Kamada (KMDA) FY Conference Summary Company Overview - Kamada is a publicly traded biopharmaceutical company with a commercial stage and six FDA approved products [2][3] - The company has experienced significant growth, with a revenue guidance of $178 million to $182 million for the year, and an EBITDA guidance of $40 million to $44 million [3][10] Financial Performance - Revenue has shown double-digit growth since 2021, starting from approximately $100 million to a projected $180 million this year [10] - EBITDA has increased from $6 million to over $40 million, with a growth rate from 6%-7% to around 24%-25% [10] - The company reported an 11% growth in revenue, 58% growth in earnings per share, and 35% growth in adjusted EBITDA compared to the previous year [11] Growth Strategy - Kamada's growth strategy is based on four pillars: organic growth, M&A, in-licensing of additional products, and opening plasma collection centers [4][12] - The company has opened two plasma collection centers in Houston and San Antonio, with a capacity of around 50,000 donations annually, expected to generate $8 million to $10 million in additional revenue [14][15] - The company is optimistic about potential M&A opportunities that could positively impact profitability by 2026 [13] Product Portfolio - Kamada focuses on specialty plasma-derived products, including alpha-one antitrypsin and five specialty immunoglobulins [5][6] - Key products include: - **Kedra**: An anti-rabies immunoglobulin product, with a market share of approximately 50% and a partnership with Kedrion [16][18] - **CytoGam**: An anti-CMV immunoglobulin used in organ transplantation, with ongoing data collection to support its use [19][39] Market Dynamics - The market for alpha-one deficiency is estimated at $1.3 billion to $1.4 billion, with potential growth to $1.8 billion to $2 billion by 2029 [29][31] - The company is developing a nebulized AAT product to improve treatment efficiency, with a Phase III pivotal study currently underway [27][28] Competitive Landscape - Kamada has carved out a niche in the specialty plasma space, as larger companies have exited due to the market size being too small for them [44][45] - The company does not foresee new plasma companies entering the market due to high entry barriers and complex supply chains [49] - Competition exists from non-plasma products, such as recombinant AAT and gene therapy treatments [50] Future Outlook - Kamada plans to continue expanding its product offerings and market presence, with a focus on partnerships for commercial capabilities in the alpha-one space [41][42] - The company aims to maintain its position as a leading global specialty plasma company, leveraging its unique expertise and capabilities [51]

Kamada (KMDA) Q2 2025 Earnings Call August 13, 2025 08:30 AM ET Speaker0Greetings and welcome to the Kamada Limited Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Ritchie, Managing Director of LifeSci Advisors.Thank you. You may begin.Speaker1Thank you. This is Bria ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $44 million, representing a 17% increase year over year from $37.7 million in Q1 2024 [4][11] - Adjusted EBITDA for Q1 2025 was $11.6 million, a 54% increase from $7.5 million in Q1 2024 [4][13] - Net income for Q1 2025 was $4 million, or $0.07 per share, up 67% from $2.4 million, or $0.04 per share, in Q1 2024 [13] Business Line Data and Key Metrics Changes - Growth was primarily driven by increased sales of Glacia and Kamrab in ex-U.S. markets, as well as Varezig sales and Glacier royalties income [5][11] - Gross profit for Q1 2025 was $20.7 million with a gross margin of 47%, compared to $16.7 million and 44% in Q1 2024 [12] Market Data and Key Metrics Changes - The company expects to launch two additional biosimilars later in 2025, following the successful launch of its first biosimilar in Israel, which is projected to generate approximately $2 million in revenue this year [8] - The plasma collection operation expanded with a new center in San Antonio, Texas, expected to contribute annual revenues of $8 million to $10 million once at full capacity [9][10] Company Strategy and Development Direction - The company is focused on a four-pillar growth strategy: organic commercial growth, business development and M&A, plasma collection operations, and advancing the Phase III inhaled Alpha-one program [6][39] - A comprehensive post-marketing research program for Cytogam was initiated, consisting of 10 studies aimed at enhancing CMV disease management [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued profitable growth throughout 2025, reiterating annual revenue guidance of $178 million to $182 million and adjusted EBITDA guidance of $38 million to $42 million [5][6] - The company is monitoring the impact of tariffs and NIH spending cuts but does not anticipate a direct impact on its business at this time [21][31] Other Important Information - The company is currently at around 55% enrollment for the INNO2VATE clinical trial and expects to conduct an interim futility analysis by the end of 2025 [26][10] - The tax rate reported for the quarter was 40%, compared to 3% a year ago, but this was attributed to changes in fair tax liability with no cash effect [33][34] Q&A Session Summary Question: Growth contributors for Cytogam - Management clarified that while Cytogam is a growth contributor, the significant growth came from other products in the portfolio [15][17] Question: Impact of tariffs on global business - The CFO indicated that there should be no direct impact on sales from tariffs, but the situation will be monitored [21][24] Question: Timing of Cytogam post-marketing study completion - The CEO mentioned that the comprehensive program spans approximately four years, with some results expected as early as late 2025 [30] Question: Impact of NIH spending cuts - Management does not expect NIH spending cuts to impact the business due to the unique nature of its products [31] Question: Future tax rates - The CFO noted that tax rates may fluctuate through 2025 but expect to have a clearer effective tax rate by the end of the year [34]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $44 million, representing a 17% increase year over year from $37.7 million in Q1 2024 [4][11] - Adjusted EBITDA for Q1 2025 was $11.6 million, up approximately 54% from $7.5 million in Q1 2024 [4][13] - Net income increased to $4 million or $0.07 per share, a 67% rise from $2.4 million or $0.04 per share in Q1 2024 [13] Business Line Data and Key Metrics Changes - Growth was primarily driven by increased sales of Glacia and Kamrab in ex-U.S. markets, as well as Varezig sales and Glacier royalties income [5][11] - Gross profit for Q1 2025 was $20.7 million with a gross margin of 47%, compared to $16.7 million and 44% in Q1 2024 [12] Market Data and Key Metrics Changes - The company expanded its plasma collection operation with a new center in San Antonio, Texas, which is expected to contribute annual revenues of $8 million to $10 million [9][10] - The company is active in over 35 countries, enhancing its global market presence [19] Company Strategy and Development Direction - The company is focused on a four-pillar growth strategy: organic commercial growth, business development and M&A, plasma collection operations, and advancing the Phase III inhaled Alpha-one program [6][40] - The company plans to launch two additional biosimilars later this year, with expectations of generating $15 million to $20 million in annual sales from this portfolio within the next five years [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued profitable growth throughout 2025, reiterating annual revenue guidance of $178 million to $182 million and adjusted EBITDA of $38 million to $42 million [5][6] - Management noted that the initiation of a comprehensive post-marketing research program for Cytogam aims to demonstrate its advantages in CMV disease management [7][8] Other Important Information - The company is currently at around 55% enrollment for the pivotal Phase III INNO2VATE clinical trial for inhaled alpha-one antitrypsin therapy [26] - The company maintains a strong cash position to fund new business development initiatives [13] Q&A Session Summary Question: Growth contributors for Cytogam - Management clarified that while Cytogam is a growth contributor, the significant growth this quarter came from other products, emphasizing the strength and diversity of their portfolio [16][18] Question: Impact of tariffs on global business - Management indicated that there should be no direct impact on sales from current tariff discussions, but they will continue to monitor the situation [22][24] Question: Timing of Cytogam post-marketing study completion - Management stated that the comprehensive program consists of multiple studies with varying timelines, some results expected as early as late 2025 and others extending to 2028 [30] Question: Impact of NIH spending cutbacks - Management does not anticipate any impact on the business from NIH spending cutbacks due to the unique nature of their products [31][32] Question: Tax rate changes - Management explained that the increase in tax rate is due to changes in fair tax liability, with no cash effect, and they expect to start paying taxes by the end of 2025 or early 2026 [33][34]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $44 million, representing a 17% increase year over year from $37.7 million in Q1 2024 [4][11] - Adjusted EBITDA for Q1 2025 was $11.6 million, a 54% increase compared to $7.5 million in Q1 2024 [4][13] - Net income for Q1 2025 was $4 million, or $0.07 per share, up 67% from $2.4 million, or $0.04 per share, in Q1 2024 [13] Business Line Data and Key Metrics Changes - Growth was primarily driven by increased sales of Glacia and Kamrab in ex-U.S. markets, as well as Varezig sales and Glacier royalties income [5][11] - Gross profit for Q1 2025 was $20.7 million with a gross margin of 47%, compared to $16.7 million and 44% in Q1 2024 [12] Market Data and Key Metrics Changes - The company expects to launch two additional biosimilars later in 2025, following the first biosimilar product launch in Israel, which is projected to generate approximately $2 million in revenue this year [8] - The plasma collection operation expanded with a new center in San Antonio, Texas, expected to contribute annual revenues of $8 million to $10 million [9][10] Company Strategy and Development Direction - The company is focused on a four-pillar growth strategy: organic commercial growth, business development and M&A, plasma collection operations, and advancement of the inhaled Alpha-one program [6][39] - A comprehensive post-marketing research program for Cytogam was initiated, consisting of 10 studies aimed at advancing CMV disease management [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued profitable growth throughout 2025, reiterating annual revenue guidance of $178 million to $182 million and adjusted EBITDA guidance of $38 million to $42 million [5][6] - The company is monitoring the impact of tariffs and NIH spending cuts but does not anticipate a direct impact on its business [21][31] Other Important Information - The company is currently at around 55% enrollment for the pivotal Phase III INNO2VATE clinical trial for inhaled alpha-one antitrypsin therapy [26] - The tax rate reported for the quarter was 40%, compared to 3% a year ago, with expectations of fluctuations in tax expenses through 2025 [33][34] Q&A Session Summary Question: Growth contributors and Cytogam investment - Management clarified that Cytogam did not significantly contribute to growth this quarter, with the increase coming from other products [15][18] Question: Updates on CMV guidelines - Management indicated that new clinical data from ongoing studies could lead to updates in CMV management guidelines [19][20] Question: Impact of tariffs on global business - Management stated that there should be no direct impact on sales from tariffs, but they will continue to monitor the situation [21][24] Question: Timing of Cytogam post-marketing study completion - The comprehensive program is expected to span around four years, with some results available as early as late 2025 [30] Question: Impact of NIH spending cuts - Management does not anticipate any impact from NIH spending cuts on the business [31] Question: Tax rate changes - The tax rate change was due to shifts between deferred tax assets and liabilities, with expectations of a clearer effective tax rate by the end of 2025 [33][34] Question: Annual guidance implications from strong Q1 - Management will monitor progress in Q2 and may update guidance if strong performance continues [37]