MediWound(US:MDWD)2024-11-26 12:05Financial Performance - Total revenue for Q3 2024 was $4.4 million, a decrease from $4.8 million in Q3 2023, primarily due to lower BARDA development services revenue[13] - Gross profit for Q3 2024 was $0.7 million, representing 16% of total revenue, down from 19% in Q3 2023, reflecting a shift in revenue mix[13] - The company anticipates total revenue of $20 million for 2024, revised down from prior guidance of $24 million due to strong demand exceeding current manufacturing capacity[8] - Operating loss for Q3 2024 was $5.1 million, compared to a loss of $3.0 million in Q3 2023[15] - Net loss for Q3 2024 was $10.3 million, or $0.98 per share, compared to a net loss of $2.2 million, or $0.24 per share, in Q3 2023[15] - Total revenues for the nine months ended September 2024 increased to $14,382 thousand, up from $13,348 thousand for the same period in 2023, representing an increase of 7.7%[39] - Gross profit for the nine months ended September 2024 was $1,731 thousand, a decrease of 39.4% compared to $2,859 thousand for the same period in 2023[39] - Operating loss for the nine months ended September 2024 was $(13,299) thousand, compared to $(11,396) thousand for the same period in 2023, reflecting a deterioration of 16.7%[39] - Net loss for the nine months ended September 2024 was $(26,316) thousand, significantly higher than $(4,973) thousand for the same period in 2023, indicating a year-over-year increase of 429.5%[39] - The company reported a basic and diluted loss per share of $(2.72) for the nine months ended September 30, 2024, compared to $(0.56) for the same period in 2023[39] - The company reported a net loss of $(10,282) million for the quarter ending September 2024, compared to $(2,196) million for the same quarter in the previous year[45] - The total net loss for December 31, 2023, was $(6,716) million, showing a consistent trend of losses[45] Cash and Assets - As of September 30, 2024, cash and cash equivalents totaled $46.0 million, up from $42.1 million at the end of 2023[21] - Total current assets as of September 30, 2024, were $53,888 thousand, an increase from $53,250 thousand as of September 30, 2023[37] - Total non-current assets increased to $20,846 thousand as of September 30, 2024, compared to $13,767 thousand as of September 30, 2023, marking a growth of 51.4%[37] - Total liabilities and shareholders' equity as of September 30, 2024, were $74,734 thousand, up from $67,017 thousand as of September 30, 2023, reflecting an increase of 11.5%[37] - Cash and cash equivalents at the end of the period were $6,475 thousand, down from $9,279 thousand at the end of September 30, 2023, a decrease of 30.2%[43] Research and Development - R&D expenses for Q3 2024 were $2.5 million, an increase from $1.5 million in Q3 2023, mainly due to costs associated with the EscharEx Phase 3 clinical trial[14] - Research and development expenses for the nine months ended September 30, 2024, were $5,892 thousand, slightly up from $5,659 thousand for the same period in 2023[39] - The Phase 3 study of EscharEx for venous leg ulcers is set to commence, with FDA IND submission planned by year-end[9] Strategic Investments - The company raised $25 million through a strategic private investment in public equity (PIPE) to strengthen its cash runway[12] Adjusted Financial Metrics - Adjusted EBITDA for September 2024 was $(9,897) million, slightly worse than $(9,021) million in the same period last year[45] - Total adjustments amounted to $(16,419) million in September 2024, compared to $4,048 million in September 2023, reflecting a substantial negative shift[45] - Financial income (expenses), net for September 2024 was $(12,974) million, a decline from $6,488 million in September 2023[45] - Share-based compensation expenses increased to $(2,316) million in September 2024 from $(1,642) million in September 2023, indicating rising costs in this area[45] - Depreciation and amortization expenses rose to $(1,086) million in September 2024, compared to $(957) million in the same quarter last year[45] - Taxes on income were $(43) million in September 2024, slightly improved from $(65) million in September 2023[45] - Other income, net remained stable at $224 million in both September 2023 and December 31, 2023[45]