Kamada .(US:KMDA)2021-08-11 18:50Financial Data and Key Metrics Changes - In Q2 2021, total revenues were $24.2 million, down from $33.1 million in Q2 2020, reflecting a decrease due to the transition of Glassia sales to Takeda [15] - For the first half of 2021, total revenues were $49.1 million compared to $66.4 million in the same period of 2020, primarily due to reduced sales of Glassia [15] - Gross profit for Q2 2021 was $9.1 million, down from $11.1 million in Q2 2020, while gross margin improved to 37% from 34% year-over-year [16] - Net income for Q2 2021 was approximately $900,000 or $0.02 per share, compared to $3.5 million or $0.10 per share in Q2 2020 [18] Business Line Data and Key Metrics Changes - Sales of Glassia to Takeda amounted to approximately $17 million in the first half of 2021, with an expected total of $25 million for the full year [15][16] - The company anticipates a shift in product sales mix in the second half of 2021, with higher sales in distribution products that have lower gross margins [17] Market Data and Key Metrics Changes - The FDA approved a label update for KEDRAB, which is expected to increase market share and revenues in the US, where the HRIG market is estimated at $150 million annually [8] - The company completed the supply of a plasma-derived immunoglobulin product to the Israeli Ministry of Health, generating approximately $3.4 million in revenues [10] Company Strategy and Development Direction - The company aims to evolve into a vertically integrated specialty plasma-derived company, focusing on product development and acquisition [12] - Plans to expand plasma collection capacity in the US are underway, leveraging an FDA license to open additional centers [10][12] - The company is engaged in discussions for strategic business development opportunities that could significantly impact its operations [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's strength and the potential for long-term growth opportunities [13] - The ongoing COVID-19 pandemic continues to impact sales, but management anticipates meaningful growth in KEDRAB sales in the coming years [8] Other Important Information - The company had a cash position of approximately $105 million as of June 30, 2021, down from $109 million at the end of 2020, primarily due to working capital timing differences [18][19] Q&A Session Summary Question: Timing for Bonsity and Hyperimmune globulin contract manufacturing - Management confirmed that the biosimilar product is on track for launch in early 2022, with tech transfer proceeding as planned [22] Question: Updates on InnovAATe trial and plasma centers - The InnovAATe study is ongoing, with plans to expand and open additional sites, while the company is focused on high premium plasma collection [25][26]