MediWound Q3 2026: Revenue Misses by 47% as U.S. Government Work Stalls
As seen on the 24/7 Wall St. homepage on November 12, 2026.
Revenue missed expectations by 47% because U.S. government development services work stalled, and management says it has no visibility on when funding talks for the planned U.S. plant turn into recognized revenue. The November offering is meant to fund the company through the EscharEx Phase III data readout.
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MediWound reported Q3 2026 revenue of $3.57 million, down 34.2% from a year ago and nearly 47% below the $6.73 million consensus estimate. The shortfall traced directly to a pullback in development services revenue tied to the U.S. government, with management offering no clear timeline for when funding talks related to a planned U.S. manufacturing facility will translate into recognized revenue.
On the bottom line, the picture was modestly better. The GAAP diluted loss of $0.65 per share came in better than the $0.73 estimate, about 10% ahead of expectations, though that figure includes $2.51 million in non-cash income from warrant revaluation. The operating loss widened to $8.55 million, driven in large part by R&D expenses rising to $6.20 million from $3.50 million as spending on the EscharEx Phase III VALUE trial accelerated.
The VALUE trial remains the company's central near-term catalyst. MediWound is enrolling 216 patients across roughly 40 sites in the U.S., Europe, and Israel, targeting venous leg ulcers. CEO Ofer Gonen said the company is on track to complete a pre-specified interim sample size reassessment and reach full enrollment by the end of Q1 2027, and a recent safety review by the DSMB found no concerns and recommended continuing without modification.
Sponsored
To fund operations through that data readout, MediWound closed a public offering in November generating $17.25 million in gross proceeds. Cash and equivalents stood at $27.85 million at the end of the quarter, down roughly 53% year over year. Gonen said the offering gives the company financial flexibility through and beyond the VALUE data readout, though the filing notes the need for additional financing as a risk.
On the commercial side, partner Vericel reported NexoBrid's strongest quarter since launch, with more than 80 ordering centers and approximately 70 placing repeat orders. NexoBrid procurement under Vericel's BARDA contract also began during Q3 2026, and modifications to MediWound's expanded manufacturing facility are expected to wrap up in Q4 2026, with commercial supply from that facility anticipated in the second half of 2027 pending regulatory approval.
Mentioned: MDWD