MediWound Ltd. (MDWD) reported a net loss of $7.2 million, or $0.56 per share, for the fourth quarter of 2025, a decline from a $3.9 million loss ($0.36 per share) in the same period a year earlier. Revenue fell to $1.9 million, down from $5.8 million in Q4 2024, while gross profit slid to $0.3 million, giving a 14.9 % gross‑margin that is slightly lower than the 15.5 % margin recorded in Q4 2024. The company’s earnings per share of $‑0.56 beat the consensus estimate of $‑0.64 by $0.08, a margin that reflects disciplined cost management and a favorable revenue mix that helped offset the revenue decline.
Over the full year, MediWound generated $17.0 million in revenue, a 15.8 % drop from $20.2 million in 2024. Gross profit rose to $3.3 million, raising the full‑year gross‑margin to 19.2 % from 13.0 % the previous year, driven by a shift toward higher‑margin product lines. Net loss for 2025 totaled $23.9 million, or $2.10 per share, compared with a $30.2 million loss ($3.03 per share) in 2024.
The company reaffirmed its revenue guidance for 2026‑2028, projecting $24‑$26 million for 2026, $32‑$35 million for 2027, and $50‑$55 million for 2028. Management said the guidance assumes continued support from BARDA and the U.S. Department of War. The revenue miss in Q4 2025 was largely attributed to a U.S. government shutdown that delayed budget approvals and new contractual agreements, as well as lower sales to Vericel. The EPS beat was attributed to cost containment and a mix shift toward higher‑margin products.
CEO Ofer Gonen said, “We entered 2026 with two strategic growth drivers. Our Phase III VALUE trial of EscharEx continues to progress as planned, with key clinical milestones, including interim assessment and enrollment completion, anticipated by year‑end.” CFO Hani Luxenburg added, “Revenue for the fourth quarter was $1.9 million, compared to $5.8 million in the fourth quarter of 2024. The decrease was primarily driven by lower development services revenue, mainly attributable to the U.S. government shutdown, which delayed budget approval and the initiation of new contractual agreements.” The company also highlighted the operational readiness of its expanded NexoBrid manufacturing facility, which is now capable of meeting global demand pending regulatory approvals.
Investors reacted negatively to the revenue miss, with analysts noting that the shortfall underscored the company’s vulnerability to government‑related headwinds. Despite the EPS beat, the revenue shortfall dampened enthusiasm for the near‑term outlook, while the reaffirmed multi‑year guidance was viewed as a sign of management confidence in long‑term growth drivers such as the EscharEx trial and expanded manufacturing capacity.
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