MediWound Q2 Revenue Misses, Cash Burn Accelerates; Guidance Reaffirmed
MDWD is trading near its 52-week low of $13.54 (2.7% above the low).
Summary
MediWound's Q2 revenue fell 46% to $3.1M, cash burn hit $20M in H1, but full-year guidance was reaffirmed at $24-26M on expected H2 contributions from a new Vericel agreement.
Key Events · Earnings and Guidance · MDWD
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Q2 Revenue Misses
Revenue of $3.1M, down 46% from $5.7M in Q2 2025, primarily due to timing of BARDA-funded development revenue.
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Cash Burn Accelerates
Cash and deposits fell to $36M as of June 30, 2026, from $54M at year-end 2025; H1 cash burn was $20M.
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Guidance Reaffirmed
Full-year 2026 revenue guidance of $24-26M maintained, supported by expected H2 contributions from the new Vericel MSA.
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EscharEx Trial Timeline
Phase III VALUE trial enrollment completion expected by end of Q1 2027; updated U.S. market assessment estimates $1.05B annual peak sales potential.
Analysis · MDWD · Life Sciences
MediWound reported Q2 revenue of $3.1 million, down 46% year-over-year and well below the $5.7 million from Q2 2025, driven by timing of BARDA-funded development revenue. The company burned $20 million in cash during the first half, leaving $36 million in cash and deposits as of June 30, 2026. Management reaffirmed full-year 2026 revenue guidance of $24-26 million, relying on expected second-half contributions from the new Master Services Agreement with Vericel under its BARDA contract. The EscharEx Phase III VALUE trial is advancing, with enrollment completion expected by end of Q1 2027. The stock trades near its 52-week low, reflecting investor concerns about cash runway and revenue trajectory.
At the time of this filing, MDWD was trading at $13.91 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $178.7M. The 52-week trading range was $13.54 to $20.30. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.