MediWound slips after Q1 miss
Dzmitry Dzemidovich
MediWound Ltd. (NASDAQ:MDWD), an Israel-based developer of enzymatic therapeutics for tissue repair, lost ~7% Tuesday after announcing its Q1 2023 financials that failed to meet Street forecasts.
The company reported $3.8M in revenue for the quarter marking a ~14% YoY decline, as its revenues from development services approached $2.6M with a ~16% YoY drop, while revenues from products gained ~9% YoY to $1.2M.
MediWound (MDWD) reported $3.7M in net loss for the quarter, an increase of ~3% YoY as gross margin reached 22%, down from 33% in the prior year quarter while selling, general and administrative expenses climbed ~35% YoY to $3.1M.
As for pipeline updates, the company remains on track to begin a Phase 3 study for its chronic wound product EscharEx in Q4 2023.
Meanwhile, NexoBrid, a biologic developed in partnership with Vericel (VCEL) for eschar removal in burns, is anticipated to launch in the U.S. early next quarter.
MediWound (MDWD) also reported $57.4M in cash and short-term investments as of March 2023, a decline of over two-thirds from 2022 year-end.