MediWound Q1 revenue drops on trial demands while full-year guidance Is maintained
MediWound (NASDAQ:MDWD) reported a decline in revenue for the first quarter of 2026 as the company heavily prioritized research and development funding for its late-stage clinical programs.
Despite the near-term top-line slowdown, management reaffirmed its full-year revenue projections, pointing to commercial adoption expansions and federal procurement funding expected in the back half of the year.
Total revenue for the quarter ended March 31, 2026, fell to $1.5 million compared to $4 million during the same period in 2025.
The reduction in near-term commercial revenue coincided with heightened clinical trial spending, widening the company's quarterly net loss to $3 million, or $0.23 per share.
Adjusted EBITDA for the three-month period came in at a loss of $7 million, reflecting the ongoing operational costs required to advance its primary biological pipelines.
A significant portion of the company's operational resources remains focused on its EscharEx global Phase III VALUE trial, which evaluates the asset in patients suffering from venous leg ulcers.
The trial is actively recruiting across dozens of clinical sites, though enrollment has progressed more gradually than initially modeled.
MediWound now expects to complete enrollment and execute a pre-specified interim sample size reassessment by the end of the first quarter of 2027.
To bolster recruitment momentum and eventual market preparation, multiple prominent entities in the advanced wound care sector, including Medline, are actively collaborating on the development program.
Concurrently, MediWound is tracking steady commercial expansion in the United States for NexoBrid, its enzymatic debridement treatment for severe burns.
The drug’s commercial trajectory received a major structural boost via its deployment partner Vericel, which secured a 10-year contract from the Biomedical Advanced Research and Development Authority (BARDA) valued at up to $197 million.
Strategic procurement under this federal emergency preparedness contract is projected to commence in the second half of 2026, which executives anticipate will drive meaningful revenue acceleration.
MediWound concluded the first quarter in a stable liquidity position, reporting $45 million in cash, cash equivalents, and short-term bank deposits on its balance sheet with zero outstanding debt.
Backed by this capital buffer and anticipated commercial inflection points later this year, the company maintained its full-year 2026 revenue guidance of $24 million to $26 million.