Q2 2026 Kamada Ltd Earnings Call Transcript
Key Points
- Record high revenues of $100.2 million in H1 2026, up 13% year-over-year, with Q2 revenues of $54.9 million, the strongest quarter in company history.
- Adjusted EBITDA reached a record $25.7 million in H1 2026, up 14% year-over-year, with a strong 26% margin.
- Net income for H1 2026 increased 18% year-over-year to $13.4 million, and Q2 net income rose 26% to $9.3 million.
- Strong cash generation from operations, with $17.8 million in H1 2026, up from $7.5 million in the prior year period.
- Secured a three-year $50 million plasma supply agreement, validating the plasma collection strategy and supporting future revenue growth.
- Continued growth in key products like KEDRAB, Varizig, and Hepagam, driven by increasing U.S. demand and market share expansion.
- Successful launch of two biosimilar products in Israel, with two more expected in Q3 2026, and a pipeline targeting $15-20 million in annual biosimilar sales.
- Expansion into the MENA region with new distribution agreements and product registration activities.
- In-house rabies antibody neutralizing test approval enhances vertical integration, enabling faster product release to meet growing demand.
- Reiterated 2026 guidance of $200-205 million in revenues and $50-53 million in adjusted EBITDA, reflecting confidence in continued growth.
- Gross margin declined in the quarter due to product and market mix shifts, despite overall profitability improvements.
- Management chose not to raise 2026 guidance despite strong H1 performance, citing a focus on executing the existing plan.
- CFO Chaime Orlev announced departure at year-end, which could create transitional uncertainty.
- Plasma collection centers are operating at full capacity under the new supply agreement, limiting near-term flexibility for additional plasma sales.
- Dependence on a single plasma supply agreement for the two main centers could concentrate revenue risk.
- Growth is currently driven solely by organic products, with M&A and business development opportunities still pending execution.
- The company's ability to sustain double-digit growth relies on continued market demand and successful execution of expansion plans.
- Potential risks from international market volatility, including operations in regions like Russia and Latin America.
- The SHIELD study and other post-marketing programs for Cytogram are ongoing, with outcomes uncertain and not yet reflected in financials.
- The company's valuation may not fully reflect its growth potential, as noted by management, but this could also indicate market skepticism.
Greetings and welcome to the Kamada LTD Second Quarter 2026 Earnings Conference Call.
(Operator Instructions)
I would now like to turn the conference over to Brian Ritchie, Managing Director of Lifesci Advisors. Please go ahead, sir.
Thank you, operator. 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 three and six months ended June 30th, 2026. If you have not received this news release, please go to the investors page of the company's website at www..comunet.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 results of Commodore.
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