Kamada Ltd.'s Q4 2024: Unpacking Contradictions in Plasma Strategy, EBITDA Growth, and AAT Trial Timing

These are the key contradictions discussed in Kamada Ltd.'s latest 2024Q4 earnings call, specifically including: Plasma Collection Business Strategy and EBITDA Expansion Drivers, Inhaled AAT Trial Update and Timeline, and Plasma Collection Strategy:



Record Financial Performance:
- Kamada Ltd. reported record total revenue of $161 million for the full year 2024, representing a 13% increase over 2023 revenues.
- The growth was driven by increased sales of KEDRAB and CYTOGAM, particularly in the U.S. market, and an improvement in the overall sales mix.

Increased Adjusted EBITDA:
- Kamada achieved a record adjusted EBITDA of $34.1 million for 2024, up 42% year-over-year.
- This was attributed to improvements in sales mix and increased profitability from KEDRAB and CYTOGAM sales.

Plasma Collection Expansion:
- Kamada opened its second plasma collection center in Houston, Texas, expected to contribute annual revenues of $8 million to $10 million when at full capacity.
- The expansion is part of a strategy to enhance specialty plasma collection and reduce reliance on external suppliers, improving operational efficiency.

Dividend Declaration:
- Kamada's Board of Directors declared a special cash dividend of $0.20 per share, to be payable in April.
- The decision was based on the company's strong financial performance and cash position, demonstrating confidence in its business prospects.

Inhaled AAT Product Trial Update:
- The U.S. FDA reduced the study sample size for Kamada's inhaled AAT product trial from 220 to approximately 180 patients, maintaining statistical power.
- A futility analysis is planned by the end of 2025, aiming to assess the potential success of the trial and inform future decisions.