Kamada .(US:KMDA)2022-05-17 15:06Financial Data and Key Metrics Changes - Total revenues for Q1 2022 were $28.1 million, representing a 13% increase compared to Q1 2021 [12][25] - Gross profit reached $11.3 million, with gross margins improving to 40% from 36% in the prior year [12][28] - The company generated $5.5 million of operating cash flow, increasing its cash position to $22 million [7][36] - The net loss for the quarter was $1.8 million, or $0.04 per share on a fully diluted basis [35] Business Line Data and Key Metrics Changes - The newly acquired IgG product portfolio contributed significantly to revenue, with gross margins exceeding 50% [12][28] - KEDRAB sales have shown significant growth compared to pre-pandemic levels, indicating a recovery in the market [17][43] - GLASSIA royalty income for March was $1.4 million, aligning with expectations [19][26] Market Data and Key Metrics Changes - KEDRAB is positioned to capture a growing share of the $150 million U.S. market for anti-rabies immunoglobulins [17][45] - The company plans to launch a portfolio of 11 biosimilar products in Israel, with anticipated peak sales exceeding $40 million [23] Company Strategy and Development Direction - Kamada aims to become a fully integrated global leader in the plasma-derived specialty markets [6] - The company is expanding its U.S. plasma collection capabilities and plans to open additional centers to enhance supply [14][15] - The Inhaled AAT clinical program is being expanded to new European sites, with significant market potential exceeding $1 billion [20][22] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year revenue guidance of $125 million to $135 million, despite anticipated challenges in Q2 due to a labor strike [13][37] - The company remains optimistic about double-digit revenue growth in the coming years, supported by multiple revenue-generating sources [38] Other Important Information - The company plans to hold a virtual Investors and Analysts Day on June 7 to discuss recent business transformations [39] Q&A Session Summary Question: Are you seeing a recovery in the sales of KEDRAB and KEMRAB? - Management confirmed significant growth in KEDRAB sales compared to Q1 2021 and pre-pandemic levels, with expectations for continued market share growth [43][45] Question: Why expand the number of clinical trial sites for Inhaled AAT now? - The expansion is a response to improved conditions post-COVID, allowing for the recruitment of patients at new sites [48] Question: Is sales and marketing focused on transplantation centers in the U.S.? - The focus is primarily on transplantation centers, but also includes other medical institutions and international markets [49][51] Question: Is the transfer of manufacturing for CYTOGAM dependent on regulatory approval? - Yes, the transfer is contingent upon receiving regulatory approval in Israel, expected in 2023 [52]