MediWound (MDWD) Tops Q1 EPS by 5c, Revenues Beat

MediWound (NASDAQ: MDWD) reported Q1 EPS of ($0.09), $0.05 better than the analyst estimate of ($0.14). Revenue for the quarter came in at $4.4 million versus the consensus estimate of $4.05 million.

First Quarter Business and Financial Highlights:

• Total revenues for the first quarter of 2020 were $4.4 million
• Operating loss for the first quarter of 2020 was $2.2 million, representing a 38% decrease compared to prior-year period
• Operating cash flow was $2.1 million, and as of March 31, 2020, the company had $27.3 million in cash and short-term investments
• Subsequent to the end of the quarter, the Company resumed patient screening and randomization in U.S. EscharEx phase 2 adaptive design study for the treatment of venous leg ulcers (“VLUs”) where clinical trial restrictions being lifted; interim assessment anticipated in first half of 2021
• Following the initiation of the procurement of NexoBrid for emergency response, valued at $16.5 million, the U.S. Biomedical Advanced Research and Development Authority (BARDA) upsized its contract by an additional $5.5 million for emergency readiness for NexoBrid deployment
• Instituted a series of precautionary measures in response to COVID-19 pandemic and implemented expense reduction measures, while maintaining workforce and operational readiness to rapidly return to normal operations when conditions allow
• Continued global expansion of NexoBrid through new distribution agreements
• Enhanced Board of Directors with experienced executives with significant expertise in the U.S. pharmaceutical industry

“Our thoughts are with those affected by the coronavirus, and we are especially thankful to all healthcare workers for their critical efforts to support patients during this challenging time. Our first priority remains the health and safety of patients, healthcare providers, and our employees globally,” said Sharon Malka, Chief Executive Officer of MediWound. “We are pleased to resume patient enrollment in our U.S. EscharEx phase 2 study in regions where restrictions are being lifted. NexoBrid has been less directly impacted by the pandemic given the critical nature of severe burn injuries.”

Mr. Malka concluded, “The tremendous dedication and flexibility our employees have demonstrated during this crisis have enabled us to carry on critical business functions. We will continue to monitor our operations and assess the impact of the COVID-19, and we will determine whether further actions are appropriate while taking prudent measures to ensure a rapid return to normal operations as conditions allow. Given our financial position and the underlying fundamentals of our business, we believe that the Company is well-positioned to weather this storm.”

For earnings history and earnings-related data on MediWound (MDWD) click here.

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