Business
Kamada Reports Strong First Quarter 2023 Financial Results; Reiterates Revenue and Profitability Guidance
Total Revenues for First Quarter of 2023 were $30.7 Million, Up 9% Year-over-YearFirst Quarter 2023 EBITDA of $3.8 Million, Increase of 16%
About this update from Kamada Ltd.
[{"type":"text","content":"Total Revenues for First Quarter of 2023 were $30.7 Million, Up 9% Year-over-YearFirst Quarter 2023 EBITDA of $3.8 Million, Increase of 16% Year-over-YearSolid First Quarter Results and Expected Continued Momentum Supported by Multiple Growth Drivers Anticipated to Drive Full-Year 2023 EBITDA Growth of Over 30% Year-over-YearAnnounced $60 Million Private Placement with FIMI Opportunity FundsReceived FDA Approval to Manufacture CYTOGAM® at the Company’s Israeli Facility; Expected to Positively Impact Plant Utilization and EfficiencyConference Call and Live Webcast Today at 8:30 AM ET REHOVOT, Israel and Hoboken, N.J., May 24, 2023 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a commercial stage global biopharmaceutical company, with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced financial results for three months ended March 31, 2023. “We are off to an excellent start to 2023, both financially and operationally,” said Amir London, Kamada’s Chief Executive Officer. “With total revenues in the first quarter of $30.7 million, which represented year-over-year growth of 9%, and EBITDA of $3.8 million, an increase of 16% year-over-year, we achieved the top- and bottom-line growth anticipated in our business to begin the year. Importantly, we continue to effectively leverage multiple growth drivers, including KEDRAB® sales in the U.S, the profitable portfolio of four FDA approved IgGs acquired in late 2021, the sales of our other Proprietary products in the international markets, and our Israeli distribution business.” “While our first quarter results are impressive, we are equally excited about our outlook for the remainder of the year,” continued Mr. London. “As such, we are reiterating our full-year 2023 revenue guidance of $138 million to $146 million and EBITDA guidance of $22 million to $26 million, which would represent profitability growth of over 30% as compared to 2022. Looking beyond 2023, based on multiple catalysts from our existing business, we continue to anticipate annual double-digit growth rate in revenues and profitability in the foreseeable years ahead.” “Our prospects were recently further significantly enhanced by the successful completion of multiple key achievements. The $60 million financing agreement...