Kamada .(US:KMDA)2024-08-14 11:00Financial Performance - Total revenues for the six months ended June 30, 2024, increased to $80.2 million, up 17.5% from $68.2 million in the same period of 2023[7] - Revenues from proprietary products reached $72.9 million, a 32.5% increase compared to $55.0 million in the prior year[7] - Gross profit for the six months ended June 30, 2024, was $35.7 million, representing a gross margin of 44.5%[7] - Operating income for the six months ended June 30, 2024, was $9.7 million, compared to $2.9 million in the same period of 2023[7] - Net income for the six months ended June 30, 2024, was $6.8 million, significantly higher than $3,000 in the prior year[7] - The company reported a basic net earnings per share of $0.12 for the six months ended June 30, 2024, compared to $0.00 in the prior year[7] - The net income for the six months ending June 30, 2024, was $6,791,000, compared to a net income of $3,000 for the same period in 2023[9] - The company reported a total comprehensive income of $4,403,000 for the quarter ending June 30, 2024, compared to $1,729,000 for the same quarter in 2023[9] - Net income for the six months ended June 30, 2024, was $6.791 million, compared to $4.426 million for the same period in 2023, representing a 53.4% increase[15] - The Company reported an income before taxes of $4,489 thousand for the three months ended June 30, 2024, compared to $1,905 thousand for the same period in 2023, representing a significant increase of approximately 135.5%[33][34] Cash and Assets - Cash and cash equivalents as of June 30, 2024, were $56.5 million, up from $21.8 million as of December 31, 2023[4] - Total current assets increased to $166.4 million from $129.7 million at the end of 2023[4] - Cash provided by operating activities for the six months ended June 30, 2024, was $14.983 million, a significant recovery from a cash outflow of $1.016 million in the same period last year[15] - Total cash and cash equivalents at the end of the period were $56.547 million, compared to $21.788 million at the end of the previous year[18] Liabilities and Equity - Total liabilities decreased to $99.9 million as of June 30, 2024, from $137.6 million at the end of 2023[4] - As of June 30, 2024, total equity for Kamada Ltd. was $251,152,000, reflecting an increase from $244,021,000 as of January 1, 2024[8] - The accumulated deficit decreased to $(33,409,000) as of June 30, 2024, from $(40,200,000) as of January 1, 2024[8] - The company reported a contingent consideration liability of $19,928 thousand as of June 30, 2024, indicating potential future obligations[40] Expenses - Research and development expenses for the six months ended June 30, 2024, were $9.1 million, compared to $7.5 million in the same period of 2023[7] - The company reported a depreciation and impairment expense of $6.466 million for the six months ended June 30, 2024, slightly up from $6.327 million in the prior year[15] - The Company reported unallocated corporate expenses of $26,023 thousand for the six months ended June 30, 2024, compared to $23,355 thousand for the same period in 2023[32] Product and Market Development - The company has a portfolio of six FDA-approved plasma-derived biopharmaceutical products and is advancing an innovative development pipeline targeting significant unmet medical needs[20] - Kamada Ltd. acquired CYTOGAM, WINRHO SDF, VARIZIG, and HEPGAM B from Saol Therapeutics in November 2021, enhancing its commercial capabilities in the U.S. market[21] - The company is progressing the InnovAATe clinical trial for its leading investigational product, an inhaled AAT for the treatment of AAT deficiency[20] - The company distributes its products in over 30 countries, leveraging its expertise in the Israeli market for additional pharmaceutical products[20] - The Company has two operating segments: Proprietary Products and Distribution, focusing on the development and distribution of plasma-derived protein therapeutics[32] Strategic Partnerships and Shareholder Information - The Company has a strategic partnership with Takeda Pharmaceuticals, receiving royalties of 12% on net sales of GLASSIA until August 2025, with a minimum annual payment of $5 million until 2040[22] - FIMI Opportunity Funds owns approximately 38% of the Company's outstanding ordinary shares, making it a controlling shareholder[23] Share-Based Payments - The cost of share-based payments for the six months ending June 30, 2024, was $482,000[8] - The Company granted options to purchase 27,468 ordinary shares, with a fair value of $48 thousand for Israeli options and $18 thousand for U.S. options[29] - The fair value of options granted on July 21, 2024, was estimated at $25 thousand under the Israeli Share Option Plan and $15 thousand under the US Appendix[41] - The company exercised and forfeited share-based payments into shares amounting to $2,000 for the six months ending June 30, 2024[9] Geographic Revenue Breakdown - The Company generated revenues of $68,153 thousand for the six months ended June 30, 2023, compared to $80,208 thousand for the same period in 2024, reflecting a growth of approximately 17.6%[31][32] - Total revenue for the three months ended June 30, 2023, was $30,940 thousand, with the U.S. market contributing $17,690 thousand[39] - For the year ended December 31, 2023, total revenue reached $115,458 thousand, with the U.S. market again leading at $73,741 thousand[39] - The company generated $8,615 thousand in revenue from Latin America for the three months ended June 30, 2023[39] - Revenue from Israel for the same period was $1,107 thousand, contributing to a total of $7,610 thousand from the region[39] - The Asia market generated $930 thousand in revenue for the three months ended June 30, 2023[39] - The total revenue from Canada for the three months ended June 30, 2023, was $2,336 thousand[39] - The company’s total revenue for the year ended December 31, 2023, was $142,519 thousand, with significant contributions from multiple geographical markets[39] Accounting Standards - The Company is examining the effects of new accounting standards, including IFRS 18, which will be effective from January 1, 2027, with no plans for early adoption[28]