Kamada .(KMDA) - 2022 Q1 - Quarterly Report

Financial Performance - Total revenues for fiscal year 2021 were $103.6 million, with fourth quarter revenues of $31.5 million[5]. - Fiscal year 2022 revenue guidance is between $125 million to $135 million, representing a 20% to 30% increase compared to 2021[6]. - Total revenues for the year ended December 31, 2021, were $103.642 million, down from $133.246 million in 2020, reflecting a decrease of approximately 22.3%[19]. - Gross profit for the year ended December 31, 2021, was $30.328 million, compared to $47.552 million in 2020, a decline of about 36.3%[19]. - Net loss for the year ended December 31, 2021, was $2.230 million, compared to a net income of $17.140 million in 2020[19]. - Adjusted EBITDA for the year ended December 31, 2021, excluding referenced costs, was $7.214 million[21]. Cash and Investments - As of December 31, 2021, the company had cash and short-term investments of $18.6 million, down from $109.3 million in 2020[9]. - Cash and cash equivalents as of December 31, 2021, were $18.587 million, down from $70.197 million in 2020[18]. - Cash flows from investing activities showed a net cash outflow of $61,050,000 for the year ended December 31, 2021, compared to an outflow of $13,127,000 in 2020[24]. - The company received $20,000,000 from a long-term loan during the year ended December 31, 2021[24]. - The increase in cash and cash equivalents for the year ended December 31, 2021, was $18,857,000, compared to an increase of $27,535,000 in 2020[24]. Operational Developments - The integration of the newly acquired portfolio of four FDA-approved commercial products is progressing as planned, with expanded sales in international markets[5]. - The company plans to open new plasma collection centers in the U.S. to enhance operations[5]. - Two new biosimilar product candidates have been added in Israel, increasing the expected peak annual sales of the biosimilar portfolio to over $40 million[5]. - The pivotal Phase 3 InnovAATe trial for inhaled AAT is progressing with the opening of new clinical sites[5]. Profitability and Margins - Expected EBITDA margins for 2022 are between 12% to 15%, which would be more than 2.5 times the 2021 EBITDA[4]. - Expected EBITDA for 2022 is estimated to be 12% to 15% of total revenues[16]. - GLASSIA royalty payments from Takeda are expected to commence in Q2 2022, improving profitability and cash position[4]. Assets and Liabilities - Total assets increased to $318.667 million as of December 31, 2021, from $210.665 million in 2020[18]. - Total liabilities increased to $141.843 million as of December 31, 2021, compared to $32.027 million in 2020[18].