Kamada .(US:KMDA)2024-11-13 12:24Financial Performance - Total revenues for the nine months ended September 30, 2024, reached $121.948 million, a 14.0% increase from $106.087 million in the same period of 2023[9] - Gross profit for the nine months ended September 30, 2024, was $52.936 million, compared to $41.078 million for the same period in 2023, reflecting a 28.9% increase[9] - Net income for the nine months ended September 30, 2024, was $10.654 million, significantly up from $3.226 million in the same period of 2023, marking a 230.5% increase[9] - For the nine months ended September 30, 2024, the Company reported total revenues of $121.948 million, a 15% increase from $106.087 million in the same period of 2023[70][72] - U.S. revenue for the nine months ended September 30, 2024, was $84,779 thousand, up from $55,220 thousand in 2023, indicating a significant increase of about 53%[77] - The company reported a total income of $8,429 thousand for the nine months ended September 30, 2024, compared to a loss of $45,426 thousand in the previous period[77] Expenses and Liabilities - Research and development expenses for the nine months ended September 30, 2024, totaled $12.512 million, up from $10.694 million in the same period of 2023, indicating a 16.9% increase[9] - The Company incurred unallocated corporate expenses of $37.963 million for the nine months ended September 30, 2024, compared to $33.790 million in the prior year[70][72] - Total expenses for the nine months ended September 30, 2024, were $45,426 thousand, compared to $1,635 thousand in the previous period, indicating a significant increase in operational costs[77] - Total liabilities as of September 30, 2024, were $95.940 million, compared to $98.666 million as of September 30, 2023, showing a decrease of 2.8%[6] Assets and Equity - Total current assets as of September 30, 2024, were $164.409 million, compared to $153.153 million as of September 30, 2023, representing a 7.3% increase[6] - Total assets as of September 30, 2024, amounted to $351.209 million, up from $337.056 million as of September 30, 2023, reflecting a 4.0% increase[6] - The balance as of September 30, 2024, was $15,024, with total equity of $255,269[24] - The balance as of September 30, 2023, was $15,020, with total equity amounting to $238,390[20] Cash Flow - Cash provided by operating activities for the nine months ended September 30, 2024, was $37,196,000, a substantial recovery from a cash outflow of $95,000 in the same period last year[36] - The company’s cash and cash equivalents increased to $72.001 million as of September 30, 2024, from $52.603 million as of September 30, 2023, a rise of 36.8%[6] - Cash and cash equivalents at the end of the period increased to $72,001,000 from $52,603,000 at the end of the same period in 2023[40] Product Development and Market Presence - The company plans to continue investing in research and development to enhance its proprietary products and expand its market presence[9] - 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[43] - Kamada Ltd. acquired CYTOGAM, WINRHO SDF, VARIZIG, and HEPGAM B from Saol Therapeutics in November 2021 to enhance its commercial capabilities in the U.S. market[44] - The company markets GLASSIA in the U.S. through a partnership with Takeda, which includes a royalty agreement of 12% on net sales until August 2025[45] - Kamada Ltd. is progressing the InnovAATe clinical trial for its leading investigational product, an inhaled AAT for the treatment of AAT deficiency[43] Shareholder Information - The company issued ordinary shares net of issuance costs totaling $58,231 during the period[20] - The cost of share-based payments for the period was $950[20] - The Company granted a total of 27,468 options to purchase ordinary shares under the 2011 Plan and the US Appendix, with a fair value of approximately $66 thousand[61][62][63] - The exercise price for options granted under the Israeli Share Option Plan was NIS 23.91 (USD 6.67) and NIS 22.01 (USD 6.06) for different tranches[62][64] Accounting and Compliance - 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[54][58] - The Company’s income before taxes on income for the nine months ended September 30, 2024, was $3.405 million, compared to $3.296 million for the same period in 2023[70][72] Segment Performance - The Company operates two segments: Proprietary Products, which generated $110.032 million in revenues, and Distribution, which generated $11.916 million for the nine months ended September 30, 2024[71][72]