- Revenues for First Quarter of 2024 were
$37.7 Million , Representing a 23% Increase Year-over-Year - First Quarter 2024 Adjusted EBITDA of
$7.5 Million , Representing a 96% Increase Year-over-Year - Momentum Primarily Driven by
U.S. Sales of the Company’s Two Most Significant Catalysts, KEDRAB® and CYTOGAM® - Strong First Quarter Results and Positive Outlook for Remainder of 2024 Support Increase of Full-Year Revenue Guidance to
$158 Million-$162 Million and Adjusted EBITDA to$28 Million-$32 Million - Conference Call and Live Webcast Today at
8:30 AM ET
“We are excited by our strong financial and operational start to 2024, which has us well-positioned for a highly successful year,” said
“Based on our strong performance in the first quarter and our expectation for the continued momentum in our business throughout 2024, we are raising our full-year 2024 revenue guidance to be between
“Patient enrollment continues in our ongoing pivotal Phase 3 InnovAATe clinical trial for the inhaled Alpha-1 Antitrypsin therapy for the treatment of AAT Deficiency. Following recent positive feedback from the
Financial Highlights for the Three Months Ended
- Total revenues were
$37.7 million in the first quarter of 2024, a 23% increase from the prior year period. The increase in revenues was primarily attributable to increased sales of CYTOGAM due to increased demand for the product in the U.S. market, as well as increased sales of KEDRAB toKedrion due to increased market share in theU.S. - Gross profit and gross margins were
$16.8 million and 44%, respectively, in the first quarter of 2024, compared to$11.9 million and 39%, respectively, reported in the prior year period. Cost of goods sold in the Company’s Proprietary segment for each of the first quarter of 2024 and 2023 included$1.3 million of depreciation expenses associated with intangible assets generated through the IgG products acquisition. - Operating expenses, including R&D, Sales & Marketing (S&M), G&A and other expenses, totaled
$12.7 million in the first quarter of 2024, as compared to$11.6 million in the first quarter of 2023. S&M costs for the first quarter of 2024 and 2023 included$0.4 million of amortization expenses of intangible assets generated through the IgG products acquisition. - Net income was
$2.4 million , or$0.04 per share, in the first quarter of 2024, as compared to a net loss of$1.8 million , or$(0.04) per share, in the first quarter of 2023. - Adjusted EBITDA, as detailed in the tables below, was
$7.5 million in the first quarter of 2024, a 96% increase from the$3.8 million in the first quarter of 2023. - Cash provided by operating activities was
$1.0 million in the first quarter of 2024, as compared to cash used in operating activities of$2.9 million in the first quarter of 2023.
Balance Sheet Highlights
As of
Recent Corporate Highlights
- During the first quarter of 2024, Kamada completed the successful launch in
Israel of BEVACIZUMAB KAMADA, the biosimilar to Avastin®, which is indicated for the treatment of certain types of cancer, including colon cancer and metastatic breast cancer. This represents the first biosimilar product to be launched and distributed by Kamada inIsrael . The product is manufactured by mAbxienceResearch S.L ., fromMadrid, Spain .
Fiscal Year 2024 Guidance
Based on the Company’s strong performance in the first quarter and its expectation for continued momentum in the business throughout 2024, Kamada is increasing its fiscal year 2024 total revenue guidance from a range of
Conference Call
Kamada management will host an investment community conference call today,
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
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
212-915-2578
britchie@LifeSciAdvisors.com
CONDENCED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITTION | ||||||||||||
As of | As of | |||||||||||
2024 | 2023 | 2023 | ||||||||||
Unaudited | Audited | |||||||||||
Assets | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 48,194 | $ | 27,121 | $ | 55,641 | ||||||
Trade receivables, net | 18,855 | 20,925 | 19,877 | |||||||||
Other accounts receivables | 6,411 | 3,603 | 5,965 | |||||||||
Inventories | 84,348 | 79,754 | 88,479 | |||||||||
Total Current Assets | 157,808 | 131,403 | 169,962 | |||||||||
Non-Current Assets | ||||||||||||
Property, plant and equipment, net | 30,727 | 26,496 | 28,224 | |||||||||
Right-of-use assets | 7,632 | 5,836 | 7,761 | |||||||||
Intangible assets, | 138,623 | 145,305 | 140,465 | |||||||||
Contract assets | 8,384 | 7,755 | 8,495 | |||||||||
Total Non-Current Assets | 185,366 | 185,392 | 184,945 | |||||||||
Total Assets | $ | 343,174 | $ | 316,795 | $ | 354,907 | ||||||
Liabilities | ||||||||||||
Current Liabilities | ||||||||||||
Current maturities of bank loans | $ | - | $ | 4,444 | $ | - | ||||||
Current maturities of lease liabilities | 1,467 | 1,438 | 1,384 | |||||||||
Current maturities of other long-term liabilities | 12,980 | 29,414 | 14,996 | |||||||||
Trade payables | 16,492 | 26,210 | 24,804 | |||||||||
Other accounts payables | 6,210 | 7,350 | 8,261 | |||||||||
Deferred revenues | 26 | 419 | 148 | |||||||||
Total Current Liabilities | 37,175 | 69,275 | 49,593 | |||||||||
Non-Current Liabilities | ||||||||||||
Bank loans | - | 11,852 | - | |||||||||
Lease liabilities | 7,278 | 4,992 | 7,438 | |||||||||
Contingent consideration | 16,760 | 18,115 | 18,855 | |||||||||
Other long-term liabilities | 34,842 | 37,280 | 34,379 | |||||||||
Employee benefit liabilities, net | 609 | 473 | 621 | |||||||||
Total Non-Current Liabilities | 59,489 | 72,712 | 61,293 | |||||||||
Shareholder’s Equity | ||||||||||||
Ordinary shares | 15,022 | 11,736 | 15,021 | |||||||||
Additional paid in capital net | 266,183 | 210,665 | 265,848 | |||||||||
Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
Capital reserve from hedges | 12 | (99 | ) | 140 | ||||||||
Capital reserve from share-based payments | 6,336 | 5,750 | 6,427 | |||||||||
Capital reserve from employee benefits | 282 | 539 | 275 | |||||||||
Accumulated deficit | (37,835 | ) | (50,293 | ) | (40,200 | ) | ||||||
Total Shareholder’s Equity | 246,510 | 174,808 | 244,021 | |||||||||
Total Liabilities and Shareholder’s Equity | $ | 343,174 | $ | 316,795 | $ | 354,907 |
CONDENCED CONSOLIDATED INTERIM OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||||||||
Three months period ended | Year ended | |||||||||||
2024 | 2023 | 2023 | ||||||||||
Unaudited | Audited | |||||||||||
Revenues from proprietary products | $ | 33,758 | $ | 24,061 | $ | 115,458 | ||||||
Revenues from distribution | 3,978 | 6,649 | 27,061 | |||||||||
Total revenues | 37,736 | 30,710 | 142,519 | |||||||||
Cost of revenues from proprietary products | 17,620 | 13,224 | 63,342 | |||||||||
Cost of revenues from distribution | 3,365 | 5,647 | 23,687 | |||||||||
Total cost of revenues | 20,985 | 18,871 | 87,029 | |||||||||
Gross profit | 16,751 | 11,839 | 55,490 | |||||||||
Research and development expenses | 4,295 | 3,231 | 13,933 | |||||||||
Selling and marketing expenses | 4,631 | 3,922 | 16,193 | |||||||||
General and administrative expenses | 3,786 | 3,418 | 14,381 | |||||||||
Other expenses | - | 979 | 919 | |||||||||
Operating income (loss) | 4,039 | 289 | 10,064 | |||||||||
Financial income | 280 | 25 | 588 | |||||||||
Income (expenses) in respect of currency exchange differences and derivatives instruments, net | 124 | 151 | 55 | |||||||||
Financial Income (expense) in respect of contingent consideration and other long- term liabilities. | (1,845 | ) | (1,761 | ) | (980 | ) | ||||||
Financial expenses | (159 | ) | (500 | ) | (1,298 | ) | ||||||
Income before tax on income | 2,439 | (1,796 | ) | 8,429 | ||||||||
Taxes on income | 74 | 13 | 145 | |||||||||
Net Income (loss) | $ | 2,365 | $ | (1,809 | ) | $ | 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 | (71 | ) | (156 | ) | (186 | ) | ||||||
Net amounts transferred to the statement of profit or loss for cash flow hedges | (57 | ) | 145 | 414 | ||||||||
Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||
Remeasurement gain (loss) from defined benefit plan | 7 | 191 | (73 | ) | ||||||||
Total comprehensive income (loss) | $ | 2,244 | $ | (1,629 | ) | $ | 8,439 | |||||
Earnings per share attributable to equity holders of the Company: | ||||||||||||
Basic net earnings per share | $ | 0.04 | $ | (0.04 | ) | $ | 0.17 | |||||
Diluted net earnings per share | $ | 0.04 | $ | (0.04 | ) | $ | 0.15 |
CONDENCED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS | ||||||||||||
Three months period Ended | Year Ended | |||||||||||
2024 | 2023 | 2023 | ||||||||||
Unaudited | Audited | |||||||||||
Cash Flows from Operating Activities | ||||||||||||
Net income (loss) | $ | 2,365 | $ | (1,809 | ) | $ | 8,284 | |||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Adjustments to the profit or loss items: | ||||||||||||
Depreciation and amortization | 3,237 | 3,123 | 12,714 | |||||||||
Financial expenses (income), net | 1,600 | 2,085 | 1,635 | |||||||||
Cost of share-based payment | 241 | 415 | 1,314 | |||||||||
Taxes on income | 74 | 13 | 145 | |||||||||
Loss (gain) from sale of property and equipment | - | (22 | ) | (5 | ) | |||||||
Change in employee benefit liabilities, net | (4 | ) | (8 | ) | (125 | ) | ||||||
5,148 | 5,606 | 15,678 | ||||||||||
Changes in asset and liability items: | ||||||||||||
Decrease (increase) in trade receivables, net | 610 | 6,306 | 7,835 | |||||||||
Decrease (increase) in other accounts receivables | (516 | ) | 1,362 | (1,150 | ) | |||||||
Decrease (increase) in inventories | 4,131 | (10,970 | ) | (19,694 | ) | |||||||
Decrease (increase) in deferred expenses | 112 | 3,554 | 2,814 | |||||||||
Decrease (increase) in trade payables | (8,785 | ) | (6,712 | ) | (8,885 | ) | ||||||
Decrease (increase) in other accounts payables | (2,051 | ) | (238 | ) | 765 | |||||||
Decrease (increase) in deferred revenues | (122 | ) | 384 | 113 | ||||||||
(6,621 | ) | (6,314 | ) | (18,202 | ) | |||||||
Cash received (paid) during the period for: | ||||||||||||
Interest paid | (129 | ) | (341 | ) | (1,228 | ) | ||||||
Interest received | 280 | 25 | - | |||||||||
Taxes paid | (23 | ) | (18 | ) | (217 | ) | ||||||
128 | (334 | ) | (1,445 | ) | ||||||||
Net cash provided by (used in) operating activities | $ | 1,020 | $ | (2,851 | ) | $ | 4,315 |
CONDENCED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (continued) | ||||||||||||
Three months period Ended | Year Ended | |||||||||||
March, 31 | ||||||||||||
2024 | 2023 | 2023 | ||||||||||
Unaudited | Audited | |||||||||||
Cash Flows from Investing Activities | ||||||||||||
Purchase of property and equipment and intangible assets | $ | (2,682 | ) | $ | (1,117 | ) | $ | (5,850 | ) | |||
Proceeds from sale of property and equipment | - | 24 | 7 | |||||||||
Net cash provided by (used in) investing activities | (2,682 | ) | (1,093 | ) | (5,843 | ) | ||||||
Cash Flows from Financing Activities | ||||||||||||
Proceeds from exercise of share base payments | 1 | 1 | 4 | |||||||||
Proceeds from issuance of ordinary shares, net | - | - | 58,231 | |||||||||
Repayment of lease liabilities | (244 | ) | (271 | ) | (850 | ) | ||||||
Repayment of long-term loans | - | (1,111 | ) | (17,407 | ) | |||||||
Repayment of other long-term liabilities | (5,496 | ) | (1,500 | ) | (17,300 | ) | ||||||
Net cash provided by (used in) financing activities | (5,739 | ) | (2,881 | ) | 22,678 | |||||||
Exchange differences on balances of cash and cash equivalent | (46 | ) | (312 | ) | 233 | |||||||
Increase (decrease) in cash and cash equivalents | (7,447 | ) | (7,137 | ) | 21,383 | |||||||
Cash and cash equivalents at the beginning of the period | 55,641 | 34,258 | 34,258 | |||||||||
Cash and cash equivalents at the end of the period | $ | 48,194 | $ | 27,121 | $ | 55,641 | ||||||
Significant non-cash transactions | ||||||||||||
Right-of-use asset recognized with corresponding lease liability | $ | 306 | $ | 3,580 | $ | 6,546 | ||||||
Purchase of property and equipment and Intangible assets | $ | 905 | $ | 292 | $ | 646 |
NON-IFRS MEASURES – ADJUSTED EBITDA | ||||||||||||
Three months period Ended | Year ended | |||||||||||
2024 | 2023 | 2023 | ||||||||||
Net (loss) income | $ | 2,365 | $ | (1,809 | ) | $ | 8,284 | |||||
Taxes on income | 74 | 13 | 145 | |||||||||
Financial expense (income), net | 1,600 | 2,085 | 1,635 | |||||||||
Depreciation and amortization expense | 3,237 | 3,123 | 12,714 | |||||||||
Non-cash share-based compensation expenses | 241 | 415 | 1,314 | |||||||||
Adjusted EBITDA | $ | 7,517 | $ | 3,827 | $ | 24,092 |
Source:
2024 GlobeNewswire, Inc., source