The following is a summary of the Kamada Ltd. (KMDA) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Kamada Ltd. reported a 10% increase in Q3 revenue to $41.7 million, and a 15% increase for the first 9 months totaling $121.9 million.

• Adjusted EBITDA for Q3 was $8.8 million, up 11% from the previous year, with a 43% increase for the first 9 months to $25.4 million, indicating a 21% revenue margin.

• Net income for Q3 was $3.9 million, a 20% increase year-over-year, and $10.7 million for the first 9 months, tripling the previous period's earnings.

• Cash provided by operating activities for the first 9 months was $37.2 million.

Business Progress:

• Kamada launched a biosimilar product earlier this year, indicating growth within the biosimilar market, with several additional products planned for upcoming launches.

• They expanded their plasma operation in the U.S. with a new collection center in Houston, expected to generate annual revenues of $8 million to $10 million at full capacity.

• The ongoing Phase 3 InnovAATe clinical trial for inhaled AAT targeting a $2 billion market, with potential acceleration discussions with the FDA.

Opportunities:

• The opening of new plasma collection centers and the potential for increased specialty plasma capacity signal opportunities for expansion and revenue growth.

• Their diversified commercial portfolio, particularly boosted by newer biosimilar products, is expected to underpin continued double-digit growth.

• Strategic plans for business development, mergers and acquisitions, and partnerships are set to expand Kamada's commercial portfolio.

Risks:

• Kamada's financial reliance on the successful market performance of its high-margin products KEDRAB and CYTOGAM creates sensitivity to market and competitive pressures.

• Ongoing clinical trials and regulatory interactions, particularly for their inhaled AAT product, present inherent risks of delays or unfavorable outcomes which could affect projected growth.

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