Kamada (KMDA) Q1 2025 earnings summary

Executive summary

• Achieved double-digit profitable growth in Q1 2025, with revenues up 17% year-over-year to $44 million and adjusted EBITDA up 54% to $11.6 million, driven by increased sales of GLASSIA, KEDRAB/KAMRAB in ex-US markets, and royalty income.

• Maintains a diversified portfolio with six FDA-approved products and commercial presence in over 35 countries, supporting ongoing organic growth.

• Continued execution of a four-pillar growth strategy: organic commercial growth, business development/M&A, plasma collection expansion, and advancement of the Alpha-1 program.

• Expanded plasma collection operations with a new center in San Antonio, TX, and launched a post-marketing research program for CYTOGAM.

• Reiterated full-year 2025 guidance, targeting double-digit profitable growth.

Financial highlights

• Q1 2025 revenues reached $44 million, up from $37.7 million in Q1 2024.

• Gross profit was $20.7 million with a gross margin of 47%, compared to $16.7 million and 44% in Q1 2024.

• Net income rose to $4 million ($0.07 per share), a 67% increase from $2.4 million ($0.04 per share) in Q1 2024.

• Adjusted EBITDA was $11.6 million, up from $7.5 million in Q1 2024.

• Cash and cash equivalents stood at $76.3 million as of March 31, 2025, compared to $78.4 million at year-end 2024.

Outlook and guidance

• Reiterated 2025 annual guidance: revenues of $178–$182 million and adjusted EBITDA of $38–$42 million, representing 12% and 17% year-over-year growth at the mid-point.

• Management expects continued investment in organic growth, business development, plasma operations, and R&D.

• Guidance may be updated if strong performance continues in subsequent quarters.