Kamada (KMDA) H.C. Wainwright 28th Annual Global Investment Conference summary

Financial performance and growth

• Achieved double-digit annual growth, projecting $200–$205 million in 2024 sales and 25–26% EBITDA margin, with first-half results meeting guidance.

• Profitable growth since 2021, doubling revenue and increasing EBITDA from $6 million (6%) to over $50 million (25–26%).

• Generated $18 million in operating cash in the first half of the year, supporting dividends, commercialization, and M&A.

• No need for external fundraising due to strong cash generation and profitability.

• Paid two dividends in 2024 and maintains over $70 million in cash.

Product portfolio and market position

• Portfolio includes six FDA-approved specialty plasma-derived immunoglobulin products, addressing acute immune needs.

• Key products include KEDRAB (anti-rabies), CYTOGAM (anti-CMV for transplants), and GLASSIA (alpha-1 antitrypsin deficiency).

• Holds leading or sole supplier positions in several markets, with limited competition due to high entry barriers.

• Active in over 40 countries, expanding registrations and market reach.

• Plasma collection is vertically integrated with three centers in Texas, supporting both internal production and external sales.

Strategic initiatives and growth drivers

• Four main growth drivers: expanding specialty plasma portfolio, distribution segment, plasma sales, and M&A.

• Distribution segment focuses on in-licensing and biosimilars, with multiple launches in 2024–2025 and $15–$20 million expected revenue growth.

• Signed a $50 million plasma sales contract over three years, optimizing collection capacity.

• Actively pursuing M&A with $60 million available for acquisitions, targeting synergistic products.

• Ongoing post-marketing studies for CYTOGAM aim to expand usage in kidney transplants, with data expected by 2028–2029.