MediWound Ltd.
MDWDHealthcare|Biotechnology|IL
$14.25
+0.92 (+6.90%)
Tangible Book / Share
$2.77
Cash / Share
$2.74
Financials
Financial Snapshot
Market Cap
$184.0M
Enterprise Value
$189.2M
Revenue (TTM)
$11.9M
Net Income (TTM)
-$20.2M
Cash & Investments
$35.3M
Net Cash
$25.8M
Free Cash Flow (TTM)
-$28.4M
Operating CF (TTM)
-$22.0M
Debt/Equity
0.27
Cash Runway & Burn Rate
Cash on Hand
$35.3M
Quarterly Burn
$5.5M
Monthly Burn
$1.8M
Est. Runway
~6.4 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $30.0M | $36.1M | $23.6M | $29.5M | $21.4M | $11.0M | $33.9M | $41.5M | $43.2M | $53.1M | $35.3M | |
| Operating Cash Flow | -$16.4M | -$16.5M | -$12.2M | $8.3M | -$6.9M | -$8.9M | -$11.9M | -$10.5M | -$13.6M | -$14.5M | -$22.0M | |
| Free Cash Flow | -$17.1M | -$17.5M | -$12.7M | $7.5M | -$7.8M | -$9.4M | -$12.4M | -$16.9M | -$19.9M | -$20.0M | -$28.4M | |
| Capital Expenditure | -$701.0K | -$1.1M | -$534.0K | -$792.0K | -$923.0K | -$489.0K | -$555.0K | -$6.5M | -$6.3M | -$5.5M | -$6.4M | |
| Financing Cash Flow | $907.0K | $23.0M | $46.0K | -$1.0M | -$629.0K | -$1.1M | $35.8M | $22.9M | $19.4M | $29.6M | $29.4M |
R&D Spending
R&D (TTM)
$19.0M
R&D Intensity
160.4%
R&D Growth vs Prior
+32.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $2.5M | $3.4M | $31.8M | $21.8M | $23.8M | $26.5M | $18.7M | $20.2M | $17.0M | $11.9M | |
| R&D Expense | $7.1M | $5.5M | $4.1M | $5.0M | $7.7M | $10.3M | $10.2M | $7.5M | $8.9M | $14.3M | $19.0M | |
| R&D % of Revenue | 453.7% | 218.8% | 119.7% | 15.6% | 35.4% | 43.2% | 38.4% | 40.0% | 43.9% | 84.4% | 160.4% | |
| SG&A | $12.4M | $9.1M | $7.9M | $9.1M | $8.5M | $9.5M | $10.4M | $11.4M | $12.9M | $13.9M | $14.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $2.5M | $3.4M | $31.8M | $21.8M | $23.8M | $26.5M | $18.7M | $20.2M | $17.0M | $11.9M | |
| Cost of Revenue | $2.2M | $1.6M | $2.1M | $11.8M | $14.2M | $15.0M | $13.3M | $15.1M | $17.6M | $13.7M | $10.0M | |
| Gross Profit | -$600.0K | $918.0K | $1.3M | $19.9M | $7.5M | $8.8M | $13.2M | $3.6M | $2.6M | $3.3M | $1.8M | |
| R&D | $7.1M | $5.5M | $4.1M | $5.0M | $7.7M | $10.3M | $10.2M | $7.5M | $8.9M | $14.3M | $19.0M | |
| SG&A | $12.4M | $9.1M | $7.9M | $9.1M | $8.5M | $9.5M | $10.4M | $11.4M | $12.9M | $13.9M | $14.7M | |
| Operating Income | -$20.2M | -$13.7M | -$4.0M | $4.5M | -$8.8M | -$11.2M | -$7.7M | -$15.5M | -$19.4M | -$25.3M | -$31.8M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $207.0K | $200.0K | $167.0K | $162.0K | $335.0K | $561.0K | $663.0K | $1.1M | |
| Pretax Income | -$18.9M | -$14.5M | -$5.7M | $2.1M | -$9.3M | -$13.5M | -$19.5M | -$6.5M | -$30.2M | -$23.7M | -$20.0M | |
| Net Income | -$18.9M | -$22.1M | -$1.1M | $5.0M | -$9.2M | -$13.6M | -$19.6M | -$6.7M | -$30.2M | -$23.9M | -$20.2M | |
| EPS (Diluted) | -6.05 | -6.64 | -0.28 | 1.26 | -2.38 | -3.48 | -3.93 | -0.75 | -3.03 | -2.10 | -1.60 | |
| EBITDA | -$17.4M | -$13.1M | -$4.2M | $4.1M | -$7.4M | -$11.4M | -$18.2M | -$4.8M | -$27.9M | -$21.5M | -$19.0M | |
| Shares Out. (M) | 3.12 | 3.33 | 3.87 | 3.88 | 3.89 | 3.89 | 4.99 | 9.01 | 9.96 | 11.38 | 12.88 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $28.9M | $36.1M | $6.7M | $7.2M | $17.4M | $11.0M | $33.9M | $11.9M | $9.2M | $4.8M | $4.3M | |
| Short-Term Investments | $1.2M | $0.00 | $16.9M | $22.0M | $4.0M | $0.00 | $0.00 | $29.7M | $34.0M | $48.3M | $31.0M | |
| Total Current Assets | $33.6M | $41.5M | $32.7M | $35.6M | $26.2M | $15.0M | $45.8M | $49.7M | $52.2M | $60.0M | $43.0M | |
| Total Assets | $35.8M | $44.1M | $35.3M | $40.6M | $31.1M | $19.7M | $50.0M | $66.5M | $73.5M | $86.3M | $71.9M | |
| Total Current Liabilities | $5.4M | $5.4M | $4.9M | $10.4M | $8.3M | $10.7M | $12.1M | $10.8M | $26.5M | $25.7M | $18.5M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $28.0M | $34.5M | $26.3M | $25.4M | $23.8M | $24.3M | $39.1M | $34.9M | $42.3M | $42.6M | $36.2M | |
| Stockholders' Equity | $7.8M | $9.6M | $9.0M | $15.2M | $7.3M | -$4.6M | $10.9M | $31.6M | $31.2M | $43.6M | $35.6M | |
| Retained Earnings | -$107.3M | -$129.4M | -$130.7M | -$125.8M | -$135.0M | -$148.5M | -$168.1M | -$174.8M | -$205.0M | -$228.9M | -$239.3M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$16.4M | -$16.5M | -$12.2M | $8.3M | -$6.9M | -$8.9M | -$11.9M | -$10.5M | -$13.6M | -$14.5M | -$22.0M | |
| Capital Expenditure | -$701.0K | -$1.1M | -$534.0K | -$792.0K | -$923.0K | -$489.0K | -$555.0K | -$6.5M | -$6.3M | -$5.5M | -$6.4M | |
| Free Cash Flow | -$17.1M | -$17.5M | -$12.7M | $7.5M | -$7.8M | -$9.4M | -$12.4M | -$16.9M | -$19.9M | -$20.0M | -$28.4M | |
| Investing Cash Flow | $1.8M | $437.0K | -$17.0M | -$6.9M | $17.4M | $3.5M | -$481.0K | -$34.3M | -$8.4M | -$19.5M | -$4.3M | |
| Financing Cash Flow | $907.0K | $23.0M | $46.0K | -$1.0M | -$629.0K | -$1.1M | $35.8M | $22.9M | $19.4M | $29.6M | $29.4M | |
| Issuance of Stock | $0.00 | $22.7M | $0.00 | $0.00 | $0.00 | $3.0K | $38.4M | $24.9M | $22.2M | $31.0M | $31.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$747.0K | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | -$630.0K | -$508.0K | $0.00 | $0.00 | $0.00 | -$928.0K | $0.00 | -$1.0M | |
| Stock Based Comp. | $3.2M | $1.4M | $645.0K | $1.2M | $1.3M | $1.7M | $1.9M | $1.9M | $3.1M | $3.1M | $2.0M | |
| Net Change in Cash | -$13.6M | $7.2M | -$29.4M | $526.0K | $10.1M | -$6.3M | $22.8M | -$22.0M | -$2.7M | -$4.4M | -$26.0M |
Dilution Tracker
Shares outstanding grew 192.7% over 5 years — significant dilution
Shares Outstanding
13M
5-Year Share Growth
+192.7%
Stock Issuance (TTM)
$31.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 3.12 | 3.33 | 3.87 | 3.88 | 3.89 | 3.89 | 4.99 | 9.01 | 9.96 | 11.38 | 12.88 | |
| Change vs Prior % | — | 6.8% | 16.2% | 0.3% | 0.1% | 0.1% | 28.1% | 80.7% | 10.5% | 14.2% | 13.2% | |
| Stock Issuance | $0.00 | $22.7M | $0.00 | $0.00 | $0.00 | $3.0K | $38.4M | $24.9M | $22.2M | $31.0M | $31.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$747.0K | |
| Stock Based Comp. | $3.2M | $1.4M | $645.0K | $1.2M | $1.3M | $1.7M | $1.9M | $1.9M | $3.1M | $3.1M | $2.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -38.5% | 36.8% | 38.6% | 62.7% | 34.7% | 36.9% | 49.7% | 19.1% | 13.0% | 19.2% | 15.5% | |
| Operating Margin % | -1293.6% | -548.4% | -116.4% | 14.1% | -40.6% | -47.2% | -28.9% | -83.0% | -95.8% | -149.1% | -267.9% | |
| Net Margin % | -1212.1% | -887.4% | -31.1% | 15.6% | -42.3% | -57.0% | -74.0% | -35.9% | -149.5% | -140.8% | -170.1% | |
| EBITDA Margin % | -1120.0% | -526.4% | -123.4% | 13.0% | -33.8% | -47.9% | -68.9% | -25.7% | -138.1% | -126.6% | -160.2% | |
| FCF Margin % | -1100.5% | -702.3% | -373.1% | 23.6% | -35.9% | -39.6% | -47.0% | -90.6% | -98.4% | -118.1% | -239.3% | |
| ROE % | -243.1% | -230.2% | -11.8% | 32.7% | -126.5% | 295.7% | -179.6% | -21.3% | -97.0% | -54.7% | -47.2% | |
| ROA % | -52.8% | -50.2% | -3.0% | 12.2% | -29.6% | -68.6% | -39.2% | -10.1% | -41.1% | -27.7% | -28.1% | |
| ROIC % | -66.3% | -35.4% | -13.0% | 14.9% | -38.8% | -124.4% | -20.2% | -27.9% | -40.9% | -41.8% | -58.6% | |
| R&D / Revenue % | 453.7% | 218.8% | 119.7% | 15.6% | 35.4% | 43.2% | 38.4% | 40.0% | 43.9% | 84.4% | 160.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 159.2% | 60.2% | 36.3% | 834.7% | -31.5% | 9.2% | 11.5% | -29.5% | 8.2% | -16.1% | |
| Gross Profit | 68.7% | 253.0% | 43.0% | 1418.7% | -62.2% | 16.2% | 50.1% | -72.8% | -26.4% | 23.5% | |
| Operating Income | 5.1% | 32.1% | 71.1% | 213.5% | -296.8% | -26.9% | 31.7% | -102.3% | -25.0% | -30.4% | |
| Net Income | 14.5% | -17.3% | 95.2% | 568.8% | -285.6% | -47.4% | -44.6% | 65.7% | -350.0% | 21.0% | |
| EPS (Diluted) | 15.1% | -9.8% | 95.8% | 550.0% | -288.9% | -46.2% | -12.9% | 80.9% | -304.0% | 30.7% | |
| Operating Cash Flow | 16.1% | -0.1% | 26.1% | 168.2% | -183.2% | -29.3% | -33.3% | 11.9% | -30.2% | -6.7% | |
| Free Cash Flow | 14.3% | -2.2% | 27.6% | 159.1% | -204.3% | -20.3% | -32.3% | -36.1% | -17.5% | -0.7% | |
| R&D Expense | 17.4% | -22.7% | -25.4% | 22.0% | 54.9% | 33.2% | -0.7% | -26.7% | 18.9% | 61.3% | |
| SG&A Expense | -6.1% | -26.8% | -12.6% | 14.0% | -6.2% | 11.3% | 9.7% | 9.7% | 13.5% | 7.9% | |
| Total Assets | -31.9% | 23.4% | -20.1% | 15.1% | -23.5% | -36.5% | 153.3% | 32.9% | 10.6% | 17.4% | |
| Book Value / Share | -67.2% | 16.0% | -19.7% | 68.6% | -52.1% | -162.9% | 285.9% | 60.2% | -10.8% | 22.6% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -13.2% | -20.1% | -39.2% | 650.6% | 9.1% | 17.6% | |
| Diluted Shares | 0.9% | 6.8% | 16.2% | 0.3% | 0.1% | 0.1% | 28.1% | 80.7% | 10.5% | 14.2% |
Valuation
P/E (TTM)At Loss
P/S15.51
10Y Low / Med / High2.54 / 8.77 / 64.24
P/B5.15
10Y Low / Med / High2.90 / 6.16 / 13.84
EV/EBITDAAt Loss
EV/Revenue15.95
10Y Low / Med / High1.29 / 8.66 / 45.72
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.77
Net Current Assets / Share
$0.52
Graham Net-Net
$0.29
Cash / Share
$2.74
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -5.30 | -4.69 | -101.50 | 17.22 | -10.88 | -4.75 | -3.43 | -13.56 | -5.87 | -8.79 | -8.91 | |
| P/S Ratio | 64.24 | 41.61 | 32.36 | 2.65 | 4.63 | 2.71 | 2.54 | 4.91 | 8.77 | 12.38 | 15.51 | |
| P/B Ratio | 12.88 | 10.80 | 12.27 | 5.55 | 13.84 | -14.03 | 6.16 | 2.90 | 5.69 | 4.81 | 5.15 | |
| EV/EBITDA | -4.08 | -5.16 | -24.63 | 19.09 | -11.56 | -4.80 | -1.88 | -17.94 | -6.27 | -9.94 | -9.95 | |
| EV/Revenue | 45.72 | 27.16 | 30.39 | 2.49 | 3.91 | 2.30 | 1.29 | 4.61 | 8.66 | 12.58 | 15.95 |
Analyst Estimates & Quality
Altman Z-Score
-2.00
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $23.7M | $31.8M | $47.1M |
| Net Income | -$24.9M | -$26.1M | -$14.1M |
| EPS | $-2.19 | $-2.20 | $-1.21 |
| # Analysts (EPS) | 4 | 4 | 3 |
Revenue Segments
By Geography
| Segment | 2020 |
|---|---|
| USA | $18.0M |