Why did MDWD's Q3 earnings fall short of forecasts?

MediWound's Q3 earnings fell short of forecasts due to several factors:

1. **Non-Cash Financial Expenses**: The primary reason for the increase in loss was due to non-cash financial expenses, primarily related to the revaluation of warrants from the September and October 2022 financing. These expenses are not indicative of the company's core business performance and can create a misleading impression of financial health when combined with the operational costs of the business.
2. **Strategic Investments and Partnerships**: While these are crucial for long-term growth, they can temporarily strain financials. For instance, MediWound expanded research collaborations and initiated a global Phase III trial for EscharEx, which required significant investment. Such strategic moves can lead to short-term expenses that impact earnings.

In summary, MediWound's Q3 earnings fell short due to non-cash financial expenses and strategic investments, which, while necessary for long-term growth, can temporarily strain financials and impact earnings.