News Review: MediWound Ltd. (MDWD)

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MediWound Ltd. (MDWD), a completely-integrated biopharmaceutical company bringing innovative therapies to address unmet needs in severe burn and wound administration, recently declared financial results for the 3 and 9-months finished September 30, 2k17.

3rd-Quarter Financial Results:

Revenues for the 3rd-quarter of 2k17 were $0.740M, up 43.00 percent from the $0.520M in revenues for the 3rd-quarter of 2K16. Gross profit for the 3rd-quarter of 2k17 was $0.40M, a contrast to a gross profit of $0.040M in the prior year period.

Research and development costs, net of participation, for the 3rd-quarter of 2k17 were $0.800M, contrast with $2.40M for the 3rd-quarter of 2K16. The decline in net research and development costs was mainly because of a decline of $0.50M related to EscharEx clinical trials and non-clinical development and an increase of $1.0M in participation by BARDA and Israeli Innovation Authority.

Selling, and general and administrative costs decreased to $2.40M for the 3rd-quarter of 2k17 from $2.60M for the 3rd-quarter of 2K16.

Operating loss for the 3rd-quarter of 2k17 was $2.80M, down 43.00 percent from $4.90M in the 3rd-quarter of 2K16. The decline was mainly because of developments in gross margins and a decline of about $1.80M in operating costs contrast to the 3rd-quarter of 2K16.

The Company posted a net loss of $11.0M, or $0.490 per share, for the 3rd-quarter of 2k17 contrast with a net loss of $5.70M, or $0.26 per share, for the 3rd-quarter of 2K16. The incline in net loss was as a result of a complete provision for the PolyHeal’s shares purchase price plus the accrued interest, in the amount of $7.50M that was recorded within the loss from suspended operation as a result of the district court ruling. This was offset by a decline of $2.20M in net loss from continuing operation, mainly because of the decline of $1.80M in operating costs.

Adjusted EBITDA for the 3rd-quarter of 2k17 was a loss of $2.30M, contrast with a loss of $4.20M for the 3rd-quarter of 2K16.

Year-to-Date 2k17 Financial Results:

Total revenue for the 1st-9-months of 2k17 was $2.0M contrast with $1.10M for the 1st-9-months of 2K16, an increase of 74.00 percent.

Gross profit for the 1st-9-months of 2k17 was $0.80M, contrast with a gross loss of $0.20M in the prior year period, an improvement of about $1.0M.

Research and development costs, net of participation, were $4.30M for the 1st-9-months of 2k17, contrast with $6.30M for the 1st-9-months of 2K16. The decline was mainly because of a decline of $1.30M related to EscharEx clinical trials and non-clinical development, and an increase of $0.70M in participation by BARDA and the Israeli Innovation Authority.

Selling, general and administrative costs in the 1st-9-months of 2k17 decreased $2.50M to $6.70M from $9.20M throughout the similar period in 2K16, mainly because of a reduction of $1.60M related to marketing costs associated with launch activities and a $0.90 decline in non-cash share-based compensation.

Operating loss for the 1st-9-months of 2k17 was $10.20M, an improvement of 35.00 percent as a contrast to an operating loss of $15.60M in the 1st-9-months of 2K16. The decline was mainly because of the positive change in gross profit in the 1st-9-months of 2k17 and the decline in operating costs contrast to the prior year period.

For the 9-months finished September 30, 2k17, the Company posted a net loss of $19.80M, or $0.90 per share, contrast with a net loss of $17.00M, or $0.780 per share, for the similar period in 2K16. The change in net loss comprised of: (i) a decline in net loss from continuing operation, mainly because of a $5.50M decline in operating loss which was offset by an increase of $0.80M net financial costs, mostly comprised of non-cash revaluation of contingent liabilities; and (ii) a loss from suspended operation of $7.50M, following a complete provision for the shares purchase price plus the accrued interest, that was recorded as a result of the district court ruling.

Adjusted EBITDA for the 1st-9-of 2k17 was a loss of $8.70M, contrast with a loss of $12.90M for the 1st-9-months of 2K16.

Balance Sheet Highlights:

As of September 30, 2k17, the Company had cash and short-term deposits of $40.60M, which includes the $22.80M of net proceeds generated from the Company’s recent public offering. The Company remained on budget and utilized $13.10M in cash to fund operating activities throughout the 1st-9-months of 2k17.