Kamada Reports Strong First Quarter 2025 Financial Results with Year Over Year Top Line Growth of 17% and a 54% Increase in Profitability

Core Insights - Kamada Ltd. reported total revenues of $44.0 million for Q1 2025, marking a 17% increase year-over-year, driven by strong sales of GLASSIA® and KAMRAB® in international markets [2][6] - Adjusted EBITDA for the same period was $11.6 million, reflecting a 54% year-over-year increase, indicating effective management of operational expenses alongside revenue growth [2][6] - The company reiterated its full-year 2025 revenue guidance of $178 million to $182 million and adjusted EBITDA guidance of $38 million to $42 million, projecting continued profitable growth [2][9] Financial Performance - Revenues for Q1 2025 were $44.0 million, up from $37.7 million in Q1 2024, primarily due to increased sales in international markets [6] - Gross profit was $20.7 million with a gross margin of 47%, compared to $16.8 million and 44% in Q1 2024, attributed to a favorable product sales mix [6] - Operating expenses totaled $13.0 million, a slight increase from $12.7 million in Q1 2024, demonstrating the company's ability to manage costs effectively [6] Strategic Initiatives - The company is focusing on four strategic growth pillars: organic commercial growth, business development and M&A, plasma collection operations, and advancing the Phase 3 Inhaled AAT program [2][12] - Kamada opened a new plasma collection center in San Antonio, Texas, expected to generate annual revenues of $8 million to $10 million at full capacity [3][12] - A comprehensive post-marketing research program for CYTOGAM® has been initiated to support its use in managing cytomegalovirus (CMV) disease in organ transplantation [2][12] Balance Sheet Highlights - As of March 31, 2025, the company had cash and cash equivalents of $76.3 million, a slight decrease from $78.4 million at the end of 2024 [7] - Total assets increased to $375.1 million from $343.2 million at the end of 2024, reflecting growth in both current and non-current assets [17] - Current liabilities rose to $57.0 million from $37.2 million at the end of 2024, indicating increased operational activity [18] Market Outlook - The company anticipates a year-over-year revenue increase of approximately 12% and a 17% increase in adjusted EBITDA based on the midpoint of its 2025 guidance [9] - A three-year contract for the supply of KAMRAB and VARIZIG in Latin America is expected to generate approximately $25 million in total revenue, with a portion included in the 2025 revenue guidance [12]