Kamada Ltd (KMDA) Q2 2025 Earnings Call Highlights: Strong Revenue Growth and Increased ...
Total Revenue (Q2 2025): $44.8 million, up 5% year over year.
Adjusted EBITDA (First Half 2025): $22.5 million, up 35% year over year, representing a 25% margin.
Adjusted EBITDA (Q2 2025): $10.9 million, up 20% year over year.
Gross Profit (Q2 2025): $18.9 million with a 42% margin.
Gross Profit (First Half 2025): $39.7 million with a 45% margin.
Net Income (Q2 2025): $7.4 million or $0.13 per diluted share.
Net Income (First Half 2025): $11.3 million or $0.19 per diluted share.
Operating Expenses (Q2 2025): $11.9 million.
Cash Provided by Operating Activities (Q2 2025): $8 million.
Cash Balance (End of First Half 2025): $66 million.
Annual Revenue Guidance 2025: $178 million to $182 million.
Adjusted EBITDA Guidance 2025: Increased to $40 million to $44 million.
Warning! GuruFocus has detected 4 Warning Sign with KMDA.
Release Date: August 13, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
Kamada Ltd (NASDAQ:KMDA) reported strong financial results for the first half of 2025, with total revenues of $88.8 million, representing an 11% year-over-year increase.
Adjusted EBITDA for the first half of 2025 was $22.5 million, up 35% year-over-year, indicating improved profitability.
The company increased its adjusted EBITDA guidance for 2025 to between $40 million and $44 million, reflecting confidence in continued profitable growth.
Kamada Ltd (NASDAQ:KMDA) is advancing its PIVOTAL phase 3 inhaled clinical program, which could lead to significant future growth opportunities.
The company successfully launched its first biosimilar product in Israel and plans to launch two additional biosimilars later this year, contributing to future revenue growth.
Negative Points
Gross profit margins decreased in the second quarter of 2025 compared to the same period in 2024, due to changes in product and territory sales mix.
Operating expenses, although managed well, still represent a significant portion of revenues, which could impact future profitability if not controlled.
The company's net income, while improved, is still subject to fluctuations due to changes in financial and tax expenses.
The competitive landscape for Kamada Ltd (NASDAQ:KMDA)'s inhaled AAT program is evolving, with other companies developing alternative technologies that could impact market share.
The company's cash position, although strong, has declined over the last couple of quarters, which may limit the scale of future business development and M&A activities.
Q & A Highlights
Q: Can you provide insights into the dynamics behind KEDRAB and CYTOGAM, which have been growth drivers in the past? Are they performing as expected? A: Amir London, CEO: KEDRAB and CYTOGAM are performing according to expectations. KEDRAB is supplied based on inventory management, and CYTOGAM is progressing as planned. Growth is anticipated once additional clinical data is available. The diversity of our portfolio, including products like GLASSIA and VARIZIG, supports our continued growth.
Q: With a solid cash position, is it sufficient for impactful business development? How do you balance internal investments and external business development? A: Amir London, CEO: We plan to use existing cash and have additional funding sources if needed. We are focused on commercial stage assets, particularly in plasma-derived products and specialty pharma. We are actively screening multiple targets and expect meaningful impact on our 2026 performance.
Q: Can you describe the competitive landscape for the inhaled AAT program? Are there developments that might change the market opportunity? A: Amir London, CEO: Our inhaled program is the most advanced in terms of efficacy studies. The market is growing, and we expect it to be a $2 billion market by the time we have study results. Our technology offers better ease of use and quality of life, positioning us as a strong competitor.
Q: Was there any one-time sales impact in the distribution revenue segment this quarter? How should we view this channel going forward? A: Amir London, CEO: There were no one-time sales. The launch of the biosimilar product builds on our existing infrastructure, and we expect continued growth. This will help improve our margins over the next few years.
Q: What was responsible for the tax credit in the June quarter, and what do you expect the tax rate to be in the future? A: Chaime Orlev, CFO: Fluctuations in currency exchange affected our tax results. We anticipate utilizing all tax loss carryforwards by the end of 2025, moving into tax payments. The effective tax rate is expected to be between 20% and 25% in 2026 and beyond.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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