Kamada Reports Continued Profitable Growth with Strong Third Quarter and Nine Month 2024 Financial Results; Raises Full-Year Profitability Guidance
Kamada (NASDAQ: KMDA) reported strong Q3 2024 financial results with revenues of $41.7 million, up 10% year-over-year, and nine-month revenues of $121.9 million, up 15%. Q3 Adjusted EBITDA reached $8.8 million, an 11% increase, while nine-month Adjusted EBITDA was $25.4 million, up 43%. The company raised its full-year Adjusted EBITDA guidance to $32-35 million and maintained revenue guidance of $158-162 million. Cash from operations reached $37.2 million in the first nine months, with $72.0 million available cash as of September 30. Kamada expanded operations with a new plasma collection center in Houston, TX.
Kamada (NASDAQ: KMDA) ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi di 41,7 milioni di dollari, in aumento del 10% rispetto all'anno precedente, e ricavi per nove mesi di 121,9 milioni di dollari, in crescita del 15%. L'EBITDA rettificato del terzo trimestre ha raggiunto 8,8 milioni di dollari, con un incremento dell'11%, mentre l'EBITDA rettificato per nove mesi è stato di 25,4 milioni di dollari, in aumento del 43%. L'azienda ha alzato le previsioni dell'EBITDA rettificato per l'intero anno a 32-35 milioni di dollari e ha mantenuto le previsioni di ricavi tra 158-162 milioni di dollari. I flussi di cassa dalle operazioni hanno raggiunto 37,2 milioni di dollari nei primi nove mesi, con 72,0 milioni di dollari disponibili in contante al 30 settembre. Kamada ha ampliato le operazioni con un nuovo centro di raccolta di plasma a Houston, TX.
Kamada (NASDAQ: KMDA) reportó sólidos resultados financieros para el tercer trimestre de 2024, con ingresos de 41.7 millones de dólares, un incremento del 10% en comparación con el año anterior, y ingresos de 121.9 millones de dólares durante nueve meses, un aumento del 15%. El EBITDA ajustado del tercer trimestre alcanzó 8.8 millones de dólares, un aumento del 11%, mientras que el EBITDA ajustado para los nueve meses fue de 25.4 millones de dólares, un incremento del 43%. La empresa elevó su guía de EBITDA ajustado para el año completo a 32-35 millones de dólares y mantuvo la guía de ingresos de 158-162 millones de dólares. El flujo de efectivo de las operaciones alcanzó 37.2 millones de dólares en los primeros nueve meses, con 72.0 millones de dólares en efectivo disponible al 30 de septiembre. Kamada amplió sus operaciones con un nuevo centro de recolección de plasma en Houston, TX.
카마다 (NASDAQ: KMDA)는 2024년 3분기 재무 결과를 발표하며 4,170만 달러의 수익을 기록하여 지난해 대비 10% 증가하였고, 9개월 동안의 수익은 1억 2,190만 달러로 15% 증가했습니다. 3분기 조정 EBITDA는 880만 달러에 달해 11% 증가했으며, 9개월 조정 EBITDA는 2,540만 달러로 43% 증가했습니다. 회사는 연간 조정 EBITDA 가이던스를 3,200만-3,500만 달러로 상향 조정하고, 수익 가이던스를 1억 5,800만-1억 6,200만 달러로 유지했습니다. 운영에서 발생한 현금은 첫 9개월 동안 3,720만 달러에 도달했으며, 9월 30일 기준 가용 현금은 7,200만 달러입니다. 카마다는 텍사스 휴스턴에 새로운 혈장 수집 센터를 설립하여 운영을 확대했습니다.
Kamada (NASDAQ: KMDA) a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des revenus de 41,7 millions de dollars, en hausse de 10 % par rapport à l'année précédente, et des revenus de 121,9 millions de dollars sur neuf mois, en hausse de 15 %. L'EBITDA ajusté du troisième trimestre a atteint 8,8 millions de dollars, une augmentation de 11 %, tandis que l'EBITDA ajusté sur neuf mois s'est élevé à 25,4 millions de dollars, ce qui représente une augmentation de 43 %. L'entreprise a relevé ses prévisions d'EBITDA ajusté pour l'année entière à 32-35 millions de dollars et a maintenu ses prévisions de revenus entre 158-162 millions de dollars. Les flux de trésorerie provenant des opérations ont atteint 37,2 millions de dollars au cours des neuf premiers mois, avec 72,0 millions de dollars de liquidités disponibles au 30 septembre. Kamada a élargi ses activités avec un nouveau centre de collecte de plasma à Houston, TX.
Kamada (NASDAQ: KMDA) meldete für das dritte Quartal 2024 starke finanzielle Ergebnisse mit einem Umsatz von 41,7 Millionen US-Dollar, was einem Anstieg von 10 % im Jahresvergleich entspricht, und einem Umsatz von 121,9 Millionen US-Dollar über neun Monate, was eine Steigerung von 15 % bedeutet. Das bereinigte EBITDA im dritten Quartal erreichte 8,8 Millionen US-Dollar, ein Anstieg von 11 %, während das bereinigte EBITDA über neun Monate 25,4 Millionen US-Dollar betrug, was 43 % mehr bedeutet. Das Unternehmen hob seine Prognose für das bereinigte EBITDA des Gesamtjahres auf 32-35 Millionen US-Dollar an und hielt die Umsatzprognose bei 158-162 Millionen US-Dollar. Der Cashflow aus der operativen Tätigkeit erreichte in den ersten neun Monaten 37,2 Millionen US-Dollar, mit 72,0 Millionen US-Dollar verfügbarem Bargeld zum 30. September. Kamada hat ihre Aktivitäten mit einem neuen Plasma-Sammelzentrum in Houston, TX, ausgeweitet.
- Revenue growth of 15% YoY to $121.9M for nine months
- Adjusted EBITDA increased 43% YoY to $25.4M for nine months
- Strong cash generation of $37.2M from operations
- Gross margin improvement to 43% from 39% YoY
- Net profit increased 230% to $10.7M for nine months
- Cash position strengthened to $72.0M from $55.6M
- Operating expenses increased to $38.0M from $33.8M
- Higher S&M and R&D costs impacting operating expenses
Insights
Strong Q3 2024 results showcase robust financial performance with
Notable growth drivers include KEDRAB and CYTOGAM sales in the U.S. market, contributing to enhanced gross margins of
The strategic expansion into plasma collection strengthens Kamada's market position in the specialty plasma-derived field. The new Houston facility's dual capability to collect both specialty and normal source plasma diversifies revenue streams while securing raw material supply. With a third center planned in San Antonio for 2025, the company is executing a clear growth strategy in the U.S. market.
The improved sales mix focusing on higher-margin products KEDRAB and CYTOGAM demonstrates effective portfolio management. The
- Revenues for Third Quarter of 2024 were $41.7 Million, up 10% Year-over-Year; Nine Month 2024 Total Revenues were $121.9 Million, up 15% Year-over-Year
- Third Quarter 2024 Adjusted EBITDA of
$8.8 Million, Representing an 11% Increase Year-over-Year; Nine Month 2024 Adjusted EBITDA of$25.4 Million, up43% Year-over-Year - Robust Third Quarter and Nine Month Results and Positive Outlook for Remainder of 2024 Support Increased Adjusted EBITDA Guidance to
$3 2 Million-$35 Million, a12% Increase of the Midpoint from the Previous Guidance, and Reiteration of Full-Year Revenue Guidance of$158 Million -$162 Million - Company Generated $37.2 Million of Cash from Operations During First Nine Months of 2024; as of September 30, 2024, had
$72.0 Million of Available Cash - Expanded Plasma Collection Operations with the Opening of a New Site in Houston, TX
- Conference Call and Live Webcast Today at 8:30 AM ET
REHOVOT, Israel, and HOBOKEN, N.J., Nov. 13, 2024 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced financial results for three months and nine months ended September 30, 2024.
“Our strong operational and financial momentum continued in the third quarter as we again generated solid results,” said Amir London, Kamada’s Chief Executive Officer. “While we benefit from the strength of our entire portfolio, we continue to improve the overall sales mix through increased sales of our two most profitable growth drivers KEDRAB® and CYTOGAM®. Total revenues for the first nine months of 2024 were
“Importantly, we consistently demonstrate our ability to convert our reported adjusted EBITDA to operational cash flow, as we generated
“We also continue to advance multiple additional existing long-term growth drivers. To this end, during the third quarter, we announced the expansion of our plasma collection operations with the opening of a new plasma collection center in Houston, TX. This new center is expected to support an estimated total collection capacity of approximately 50,000 liters annually. The center is expected to be one of the largest sites for specialty plasma collection in the U.S. and will also collect normal source plasma to be sold to third parties. Additionally, patient enrollment continues in the ongoing pivotal Phase 3 InnovAATe clinical trial for our inhaled Alpha-1 Antitrypsin therapy. The independent Data and Safety Monitoring Board (DSMB) recommended study continuation without modifications at its recently conducted semi-annual meeting. We remain engaged in active discussions with the U.S. FDA on our previously filed IND amendment consisting of a revised Statistical Analysis Plan (SAP) and study protocol, which, if approved, may allow for the acceleration of the program,” concluded Mr. London.
Financial Highlights for the Three Months Ended September 30, 2024
- Total revenues were
$41.7million in the third quarter of 2024, a10% increase from the prior year period. The increase in revenues was primarily attributable to increased sales of KEDRAB and CYTOGAM due to increased demand for these products in the U.S. market. - Gross profit and gross margins were
$17.2million and41% , respectively, in the third quarter of 2024, compared to$14.8 million and39% , respectively, reported in the prior year period. - Operating expenses, including research and development (R&D), sales and marketing (S&M), general and administrative (G&A), and other expenses, totaled
$11.9 million in the third quarter of 2024, as compared to$10.4 million in the third quarter of 2023. The higher operating expenses were primarily attributable to an increase in S&M costs associated with the marketing activities in the U.S., as well as increased R&D costs, primarily due to advancing the Inhaled AAT clinical trial. - Net income was
$3.9million , or$0.07 per share, in the third quarter of 2024, up20% from a net income of$3.2 million , or$0.06 per diluted share, in the third quarter of 2023. - Adjusted EBITDA, as detailed in the tables below, was
$8.8 million in the third quarter of 2024, an11% increase as compared to$7.9 million in the third quarter of 2023. - Cash provided by operating activities was
$22.2million in the third quarter of 2024, as compared to cash provided by operating activities of$0.9 million in the third quarter of 2023.
Financial Highlights for the Nine Months Ended September 30, 2024
- Total revenues for the first nine months of 2024 were
$121.9 million , a15% increase from the$106.1 million generated in the first nine months of 2023. The increase in revenues was primarily attributable to increased sales of KEDRAB and CYTOGAM due to increased demand for these products in the U.S. market. - Gross profit and gross margins for the first nine months of 2024 were
$52.9 million and43% , respectively, compared to$41.1 million and39% , respectively, in the first nine months of 2023. - Operating expenses, including R&D, S&M, G&A, and other expenses, totaled
$38.0 million in the first nine months of 2024, as compared to$33.8 million in the first nine months of 2023. The higher operating expenses were primarily attributable to an increase in S&M costs associated with the marketing activities in the U.S., as well as increased R&D costs, primarily due to advancing the Inhaled AAT clinical trial. - Net profit for the first nine months of 2024 was
$10.7 million , or$0.18 per diluted share, a230% increase compared to net income of$3.2 million , or$0.06 per diluted share, in the prior year period. - Adjusted EBITDA, as detailed in the tables below, was
$25.4 million in the first nine months of 2024, a43% increase as compared to$17.7 million in the first nine months of 2023. - Cash provided by operating activities during the first nine months of 2024 was approximately
$37.2 million , as compared to cash used in operating activities of$0.1 million during the first nine months of 2023. The change was correlated to the increase in profitability and changes in the Company’s working capital.
Balance Sheet Highlights
As of September 30, 2024, the Company had cash, cash equivalents, and short-term investments of
Recent Corporate Highlights
- Announced the expansion of the Company’s plasma collection operations with the opening of a new plasma collection center in Houston, TX. The new 12,000 square foot center is operated by Kamada’s wholly owned subsidiary, Kamada Plasma, and is planned to support over 50 donor beds with an estimated total collection capacity of approximately 50,000 liters annually. The new center will collect normal source plasma and specialty plasma, such as Anti-Rabies and Anti-D, and is anticipated to be one of the largest sites for specialty plasma collection in the U.S. The new center also supports the Company’s strategy to become a leading global vertically integrated supplier of specialty plasma-derived products. Kamada expects to open its third plasma collection center in San Antonio, TX, during the first half of 2025, and expects each collection center to contribute annual revenues of
$8 million to$10 million in sales of normal source plasma at its full capacity.
Fiscal Year 2024 Guidance
Kamada is increasing its adjusted EBITDA guidance from a range of
Conference Call
Kamada management will host an investment community conference call on November 13, 2024, at 8:30am Eastern Time to present the Company’s results and answer questions. Shareholders and other interested parties may participate in the conference call by dialing 1-877-407-0792 (from within the U.S.) or 1-809-406-247 (from Israel) or 1-201-689-8263 (International) using conference ID 13749715. The call will also be webcast live on the Internet at https://viavid.webcasts.com/starthere.jsp?ei=1694075&tp_key=3a2494a103
Non-IFRS financial measures
We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs.
For the projected 2024 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company’s control. Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company’s accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company’s adjusted EBITDA for historical periods.
About Kamada
Kamada Ltd. (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, focused on diseases of limited treatment alternatives. The Company is also advancing an innovative development pipeline targeting areas of significant unmet medical need. The Company’s strategy is focused on driving profitable growth from its significant commercial catalysts as well as its manufacturing and development expertise in the plasma-derived and biopharmaceutical fields. The Company’s commercial products portfolio includes six FDA approved plasma-derived biopharmaceutical products: KEDRAB®, CYTOGAM®, WINRHO SDF®, VARIZIG®, HEPAGAM B® and GLASSIA®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom (ASV) products. The Company distributes its commercial products portfolio directly, and through strategic partners or third-party distributors in more than 30 countries, including the U.S., Canada, Israel, Russia, Argentina, Brazil, India, Australia and other countries in Latin America, Europe, the Middle East, and Asia. The Company leverages its expertise and presence in the Israeli market to distribute, for use in Israel, more than 25 pharmaceutical products that are supplied by international manufacturers. During recent years the Company added eleven biosimilar products to its Israeli distribution portfolio, which, subject to the European Medicines Agency (EMA) and the Israeli Ministry of Health approvals, are expected to be launched in Israel through 2028. The Company owns an FDA licensed plasma collection center in Beaumont, Texas, which currently specializes in the collection of Anti-Rabies and Anti-D hyper-immune plasma used in the manufacturing of the Company’s relevant products and recently opened a new plasma collection center in Houston, Texas in which it collects normal source plasma and specialty plasma. In addition to the Company’s commercial operation, it invests in research and development of new product candidates. The Company’s leading investigational product is an inhaled AAT for the treatment of AAT deficiency, for which it is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s controlling shareholder, beneficially owning approximately
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding: 1) positive outlook for the remainder of 2024, supporting an increased annual adjusted EBITDA guidance to
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As of September 30, | As of December 31, | |||||||||||
| 2024 | 2023 | 2023 | ||||||||||
| Unaudited | ||||||||||||
| U.S Dollars In thousands | ||||||||||||
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash and cash equivalents | $ | 72,001 | $ | 52,603 | $ | 55,641 | ||||||
| Trade receivables, net | 16,295 | 25,107 | 19,877 | |||||||||
| Other accounts receivables | 4,555 | 1,648 | 5,965 | |||||||||
| Inventories | 71,558 | 73,795 | 88,479 | |||||||||
| Total Current Assets | 164,409 | 153,153 | 169,962 | |||||||||
| Non-Current Assets | ||||||||||||
| Property, plant and equipment, net | 33,746 | 27,362 | 28,224 | |||||||||
| Right-of-use assets | 9,854 | 5,494 | 7,761 | |||||||||
| Intangible assets, Goodwill and other long-term assets | 135,041 | 142,501 | 140,465 | |||||||||
| Contract assets | 8,159 | 8,546 | 8,495 | |||||||||
| Total Non-Current Assets | 186,800 | 183,903 | 184,945 | |||||||||
| Total Assets | $ | 351,209 | $ | 337,056 | $ | 354,907 | ||||||
| Liabilities | ||||||||||||
| Current Liabilities | ||||||||||||
| Current maturities of lease liabilities | 1,586 | 1,138 | 1,384 | |||||||||
| Current maturities of other long term liabilities | 9,480 | 15,989 | 14,996 | |||||||||
| Trade payables | 14,786 | 12,812 | 24,804 | |||||||||
| Other accounts payables | 8,104 | 7,318 | 8,261 | |||||||||
| Deferred revenues | 41 | 15 | 148 | |||||||||
| Total Current Liabilities | 33,997 | 37,272 | 49,593 | |||||||||
| Non-Current Liabilities | ||||||||||||
| Lease liabilities | 9,574 | 4,717 | 7,438 | |||||||||
| Contingent consideration | 17,630 | 19,642 | 18,855 | |||||||||
| Other long-term liabilities | 34,121 | 36,477 | 34,379 | |||||||||
| Employee benefit liabilities, net | 618 | 558 | 621 | |||||||||
| Total Non-Current Liabilities | 61,943 | 61,394 | 61,293 | |||||||||
| Shareholder’s Equity | ||||||||||||
| Ordinary shares | 15,024 | 15,020 | 15,021 | |||||||||
| Additional paid in capital | 266,588 | 265,700 | 265,848 | |||||||||
| Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
| Capital reserve from hedges | 16 | (98 | ) | 140 | ||||||||
| Capital reserve from share-based payments | 6,394 | 6,198 | 6,427 | |||||||||
| Capital reserve from employee benefits | 283 | 318 | 275 | |||||||||
| Accumulated deficit | (29,546 | ) | (45,258 | ) | (40,200 | ) | ||||||
| Total Shareholder’s Equity | 255,269 | 238,390 | 244,021 | |||||||||
| Total Liabilities and Shareholder’s Equity | $ | 351,209 | $ | 337,056 | $ | 354,907 | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| Nine months period ended | Three months period ended | Year ended | ||||||||||||||||||
| September 30, | September 30, | December 31, | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | ||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||
| U.S Dollars In thousands except for share and per share data | ||||||||||||||||||||
| Revenues from proprietary products | $ | 110,032 | $ | 86,437 | $ | 37,128 | $ | 31,436 | $ | 115,458 | ||||||||||
| Revenues from distribution | 11,916 | 19,650 | 4,612 | 6,498 | 27,061 | |||||||||||||||
| Total revenues | 121,948 | 106,087 | 41,740 | 37,934 | 142,519 | |||||||||||||||
| Cost of revenues from proprietary products | 59,207 | 47,863 | 20,869 | 17,447 | 63,342 | |||||||||||||||
| Cost of revenues from distribution | 9,805 | 17,146 | 3,637 | 5,684 | 23,687 | |||||||||||||||
| Total cost of revenues | 69,012 | 65,009 | 24,506 | 23,131 | 87,029 | |||||||||||||||
| Gross profit | 52,936 | 41,078 | 17,234 | 14,803 | 55,490 | |||||||||||||||
| Research and development expenses | 12,512 | 10,694 | 3,414 | 3,180 | 13,933 | |||||||||||||||
| Selling and marketing expenses | 13,862 | 11,573 | 4,501 | 3,711 | 16,193 | |||||||||||||||
| General and administrative expenses | 11,578 | 10,603 | 4,014 | 3,701 | 14,381 | |||||||||||||||
| Other expenses (income) | 11 | 920 | 11 | (157 | ) | 919 | ||||||||||||||
| Operating income | 14,973 | 7,288 | 5,294 | 4,368 | 10,064 | |||||||||||||||
| Financial income | 1,434 | 92 | 646 | 67 | 588 | |||||||||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | 255 | 726 | (60 | ) | 553 | 55 | ||||||||||||||
| Financial Income (expense) in respect of contingent consideration and other long- term liabilities. | (5,316 | ) | (3,358 | ) | (1,766 | ) | (1,288 | ) | (980 | ) | ||||||||||
| Financial expenses | (471 | ) | (1,343 | ) | (167 | ) | (404 | ) | (1,298 | ) | ||||||||||
| Income before tax on income | 10,875 | 3,405 | 3,947 | 3,296 | 8,429 | |||||||||||||||
| Taxes on income | 221 | 179 | 84 | 73 | 145 | |||||||||||||||
| Net income | $ | 10,654 | $ | 3,226 | $ | 3,863 | $ | 3,223 | $ | 8,284 | ||||||||||
| Other comprehensive income (loss) : | ||||||||||||||||||||
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met: | ||||||||||||||||||||
| Gain (loss) on cash flow hedges | (63 | ) | (334 | ) | 32 | (90 | ) | (186 | ) | |||||||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | (61 | ) | 324 | (4 | ) | 59 | 414 | |||||||||||||
| Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
| Remeasurement gain (loss) from defined benefit plan | 8 | (30 | ) | - | (106 | ) | (73 | ) | ||||||||||||
| Total comprehensive income (loss) | $ | 10,538 | $ | 3,186 | $ | 3,891 | $ | 3,086 | $ | 8,439 | ||||||||||
| Earnings per share attributable to equity holders of the Company: | ||||||||||||||||||||
| Basic net earnings per share | $ | 0.19 | $ | 0.07 | $ | 0.07 | $ | 0.07 | $ | 0.17 | ||||||||||
| Diluted net earnings per share | $ | 0.18 | $ | 0.06 | $ | 0.07 | $ | 0.06 | $ | 0.15 | ||||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
| Nine months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
| September, 30 | September, 30 | December 31, | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | ||||||||||||||||
| Unaudited | Audited | |||||||||||||||||||
| U.S Dollars In thousands | ||||||||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||||||
| Net income | $ | 10,654 | $ | 3,226 | $ | 3,863 | $ | 3,223 | $ | 8,284 | ||||||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
| Adjustments to the profit or loss items: | ||||||||||||||||||||
| Depreciation | 9,708 | 9,506 | 3,242 | 3,179 | 12,714 | |||||||||||||||
| Financial expenses, net | 4,098 | 3,883 | 1,347 | 1,072 | 1,635 | |||||||||||||||
| Cost of share-based payment | 700 | 941 | 224 | 312 | 1,314 | |||||||||||||||
| Taxes on income | 221 | 179 | 84 | 73 | 145 | |||||||||||||||
| Loss (gain) from sale of property and equipment | 11 | (5 | ) | 12 | - | (5 | ) | |||||||||||||
| Change in employee benefit liabilities, net | 6 | (144 | ) | 17 | (104 | ) | (125 | ) | ||||||||||||
| 14,744 | 14,360 | 4,926 | 4,532 | 15,678 | ||||||||||||||||
| Changes in asset and liability items: | ||||||||||||||||||||
| Decrease (increase) in trade receivables, net | 3,249 | 2,078 | 10,004 | (618 | ) | 7,835 | ||||||||||||||
| Decrease (increase) in other accounts receivables | 1,452 | 2,716 | 510 | 1,177 | (1,150 | ) | ||||||||||||||
| Decrease (increase) in inventories | 16,920 | (5,011 | ) | 7,155 | 6,441 | (19,694 | ) | |||||||||||||
| Decrease (increase) in deferred expenses | 336 | 2,763 | 97 | (279 | ) | 2,814 | ||||||||||||||
| Decrease in trade payables | (10,747 | ) | (18,617 | ) | (5,655 | ) | (13,181 | ) | (8,885 | ) | ||||||||||
| Increase (decrease) in other accounts payables | (157 | ) | (359 | ) | 881 | 49 | 765 | |||||||||||||
| Increase (decrease) in deferred revenues | (107 | ) | (20 | ) | 14 | (23 | ) | 113 | ||||||||||||
| 10,946 | (16,450 | ) | 13,006 | (6,434 | ) | (18,202 | ) | |||||||||||||
| Cash received (paid) during the period for: | ||||||||||||||||||||
| Interest paid | (424 | ) | (1,149 | ) | (158 | ) | (405 | ) | (1,228 | ) | ||||||||||
| Interest received | 1,434 | 92 | 646 | 67 | - | |||||||||||||||
| Taxes paid | (158 | ) | (174 | ) | (70 | ) | (62 | ) | (217 | ) | ||||||||||
| 852 | (1,231 | ) | 418 | (400 | ) | (1,445 | ) | |||||||||||||
| Net cash provided by (used in) operating activities | $ | 37,196 | $ | (95 | ) | $ | 22,213 | $ | 921 | $ | 4,315 | |||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
| Nine months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
| September, 30 | September, 30 | December 31, | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | ||||||||||||||||
| Unaudited | ||||||||||||||||||||
| U.S Dollars In thousands | ||||||||||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||||||||
| Purchase of property and equipment and intangible assets | $ | (7,816 | ) | $ | (3,876 | ) | $ | (2,124 | ) | $ | (1,729 | ) | $ | (5,850 | ) | |||||
| Proceeds from sale of property and equipment | 1 | 6 | - | - | 7 | |||||||||||||||
| Net cash provided by (used in) investing activities | (7,815 | ) | (3,870 | ) | (2,124 | ) | (1,729 | ) | (5,843 | ) | ||||||||||
| Cash Flows from Financing Activities | ||||||||||||||||||||
| Proceeds from exercise of share base payments | 3 | 3 | 1 | - | 4 | |||||||||||||||
| Repayment of lease liabilities | (890 | ) | (768 | ) | (319 | ) | (251 | ) | (850 | ) | ||||||||||
| Repayment of long-term loans | - | (17,407 | ) | - | (15,185 | ) | (17,407 | ) | ||||||||||||
| Repayment of other long-term liabilities | (12,316 | ) | (17,500 | ) | (4,468 | ) | (11,500 | ) | (17,300 | ) | ||||||||||
| Proceeds from issuance of ordinary shares, net | - | 58,231 | - | 58,231 | 58,231 | |||||||||||||||
| Net cash provided by (used in) financing activities | (13,203 | ) | 22,559 | (4,786 | ) | 31,295 | 22,678 | |||||||||||||
| Exchange differences on balances of cash and cash equivalent | 182 | (249 | ) | 151 | 328 | 233 | ||||||||||||||
| Increase (decrease) in cash and cash equivalents | 16,360 | 18,345 | 15,454 | 30,815 | 21,383 | |||||||||||||||
| Cash and cash equivalents at the beginning of the period | 55,641 | 34,258 | 56,547 | 21,788 | 34,258 | |||||||||||||||
| Cash and cash equivalents at the end of the period | $ | 72,001 | $ | 52,603 | $ | 72,001 | $ | 52,603 | $ | 55,641 | ||||||||||
| Significant non-cash transactions | ||||||||||||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | 3,163 | $ | 3,880 | $ | 2,642 | $ | 295 | $ | 6,546 | ||||||||||
| Purchase of property and equipment and Intangible assets | $ | 1,040 | $ | 681 | $ | 1,040 | $ | 681 | $ | 646 | ||||||||||
NON-IFRS MEASURES
| Nine months period ended | Three months period ended | Year ended | ||||||||||||||||||
| September 30, | September 30, | December 31, | ||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | 2023 | ||||||||||||||||
| U.S Dollars In thousands | ||||||||||||||||||||
| Net income | $ | 10,654 | $ | 3,226 | $ | 3,863 | $ | 3,223 | $ | 8,284 | ||||||||||
| Taxes on income | 221 | 179 | 84 | 73 | 145 | |||||||||||||||
| Financial expense (income), net | 4,098 | 3,883 | 1,347 | 1,072 | 1,635 | |||||||||||||||
| Depreciation and amortization expense | 9,708 | 9,506 | 3,242 | 3,179 | 12,714 | |||||||||||||||
| Non-cash share-based compensation expenses | 700 | 941 | 224 | 312 | 1,314 | |||||||||||||||
| Adjusted EBITDA | $ | 25,381 | $ | 17,735 | $ | 8,760 | $ | 7,859 | $ | 24,092 | ||||||||||
FAQ
What was Kamada's (KMDA) revenue growth in Q3 2024?
How much cash does Kamada (KMDA) have as of September 30, 2024?
What is Kamada's (KMDA) updated Adjusted EBITDA guidance for 2024?
Where did Kamada (KMDA) open its new plasma collection center in 2024?
