The Q1 revenue miss and slow EscharEx enrollment are the headline negatives, but the EPS beat on warrant revaluation is non-operational noise. The stock's reaction will hinge on credibility of the $24-26M guidance — if H2 BARDA procurement and manufacturing approvals slip, the cash runway ($45M) could become a concern. Watch for 6-K filings on EMA manufacturing facility status and any EscharEx enrollment updates.
Price Chart
Executive Summary
MediWound reported Q1 2026 revenue of $1.5M (down 63% YoY from $4.0M) and a GAAP net loss of $0.23 per share (vs. -$0.07 a year ago), both well below consensus estimates of $3.4M revenue and -$0.66 EPS. The company reaffirmed full-year 2026 revenue guidance of $24-26M, implying a sharp ramp in H2, but the Q1 miss and slow EscharEx enrollment raise execution risk.
Key Financial Metrics
Key Facts
- Q1 2026 revenue of $1.5M missed consensus of $3.4M by ~56% and declined 63% YoY from $4.0M
- GAAP net loss of $0.23 per share vs. consensus -$0.66 (beat on EPS due to $5.0M financial income from warrant revaluation, not operations)
- Operating loss widened to $8.0M from $5.2M YoY; R&D spend surged to $5.2M (from $2.9M) on EscharEx Phase III trial costs
- Cash burn of $9.6M in operating cash flow; cash and deposits fell to $45M from $54M at year-end 2025
- Full-year 2026 revenue guidance reaffirmed at $24-26M, implying ~$22-24M in H2 2026 — a massive sequential ramp dependent on BARDA procurement and manufacturing approvals
- EscharEx Phase III VALUE enrollment slower than anticipated; interim assessment and enrollment completion pushed to Q1 2027
- NexoBrid BARDA contract ($197M over 10 years) awarded to partner Vericel; initial procurement expected H2 2026
- EMA pre-audit of expanded manufacturing facility identified modifications; regulatory approval timeline uncertain
Financial Impact
Q1 revenue miss of ~$1.9M vs consensus; net loss of $3.0M vs. consensus $7.1M loss (beat on non-operating financial income); full-year guidance implies ~16-17x Q1 run-rate in H2
Risk Factors
- Full-year guidance dependent on H2 government procurement and manufacturing regulatory approvals — both uncertain
- EscharEx Phase III enrollment delays could push pivotal data readout beyond Q1 2027, extending cash burn period
- Cash burn rate of ~$9.6M/quarter implies ~4.7 quarters of runway without additional financing or milestone payments
- Revenue concentration on BARDA/NexoBrid government contracts creates lumpy revenue profile
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3301772 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 2, 2026 17w ago | Insider Cluster | $13.76 $12.70 | ▼ −7.70% | ▼ −8.82% | $13.52 (−1.74%) |
May 27, 2026 18w ago | Press Release | $14.33 $13.12 | ▲ +8.48% | ▲ +10.36% | $13.52 (+5.65%) |
May 7, 2026 21w ago | Press Release | $17.27 $14.22 | ▼ −17.66% | ▼ −21.49% | $13.52 (−21.71%) |
Mar 30, 2026 26w ago | 6-K | $16.11 $15.19 | ▼ −5.71% | ▼ −18.09% | $13.52 (−16.08%) |
Mar 5, 2026 30w ago | Press Release | $17.03 $13.82 | ▼ −18.85% | ▼ −31.63% | $13.52 (−20.61%) |
Mar 5, 2026 30w ago | Press Release | $17.45 $13.82 | ▲ +20.80% | ▲ +32.10% | $13.52 (+22.52%) |
US Market Status
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