Q3 2025 Kamada Ltd Earnings Call Transcript
Key Points
- Kamada Ltd (KMDA) reported a strong financial performance with total revenues for the first 9 months of 2025 reaching $135.8 million, an 11% year-over-year increase.
- Adjusted EBITDA for the first 9 months of 2025 was $34.2 million, up 35% year-over-year, indicating significant profitable growth.
- The company reiterated its annual revenue guidance of $178 million to $182 million and adjusted EBITDA guidance of $40 million to $44 million, reflecting confidence in continued growth.
- Kamada Ltd (KMDA) is advancing its pivotal Phase III inhaled AAT program and expects to complete an interim futility analysis by the end of the quarter.
- The company is expanding its plasma collection operations, with the Houston facility already FDA approved and the San Antonio site expected to follow in early 2026, enhancing its supply chain capabilities.
- CYTOGAM sales have been below expectations due to inventory management issues and fewer transplants performed in some hospitals during the first half of the year.
- The enrollment for the Phase III InnovAATe clinical trial is progressing slowly, with only 60-65% enrollment achieved, partly due to competition from other studies.
- GLASSIA royalty income has declined due to a reduction in the royalty rate, impacting revenue from this product.
- The timelines for executing business development and M&A transactions are longer than expected, delaying potential portfolio expansion.
- Kamada Ltd (KMDA) is not yet fully self-sufficient in specialty plasma collection, still relying on external suppliers, which may pose a risk to supply chain stability.
Good morning. Welcome to Kamada Limited third-quarter 2025 earnings conference call. (Operator Instructions) Please note, this conference is being recorded.
At this time, I'll turn the conference over to Brian Ritchie with LifeSci Advisors. Thank you, Brian. You may now begin.
Thank you. This is Brian Ritchie with LifeSci Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer; and Chaime Orlev, Chief Financial Officer.
Earlier today, Kamada announced its financial results for the 3 months and 9 months ended September 30, 2025. If you have not received this news release, please go to the Investors page of the company's website at www.kamada.com.
Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks, and uncertainties regarding the operations and future
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