Kamada Reports Record Top and Bottom Line 2024 Financial Results and Affirms 2025 Guidance Representing Double-Digit Profitable Growth
Kamada (NASDAQ: KMDA) reported strong financial results for 2024, achieving record revenues of $161.0 million, a 13% increase from 2023. The company's adjusted EBITDA reached $34.1 million, up 42% year-over-year, with a 21% margin.
Key financial highlights include net income of $14.5 million ($0.25 per diluted share), up 75% year-over-year, and operating cash flow of $47.6 million. The company ended 2024 with a cash balance of $78.4 million.
Looking ahead, Kamada affirmed its 2025 guidance, projecting revenues of $178-182 million and adjusted EBITDA of $38-42 million. The company also declared a special cash dividend of $0.20 per share, totaling approximately $11.5 million.
Growth drivers include expansion of plasma collection operations, with a third U.S. center opening soon, and advancement of the Inhaled AAT Phase 3 trial, which received FDA approval for reduced patient enrollment to 180 subjects.
Kamada (NASDAQ: KMDA) ha riportato risultati finanziari solidi per il 2024, raggiungendo ricavi record di 161,0 milioni di dollari, con un aumento del 13% rispetto al 2023. L'EBITDA rettificato dell'azienda ha raggiunto 34,1 milioni di dollari, in aumento del 42% anno su anno, con un margine del 21%.
I principali punti salienti finanziari includono un reddito netto di 14,5 milioni di dollari (0,25 dollari per azione diluita), in aumento del 75% anno su anno, e un flusso di cassa operativo di 47,6 milioni di dollari. L'azienda ha chiuso il 2024 con un saldo di cassa di 78,4 milioni di dollari.
Guardando al futuro, Kamada ha confermato le previsioni per il 2025, prevedendo ricavi tra 178 e 182 milioni di dollari e un EBITDA rettificato tra 38 e 42 milioni di dollari. L'azienda ha anche dichiarato un dividendo speciale in contante di 0,20 dollari per azione, per un totale di circa 11,5 milioni di dollari.
I fattori di crescita includono l'espansione delle operazioni di raccolta del plasma, con l'apertura imminente di un terzo centro negli Stati Uniti, e il progresso della sperimentazione di Fase 3 dell'AAT inalato, che ha ricevuto l'approvazione della FDA per ridurre il numero di pazienti arruolati a 180 soggetti.
Kamada (NASDAQ: KMDA) informó resultados financieros sólidos para 2024, alcanzando ingresos récord de 161,0 millones de dólares, un aumento del 13% en comparación con 2023. El EBITDA ajustado de la compañía alcanzó 34,1 millones de dólares, un incremento del 42% interanual, con un margen del 21%.
Los aspectos financieros clave incluyen un ingreso neto de 14,5 millones de dólares (0,25 dólares por acción diluida), un aumento del 75% interanual, y un flujo de efectivo operativo de 47,6 millones de dólares. La compañía terminó 2024 con un saldo de efectivo de 78,4 millones de dólares.
De cara al futuro, Kamada reafirmó su guía para 2025, proyectando ingresos de entre 178 y 182 millones de dólares y un EBITDA ajustado de entre 38 y 42 millones de dólares. La compañía también declaró un dividendo en efectivo especial de 0,20 dólares por acción, totalizando aproximadamente 11,5 millones de dólares.
Los impulsores del crecimiento incluyen la expansión de las operaciones de recolección de plasma, con la apertura inminente de un tercer centro en EE. UU., y el avance del ensayo de Fase 3 del AAT inhalado, que recibió la aprobación de la FDA para reducir la inscripción de pacientes a 180 sujetos.
카마다 (NASDAQ: KMDA)는 2024년 강력한 재무 결과를 보고하며, 1억 6100만 달러의 기록적인 수익을 달성하였고, 이는 2023년 대비 13% 증가한 수치입니다. 회사의 조정된 EBITDA는 3410만 달러에 도달했으며, 이는 전년 대비 42% 증가한 수치로, 21%의 마진을 기록했습니다.
주요 재무 하이라이트에는 1450만 달러의 순이익(희석주당 0.25달러)이 포함되어 있으며, 이는 전년 대비 75% 증가하였고, 운영 현금 흐름은 4760만 달러입니다. 회사는 2024년을 7840만 달러의 현금 잔고로 마감했습니다.
앞으로 카마다는 2025년 가이던스를 확인하며, 1억 7800만 달러에서 1억 8200만 달러의 수익과 3800만 달러에서 4200만 달러의 조정 EBITDA를 예상하고 있습니다. 회사는 또한 주당 0.20달러의 특별 현금 배당금을 선언하며, 총 약 1150만 달러에 달합니다.
성장 요인은 플라스마 수집 운영의 확장으로, 곧 미국에 세 번째 센터가 개설될 예정이며, 환자 모집 수를 180명으로 줄이기 위해 FDA의 승인을 받은 흡입형 AAT 3상 시험의 진행이 포함됩니다.
Kamada (NASDAQ: KMDA) a annoncé des résultats financiers solides pour 2024, atteignant des revenus records de 161,0 millions de dollars, soit une augmentation de 13 % par rapport à 2023. L'EBITDA ajusté de l'entreprise a atteint 34,1 millions de dollars, en hausse de 42 % d'une année sur l'autre, avec une marge de 21 %.
Les points forts financiers clés comprennent un bénéfice net de 14,5 millions de dollars (0,25 dollar par action diluée), en hausse de 75 % d'une année sur l'autre, et un flux de trésorerie opérationnel de 47,6 millions de dollars. L'entreprise a terminé 2024 avec un solde de trésorerie de 78,4 millions de dollars.
En regardant vers l'avenir, Kamada a confirmé ses prévisions pour 2025, projetant des revenus de 178 à 182 millions de dollars et un EBITDA ajusté de 38 à 42 millions de dollars. L'entreprise a également déclaré un dividende exceptionnel en espèces de 0,20 dollar par action, totalisant environ 11,5 millions de dollars.
Les moteurs de croissance comprennent l'expansion des opérations de collecte de plasma, avec l'ouverture prochaine d'un troisième centre aux États-Unis, et l'avancement de l'essai de phase 3 de l'AAT inhalé, qui a reçu l'approbation de la FDA pour réduire le nombre de patients à 180 sujets.
Kamada (NASDAQ: KMDA) berichtete über starke Finanzzahlen für 2024 und erzielte Rekordumsätze von 161,0 Millionen Dollar, was einem Anstieg von 13% im Vergleich zu 2023 entspricht. Das bereinigte EBITDA des Unternehmens erreichte 34,1 Millionen Dollar, was einem Anstieg von 42% im Jahresvergleich entspricht, mit einer Marge von 21%.
Wichtige finanzielle Höhepunkte sind ein Nettogewinn von 14,5 Millionen Dollar (0,25 Dollar pro verwässerter Aktie), was einem Anstieg von 75% im Jahresvergleich entspricht, und ein operativer Cashflow von 47,6 Millionen Dollar. Das Unternehmen schloss das Jahr 2024 mit einem Bargeldbestand von 78,4 Millionen Dollar ab.
Für die Zukunft bestätigte Kamada seine Prognose für 2025 und erwartet Umsätze zwischen 178 und 182 Millionen Dollar sowie ein bereinigtes EBITDA zwischen 38 und 42 Millionen Dollar. Das Unternehmen erklärte auch eine Sonderdividende in Höhe von 0,20 Dollar pro Aktie, die insgesamt etwa 11,5 Millionen Dollar beträgt.
Wachstumstreiber sind die Expansion der Plasma-Sammelbetriebe, mit der baldigen Eröffnung eines dritten Zentrums in den USA, sowie der Fortschritt der Phase-3-Studie zu inhalativem AAT, die von der FDA die Genehmigung erhalten hat, die Patientenanzahl auf 180 zu reduzieren.
- Record revenues of $161.0M, up 13% YoY
- Adjusted EBITDA increased 42% to $34.1M
- Net income up 75% to $14.5M
- Operating cash flow grew to $47.6M from $4.3M
- Strong cash position of $78.4M
- Special dividend of $0.20 per share announced
- New $25M contract for KAMRAB and VARIZIG in Latin America
- Q4 2024 net income decreased to $3.8M from $5.1M YoY
- Higher financial costs due to long-term contingent liabilities
- Increased operating expenses to $49.9M from $45.4M
Insights
Kamada's 2024 results showcase exceptional performance across all financial metrics, with
The
Kamada's 2025 guidance of
Two particularly significant developments bolster future prospects: FDA agreement to reduce the Inhaled AAT Phase 3 trial size (accelerating the pathway to potential approval) and a
Kamada's strong financial performance reflects its successful positioning in the high-value specialty plasma-derived therapeutics market. The company's portfolio of six FDA-approved plasma products provides a solid foundation, while the planned expansion of plasma collection operations addresses both strategic self-sufficiency and creates additional revenue through plasma sales to third parties.
The FDA's agreement to modify the statistical plan for the Inhaled AAT Phase 3 trial represents a significant development. By reducing required enrollment from 220 to 180 patients while maintaining statistical power, Kamada can potentially accelerate development timelines and reduce costs. The planned interim futility analysis by year-end 2025 represents a critical milestone that could provide early insights into efficacy and further streamline development.
Kamada's diversification strategy is particularly noteworthy in the plasma therapeutics space, where many competitors focus solely on commodity plasma products. By maintaining a portfolio of specialty products for rare and serious conditions across multiple markets, the company has created substantial barriers to competition while establishing multiple growth avenues.
The steady expansion of plasma collection infrastructure with a third U.S. center opening this month demonstrates forward integration that addresses both cost management and supply security in a market historically vulnerable to plasma supply constraints. This vertical integration model differs from many competitors who rely heavily on external plasma suppliers, giving Kamada greater control over its supply chain and potentially higher margins as collection capacity scales.
- Record Year with Total 2024 Revenues of
$16 1.0 Million, Representing a13% Increase over Fiscal Year 2023 and Adjusted EBITDA of$34. 1 Million, Up42% Year-over-Year, and a21% Margin of Revenues - Cash Provided by Operating Activities of $47.6 Million During 2024 Resulted in a Year-End Strong Cash Balance of
$78 .4 Million; Solid Financial Position to Accelerate Inorganic Growth - Net Income for the Year was
$14. 5 Million, or$0. 25 per Diluted Share, Up 75% Year-over-Year - Strong Performance Positions Company for Double Digit Profitable Growth in Fiscal Year 2025; Reiterates 2025 Full-Year Revenue Guidance of
$178 Million to$182 Million and Adjusted EBITDA of$38 Million to$42 Million - Declares Special Cash Dividend of
$0.20 Per Share (Totaling Approximately$11.5 Million) - Conference Call and Live Webcast Today at 8:00am ET
REHOVOT, Israel, and HOBOKEN, N.J., March 05, 2025 (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 the three months and year ended December 31, 2024.
“Our performance over the course of 2024 was excellent, leading to record annual top- and bottom-line financial results,” said Amir London, Kamada’s Chief Executive Officer. “We enter 2025 from a position of significant strength, continuing to benefit from growth across our entire portfolio, with anticipated 2025 guidance representing a year-over-year double digit growth of
“Our organic growth will be driven by continued investment in the commercialization and life cycle management of our six FDA-approved specialty plasma-derived products, as well as the products in our Distribution segment portfolio, primarily through the continued launch of biosimilar products in Israel. During 2025, we aim to leverage our strong financial position to secure new business development, in-licensing, collaboration, and/or merger and acquisitions transactions. Such transactions are expected to generate operational and/or commercial synergies with our current commercial portfolio,” continued Mr. London.
“Moreover, we are expanding our plasma collection operations to support revenue growth through the sale of normal source plasma to third parties, and to support our increasing demand for specialty plasma. We currently have two operating U.S. plasma collection centers, and a third center in San Antonio, Texas, will be opened by the end of this month. Lastly, we continue to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial of our Inhaled AAT product. Importantly, we recently announced FDA agreement to accept a proposed revision to our study statistical plan that resulted in reducing the number of study subjects to 180 patients, and our plan to conduct an interim futility analysis by the end of 2025,” concluded Mr. London.
Financial Highlights for Year Ended December 31, 2024
- Total revenues for 2024 were
$161.0 million , a13% increase from the$142.5 million generated in 2023. The increase in revenues was primarily attributable to KEDRAB and CYTOGAM growth year-over-year. - Gross profit and gross margins were
$70.0million and43% , respectively, in the year ended December 31, 2024, compared to$55.5 million and39% , respectively, in 2023. The increase in gross profit and gross margins year-over-year was primarily due to the increase in sales and improved product and territory sales mix. - Operating expenses, including research and development (R&D), sales and marketing (S&M), general and administrative (G&A), and other expenses, totaled
$49.9 million in the year ended December 31, 2024, as compared to$45.4 million in the prior year. The higher operating expenses were primarily attributable to an increase in S&M costs associated with marketing activities in the U.S., as well as increased R&D costs, primarily due to advancing the Inhaled AAT clinical trial. - Net income for the year ended December 31, 2024, was
$14.5 million , or$0.25 per diluted share, up75% compared to a net income of$8.3 million , or$0.15 per diluted share, in the prior year. - Adjusted EBITDA, as detailed in the tables below, was
$34.1 million in the year ended December 31, 2024, a42% increase as compared to$24.1 million in the prior year. - Cash provided by operating activities was
$47.6 million in the year ended December 31, 2024, as compared to$4.3 million in the prior year. The significant increase is correlated to the increase in profitability and improvement in the Company’s working capital.
Financial Highlights for the Three Months Ended December 31, 2024
- Total revenues were
$39.0 million in the fourth quarter of 2024, a7% increase compared to$36.4 million in the fourth quarter of 2023. - Gross profit and gross margins were
$17.0 million and44% , respectively, in the fourth quarter of 2024, up18% compared to$14.4 million and40% , respectively, in the fourth quarter of 2023. - Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$12.0 million in the fourth quarter of 2024, as compared to$11.6 million in the fourth quarter of 2023. - Net income was
$3.8 million , or$0.07 per diluted share, in the fourth quarter of 2024, as compared to$5.1 million , or$0.09 per diluted share, in the fourth quarter of 2023. The decrease in net income was mainly attributable to higher financial costs associated with reevaluation of long-term contingent liabilities. - Adjusted EBITDA, as detailed in the tables below, was
$8.8 million in the fourth quarter of 2024, up38% compared to$6.4 million in the fourth quarter of 2023. - Cash provided by operating activities was
$10.4 million in the fourth quarter of 2024, as compared to cash provided by operating activities of$6.1 million in the fourth quarter of 2023.
Balance Sheet Highlights
As of December 31, 2024, the Company had cash and cash equivalents of
Recent Corporate Highlights
- Announced the payment of a special cash dividend of
$0.20 (approximately NIS 0.72) per share on the Company’s ordinary shares (totaling approximately$11.5 million ) based on Kamada’s strong financial results for 2024 and solid cash position. The special cash dividend will be payable on April 7, 2025, to shareholders of record at the close of business on March 17, 2025.
- Obtained positive feedback from the U.S. FDA, confirming the Agency's agreement with the Company's previously proposed relaxed two-sided Type 1 error rate control of
10% (p-value of 0.1) for the inhaled AAT pivotal Phase 3 study, reducing the study sample size from 220 patients to approximately 180 patients, while maintaining the statistical power of the trial. - Announced its plan to conduct an interim futility analysis for the inhaled AAT pivotal Phase 3 study by the end of 2025.
- Announced the award of a contract with an international organization for the supply of KAMRAB® and VARIZIG® in Latin America for 2025-2027. Total expected revenue under the three-year contract for both products is estimated to be approximately
$25 million . The expected portion for the calendar year 2025 is included in Kamada’s 2025 revenue guidance.
Fiscal 2025 Guidance
Kamada continues to expect to generate fiscal year 2025 total revenues in the range of
Conference Call Details
Kamada management will host an investment community conference call today at 8:00am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-413-7208 (from within the U.S.), 1-201-689-8555 (International), or 1-809-406-247 Investors (from Israel) using conference I.D. 13751522. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1706625&tp_key=810bb27504
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 2025 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 therapies field. The Company’s strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB®, CYTOGAM®, GLASSIA®, WINRHO SDF®, VARIZIG® and HEPAGAM B®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom products, and the products in the distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second: the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company’s marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third: the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns two operating plasma collection centers in the United States, in Beaumont Texas and Houston Texas, and plans to open the third center in San Antonio, Texas, by the end of the first quarter of 2025. Lastly, the Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need, with the lead product candidate Inhaled AAT, for which the Company 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) double digit profitable growth in fiscal year 2025, 2) reiteration of 2025 full-year revenue guidance of
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 December 31, | ||||||||
| 2024 | 2023 | |||||||
| U.S. Dollars in thousands | ||||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 78,435 | $ | 55,641 | ||||
| Trade receivables, net | 21,547 | 19,877 | ||||||
| Other accounts receivables | 5,546 | 5,965 | ||||||
| Inventories | 78,819 | 88,479 | ||||||
| Total Current Assets | 184,347 | 169,962 | ||||||
| Non-Current Assets | ||||||||
| Property, plant and equipment, net | 36,245 | 28,224 | ||||||
| Right-of-use assets | 9,617 | 7,761 | ||||||
| Intangible assets and other long-term assets | 103,226 | 110,152 | ||||||
| Goodwill | 30,313 | 30,313 | ||||||
| Contract asset | 8,019 | 8,495 | ||||||
| Deferred taxes | 488 | - | ||||||
| Total Non-Current Assets | 187,908 | 184,945 | ||||||
| Total Assets | $ | 372,255 | $ | 354,907 | ||||
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Current maturities of lease liabilities | 1,631 | 1,384 | ||||||
| Current maturities of other long term liabilities | 10,181 | 14,996 | ||||||
| Trade payables | 27,735 | 24,804 | ||||||
| Other accounts payables | 9,671 | 8,261 | ||||||
| Deferred revenues | 171 | 148 | ||||||
| Total Current Liabilities | 49,389 | 49,593 | ||||||
| Non-Current Liabilities | ||||||||
| Lease liabilities | 9,431 | 7,438 | ||||||
| Contingent consideration | 20,646 | 18,855 | ||||||
| Other long-term liabilities | 32,816 | 34,379 | ||||||
| Employee benefit liabilities, net | 509 | 621 | ||||||
| Total Non-Current Liabilities | 63,402 | 61,293 | ||||||
| Shareholder’s Equity | ||||||||
| Ordinary shares | 15,028 | 15,021 | ||||||
| Additional paid in capital net | 266,933 | 265,848 | ||||||
| Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | ||||
| Capital reserve from hedges | 51 | 140 | ||||||
| Capital reserve from share-based payments | 6,316 | 6,427 | ||||||
| Capital reserve from employee benefits | 364 | 275 | ||||||
| Accumulated deficit | (25,738 | ) | (40,200 | ) | ||||
| Total Shareholder’s Equity | 259,464 | 244,021 | ||||||
| Total Liabilities and Shareholder’s Equity | $ | 372,255 | $ | 354,907 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| For the Year Ended December 31, | For the Three Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| U.S. Dollars in thousands, except for per share data | U.S. Dollars in thousands, except for per share data | |||||||||||||||
| Revenues from proprietary products | $ | 141,447 | $ | 115,458 | $ | 31,415 | $ | 29,021 | ||||||||
| Revenues from distribution | 19,506 | 27,061 | 7,590 | 7,411 | ||||||||||||
| Total revenues | 160,953 | 142,519 | 39,005 | 36,432 | ||||||||||||
| Cost of revenues from proprietary products | 73,708 | 63,342 | 14,501 | 15,479 | ||||||||||||
| Cost of revenues from distribution | 17,278 | 23,687 | 7,473 | 6,541 | ||||||||||||
| Total cost of revenues | 90,986 | 87,029 | 21,974 | 22,020 | ||||||||||||
| Gross profit | 69,967 | 55,490 | 17,031 | 14,412 | ||||||||||||
| Research and development expenses | 15,185 | 13,933 | 2,673 | 3,239 | ||||||||||||
| Selling and marketing expenses | 18,428 | 16,193 | 4,566 | 4,620 | ||||||||||||
| General and administrative expenses | 15,702 | 14,381 | 4,124 | 3,778 | ||||||||||||
| Other expense | 601 | 919 | 590 | (1 | ) | |||||||||||
| Operating income | 20,051 | 10,064 | 5,078 | 2,776 | ||||||||||||
| Financial income | 2,118 | 588 | 684 | 496 | ||||||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | (94 | ) | 55 | (349 | ) | (671 | ) | |||||||||
| Revaluation of long-term liabilities | (8,081 | ) | (980 | ) | (2,765 | ) | 2,378 | |||||||||
| Financial expense | (660 | ) | (1,298 | ) | (189 | ) | 45 | |||||||||
| Income before tax on income | 13,334 | 8,429 | 2,459 | 5,024 | ||||||||||||
| Taxes on income | 1,128 | (145 | ) | 1,349 | 34 | |||||||||||
| Net Income | $ | 14,462 | $ | 8,284 | $ | 3,808 | $ | 5,058 | ||||||||
| Other Comprehensive Income: | ||||||||||||||||
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met, net of tax Gain (loss) on cash flow hedges | (30 | ) | (186 | ) | 33 | 148 | ||||||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | (59 | ) | 414 | 2 | 90 | |||||||||||
| Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||
| Remeasurement gain (loss) from defined benefit plan | 89 | (73 | ) | 81 | (43 | ) | ||||||||||
| Total comprehensive income | $ | 14,462 | $ | 8,439 | $ | 3,924 | $ | 5,253 | ||||||||
| Earnings per share attributable to equity holders of the Company: | ||||||||||||||||
| Basic net earnings per share | $ | 0.25 | $ | 0.17 | $ | 0.07 | $ | 0.09 | ||||||||
| Diluted net earnings per share | $ | 0.25 | $ | 0.15 | $ | 0.07 | $ | 0.09 | ||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
| For the year ended | For the Three Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| U.S. Dollars in thousands | U.S. Dollars in thousands | |||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||
| Net income | $ | 14,462 | $ | 8,284 | $ | 3,808 | $ | 5,058 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Adjustments to the profit or loss items: | ||||||||||||||||
| Depreciation and amortization | 13,808 | 12,714 | 4,100 | 3,208 | ||||||||||||
| Financial expense, net | 6,717 | 1,635 | 2,619 | (2,248 | ) | |||||||||||
| Cost of share-based payment | 874 | 1,314 | 174 | 373 | ||||||||||||
| Taxes on income | (1,128 | ) | 145 | (1,349 | ) | (34 | ) | |||||||||
| Loss (gain) from sale of property and equipment | 11 | (5 | ) | - | - | |||||||||||
| Change in employee benefit liabilities, net | 52 | (125 | ) | 46 | 19 | |||||||||||
| 20,334 | 15,678 | 5,590 | 1,318 | |||||||||||||
| Changes in asset and liability items: | ||||||||||||||||
| Decrease (increase) in trade receivables, net | (1,977 | ) | 7,835 | (5,226 | ) | 5,757 | ||||||||||
| Decrease (increase) in other accounts receivables | 593 | (1,150 | ) | (859 | ) | (3,866 | ) | |||||||||
| Decrease (increase) in inventories | 9,659 | (19,694 | ) | (7,261 | ) | (14,683 | ) | |||||||||
| Decrease (increase) in contract asset | 476 | 2,814 | 140 | 51 | ||||||||||||
| Increase (decrease) in trade payables | 1,226 | (8,885 | ) | 11,973 | 11,432 | |||||||||||
| Increase in other accounts payables | 1,413 | 765 | 1,570 | 1,124 | ||||||||||||
| Increase (decrease) in deferred revenues | 23 | 113 | 130 | 133 | ||||||||||||
| 11,413 | (18,202 | ) | 467 | (52 | ) | |||||||||||
| Cash (paid) received during the year for: | ||||||||||||||||
| Interest paid | (594 | ) | (1,228 | ) | (170 | ) | (79 | ) | ||||||||
| Interest received | 2,118 | - | 684 | (92 | ) | |||||||||||
| Taxes paid | (139 | ) | (217 | ) | 19 | (43 | ) | |||||||||
| 1,385 | (1,445 | ) | 533 | (214 | ) | |||||||||||
| Net cash provided by operating activities | $ | 47,594 | $ | 4,315 | $ | 10,398 | $ | 6,110 | ||||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (cont.)
| For the year ended December 31, | For the Three Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| U.S. Dollars in thousands | U.S. Dollars in thousands | |||||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||||
| Purchase of property and equipment and intangible assets | $ | (10,740 | ) | $ | (5,850 | ) | $ | (2,924 | ) | $ | (1,974 | ) | ||||
| Proceeds from sale of property and equipment | 1 | 7 | - | 1 | ||||||||||||
| Net cash used in investing activities | (10,739 | ) | (5,843 | ) | (2,924 | ) | (1,973 | ) | ||||||||
| Cash Flows from Financing Activities | ||||||||||||||||
| Proceeds from exercise of share base payments | 7 | 4 | 4 | 1 | ||||||||||||
| Proceeds from issuance of ordinary shares, net | - | 58,231 | - | - | ||||||||||||
| Repayment of lease liabilities | (1,251 | ) | (850 | ) | (361 | ) | (82 | ) | ||||||||
| Repayment of long-term loans | - | (17,407 | ) | - | - | |||||||||||
| Repayment of other long-term liabilities | (12,667 | ) | (17,300 | ) | (351 | ) | (1,500 | ) | ||||||||
| Net cash provided by (used in) financing activities | (13,911 | ) | 22,678 | (708 | ) | (1,581 | ) | |||||||||
| Exchange differences on balances of cash and cash equivalent | (150 | ) | 233 | (332 | ) | 482 | ||||||||||
| Increase in cash and cash equivalents | 22,794 | 21,383 | 6,434 | 3,038 | ||||||||||||
| Cash and cash equivalents at the beginning of the year | 55,641 | 34,258 | 72,001 | 52,603 | ||||||||||||
| Cash and cash equivalents at the end of the year | $ | 78,435 | $ | 55,641 | $ | 78,435 | $ | 55,641 | ||||||||
| Significant non-cash transactions | ||||||||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | 3,304 | $ | 6,546 | $ | 141 | 2,666 | |||||||||
| Purchase of property and equipment in credit | $ | 1,955 | $ | 646 | $ | 1,955 | 646 | |||||||||
NON-IFRS MEASURES
| For the year ended December 31, | For the Three Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| U.S. Dollars in thousands | U.S. Dollars in thousands | |||||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||||
| Net Income | $ | 14,462 | $ | 8,284 | $ | 3,808 | $ | 5,058 | ||||||||
| Taxes on income | (1,128 | ) | 145 | (1,349 | ) | (34 | ) | |||||||||
| Financial expenses (income), net | 6,717 | 1,635 | 2,619 | (2,248 | ) | |||||||||||
| Depreciation and amortization expense | 13,218 | 12,714 | 3,510 | 3,208 | ||||||||||||
| Non-cash share-based compensation expenses | 867 | 1,314 | 167 | 373 | ||||||||||||
| Adjusted EBITDA | $ | 34,136 | $ | 24,092 | $ | 8,755 | $ | 6,357 | ||||||||
5
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