Kamada Reports Strong Second Quarter and First Half 2023 Financial Results; Reiterates 2023 Revenue and Profitability Guidance
- None.
- None.
- Second Quarter 2023 Revenues were
$37.4 Million , Representing a59% Increase Year-over-Year; First Half 2023 Revenues of$68.2 Million , Up32% Year-over-Year - First Half 2023 Adjusted EBITDA of
$9.9 Million , Up24% Year-over-Year - Robust Second Quarter Results and Positive Outlook for Second Half of 2023 Support Reiteration of Fiscal Year 2023 Revenue Guidance of
$138 Million -$146 Million , and Adjusted EBITDA of$22 Million to$26 Million - Extended U.S. Distribution Agreement for KEDRAB® Rabies Immunoglobulin with Kedrion Biopharma Through March 2026
- Reports Positive Scientific Advice from European Medicines Agency (EMA) Regarding Ongoing Pivotal Inhaled AAT Study that Reconfirms the Overall Design of the Study and Acknowledges Certain Positive Results Demonstrated in Previously Completed Phase 2/3 Study
- Shareholder Vote to Approve
$60 Million Private Placement with FIMI Opportunity Funds Scheduled for August 29, 2023 - Conference Call and Live Webcast Today at 8:30 AM ET
REHOVOT, Israel and HOBOKEN, N.J., Aug. 16, 2023 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a commercial stage 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 and six months ended June 30, 2023.
“Our strong start to 2023 continued in the second quarter, both financially and operationally,” said Amir London, Kamada’s Chief Executive Officer. “With total revenues for the first six months of the year of
“Importantly, we expect the momentum in our business to continue through the second half of the year, with full-year profitability to be further meaningfully enhanced as compared to last year. As such, we are reiterating our full-year 2023 revenue guidance of
“We continue to advance our pivotal phase 3 InnovAATe trial for Inhaled AAT and recently received positive scientific advice from the European Medicines Agency (EMA) that reconfirmed the overall design of the on-going study and acknowledged the statistically and clinically meaningful improvement in lung function (FEV1) demonstrated in our previous Phase 2/3 European study, which served as the basis for the design and the selection of the primary endpoint of our current pivotal Phase 3 study. Discussion with the FDA regarding study progress will be completed by the end of 2023,” added Mr. London.
“We are actively engaged in seeking shareholders' approval, later this month, for the
Financial Highlights for the Three Months Ended June 30, 2023
- Total revenues were
$37.4 million in the second quarter of 2023, a 59% increase from the$23.6 million recorded in the second quarter of 2022. The increase in revenues was primarily attributable to increased sales of KEDRAB to Kedrion due to increased demand for the product in the U.S. market. As a reminder, during the second quarter of 2022, a portion of sales were delayed due to the labor strike at the Company’s manufacturing facility in Israel. - Gross profit and gross margins were
$14.4 million and39% , respectively, in the second quarter of 2023, compared to$7.2 million and31% , respectively, reported in the second quarter of 2022. Cost of goods sold in the Company’s Proprietary segment included$1.3 million of depreciation expenses associated with intangible assets generated through the IgG products acquisition. As a reminder, gross profit, and gross margin for the second quarter of 2022 were affected by a$3.3 million loss as a result of the labor strike at the Company’s manufacturing facility in Israel. - Operating expenses, including R&D, Sales & Marketing (S&M), G&A and other expenses, totaled
$11.8 million in the second quarter of 2023, as compared to$9.5 million in the second quarter of 2022. S&M costs included$0.4 million of depreciation expenses of intangible assets generated through the IgG products acquisition. The increase in operating expenses was attributable to an increase in S&M costs associated with the acquired portfolio commercial operation, as well as increased R&D costs, primarily due to advancing the pivotal Phase 3 InnovAATe trial for Inhaled AAT. - Net income was
$1.8 million , or$0.04 per share, in the second quarter of 2023, as compared to a net loss of$3.9 million , or$(0.09) per share, in the second quarter of 2022. - Adjusted EBITDA, as detailed in the tables below, was
$6.0 million in the second quarter of 2023, as compared to$1.3 million in the second quarter of 2022. As a reminder, adjusted EBITDA for the second quarter of 2022 was affected by the labor strike related loss. Adjusted EBITDA for the second quarter of 2022, excluding such loss associated with the labor strike, would have been$4.7 million . - Cash provided by operating activities was
$1.8 million in the second quarter of 2023, as compared to cash provided by operating activities of$10.9 million in the second quarter of 2022. The change was correlated to the changes in the Company’s working capital.
Financial Highlights for the Six Months Ended June 30, 2023
- Total revenues for the first six months of 2023 were
$68.2 million , a32% increase from the$51.7 million generated in the first six months of 2022. The increase in revenues was primarily attributable to increased sales of KEDRAB to Kedrion due to increased demand for the product in the U.S. market. - Gross profit and gross margins for the first six months of 2023 were
$26.3 million and39% , respectively, compared to$18.5 million and36% , respectively, in the first half of 2022. Cost of goods sold in the Company’s Proprietary segment included$2.7 million of depreciation expenses associated with intangible assets generated through the IgG products acquisition. As a reminder, gross profit, and gross margin for the first six months of 2022 were affected by a$3.3 million loss as a result of the labor strike at the Company’s manufacturing facility in Israel. - Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$23.4 million in the first six months of 2023, as compared to$20.6 million in the first half of 2022. S&M costs included$0.8 million of depreciation expenses of intangible assets generated through the IgG products acquisition. The increase in operating expenses was attributable to an increase in S&M costs associated with the acquired portfolio commercial operation, as well as increased R&D costs, primarily due to advancing the pivotal Phase 3 InnovAATe trial for Inhaled AAT. - Net profit for the first six months of 2023 was
$3,000 , or less than one cent per share, as compared to net loss of$5.7 million , or$(0.13) per share, in the prior year period. - Adjusted EBITDA, as detailed in the tables below, was
$9.9 million in the first six months of 2023, as compared to$4.6 million in the first six months of 2022. As a reminder, adjusted EBITDA for the first six months of 2022 were affected by a$3.3 million loss as result of the labor strike at the Company’s manufacturing facility in Israel. The adjusted EBITDA for the first six months of 2023 represented a24% increase compared to the adjusted EBITDA excluding labor strike related loss for the first six months of 2022. - Cash used in operating activities during the first six months of 2023 was approximately
$1.0 million , as compared to cash provided by operating activities of$16.4 million during the first six months of 2022.The change was correlated to the changes in the Company’s working capital.
Balance Sheet Highlights
As of June 30, 2023, the Company had cash, cash equivalents, and short-term investments of
Recent Corporate Highlights
- Announced that Kedrion exercised its option to extend through March 2026 the KEDRAB distribution agreement.
Fiscal Year 2023 Guidance
Kamada continues to expect to generate fiscal year 2023 total revenues in the range of
Conference Call
Kamada management will host an investment community conference call on Wednesday, August 16, at 8:30am Eastern Time to discuss these 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.), 1 809-406-247 (from Israel), or 1 201-689-8263 (International) and entering the conference identification number: 13740401. The call will also be webcast live on the Internet at:
https://viavid.webcasts.com/starthere.jsp?ei=1626943&tp_key=6e37fa90e3.
Non-IFRS financial measures
We present EBITDA and adjusted EBITDA because we use this non-IFRS financial measure 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 this non-IFRS financial measure 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 and adjusted EBITDA are 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, plus non-cash share-based compensation expenses and certain other costs.
About Kamada
Kamada Ltd. (the “Company”) is a commercial stage 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: CYTOGAM®, KEDRAB®, 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, 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 hyper-immune plasma used in the manufacture of KAMRHO (D). 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 lead 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) Expectation that the momentum in our business to continue through the second half of the year, with profitability to be further meaningfully enhanced as compared to last year; (2) 2023 revenue guidance in the range of
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
(212) 915-2578
britchie@LifeSciAdvisors.com
KAMADA LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of June 30, | As of December 31, | |||||||||||
2023 | 2022 | 2022 | ||||||||||
Unaudited | Audited | |||||||||||
U.S Dollars in thousands | ||||||||||||
Assets | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 21,788 | $ | 29,933 | $ | 34,258 | ||||||
Trade receivables, net | 24,581 | 17,738 | 27,252 | |||||||||
Other accounts receivables | 3,077 | 6,410 | 8,710 | |||||||||
Inventories | 80,237 | 64,520 | 68,785 | |||||||||
Total Current Assets | 129,683 | 118,601 | 139,005 | |||||||||
Non-Current Assets | ||||||||||||
Property, plant and equipment, net | 26,936 | 25,914 | 26,157 | |||||||||
Right-of-use assets | 5,517 | 2,810 | 2,568 | |||||||||
Intangible assets, Goodwill and other long-term assets | 143,986 | 150,449 | 147,072 | |||||||||
Contract assets | 8,267 | 6,361 | 7,577 | |||||||||
Total Non-Current Assets | 184,706 | 185,534 | 183,374 | |||||||||
Total Assets | $ | 314,389 | $ | 304,135 | $ | 322,379 | ||||||
Liabilities | ||||||||||||
Current Liabilities | ||||||||||||
Current maturities of bank loans | $ | 4,444 | $ | 4,449 | $ | 4,444 | ||||||
Current maturities of lease liabilities | 1,063 | 1,010 | 1,016 | |||||||||
Current maturities of other long term liabilities | 25,077 | 20,117 | 29,708 | |||||||||
Trade payables | 27,969 | 17,954 | 32,917 | |||||||||
Other accounts payables | 7,235 | 6,110 | 7,585 | |||||||||
Deferred revenues | 38 | 40 | 35 | |||||||||
Total Current Liabilities | 65,826 | 49,680 | 75,705 | |||||||||
Non-Current Liabilities | ||||||||||||
Bank loans | 10,741 | 15,185 | 12,963 | |||||||||
Lease liabilities | 4,972 | 2,492 | 2,177 | |||||||||
Contingent consideration | 19,028 | 23,121 | 17,534 | |||||||||
Other long-term liabilities | 36,514 | 41,304 | 37,308 | |||||||||
Deferred revenues | 0 | 15 | - | |||||||||
Employee benefit liabilities, net | 556 | 764 | 672 | |||||||||
Total Non-Current Liabilities | 71,811 | 82,881 | 70,654 | |||||||||
Shareholder’s Equity | ||||||||||||
Ordinary shares | 11,737 | 11,731 | 11,734 | |||||||||
Additional paid in capital net | 210,727 | 210,319 | 210,495 | |||||||||
Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
Capital reserve from hedges | (67 | ) | (442 | ) | (88 | ) | ||||||
Capital reserve from share-based payments | 5,902 | 5,097 | 5,505 | |||||||||
Capital reserve from employee benefits | 424 | 271 | 348 | |||||||||
Accumulated deficit | (48,481 | ) | (51,912 | ) | (48,484 | ) | ||||||
Total Shareholder’s Equity | 176,752 | 171,574 | 176,020 | |||||||||
Total Liabilities and Shareholder’s Equity | $ | 314,389 | $ | 304,135 | $ | 322,379 | ||||||
KAMADA LTD.
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Six months period ended | Three months period ended | Year ended | ||||||||||||||||||
June 30, | June 30, | December 31, | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||||||
Unaudited | Unaudited | Audited | ||||||||||||||||||
U.S Dollars in thousands | ||||||||||||||||||||
Revenues from proprietary products | $ | 55,001 | $ | 41,618 | $ | 30,940 | $ | 18,607 | $ | 102,598 | ||||||||||
Revenues from distribution | 13,152 | 10,065 | 6,503 | 4,983 | 26,741 | |||||||||||||||
Total revenues | 68,153 | 51,683 | 37,443 | 23,590 | 129,339 | |||||||||||||||
Cost of revenues from proprietary products | 30,416 | 24,705 | 17,192 | 12,256 | 58,229 | |||||||||||||||
Cost of revenues from distribution | 11,462 | 8,436 | 5,815 | 4,094 | 24,407 | |||||||||||||||
Total cost of revenues | 41,878 | 33,141 | 23,007 | 16,350 | 82,636 | |||||||||||||||
Gross profit | 26,275 | 18,542 | 14,436 | 7,240 | 46,703 | |||||||||||||||
Research and development expenses | 7,514 | 7,063 | 4,283 | 2,643 | 13,172 | |||||||||||||||
Selling and marketing expenses | 7,862 | 6,592 | 3,940 | 3,271 | 15,284 | |||||||||||||||
General and administrative expenses | 6,902 | 6,316 | 3,484 | 3,311 | 12,803 | |||||||||||||||
Other expenses | 1,077 | 619 | 98 | 309 | 912 | |||||||||||||||
Operating income (loss) | 2,920 | (2,048 | ) | 2,631 | (2,294 | ) | 4,532 | |||||||||||||
Financial income | 25 | 3 | - | 1 | 91 | |||||||||||||||
Income (expenses) in respect of currency exchange differences and derivatives instruments, net | 173 | 593 | 22 | 424 | 298 | |||||||||||||||
Financial Income (expense) in respect of contingent consideration and other long- term liabilities. | (2,070 | ) | (3,875 | ) | (309 | ) | (1,865 | ) | (6,266 | ) | ||||||||||
Financial expenses | (939 | ) | (372 | ) | (439 | ) | (178 | ) | (914 | ) | ||||||||||
Income (expense) before tax on income | 109 | (5,699 | ) | 1,905 | (3,912 | ) | (2,259 | ) | ||||||||||||
Taxes on income | 106 | 50 | 93 | 9 | 62 | |||||||||||||||
Net Income (loss) | $ | 3 | $ | (5,749 | ) | $ | 1,812 | $ | (3,921 | ) | $ | (2,321 | ) | |||||||
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 | (244 | ) | (784 | ) | (88 | ) | (676 | ) | (776 | ) | ||||||||||
Net amounts transferred to the statement of profit or loss for cash flow hedges | 265 | 288 | 120 | 222 | 634 | |||||||||||||||
Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
Remeasurement gain (loss) from defined benefit plan | 76 | 420 | (115 | ) | 420 | 497 | ||||||||||||||
Tax effect | - | - | - | - | - | |||||||||||||||
Total comprehensive income (loss) | $ | 100 | $ | (5,825 | ) | $ | 1,729 | $ | (3,955 | ) | $ | (1,966 | ) | |||||||
Earnings per share attributable to equity holders of the Company: | ||||||||||||||||||||
Basic net earnings per share | $ | 0.00 | $ | (0.13 | ) | $ | 0.04 | $ | (0.09 | ) | $ | (0.05 | ) | |||||||
Diluted net earnings per share | $ | 0.00 | $ | (0.13 | ) | $ | 0.04 | $ | (0.09 | ) | $ | (0.05 | ) | |||||||
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
June, 30 | June, 30 | December 31, | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||||||
Unaudited | Audited | |||||||||||||||||||
U.S Dollars In thousands | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net income (loss) | $ | 3 | $ | (5,749 | ) | $ | 1,812 | $ | (3,921 | ) | $ | (2,321 | ) | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Adjustments to the profit or loss items: | ||||||||||||||||||||
Depreciation and impairment | 6,327 | 6,088 | 3,204 | 3,061 | 12,155 | |||||||||||||||
Financial expenses (income), net | 2,811 | 3,651 | 726 | 1,618 | 6,791 | |||||||||||||||
Cost of share-based payment | 629 | 569 | 214 | 376 | 1,153 | |||||||||||||||
Taxes on income | 106 | 50 | 93 | 9 | 62 | |||||||||||||||
Loss (gain) from sale of property and equipment | (5 | ) | - | - | - | - | ||||||||||||||
Change in employee benefit liabilities, net | (40 | ) | (96 | ) | (32 | ) | (84 | ) | (111 | ) | ||||||||||
9,828 | 10,262 | 4,205 | 4,980 | 20,050 | ||||||||||||||||
Changes in asset and liability items: | ||||||||||||||||||||
Decrease (increase) in trade receivables, net | 2,696 | 17,102 | (3,610 | ) | 3,610 | 7,603 | ||||||||||||||
Decrease (increase) in other accounts receivables | 1,539 | 2,073 | 177 | 1,484 | (578 | ) | ||||||||||||||
Decrease (increase) in inventories | (11,452 | ) | 2,903 | (482 | ) | 241 | (1,361 | ) | ||||||||||||
Decrease (increase) in deferred expenses | 3,042 | (484 | ) | (512 | ) | (374 | ) | (1,340 | ) | |||||||||||
Increase (decrease) in trade payables | (5,436 | ) | (7,843 | ) | 1,276 | 5,806 | 7,055 | |||||||||||||
Increase (decrease) in other accounts payables | (408 | ) | (1,517 | ) | (170 | ) | (745 | ) | 290 | |||||||||||
Decrease in deferred revenues | 3 | - | (381 | ) | - | (20 | ) | |||||||||||||
(10,016 | ) | 12,234 | (3,702 | ) | 10,022 | 11,649 | ||||||||||||||
Cash received (paid) during the period for: | ||||||||||||||||||||
Interest paid | (744 | ) | (380 | ) | (403 | ) | (186 | ) | (853 | ) | ||||||||||
Interest received | 25 | 3 | 0 | 1 | 97 | |||||||||||||||
Taxes paid | (112 | ) | (18 | ) | (94 | ) | (9 | ) | (36 | ) | ||||||||||
(831 | ) | (395 | ) | (497 | ) | (194 | ) | (792 | ) | |||||||||||
Net cash provided by (used in) operating activities | $ | (1,016 | ) | $ | 16,352 | $ | 1,818 | $ | 10,887 | $ | 28,586 | |||||||||
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
June, 30 | June, 30 | December 31, | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||||||
Unaudited | Audited | |||||||||||||||||||
U.S Dollars In thousands | ||||||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Purchase of property and equipment and intangible assets | $ | (2,147 | ) | $ | (1,191 | ) | $ | (1,048 | ) | $ | (678 | ) | $ | (3,784 | ) | |||||
Proceeds from sale of property and equipment | 6 | - | - | - | - | |||||||||||||||
Business combination | - | - | - | - | - | |||||||||||||||
Net cash provided by (used in) investing activities | (2,141 | ) | (1,191 | ) | (1,048 | ) | (678 | ) | (3,784 | ) | ||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from exercise of share base payments | 3 | 6 | 2 | 3 | 9 | |||||||||||||||
Receipt of long-term loans | - | - | - | - | - | |||||||||||||||
Repayment of lease liabilities | (517 | ) | (573 | ) | (246 | ) | (278 | ) | (1,098 | ) | ||||||||||
Repayment of long-term loans | (2,222 | ) | (401 | ) | (1,111 | ) | (385 | ) | (2,628 | ) | ||||||||||
Repayment of other long-term liabilities | (6,000 | ) | (3,243 | ) | (4,500 | ) | (1,743 | ) | (5,626 | ) | ||||||||||
Net cash provided by (used in) financing activities | (8,736 | ) | (4,211 | ) | (5,855 | ) | (2,403 | ) | (9,343 | ) | ||||||||||
Exchange differences on balances of cash and cash equivalent | (577 | ) | 396 | (248 | ) | 160 | 212 | |||||||||||||
Increase (decrease) in cash and cash equivalents | (12,470 | ) | 11,346 | (5,333 | ) | 7,966 | 15,671 | |||||||||||||
Cash and cash equivalents at the beginning of the period | 34,258 | 18,587 | 27,121 | 21,967 | 18,587 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 21,788 | $ | 29,933 | $ | 21,788 | $ | 29,933 | $ | 34,258 | ||||||||||
Significant non-cash transactions | ||||||||||||||||||||
Right-of-use asset recognized with corresponding lease liability | $ | 3,585 | $ | 296 | $ | 5 | $ | 121 | $ | 551 | ||||||||||
Purchase of property and equipment and Intangible assets | $ | 840 | $ | 775 | $ | 840 | $ | 775 | $ | 618 | ||||||||||
KAMADA LTD.
NON-IFRS MEASURES – ADJUSTED EBITDA
Six months period ended | Three months period ended | Year ended | ||||||||||||||||||
June 30, | June 30, | December 31, | ||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2022 | ||||||||||||||||
In thousands | ||||||||||||||||||||
Net income | $ | 3 | $ | (5,749 | ) | $ | 1,812 | $ | (3,921 | ) | $ | (2,321 | ) | |||||||
Taxes on income | 106 | 50 | 93 | 9 | 62 | |||||||||||||||
Financial expense (income), net | 2,811 | 3,651 | 726 | 1,618 | 6,791 | |||||||||||||||
Depreciation and amortization expense | 6,327 | 6,088 | 3,204 | 3,202 | 12,155 | |||||||||||||||
Non-cash share-based compensation expenses | 629 | 569 | 214 | 414 | 1,153 | |||||||||||||||
Adjusted EBITDA | $ | 9,876 | $ | 4,639 | $ | 6,049 | $ | 1,322 | $ | 17,840 |
FAQ
What were Kamada's revenues for Q2 2023?
What was Kamada's adjusted EBITDA for H1 2023?
What is Kamada's fiscal year 2023 revenue guidance?
What is Kamada's fiscal year 2023 adjusted EBITDA guidance?
What is the extended U.S. distribution agreement for KEDRAB?
What positive scientific advice did Kamada receive from the European Medicines Agency?