Latest news with #KamadaLtd
San Francisco Chronicle
3 days ago
- Business
- San Francisco Chronicle
Kamada: Q2 Earnings Snapshot
REHOVOT, Israel (AP) — REHOVOT, Israel (AP) — Kamada Ltd. (KMDA) on Wednesday reported second-quarter earnings of $7.4 million. On a per-share basis, the Rehovot, Israel-based company said it had net income of 13 cents. The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 9 cents per share. The biopharmaceutical posted revenue of $44.8 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $45.1 million. _____
Yahoo
15-05-2025
- Business
- Yahoo
Kamada Ltd (KMDA) Q1 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic Expansion
Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Kamada Ltd (NASDAQ:KMDA) reported a strong first quarter with total revenues of $44 million, marking a 17% increase year over year. The company achieved a significant 54% year-over-year increase in adjusted EBITDA, reaching $11.6 million. Kamada Ltd (NASDAQ:KMDA) reiterated its 2025 annual guidance, projecting annual revenues between $178 million to $182 million and adjusted EBITDA between $38 million to $42 million. The company is advancing its four-pillar growth strategy, which includes organic commercial growth, business development, M&A transactions, and plasma collection operations. Kamada Ltd (NASDAQ:KMDA) expanded its plasma collection operation with a new center in San Antonio, Texas, expected to contribute significantly to annual revenues. Cytogam was not a major contributor to growth this quarter, indicating potential challenges in its market performance. The company faces uncertainties related to global trade tariffs, although currently, no direct impact is anticipated. There is a significant increase in the reported tax rate, from 3% to 40%, although it was noted as a non-cash expense. Enrollment for the phase 3 inhaled Alpha 1 program is only at 55%, indicating potential delays in reaching full enrollment. The company is still utilizing net operating losses (NOLs) and expects to start paying taxes by the end of 2025 or early 2026, which could impact future cash flows. Warning! GuruFocus has detected 3 Warning Sign with KMDA. Q: I noticed that Cytogam isn't cited as a growth contributor this quarter. With your expanded investment in clinical studies for Cytogam, should we read into anything about its current status or potential guideline updates? A: (Amir London, CEO) The year-over-year growth was primarily driven by other products. Cytogam's sales were similar to Q1 2024, as we had a strong quarter back then due to fresh inventory. The expanded studies aim to present new clinical data, which started in 2023, to potentially update guidelines and demonstrate Cytogam's advantages in CMV management. Q: How do you view the potential impact of tariffs on your global business, especially considering pharmaceuticals are currently excluded? A: (Jaime Olov, CFO) Based on our evaluation, there should be no direct impact on our product sales. However, we will continue to monitor the situation as it evolves. Currently, we do not foresee any direct impact on our business. Q: Can you provide an update on the enrollment status for the Innovate trial? A: (Amir London, CEO) We have achieved around 55% enrollment and are progressing well. We plan to conduct a futility analysis with a data cutoff in the second half of the year, after which the data will be available for analysis. Q: Regarding the Cytogam post-marketing study, can you discuss the timeline for its completion? A: (Amir London, CEO) The program consists of 10 different studies, each with its own timeline. Some results will be available later this year into 2026, while others will continue through 2027-2028. Overall, it's a four-year program across multiple sites and KOLs. Q: You reported a 40% tax rate this quarter compared to 3% a year ago. What caused this change, and are these real cash taxes? A: (Jaime Olov, CFO) The tax rate change is due to shifts between deferred tax assets and liabilities, with no cash effect. We expect fluctuations in tax expenses through 2025, but it should stabilize by year-end. We anticipate starting to pay taxes at the end of 2025 or early 2026. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Washington Post
14-05-2025
- Business
- Washington Post
Kamada: Q1 Earnings Snapshot
REHOVOT, Israel — REHOVOT, Israel — Kamada Ltd. (KMDA) on Wednesday reported first-quarter net income of $4 million. On a per-share basis, the Rehovot, Israel-based company said it had profit of 7 cents. The results met Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of 7 cents per share.
Associated Press
14-03-2025
- Business
- Associated Press
Kamada Announces Dividend After Record-Breaking Year, Anticipates Further Double-Digit Growth
DETROIT, MICHIGAN - March 14, 2025 ( NEWMEDIAWIRE) - Despite significant advancements in medical technologies and pharmaceutical advancements, certain conditions can only be addressed via plasma-derived medicines. This is especially the case for many rare and serious diseases, providing a distinct edge for pharmaceutical innovator Kamada Ltd. (NASDAQ: KMDA) (TASE: Focused on the development, manufacturing and commercialization of specialty plasma-derived therapeutics, Kamada extends a lifeline for many patients struggling with rare and serious disorders. According to the Plasma Protein Therapeutics Association (PPTA), plasma is the 'single largest component of human blood that acts as a transporting medium for cells and a variety of substances vital to the human body.' Beyond its composition – which consists of water, salts, enzymes, antibodies and other proteins – plasma helps execute several critical functions. Notably, its antibodies and proteins are essential in developing specialty therapies that fight diseases, making plasma the backbone of numerous treatments. Indeed, plasma-derived medicines represent the only viable solution for certain rare diseases – and Kamada delivered substantive results that underscore its relevance in the field. Recently, the biopharma specialist posted record-breaking financial metrics in its 2024 annual report. Furthermore, management forecasted continued double-digit growth outlook for the new year, along with revealing expansion efforts in both operations and global markets. On a fundamental level, Kamada continues to advance its corporate initiatives to advance its commercial operations, as demonstrated in the recent announcements. Combined with the robust financials, management aims for continued double-digit growth in 2025 and beyond. Kamada Achieves Record-Breaking Financial Performance In 2024 On March 5, Kamada moved the needle forward with a financial disclosure that represented a record in both the top and bottom lines. Kamada reached an annual revenue of $161 million in 2024, a metric that exceeded the prior year's result by 13%. Moreover, adjusted EBITDA landed at $34.1 million, up 42% on a year-over-year basis and demonstrating improved operational efficiency. Another highlight was the net income for 2024 reaching $14.5 million or 25 cents per diluted share of KMDA stock. This figure represented a 75% boost against the prior year's result, showcasing bottom-line strength. Furthermore, cash flow from operations hit $47.6 million, lifting the company's cash balance to $78.4 million at the end of last year. On a more granular level, gross profit and gross margins clocked in at $70 million and 43%, respectively, for the year ending Dec. 31, 2024. These metrics compare favorably to 2023's gross profit of $55.5 million and gross margin of 39%. Per Kamada's press release, the increase in these profitability figures primarily stemmed from an increase in sales volume and an improved product and territory sales mix. Finally, management announced the payment of a special cash dividend of 20 cents per share. The justification for the passive income, according to the press release, was Kamada's 'strong financial results for 2024 and solid cash position.' Looking Ahead To Double-Digit Growth In 2025 Early this year, Kamada announced that it expects continued double-digit growth – all while maintaining profitability – for 2025. Per recent publications by the company, management is expecting the total 2025 revenue to land between $178 million and $182 million. If so, the top line would expand by around 12% on a year-over-year basis. Naturally, the core revenue drivers will be Kamada's six plasma-derived specialty therapies, which have been approved by the U.S. Food and Drug Administration (FDA). Among them, KEDRAB(R) – a human rabies immune globulin (HRIG) therapeutic for the treatment of potential rabies exposure – offers additional revenue potential due to the heightened demand that it experienced. As well, Kamada's CYTOGAM(R) – an immunoglobulin product that helps prevent complications stemming from cytomegalovirus (CMV) infections after an organ transplant – has also witnessed an uptick in sales. For context, CMV infection in immunocompromised solid organ transplant patients can be severe and life-threatening. Another key sales driver is the expansion of biosimilar launches in Israel. Kamada launched its first biosimilar product in Q1 2024 and two additional products are expected to be launched in Israel during 2025. Additional biosimilar products are expected to be launched in Israel over the coming years, at a rate of 1-3 products per year, with the portfolio expected to generate annual sales of $15-20M within the next five years. In the most recent press release, Kamada provided an update on the phase 3 trial of its inhaled alpha-1 antitrypsin (AAT) therapy. This therapeutic addresses AATD, a genetic disorder that results in a deficiency of the alpha-1 antitrypsin protein, potentially leading to lung damage and chronic obstructive pulmonary disease (COPD). With Kamada estimating market potential exceeding $2 billion, this therapy, if approved, represents a significant commercial opportunity. Lastly, Kamada intends to expand its plasma collection operations, with the highlight being the opening of a new facility by the end of the first quarter – its third one overall. Should efforts move according to plan, the additional collection center, once fully operational, should help contribute revenue to the tune of $8 million to $10 million annually. Taking a broader view, the third collection facility – to be opened in San Antonio, Texas – should help reduce reliance on third-party plasma suppliers. In addition, the company says expanding the collection footprint will help boost third-party plasma sales, enabling Kamada to benefit from greater financial flexibility. Global Expansion And Business Development Extending beyond the financial milestones and enhanced operational efficiencies, Kamada has undergone extensive efforts to broaden its reach globally. Earlier this year, the company secured a $25 million contract to supply KAMRAB(R), a post-exposure rabies treatment, and VARIZIG(R), an anti-varicella drug for high-risk individuals, in South America over the next three years. This agreement strengthens Kamada's presence in an important emerging market while underscoring its ability to secure long-term commercial deals. Notably, the terms of the agreement span from 2025 through 2027 and will contribute meaningfully to the company's revenue stream. At the same time, Kamada is actively pursuing strategic mergers and acquisitions and business development opportunities. Backed by a solid cash position, the biopharmaceutical firm is looking to in-license new products that complement its existing portfolio. Management designed this strategy to accelerate revenue growth while ensuring long-term sustainability. As Kamada CEO Amir London remarked, the in-licensing and other business development initiatives could generate commercial and potentially operational synergies with the company's current portfolio. Regarding the South America strategy, London stated that the move 'validates the global strength' of the biopharma firm's specialty immunoglobulin portfolio and should support its projected multi-year growth outlook. Cultivating Growth In Advanced Plasma-Based Therapeutics Kamada's financial performance, expanding global footprint and commitment to innovation reinforce its standing in the plasma-derived therapeutics market. With record-breaking results in 2024 and a clear path to continued growth in 2025, the company is confident it has positioned itself for long-term success. Through strategic business development and commercial expansion, Kamada continues to strengthen its market presence. Supported by a disciplined operational approach, the company remains focused on advancing its portfolio and executing its growth strategy. Featured i mage from Shutterstock Library. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. This post includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including (among others) statements regarding: 1) double digit profitable growth in 2025 while maintaining profitability, with revealing expansion efforts in both operations and global markets, 2) full-year 2025 revenue guidance of $178 million to $182 million, 3) expectations that the core revenue drivers will be Kamada's six FDA approved plasma-derived specialty therapies, among them, KEDRAB, which would offer additional revenue potential due to the heightened demand that it experienced; 4) expansion of biosimilar launches in Israel at a rate of 1-3 products per year, with the portfolio expected to generate annual sales of $15-20M within the next five years, 5) securing strategic merger and acquisitions and business development opportunities resulting in accelerated revenue growth while ensuring long-term sustainability and that the in-licensing and other business development initiatives would generate commercial and potentially operational synergies with the company's current portfolio, 6) expanding the Company's plasma collection operations, including opening of a new facility in San Antonio, Texas by the end of the first quarter and expectations that, once fully operational, such new facility would contribute revenue to the tune of $8 million to $10 million annually, 7) plasma collection operations would reduce reliance on third-party plasma suppliers and boost third-party plasma sales, enabling Kamada to benefit from greater financial flexibility, 8) continued progress of the phase 3 trial clinical trial of inhaled AAT therapy, which, if approved, would represent a significant commercial opportunity, 9) expectation to supply KAMRAB and VARIZIG in Latin America for 2025-2027 and the expected revenue under the three-year contract for both products at approximately $25 million, and 10) the expected payment of a special cash dividend. Forward-looking statements are based on Kamada's current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to, conflicts in the Middle East and the impact of such conflicts, continued demand for Kamada's products, financial conditions of the Company's customers, suppliers and service providers, Kamada's ability to leverage new business opportunities and integrate the new product portfolio into its current product portfolio, Kamada's ability to reap the benefits of the acquisition and expansion of plasma collection centers, Kamada's ability to continue enrollment of the pivotal Phase 3 InnovAATe clinical trial, unexpected results of clinical studies, Kamada's ability to manage operating expenses, additional competition in the markets that Kamada competes, regulatory delays, and other risks detailed in Kamada's filings with the U.S. Securities and Exchange Commission (the 'SEC') and available at the SEC's website at The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
Associated Press
05-03-2025
- Business
- Associated Press
Kamada Reports Record Top and Bottom Line 2024 Financial Results and Affirms 2025 Guidance Representing Double-Digit Profitable Growth
Record Year with Total 2024 Revenue s of $16 1.0 Million, Representing a 13% Increase over Fiscal Year 2023 and Adjusted EBITDA of $34. 1 Million, Up 42% Year- o ver- Year, and a 21% Margin of Revenues Cash P rovided by Operating Activities of $ 47. 6 Million D uring 2024 Resulted in a Year-End Strong Cash Balance of $78.4 Million; Solid Financial Position to Accelerat e Inorganic Growth Net Income for the Year was $14. 5 Million, or $0. 2 5 per Diluted Share, Up 75 % Year-over-Year Strong Performance Position s Company for Double Digit Profitable Growth in Fiscal Year 2025; Reiterate s 2025 Full-Year Revenue Guidance of $178 Million to $182 Million and Adjusted EBITDA of $38 Million to $42 Million Declares Special Cash Dividend of $0.20 Per Share (T otaling A pproximately $11.5 M illion) Conference Call and Live Webcast Today at 8: 00am ET REHOVOT, Israel, and HOBOKEN, N.J., March 05, 2025 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced financial results for the three months and year ended December 31, 2024. 'Our performance over the course of 2024 was excellent, leading to record annual top- and bottom-line financial results,' said Amir London, Kamada's Chief Executive Officer. 'We enter 2025 from a position of significant strength, continuing to benefit from growth across our entire portfolio, with anticipated 2025 guidance representing a year-over-year double digit growth of 12% in revenues and 17% in adjusted EBITDA, when comparing 2025 guidance mid-points to 2024 results, driven by our diverse commercial portfolio marketed in over 30 countries. We look forward to continuing to execute on our multi-year value generating strategy based on our four key growth pillars, comprising of organic commercial growth, the execution of business development and M&A transactions, our plasma collection operations, and the further advancement of our pivotal Phase 3 Inhaled AAT program.' 'Our organic growth will be driven by continued investment in the commercialization and life cycle management of our six FDA-approved specialty plasma-derived products, as well as the products in our Distribution segment portfolio, primarily through the continued launch of biosimilar products in Israel. During 2025, we aim to leverage our strong financial position to secure new business development, in-licensing, collaboration, and/or merger and acquisitions transactions. Such transactions are expected to generate operational and/or commercial synergies with our current commercial portfolio,' continued Mr. London. 'Moreover, we are expanding our plasma collection operations to support revenue growth through the sale of normal source plasma to third parties, and to support our increasing demand for specialty plasma. We currently have two operating U.S. plasma collection centers, and a third center in San Antonio, Texas, will be opened by the end of this month. Lastly, we continue to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial of our Inhaled AAT product. Importantly, we recently announced FDA agreement to accept a proposed revision to our study statistical plan that resulted in reducing the number of study subjects to 180 patients, and our plan to conduct an interim futility analysis by the end of 2025,' concluded Mr. London. Financial Highlights for Year Ended December 31, 2024 Total revenues for 2024 were $161.0 million, a 13% increase from the $142.5 million generated in 2023. The increase in revenues was primarily attributable to KEDRAB and CYTOGAM growth year-over-year. Gross profit and gross margins were $70.0million and 43%, respectively, in the year ended December 31, 2024, compared to $55.5 million and 39%, respectively, in 2023. The increase in gross profit and gross margins year-over-year was primarily due to the increase in sales and improved product and territory sales mix. Operating expenses, including research and development (R&D), sales and marketing (S&M), general and administrative (G&A), and other expenses, totaled $49.9 million in the year ended December 31, 2024, as compared to $45.4 million in the prior year. The higher operating expenses were primarily attributable to an increase in S&M costs associated with marketing activities in the U.S., as well as increased R&D costs, primarily due to advancing the Inhaled AAT clinical trial. Net income for the year ended December 31, 2024, was $14.5 million, or $0.25 per diluted share, up 75% compared to a net income of $8.3 million, or $0.15 per diluted share, in the prior year. Adjusted EBITDA, as detailed in the tables below, was $34.1 million in the year ended December 31, 2024, a 42% increase as compared to $24.1 million in the prior year. Cash provided by operating activities was $47.6 million in the year ended December 31, 2024, as compared to $4.3 million in the prior year. The significant increase is correlated to the increase in profitability and improvement in the Company's working capital. Financial Highlights for the Three Months Ended December 31, 2024 Total revenues were $39.0 million in the fourth quarter of 2024, a 7% increase compared to $36.4 million in the fourth quarter of 2023. Gross profit and gross margins were $17.0 million and 44%, respectively, in the fourth quarter of 2024, up 18% compared to $14.4 million and 40%, respectively, in the fourth quarter of 2023. Operating expenses, including R&D, S&M, G&A and other expenses, totaled $12.0 million in the fourth quarter of 2024, as compared to $11.6 million in the fourth quarter of 2023. Net income was $3.8 million, or $0.07per diluted share, in the fourth quarter of 2024, as compared to $5.1 million, or $0.09 per diluted share, in the fourth quarter of 2023. The decrease in net income was mainly attributable to higher financial costs associated with reevaluation of long-term contingent liabilities. Adjusted EBITDA, as detailed in the tables below, was $8.8 million in the fourth quarter of 2024, up 38% compared to $6.4 million in the fourth quarter of 2023. Cash provided by operating activities was $10.4 million in the fourth quarter of 2024, as compared to cash provided by operating activities of $6.1 million in the fourth quarter of 2023. Balance Sheet Highlights As of December 31, 2024, the Company had cash and cash equivalents of $78.4 million, as compared to $55.6 million as of December 31, 2023. Recent Corporate Highlights Announced the payment of a special cash dividend of $0.20 (approximately NIS 0.72) per share on the Company's ordinary shares (totaling approximately $11.5 million) based on Kamada's strong financial results for 2024 and solid cash position. The special cash dividend will be payable on April 7, 2025, to shareholders of record at the close of business on March 17, 2025. Obtained positive feedback from the U.S. FDA, confirming the Agency's agreement with the Company's previously proposed relaxed two-sided Type 1 error rate control of 10% (p-value of 0.1) for the inhaled AAT pivotal Phase 3 study, reducing the study sample size from 220 patients to approximately 180 patients, while maintaining the statistical power of the trial. Announced its plan to conduct an interim futility analysis for the inhaled AAT pivotal Phase 3 study by the end of 2025. Announced the award of a contract with an international organization for the supply of KAMRAB® and VARIZIG® in Latin America for 2025-2027. Total expected revenue under the three-year contract for both products is estimated to be approximately $25 million. The expected portion for the calendar year 2025 is included in Kamada's 2025 revenue guidance. Fiscal 2025 Guidance Kamada continues to expect to generate fiscal year 2025 total revenues in the range of $178 million to $182 million, and adjusted EBITDA in the range of $38 million to $42 million, representing a year-over-year increase of approximately 12% in revenues and 17% in adjusted EBITDA based on the mid-point of the 2025 guidance. Conference Call Details Kamada management will host an investment community conference call today at 8:00am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-413-7208 (from within the U.S.), 1-201-689-8555 (International), or 1-809-406-247 Investors (from Israel) using conference I.D. 13751522. The call will be webcast live on the internet at: Non-IFRS financial measures We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company's core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs. For the projected 2025 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company's control. Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company's accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company's adjusted EBITDA for historical periods. About Kamada Kamada Ltd. (the 'Company') is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. The Company's strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB®, CYTOGAM®, GLASSIA®, WINRHO SDF®, VARIZIG® and HEPAGAM B®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom products, and the products in the distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second: the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company's marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third: the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns two operating plasma collection centers in the United States, in Beaumont Texas and Houston Texas, and plans to open the third center in San Antonio, Texas, by the end of the first quarter of 2025. Lastly, the Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need, with the lead product candidate Inhaled AAT, for which the Company is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company's controlling shareholder, beneficially owning approximately 38% of the outstanding ordinary shares. Cautionary Note Regarding Forward-Looking Statements This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding: 1) double digit profitable growth in fiscal year 2025, 2) reiteration of 2025 full-year revenue guidance of $178 million to $182 million and adjusted EBITDA of $38 million to $42 million, 3) expectation to continuing to execute the Company's multi-year value generating strategy based on four key growth pillars, comprising of organic commercial growth, the execution of business development and M&A transactions, the Company's plasma collection operations, and the further advancement of the Company's pivotal Phase 3 Inhaled AAT program, 4) continued investment in the commercialization and life cycle management of the Company's six FDA-approved specialty plasma-derived products, as well as the products in the Company's Distribution segment portfolio, primarily through the continued launch of biosimilar products in Israel, 5) securing new business development, in-licensing, collaboration, and/or merger and acquisitions transactions and the success of such transactions, 6) expectation that new transactions will generate operational and/or commercial synergies with the current commercial portfolio, 7) expanding the Company's plasma collection operations to support revenue growth through the sale of normal source plasma to third parties, and to support the Company's increasing demand for specialty plasma, 8) opening a third plasma collection center in San Antonio, Texas, by the end of March, 2025, 9) continued progress of the InnovAATe clinical trial and conducting an interim futility analysis by the end of 2025, 10) expectation to supply KAMRAB and VARIZIG in Latin America for 2025-2027 and the expected revenue under the three-year contract for both products at approximately $25 million, and 11) the expected payment of a special cash dividend. Forward-looking statements are based on Kamada's current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, continuation of inbound and outbound international delivery routes, continued demand for Kamada's products, financial conditions of the Company's customer, suppliers and services providers, Kamada's ability to leverage new business opportunities and integrate the new product portfolio into its current product portfolio, Kamada's ability to grow the revenues of its new product portfolio, and leverage and expand its international distribution network, ability to reap the benefits of the acquisition of the plasma collection center, including the ability to open additional U.S. plasma centers, and acquisition of the FDA-approved plasma-derived hyperimmune commercial products, the ability to continue enrollment of the pivotal Phase 3 InnovAATe clinical trial, unexpected results of clinical studies, Kamada's ability to manage operating expenses, additional competition in the markets that Kamada competes, regulatory delays, prevailing market conditions and the impact of general economic, industry or political conditions in the U.S., Israel or otherwise, and other risks detailed in Kamada's filings with the U.S. Securities and Exchange Commission (the 'SEC') including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC's website at The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law. Chaime Orlev Brian Ritchie LifeSci Advisors, LLC 212-915-2578 CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of December 31, 2024 2023 U.S. Dollars in thousands Assets Current Assets Cash and cash equivalents $ 78,435 $ 55,641 Trade receivables, net 21,547 19,877 Other accounts receivables 5,546 5,965 Inventories 78,819 88,479 Total Current Assets 184,347 169,962 Non-Current Assets Property, plant and equipment, net 36,245 28,224 Right-of-use assets 9,617 7,761 Intangible assets and other long-term assets 103,226 110,152 Goodwill 30,313 30,313 Contract asset 8,019 8,495 Deferred taxes 488 - Total Non-Current Assets 187,908 184,945 Total Assets $ 372,255 $ 354,907 Liabilities Current Liabilities Current maturities of lease liabilities 1,631 1,384 Current maturities of other long term liabilities 10,181 14,996 Trade payables 27,735 24,804 Other accounts payables 9,671 8,261 Deferred revenues 171 148 Total Current Liabilities 49,389 49,593 Non-Current Liabilities Lease liabilities 9,431 7,438 Contingent consideration 20,646 18,855 Other long-term liabilities 32,816 34,379 Employee benefit liabilities, net 509 621 Total Non-Current Liabilities 63,402 61,293 Shareholder's Equity Ordinary shares 15,028 15,021 Additional paid in capital net 266,933 265,848 Capital reserve due to translation to presentation currency (3,490) (3,490) Capital reserve from hedges 51 140 Capital reserve from share-based payments 6,316 6,427 Capital reserve from employee benefits 364 275 Accumulated deficit (25,738) (40,200) Total Shareholder's Equity 259,464 244,021 Total Liabilities and Shareholder's Equity $ 372,255 $ 354,907 CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the Year Ended December 31, For the Three Months Ended December 31, 2024 2023 2024 2023 U.S. Dollars in thousands, except for per share data U.S. Dollars in thousands, except for per share data Revenues from proprietary products $ 141,447 $ 115,458 $ 31,415 $ 29,021 Revenues from distribution 19,506 27,061 7,590 7,411 Total revenues 160,953 142,519 39,005 36,432 Cost of revenues from proprietary products 73,708 63,342 14,501 15,479 Cost of revenues from distribution 17,278 23,687 7,473 6,541 Total cost of revenues 90,986 87,029 21,974 22,020 Gross profit 69,967 55,490 17,031 14,412 Research and development expenses 15,185 13,933 2,673 3,239 Selling and marketing expenses 18,428 16,193 4,566 4,620 General and administrative expenses 15,702 14,381 4,124 3,778 Other expense 601 919 590 (1) Operating income 20,051 10,064 5,078 2,776 Financial income 2,118 588 684 496 Income (expenses) in respect of currency exchange differences and derivatives instruments, net (94) 55 (349) (671) Revaluation of long-term liabilities (8,081) (980) (2,765) 2,378 Financial expense (660) (1,298) (189) 45 Income before tax on income 13,334 8,429 2,459 5,024 Taxes on income 1,128 (145) 1,349 34 Net Income $ 14,462 $ 8,284 $ 3,808 $ 5,058 Other Comprehensive Income: Amounts that will be or that have been reclassified to profit or loss when specific conditions are met, net of tax Gain (loss) on cash flow hedges (30) (186) 33 148 Net amounts transferred to the statement of profit or loss for cash flow hedges (59) 414 2 90 Items that will not be reclassified to profit or loss in subsequent periods: Remeasurement gain (loss) from defined benefit plan 89 (73) 81 (43) Total comprehensive income $ 14,462 $ 8,439 $ 3,924 $ 5,253 Earnings per share attributable to equity holders of the Company: Basic net earnings per share $ 0.25 $ 0.17 $ 0.07 $ 0.09 Diluted net earnings per share $ 0.25 $ 0.15 $ 0.07 $ 0.09 CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS For the year ended For the Three Months Ended December 31, December 31, 2024 2023 2024 2023 U.S. Dollars in thousands U.S. Dollars in thousands Cash Flows from Operating Activities Net income $ 14,462 $ 8,284 $ 3,808 $ 5,058 Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to the profit or loss items: Depreciation and amortization 13,808 12,714 4,100 3,208 Financial expense, net 6,717 1,635 2,619 (2,248) Cost of share-based payment 874 1,314 174 373 Taxes on income (1,128) 145 (1,349) (34) Loss (gain) from sale of property and equipment 11 (5) - - Change in employee benefit liabilities, net 52 (125) 46 19 20,334 15,678 5,590 1,318 Changes in asset and liability items: Decrease (increase) in trade receivables, net (1,977) 7,835 (5,226) 5,757 Decrease (increase) in other accounts receivables 593 (1,150) (859) (3,866) Decrease (increase) in inventories 9,659 (19,694) (7,261) (14,683) Decrease (increase) in contract asset 476 2,814 140 51 Increase (decrease) in trade payables 1,226 (8,885) 11,973 11,432 Increase in other accounts payables 1,413 765 1,570 1,124 Increase (decrease) in deferred revenues 23 113 130 133 11,413 (18,202) 467 (52) Cash (paid) received during the year for: Interest paid (594) (1,228) (170) (79) Interest received 2,118 - 684 (92) Taxes paid (139) (217) 19 (43) 1,385 (1,445) 533 (214) Net cash provided by operating activities $ 47,594 $ 4,315 $ 10,398 $ 6,110 CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (cont.) For the year ended December 31, For the Three Months Ended December 31, 2024 2023 2024 2023 U.S. Dollars in thousands U.S. Dollars in thousands Cash Flows from Investing Activities Purchase of property and equipment and intangible assets $ (10,740) $ (5,850) $ (2,924) $ (1,974) Proceeds from sale of property and equipment 1 7 - 1 Net cash used in investing activities (10,739) (5,843) (2,924) (1,973) Cash Flows from Financing Activities Proceeds from exercise of share base payments 7 4 4 1 Proceeds from issuance of ordinary shares, net - 58,231 - - Repayment of lease liabilities (1,251) (850) (361) (82) Repayment of long-term loans - (17,407) - - Repayment of other long-term liabilities (12,667) (17,300) (351) (1,500) Net cash provided by (used in) financing activities (13,911) 22,678 (708) (1,581) Exchange differences on balances of cash and cash equivalent (150) 233 (332) 482 Increase in cash and cash equivalents 22,794 21,383 6,434 3,038 Cash and cash equivalents at the beginning of the year 55,641 34,258 72,001 52,603 Cash and cash equivalents at the end of the year $ 78,435 $ 55,641 $ 78,435 $ 55,641 Significant non-cash transactions Right-of-use asset recognized with corresponding lease liability $ 3,304 $ 6,546 $ 141 2,666 Purchase of property and equipment in credit $ 1,955 $ 646 $ 1,955 646 NON-IFRS MEASURES For the year ended December 31, For the Three Months Ended December 31, 2024 2023 2024 2023 U.S. Dollars in thousands U.S. Dollars in thousands Cash Flows from Investing Activities Net Income $ 14,462 $ 8,284 $ 3,808 $ 5,058 Taxes on income (1,128) 145 (1,349) (34) Financial expenses (income), net 6,717 1,635 2,619 (2,248) Depreciation and amortization expense 13,218 12,714 3,510 3,208 Non-cash share-based compensation expenses 867 1,314 167 373 Adjusted EBITDA $ 34,136 $ 24,092 $ 8,755 $ 6,357 5
