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Did Kamada beat or miss consensus estimates last quarter?

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- **Strategic Plasma Collection**: 2025 Texas expansion supporting 2025.

**【CEO Opening Remarks】**
- **Revenue and Profit Growth**: Q3 2025 total revenue of $47 million, up 13% YoY. Full-year 2025 guidance reaffirmed at $178-182 million revenue and $40-44 million adjusted EBITDA.
- **4-Pillar Strategy Progress**: Plasma collection centers in Texas approved, with $72 million cash on hand.

**【CFO Financial Highlights】**
- **Profitability**: 35% adjusted EBITDA growth YoY, driven by diversifying product portfolio.
- **Plasma Collection Expansion**: Houston and San Antonio centers expected to generate $8-10 million annual revenue at full capacity.

**【Q&A Highlights】**
- **AATD Trial Momentum**: 60% enrollment at 65%, with interim futility analysis results by end-2025.

Kamada Ltd. (KMDA) Q3 2025 Earnings Call Transcript

- **Revenue Expansion**: 11% H1 growth to $88.8M, driven by GLASSIA/VARIZIG and 2 new biosimilars. 
- **Profitability**: EBITDA up 35% to $22.5M, with 25%+ margin target. 
- **Strategic Momentum**: $40-44M EBITDA, 8 plasma centers, and $1.4B inhaled AAT market entry. 
- **Execution**: 50,000L plasma capacity and 2025 Phase III readout. 


**【CEO Summary Section】**
- **Revenue Growth**: Total revenue for the first half of 2025 was $88.8 million (11% YoY increase), with Q2 revenue at $44.8 million (5% YoY). Adjusted EBITDA reached $22.5 million (35% YoY growth). 
- **Strategic Pillars**: 
  1. **Organic Growth** via biosimilar launches (e.g., $2.5M+ in Israel) and ex-US GLASSIA sales. 
  2. **M&A/Business Development** with 2+ plasma centers and Phase III inhaled AAT trial. 
  3. **Plasma Expansion**: New Texas center with 50,000L annual capacity. 
- **Guidance Update**: 2025 EBITDA target $40-44M (23% YoY), revenue $178-182M (12% YoY). 

**【CFO Financial Commentary】**
- **Q2 2025 Results**: 
  - Revenues: $44.8M (42% gross margin vs. $42.5M in Q2 2024). 
  - EBITDA: $10.9M (20% YoY growth). 
  - Net Income: $7.4M (54% YoY increase in operating profits). 
- **Cash Position**: $66M post-dividend, with $8M from operations. 
- **Tariff Impact**: No disruption to pharma supply chains. 

**【Q&A Highlights】**
1. **Product Adoption**: KEDRAB and CYTOGAM meeting expectations, with GLASSIA/VARIZIG driving Q2 growth. 
2. **M&A Strategy**: $15-20M+ in biosimilars by 2030, targeting specialty pharma. 
3. **Inhaled AAT Trial**: $1.4B market with 6-8% annual growth, aiming for 2025 interim analysis. 
4. **Tax Rate**: 20-25% post-2025 NOLs. 


Kamada Ltd. (KMDA) Q2 2025 Earnings Call Transcript

- **Q1 Growth Strong**: $44M revenue (+17% YoY), $11.6M EBITDA (+54% YoY), beating guidance midpoints.
- **Guidance Reaffirmed**: 2025 targets +12% rev, +17% EBITDA vs 2024, driven by diversified portfolio.
- **Clinical Momentum**: 55% enrollment in AAT trial; CYTOGAM research program to expand CMV treatment data.
- **Financial Health**: $4M net income, strong cash reserves for M&A and growth initiatives.

**【CEO Opening Remarks】**
- Q1 2025 total revenue: $44 million (+17% YoY), driven by ex-U.S. sales of GLASSIA and KAMRAB, VARIZIG, and GLASSIA royalties.
- Adjusted EBITDA: $11.6 million (+54% YoY).
- 2025 annual guidance: Revenue $178-182 million, Adjusted EBITDA $38-42 million (midpoint +12% rev, +17% EBITDA vs 2024).
- Four-pillar growth strategy: Organic commercial growth, BD/M&A, plasma collection expansion, and inhaled AAT Phase III trial.

**【CFO Financial Highlights】**
- Gross profit: $20.7 million (47% margin vs 44% YoY), driven by product mix.
- Operating expenses: $13 million (flat YoY), reflecting cost discipline.
- Net income: $4 million (+67% YoY), despite one-time dividend payment.
- Strong cash position for new business initiatives.

**【Q&A Key Takeaways】**
- **CYTOGAM Research**: 10-study post-marketing program to generate CMV management data, with first results expected late 2025.
- **Tariffs Impact**: No direct impact on current product sales; monitoring global trade developments.
- **InnovAATe Trial**: 55% enrollment; interim futility analysis by end-2025.
- **Tax Rate**: Q1 40% tax rate due to deferred tax liability; no cash impact. Anticipate taxable income late 2025.


Kamada (KMDA)-14 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: 2024 revenue up 13% to $161 million, driven by KEDRAB ($50M) and CYTOGAM (+31% YoY).
- **Profitability Boost**: Gross margin 43%, Adjusted EBITDA up 42% to $34.1 million.
- **Strategic Moves**: $0.20 special dividend, 3 new plasma centers, and 2025 biosimilar launches targeting $15-20M annual sales.
- **Clinical Trial Update**: Inhaled AAT trial sample size reduced, futility analysis by end-2025 to determine continuation.

**【CEO Opening Remarks】**
- **Record Financial Performance**: 2024 total revenue of $161 million (+13% YoY), Adjusted EBITDA of $34.1 million (+42% YoY), driven by KEDRAB and CYTOGAM sales growth.
- **Special Dividend Announcement**: $0.20 per share dividend to be paid in April, reflecting strong cash position ($78.4 million at year-end).
- **2025 Guidance**: Revenue $178-182 million (+12% YoY), Adjusted EBITDA $38-42 million (+17% YoY), fueled by U.S. market expansion and biosimilar launches.

**【CFO Financial Highlights】**
- **Revenue Breakdown**: KEDRAB contributed $50 million (13% of total), CYTOGAM $23 million (+31% YoY), GLASSIA $39 million (+7% YoY).
- **Profitability**: Gross margin 43% (vs. 39% in 2023), operating expenses $49.9 million (+10% YoY) due to R&D and U.S. marketing costs.
- **Cash Flow**: $47.6 million from operations, supporting strategic initiatives like plasma centers and clinical trials.

**【Q&A Key Takeaways】**
1. **Inhaled AAT Trial Update**: Sample size reduced to 180 patients (from 220), futility analysis by end-2025 with potential to continue, modify, or halt study.
2. **Product Growth Drivers**: 
   - KEDRAB: $135 million minimum commitment from Kedrion for 2025-2027, plus Latin America tender ($25M over 3 years).
   - CYTOGAM: U.S. sales growth via KOL partnerships, biosimilar pipeline targeting $15-20 million annual sales by 2030.
3. **Plasma Center Expansion**: Third center in San Antonio to open this month, targeting $8-10 million annual revenue from normal plasma sales, with 20-25% allocated to specialty plasma.
4. **M&A Strategy**: Seeking commercial-stage assets in hyperimmune globulins, transplantation, and rare respiratory diseases, with 2025 transactions expected despite dividend payout.


Kamada (KMDA)-5 Mar 25-2024 Q4 Earnings call transcript

Kamada (KMDA)-13 Nov 24-2024 Q3 Earnings call transcript

Kamada (KMDA)-14 Aug 24-2024 Q2 Earnings call transcript

Kamada (KMDA)-8 May 24-2024 Q1 Earnings call transcript

- **Revenue Growth**: 10% YoY to $142.5 million, EBITDA up 35% to $24.1 million.
- **KEDRAB Momentum**: Sales doubled to $32.8 million, with $180 million pipeline from new agreement.
- **CYTOGAM Recovery**: Inventory resolved, 2024 studies to highlight CMV prevention benefits.
- **AAT Program**: FDA-endorsed statistical adjustments, potential 2024 acceleration with open-label extension.
- **2024 Outlook**: 11% revenue growth ($156-160 million), 18% EBITDA increase ($27-30 million).

**【CEO Summary Section】**
- **2023 Financial Highlights**: Total revenue of $142.5 million (10% YoY growth), EBITDA of $24.1 million (35% increase). KEDRAB sales doubled to $32.8 million, with a new 8-year agreement with Kedrion projecting $180 million in revenue over 4 years.
- **CYTOGAM Recovery**: Resolved inventory issues with fresh batches, promoting benefits in transplant studies (e.g., CMV prevention in lung transplants) with 2 studies accepted for 2024 medical conferences.
- **AAT Program Progress**: FDA feedback supports statistical plan adjustments (potential p-value of 0.1), open-label extension study to begin mid-2024. EU alignment discussions ongoing.
- **Kamada Plasma Expansion**: New Houston plasma center nearing completion, expected to open H2 2024, enhancing hyperimmune plasma capacity.

**【CFO Financial Commentary】**
- **2023 Financials**: Gross profit $55.5 million (39% margin), operating expenses $45.4 million (8% YoY increase). Net income $8.3 million ($0.15 per share), cash reserves of $55.6 million.
- **2024 Guidance**: Revenue $156-160 million (11% growth), EBITDA $27-30 million (18% increase). Operating expenses projected to rise 10-15% due to R&D and commercial activities.

**【Q&A Key Highlights】**
- **CYTOGAM Normalization**: 2023 sales gap of $5 million due to inventory resolved; 2024 expected recovery with promotional activities.
- **AAT Program Strategy**: Seeking strategic partners for inhaled AAT commercialization, leveraging non-invasive delivery and lower dose (1/8 of IV treatments).
- **Market Dynamics**: Sanofi's Inhibrx acquisition viewed as positive for Alpha-1 awareness, with Kamada's inhaled product differentiated by lung-targeted mechanism.

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