1. slightly better but not yet well The operation went fine, but she's not out of the woods yet – the next 24 hours will tell us whether or not she'll recover.
Usage notes: said about someone's health
2. improving but not yet good Our sales went up last month, but the company is not out of the woods yet.
Usage notes: said about financial problems and sometimes used in the form out of the woods(in good condition): If we continue to watch our expenses, we should be out of the woods in a month.