Full Press Release Details
Kamada Reports Strong First Quarter 2025 Financial
Results with Year Over Year Top Line Growth
of 17% and a 54% Increase in Profitability
REHOVOT, Israel, and HOBOKEN, NJ - May
14, 2025 -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), 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
ended March 31, 2025.
"Results for the first quarter of 2025 were
in line with our expectations and consistent with the strong operational and commercial performance we generated over the course of the
previous year," said Amir London, Kamada's Chief Executive Officer. "Total revenues for the first quarter were $44.0
million, representing an increase of approximately 17% year-over-year, and adjusted EBITDA was $11.6 million, an increase of approximately
54% year-over-year. We continue to generate profitable growth through the diversity of our portfolio and disciplined management of operational
expenses. We are reiterating our 2025 annual guidance of $178 million to $182 million in revenues, and $38 million to $42 million of adjusted
"We continue to invest in our four strategic
growth pillars, consisting of organic commercial growth, business development and M&A transactions, our plasma collection operations,
and advancement of our pivotal Phase 3 Inhaled AAT program. We were pleased to announce last week the initiation of a comprehensive post-marketing
research program for CYTOGAM , which we believe will further demonstrate the various benefits of the product in the prevention and
management of cytomegalovirus (CMV) disease in solid organ transplantation. We believe that the data generated by this program will support
additional product utilization in the coming years," added Mr. London.
"Based on our ongoing business development
initiatives, we expect to secure compelling opportunities to enrich our portfolio of marketed products, complement our existing commercial
operations and support our continued profitable growth. During the quarter, we also expanded our plasma collection operations with the
opening of our third center located in San Antonio, TX. Once at full collection capacity, we anticipate that each of our Houston and San-Antonio
collection centers will contribute annual revenues of $8 million to $10 million through sales of normal source plasma. Lastly, we continue
to advance our ongoing pivotal Phase 3 InnovAATe clinical trial for our inhaled Alpha-1 Antitrypsin therapy. Enrollment is progressing,
and we are on track to conduct an interim futility analysis by the end of 2025," concluded Mr. London.
Financial Highlights for the Three Months Ended
Balance Sheet Highlights
As of March 31, 2025, the Company had cash and
cash equivalents of $76.3 million, as compared to $78.4 million as of December 31, 2024.
Recent Corporate Highlights
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
Conference Call Details
management will host an investment community conference call on Wednesday, May 14 at 8:30am Eastern Time to discuss these results and
answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-407-0792 (from within the U.S.),
1-809-406-247 (from Israel), or 1-201-689-8263 (International) using conference I.D. 1375314. The call will be webcast live on the internet
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.
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 three operating plasma collection centers in the United States, in Beaumont Texas, Houston, Texas, and San
Antonio, Texas. 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 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 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 continue investing in the Company's four strategic growth pillars,
consisting of organic commercial growth, business development and M&A transactions, our plasma collection operations, and advancement
of our pivotal Phase 3 Inhaled AAT program, 4) the ability of the post-marketing research program for CYTOGAM to generate key data in
support of the benefits of CYTOGAM in the prevention and management of CMV in solid organ transplantation, 5) increased utilization of
CYTOGAM as a result of positive results from the program or otherwise, 6) expectation to secure compelling opportunities to enrich our
portfolio of marketed products, complement our existing commercial operations and support our continued profitable growth, 7) new plasma
collection center in San Antonio is planned to support close to 50 donor beds and has planned annual collection capacity of approximately
50,000 liters, 8) expected annual revenues contribution from sales of normal source plasma collected in each of the Houston and the San-Antonio
collection centers at $8 million to $10 million at full capacity, 9) continued progress of the InnovAATe clinical trial and conducting
an interim futility analysis by the end of 2025, 10) estimation that total revenue under the three-year contract for sales of KAMRAB and
VARIZIG in Latin America for 2025-2027 be approximately $25 million; and 11) strong financial position to accelerate growth through M&A
and/or in-licensing opportunities. Forward-looking statements are based on Kamada's current knowledge and its present beliefs and