Estados financieros detallados de MediWound Ltd. (MDWD): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
MediWound Ltd. registró ingresos de $17.0M en el último ejercicio fiscal, con un CAGR de 5 años del -4.9%.
Márgenes de los últimos 12 meses: margen bruto 15.5%, margen operativo -267.9%, margen neto -170.1%.
Al precio actual de $13.22, MDWD presenta beneficios negativos (P/E no significativo) y un ROE del -47.24%. La capitalización bursátil es de $170M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $1.6M | $2.5M | $3.4M | $31.8M | $21.8M | $23.8M | $26.5M | $18.7M | $20.2M | $17.0M |
| Coste de Ventas | $2.2M | $1.6M | $2.1M | $11.8M | $14.2M | $15.0M | $13.3M | $15.1M | $17.6M | $13.7M |
| Beneficio Bruto | -$600000 | $918000 | $1.3M | $19.9M | $7.5M | $8.8M | $13.2M | $3.6M | $2.6M | $3.3M |
| I+D | $7.1M | $5.5M | $4.1M | $5.0M | $7.7M | $10.3M | $10.2M | $7.5M | $8.9M | $14.3M |
| Generales y Administrativos | $12.4M | $9.1M | $7.9M | $9.1M | $8.5M | $9.5M | $10.4M | $11.4M | $12.9M | $13.9M |
| Gastos Operativos | $19.6M | $14.6M | $5.3M | $15.4M | $16.4M | $20.0M | $20.8M | $19.1M | $22.0M | $28.5M |
| Beneficio Operativo | -$20.2M | -$13.7M | -$4.0M | $4.5M | -$8.8M | -$11.2M | -$7.7M | -$15.5M | -$19.4M | -$25.3M |
| EBITDA | -$17.4M | -$13.1M | -$4.2M | $4.1M | -$7.4M | -$11.4M | -$18.2M | -$4.8M | -$27.9M | -$21.5M |
| Gastos por Intereses | 0 | 0 | 0 | $207000 | $200000 | $167000 | $162000 | $335000 | $561000 | $662999 |
| Beneficio Antes de Impuestos | -$18.9M | -$14.5M | -$5.7M | $2.1M | -$9.3M | -$13.5M | -$19.5M | -$6.5M | -$30.2M | -$23.7M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | $27000 | $78000 | $185000 | $61000 | $169000 |
| Beneficio Neto | -$18.9M | -$22.1M | -$1.1M | $5.0M | -$9.2M | -$13.6M | -$19.6M | -$6.7M | -$30.2M | -$23.9M |
| BPA | $-6.05 | $-6.64 | $-0.28 | $1.26 | $-2.38 | $-3.48 | $-3.93 | $-0.75 | $-3.03 | $-2.10 |
| BPA Diluido | $-6.05 | $-6.64 | $-0.28 | $1.26 | $-2.38 | $-3.48 | $-3.93 | $-0.75 | $-3.03 | $-2.10 |
| Acciones en Circulación (Diluidas) | $3.1M | $3.3M | $3.9M | $3.9M | $3.9M | $3.9M | $5.0M | $9.0M | $10.0M | $11.4M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $5.4M | $1.9M | $1.5M | $3.1M |
| Beneficio Bruto | $896000 | $278000 | $323000 | $337000 |
| Beneficio Operativo | -$6.5M | -$7.8M | -$8.0M | -$9.5M |
| EBITDA | -$2.2M | -$5.2M | -$2.6M | -$9.1M |
| Beneficio Neto | -$2.7M | -$7.2M | -$3.0M | -$7.4M |
| BPA | $-0.24 | $-0.56 | $-0.23 | $-0.57 |
| BPA Diluido | $-0.24 | $-0.56 | $-0.23 | $-0.57 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $28.9M | $36.1M | $6.7M | $7.2M | $17.4M | $11.0M | $33.9M | $11.9M | $9.2M | $4.8M |
| Inversiones a Corto | $1.2M | 0 | $16.9M | $22.0M | $4.0M | 0 | 0 | $29.7M | $34.0M | $48.3M |
| Cuentas por Cobrar | $2.7M | $3.4M | $7.3M | $4.3M | $2.8M | $2.3M | $9.7M | $4.4M | $5.9M | $2.4M |
| Inventario | $844000 | $1.9M | $1.7M | $1.6M | $1.4M | $1.2M | $2.0M | $2.8M | $2.7M | $4.1M |
| Activos Corrientes | $33.6M | $41.5M | $32.7M | $35.6M | $26.2M | $15.0M | $45.8M | $49.7M | $52.2M | $60.0M |
| Inmovilizado Material | $1.3M | $1.9M | $2.0M | $4.5M | $4.5M | $4.0M | $3.6M | $15.9M | $20.8M | $25.8M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | $773000 | $635000 | $495000 | $429000 | $363000 | $297000 | $231000 | $165000 | $99000 | $33000 |
| Activos Totales | $35.8M | $44.1M | $35.3M | $40.6M | $31.1M | $19.7M | $50.0M | $66.5M | $73.5M | $86.3M |
| Cuentas por Pagar | $1.5M | $3.3M | $2.7M | $4.1M | $3.0M | $4.7M | $5.7M | $4.2M | $4.1M | $3.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $418000 | 0 |
| Pasivos Corrientes | $5.4M | $5.4M | $4.9M | $10.4M | $8.3M | $10.7M | $12.1M | $10.8M | $26.5M | $25.7M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $28.0M | $34.5M | $26.3M | $25.4M | $23.8M | $24.3M | $39.1M | $34.9M | $42.3M | $42.6M |
| Reservas | -$107.3M | -$129.4M | -$130.7M | -$125.8M | -$135.0M | -$148.5M | -$168.1M | -$174.8M | -$205.0M | -$228.9M |
| Patrimonio Neto | $7.8M | $9.6M | $9.0M | $15.2M | $7.3M | -$4.6M | $10.9M | $31.6M | $31.2M | $43.6M |
| Deuda Total | 0 | 0 | 0 | $2.0M | $1.7M | $1.4M | $846000 | $6.3M | $6.9M | $8.2M |
| Deuda Neta | -$30.0M | -$36.1M | -$23.6M | -$27.5M | -$19.7M | -$9.7M | -$33.0M | -$35.2M | -$36.2M | -$45.0M |
| Capital Circulante | $28.2M | $36.1M | $27.8M | $25.2M | $17.9M | $4.2M | $33.8M | $38.9M | $25.6M | $34.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $59.1M | $4.8M | $44.6M | $4.3M |
| Activos Totales | $94.4M | $86.3M | $80.0M | $71.9M |
| Pasivos Totales | $44.3M | $42.6M | $38.6M | $36.2M |
| Patrimonio Neto | $50.2M | $43.6M | $41.4M | $35.6M |
| Deuda Total | $8.3M | $8.2M | $8.1M | $9.5M |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$18.9M | -$22.1M | -$1.1M | $5.0M | -$9.2M | -$13.6M | -$19.6M | -$6.7M | -$30.2M | -$23.9M |
| Amortizaciones | $589000 | $567000 | $577000 | $1.1M | $1.1M | $1.2M | $1.3M | $1.3M | $1.5M | $1.7M |
| Compensación en Acciones | $3.2M | $1.4M | $645000 | $1.2M | $1.3M | $1.7M | $1.9M | $1.9M | $3.1M | $3.1M |
| Cambio en Capital Circulante | $2.0M | -$2.4M | -$1.0M | $4.5M | -$61000 | $162000 | -$7.2M | $2.3M | $1.3M | $4.8M |
| Flujo de Caja Operativo | -$16.4M | -$16.5M | -$12.2M | $8.3M | -$6.9M | -$8.9M | -$11.9M | -$10.5M | -$13.6M | -$14.5M |
| Inversiones (CapEx) | -$701000 | -$1.1M | -$534000 | -$792000 | -$923000 | -$489000 | -$555000 | -$6.5M | -$6.3M | -$5.5M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$17.1M | -$17.5M | -$12.7M | $7.5M | -$7.8M | -$9.4M | -$12.4M | -$16.9M | -$19.9M | -$20.0M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$3.2M | -$3.0M | -$6.8M | -$9.0M |
| Inversiones (CapEx) | -$1.0M | -$2.5M | -$1.8M | -$1.1M |
| Flujo de Caja Libre | -$4.3M | -$5.5M | -$8.6M | -$10.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $740000 | $662000 | $644000 | 0 |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +60.2% | +36.3% | +834.7% | -31.5% | +9.2% | +11.5% | -29.5% | +8.2% | -16.1% |
| Crecimiento Beneficio Neto (anual) | | -17.3% | +95.2% | +568.8% | -285.6% | -47.4% | -44.6% | +65.7% | -350.0% | +21.0% |
| Crecimiento BPA (anual) | | -9.8% | +95.8% | +550.0% | -288.9% | -46.2% | -12.9% | +80.9% | -304.0% | +30.7% |
| Cambio en Acciones (anual) | | +6.8% | +16.2% | +0.3% | +0.1% | +0.1% | +28.1% | +80.7% | +10.5% | +14.2% |
| Crecimiento FCF (anual) | | -2.2% | +27.6% | +159.1% | -204.3% | -20.3% | -32.3% | -36.1% | -17.5% | -0.7% |
| Margen Bruto | -38.5% | 36.8% | 38.6% | 62.7% | 34.7% | 36.9% | 49.7% | 19.1% | 13.0% | 19.2% |
| Margen Operativo | -1293.6% | -548.4% | -116.4% | 14.1% | -40.6% | -47.2% | -28.9% | -83.0% | -95.8% | -149.1% |
| Margen EBITDA | -1120.0% | -526.4% | -123.4% | 13.0% | -33.8% | -47.9% | -68.9% | -25.7% | -138.1% | -126.6% |
| Margen Neto | -1212.1% | -887.4% | -31.1% | 15.6% | -42.3% | -57.0% | -74.0% | -35.9% | -149.5% | -140.8% |
| Margen FCF | -1100.5% | -702.3% | -373.1% | 23.6% | -35.9% | -39.6% | -47.0% | -90.6% | -98.4% | -118.1% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | 0.0% | -0.0% | -0.2% | -0.4% | -2.8% | -0.2% | -0.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-5.49 | $-5.26 | $-3.28 | $1.93 | $-2.01 | $-2.42 | $-2.49 | $-1.88 | $-2.00 | $-1.76 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $3.1M | $3.3M | $3.9M | $3.9M | $3.9M | $3.9M | $5.0M | $9.0M | $10.0M | $11.4M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -47.24% |
| Rentabilidad sobre capital invertido | -58.55% |
| Rentabilidad sobre activos | -28.07% |
| Margen bruto | 15.46% |
| Margen operativo | -267.86% |
| Margen neto | -170.10% |
Salud financiera
| Deuda / Patrimonio | 0.27 |
| Ratio corriente | 2.32 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -5.30 | -4.80 | -101.50 | 17.22 | -10.88 | -4.75 | -3.43 | -13.56 | -5.87 | -8.79 |
| P/VC | 12.88 | 11.04 | 12.27 | 5.55 | 13.84 | -14.03 | 6.16 | 2.90 | 5.69 | 4.81 |
| P/V | 64.24 | 42.54 | 32.36 | 2.65 | 4.63 | 2.71 | 2.54 | 4.91 | 8.77 | 12.38 |
| Margen Bruto | -38.5% | 36.8% | 38.6% | 62.7% | 34.7% | 36.9% | 49.7% | 19.1% | 13.0% | 19.2% |
| Margen Operativo | -1293.6% | -548.4% | -116.4% | 14.1% | -40.6% | -47.2% | -28.9% | -83.0% | -95.8% | -149.1% |
| Margen Neto | -1212.1% | -887.4% | -31.1% | 15.6% | -42.3% | -57.0% | -74.0% | -35.9% | -149.5% | -140.8% |