 MDWD: 0.953 low: 0.012 |
|
| Inventory Turnover | 1.176 | |
| Inventory Turnover Ratio QoQ | 14.672 % | |
| Inventory Turnover Ratio YoY | -16.909 % | |
| Inventory Turnover Ratio IPRWA | high: 2.946 MDWD: 1.176 mean: 0.605 median: 0.415 low: 0.006 |
|
| Days Sales Outstanding (DSO) | 95.726 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 46.811 | |
| Cash Conversion Cycle Days QoQ | -47.439 % | |
| Cash Conversion Cycle Days YoY | -46.219 % | |
| Cash Conversion Cycle Days IPRWA | high: 1258.184 median: 205.05 mean: 202.907 MDWD: 46.811 low: -1350.846 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.407 | |
| CapEx To Revenue | -0.184 | |
| CapEx To Depreciation | -2.662 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 20.1 M | |
| Net Invested Capital | — | |
| Invested Capital | $ -24.37 M | |
| Net Tangible Assets | $ 20.1 M | |
| Net Working Capital | $ 14.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 1.116 | |
| Current Ratio | 1.482 | |
| Current Ratio QoQ | -31.164 % | |
| Current Ratio YoY | -10.202 % | |
| Current Ratio IPRWA | high: 24.698 mean: 3.941 median: 2.52 MDWD: 1.482 low: 0.021 |
|
| Quick Ratio | 1.35 | |
| Quick Ratio QoQ | -32.138 % | |
| Quick Ratio YoY | -10.515 % | |
| Quick Ratio IPRWA | high: 14.041 mean: 2.972 median: 2.158 MDWD: 1.35 low: 0.021 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -1.516 | |
| Cost Of Debt | 82.456 % | |
| Interest Coverage Ratio | -0.756 | |
| Interest Coverage Ratio QoQ | -65.217 % | |
| Interest Coverage Ratio YoY | -59.469 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 45.466 median: 2.742 MDWD: -0.756 low: -1465.352 |
|
| Operating Cash Flow Ratio | -0.479 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 154.192 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.92 % | |
| Revenue Growth | 44.324 % | |
| Revenue Growth QoQ | -237.324 % | |
| Revenue Growth YoY | 2122.869 % | |
| Revenue Growth IPRWA | high: 303.4 % MDWD: 44.324 % mean: 20.865 % median: 12.272 % low: -259.856 % |
|
| Earnings Growth | 1400.0 % | |
| Earnings Growth QoQ | -1837.921 % | |
| Earnings Growth YoY | -4072.984 % | |
| Earnings Growth IPRWA | MDWD: 1400.0 % high: 155.0 % mean: 14.868 % median: 11.33 % low: -175.0 % |
|
| MARGINS | ||
| Gross Margin | 23.511 % | |
| Gross Margin QoQ | 25.997 % | |
| Gross Margin YoY | 166.293 % | |
| Gross Margin IPRWA | high: 100.0 % median: 80.103 % mean: 77.844 % MDWD: 23.511 % low: -77.751 % |
|
| EBIT Margin | -100.14 % | |
| EBIT Margin QoQ | -24.2 % | |
| EBIT Margin YoY | 13.071 % | |
| EBIT Margin IPRWA | high: 338.783 % median: 23.755 % mean: -75.118 % MDWD: -100.14 % low: -5123.44 % |
|
| Return On Sales (ROS) | -100.14 % | |
| Return On Sales QoQ | -24.2 % | |
| Return On Sales YoY | 13.071 % | |
| Return On Sales IPRWA | high: 89.247 % median: 28.85 % mean: -78.946 % MDWD: -100.14 % low: -5698.0 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -6.80 M | |
| Free Cash Flow Yield | -3.374 % | |
| Free Cash Flow Yield QoQ | 28.338 % | |
| Free Cash Flow Yield YoY | -17.202 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % mean: -0.335 % MDWD: -3.374 % low: -74.318 % |
|
| Free Cash Growth | 34.247 % | |
| Free Cash Growth QoQ | -68.14 % | |
| Free Cash Growth YoY | 160.275 % | |
| Free Cash Growth IPRWA | high: 157.51 % MDWD: 34.247 % median: 13.256 % mean: 3.86 % low: -183.577 % |
|
| Free Cash To Net Income | 0.511 | |
| Cash Flow Margin | -243.921 % | |
| Cash Flow To Earnings | 1.045 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.07 | |
| Return On Assets (ROA) | -19.583 % | |
| Return On Assets QoQ | 1821.786 % | |
| Return On Assets YoY | 85.85 % | |
| Return On Assets IPRWA | high: 36.544 % median: 1.616 % mean: -1.363 % MDWD: -19.583 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | -15.07 % | |
| Return On Equity (ROE) | -0.662 | |
| Return On Equity QoQ | 2750.818 % | |
| Return On Equity YoY | 87.604 % | |
| Return On Equity IPRWA | high: 1.117 median: 0.04 mean: 0.008 MDWD: -0.662 low: -1.572 |
|
| DuPont ROE | -51.83 % | |
| Return On Invested Capital (ROIC) | 18.533 % | |
| Return On Invested Capital QoQ | -88.138 % | |
| Return On Invested Capital YoY | -5.487 % | |
| Return On Invested Capital IPRWA | high: 53.785 % MDWD: 18.533 % median: 3.175 % mean: 1.484 % low: -71.959 % |
|