Kamada .(US:KMDA)2023-05-24 17:21Financial Data and Key Metrics Changes - Total revenue for Q1 2023 was $30.7 million, a 9% increase from $28.1 million in Q1 2022 [6][18] - EBITDA for Q1 2023 was $3.8 million, representing a 16% increase compared to $3.3 million in Q1 2022 [6][44] - Gross profit for Q1 2023 was $11.8 million, with a margin of 39%, compared to $11.3 million and a margin of 40% in Q1 2022 [41] - Net loss for Q1 2023 was approximately $1.8 million, consistent with the prior-year period [56] Business Line Data and Key Metrics Changes - Strong sales of KEDRAB contributed significantly to revenue growth, with the product gaining market share in the US [12][18] - CYTOGAM, which generated approximately $23 million in sales in 2022, has received FDA approval for manufacturing at Kamada's facility [10] - The company anticipates continued growth from its immune globulin product portfolio and distribution business in Israel [18][30] Market Data and Key Metrics Changes - The US market for KEDRAB is estimated to be over $150 million annually, with Kamada's product being the only human rabies immune globulin clinically studied in children [12] - The market for inhaled alpha-1 antitrypsin therapy is over $1 billion in annual sales in the US and Europe, presenting a substantial opportunity for Kamada [16] Company Strategy and Development Direction - The company aims for annual double-digit revenue and profitability growth in the foreseeable future, supported by a $60 million strategic private placement with FIMI Opportunity Funds [5][8] - Kamada is focused on becoming a fully integrated specialty plasma product company, with plans to expand plasma collection capacity in the US [14][37] - The company is exploring opportunities for in-licensing and acquisitions to accelerate growth [50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's growth trajectory, reiterating full-year 2023 revenue guidance of $138 million to $146 million and EBITDA guidance of $22 million to $26 million [22][30] - The company is optimistic about the impact of recent FDA approvals and ongoing clinical trials on future revenue [10][15] Other Important Information - The company incurred a $0.6 million expense for exit severance compensation due to workforce downsizing at its Israeli plant, expected to reduce overall labor costs by approximately 6% [55] - Cash used in operating activities was $2.9 million in Q1 2023, compared to cash provided by operating activities of $5.5 million in Q1 2022 [57] Q&A Session Summary Question: Were there any surprises during the quarter? - Management indicated that the quarter played out as planned, with no significant surprises [58] Question: What is the growth outlook for the year? - Management expects growth to come from KEDRAB, the new IgG portfolio, and distribution business in Israel, reiterating annual guidance [24] Question: Can you provide more details on FIMI? - FIMI is a private equity firm with a strong track record, having invested significantly in Kamada since 2019 [63]