Financial Data and Key Metrics Changes - Total revenues for 2025 were $180.5 million, representing a 12% year-over-year increase from $161 million in 2024 [5][17] - Adjusted EBITDA was $42 million, up 23% year-over-year from $34.1 million in 2024 [5][19] - Net income for 2025 was $20.2 million or $0.35 per diluted share, a 40% increase compared to $14.5 million or $0.25 per diluted share in 2024 [19] - Cash and cash equivalents at year-end 2025 were $75.5 million, down from $78.4 million in December 2024 [19] Business Line Data and Key Metrics Changes - Sales of KedRAB increased to approximately $54 million in 2025, exceeding the contract minimum commitment [10] - GLASSIA contributed total revenue of $35 million, with growth in both ex-U.S. markets and royalty income from Takeda [10] - Revenues from Cytogam declined due to increased usage of antivirals, with ongoing efforts to demonstrate its advantages through a new clinical study [11][12] Market Data and Key Metrics Changes - The company secured a $10 million-$14 million extension of an existing tender from Canadian Blood Services for various products, ensuring ongoing sales in Canada from Q2 2026 to Q1 2028 [17] - The company anticipates growth in its distribution segment through the launch of additional biosimilars in Israeli markets and expansion into the MENA region [9][14] Company Strategy and Development Direction - The company focuses on expanding its commercial product portfolio, including investment in FDA-approved specialty plasma-derived products and biosimilars [9] - Plans to ramp up plasma collection at new centers in Houston and San Antonio, with expected annual revenues of $8 million-$10 million per center at full capacity [15] - The company is pursuing new business development and M&A opportunities to enhance its product portfolio and generate synergies [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's operational and financial performance, despite geopolitical challenges in the Middle East [4] - The company affirmed its 2026 annual guidance of $200 million-$205 million in revenues and $50 million-$53 million in adjusted EBITDA, representing growth from 2025 results [8] - Management emphasized the importance of Cytogam in organ transplant protection and the potential for increased usage following clinical studies [25] Other Important Information - A dividend of $0.25 per share was declared, totaling approximately $14.4 million, reinforcing confidence in business prospects [6][7] - The company plans to continue investing in growth while maintaining dividend payments [26] Q&A Session Summary Question: CMV market and Cytogam usage - Management noted no changes in CMV management protocols but acknowledged increased access to antivirals affecting Cytogam usage [23][24] Question: M&A opportunities and dividend implications - Management confirmed that the dividend payment does not indicate a change in M&A opportunities, expressing optimism for securing transactions in 2026 [26] Question: Plasma collection growth margin benefits - Management expects growth margin benefits from plasma collection to start impacting gross profit in 2027 and beyond [27] Question: Plasma collection center ramp-up - Current ramp-up is at 30%-40%, with full capacity expected by the end of 2027 [31] Question: Timing for new biosimilars launch - New biosimilars are expected to launch around mid-2026, with sales ramping up based on market demand [32] Question: Dividend payment timing - The entire dividend will be paid in the second quarter [39]

Kamada (NasdaqGS:KMDA) Q4 2025 Earnings call March 11, 2026 08:30 AM ET Speaker5Greetings, and welcome to the Kamada Ltd. fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Brian Ritchie, Managing Dir ...