Full Press Release Details
Kamada Reports Strong Second Quarter and First
Half 2025 Financial Results with 11% Year-Over-Year 6-Month Top Line Growth and a 35% Increase in Profitability; Raises Full-Year Profitability
REHOVOT, Israel, and HOBOKEN, NJ - August
13, 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
and six months ended June 30, 2025.
"Results for the second quarter and first
half of 2025 were strong, and we continue to generate significant profitable growth through the diversity of our commercial product portfolio
and disciplined management of operational expenses," said Amir London, Kamada's Chief Executive Officer. "Total revenues
for the first half of the year were $88.8 million, representing an 11% increase year-over-year, and adjusted EBITDA was $22.5 million,
up 35% year-over-year, representing a 25% margin of revenues. Based on our strong performance in the first half of the year and positive
outlook for the remainder of 2025, we are increasing our annual adjusted EBITDA guidance of between $40 million to $44 million and reiterating
our full-year 2025 revenue guidance of between $178 million to $182 million."
"We continue to invest in our strategic
growth pillars through continuous organic growth, as demonstrated by our financial results, while focusing on securing business development
and M&A opportunities to expand our portfolio of marketed products, thereby supporting continued profitable growth. In addition, we
continue to ramp up plasma collection at our three Texas-based plasma collection centers and were pleased to recently receive U.S. FDA
approval of our state-of-the-art plasma collection center in Houston, TX, which is now cleared to commence commercial sales. As previously
stated, the center has annual collection capacity of approximately 50,000 liters of plasma and an estimated annual revenue contribution
of $8 million to $10 million at its full capacity. Moreover, we continue to advance our ongoing pivotal Phase 3 InnovAATe clinical trial
for our inhaled Alpha-1 Antitrypsin therapy. Enrollment is progressing, and we remain on track to conduct an interim futility analysis
by the end of the year," concluded Mr. London.
Financial Highlights for the Three Months Ended
Financial Highlights for the Six Months Ended
Balance Sheet Highlights
As of June 30, 2025, the Company had cash and
cash equivalents of $66.0 million, as compared to $78.4 million as of December 31, 2024. The decrease in cash balance is associated with
the payment of a special cash dividend in the total amount of $11.5 million.
Recent Corporate Highlights
Fiscal 2025 Guidance
Kamada is increasing its adjusted EBITDA guidance
from a range of $38 million to $42 million to a range of $40 million to $44 million and continues to expect to generate fiscal year 2025
total revenues in the range of $178 million to $182 million, representing double digit top- and bottom-line growth year-over-year.
Conference Call Details
Kamada's management will host an investment community
conference call on Wednesday, August 13 at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other
interested parties may participate in the call by dialing 1-877-413-7208 (from within the U.S.), 1-201-689-8555 (International), or 1-809-406-247
Investors (from Israel) using conference I.D. 13754604. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1726126&tp_key=61b4d50ef5
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 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) increasing its adjusted EBITDA guidance to a range of $40 million to $44 million and reiteration of 2025 full-year
guidance of $178 million to $182 million, 2) double digit growth in fiscal year 2025, 3) continued investment in the Company's four strategic
growth pillars, consisting of organic commercial growth, business development and M&A transactions, plasma collection operations,
and advancement of the pivotal Phase 3 Inhaled AAT program, 4) continued progress of the InnovAATe clinical trial and conducting an interim
futility analysis by the end of 2025, 5) continued focus on securing commercial-stage business development and M&A opportunities to
expand the portfolio of marketed products to support continued long-term profitable growth, 6) plasma collection center in Houston, TX,
supporting 50 donor beds, with planned capacity of approximately 50,000 liters per year and is anticipated to be one of the largest sites
for specialty plasma collection in the U.S., and 7) expected annual revenues contribution from sales of normal source plasma collected
in the Houston collection centers at $8 million to $10 million at full capacity. 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. 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,