Q4 2025 Kamada Ltd Earnings Call Transcript
Key Points
- Kamada Ltd (KMDA) reported a 12% year-over-year increase in total revenues for 2025, reaching $180.5 million.
- Adjusted EBITDA for 2025 was $42 million, marking a 23% increase compared to the previous year.
- The company declared a dividend of $0.25 per share, reflecting confidence in its business prospects and financial stability.
- Kamada Ltd (KMDA) has a strong cash position with $75.5 million in cash and cash equivalents at the end of 2025.
- The company has secured a firm commitment of $90 million from Kedrion for minimum orders of KEDRAB from 2026 through 2027.
- CYTOGAM revenues declined in 2025 due to increased usage of antivirals, impacting its market share.
- Gross margin decreased slightly from 43% in 2024 to 42% in 2025, attributed to product and market sales mix.
- Operating expenses increased slightly to $50.2 million in 2025, up from $49.9 million in 2024.
- The plasma collection centers are only ramped up to 30-40% capacity, with full capacity expected by the end of 2027.
- The dividend payment of $14.4 million will be made in a single installment, which may impact cash flow in the second quarter.
Greetings, and welcome to the Kamada Limited fourth quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to turn the call over to Brian Ritchie, Managing Director of LifeSci Advisors. Thank you. You may begin.
Thank you. This is Brian Ritchie with LifeSci Advisors, and 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 three months and year ended December 31, 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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