Kamada (KMDA) Q2 2026 earnings summary

Executive summary

• Achieved record operational and financial performance in the first half and second quarter of 2026, with double-digit growth in revenues, adjusted EBITDA, and net income, marking the strongest performance in company history.

• Growth driven by existing commercial product portfolio, organic expansion, and increased demand for key products in the U.S. and international markets, with further acceleration expected from future M&A activities.

• Strategic focus on expanding the commercial portfolio, distribution growth, plasma collection, business development, and M&A opportunities.

• Affirmed 2026 annual guidance, targeting $200–$205 million in revenues and $50–$53 million in adjusted EBITDA.

Financial highlights

• First half 2026 revenues reached $100.2 million, up 13% year-over-year; second quarter revenues were $54.9 million, up 23% year-over-year, both record highs.

• Adjusted EBITDA for the first half was $25.7 million (14% increase, 26% margin); Q2 adjusted EBITDA was $14.1 million (29% increase, 26% margin).

• Net income for the first half was $13.4 million (up 18% year-over-year); Q2 net income was $9.3 million (up 26% year-over-year).

• Gross profit for Q2 was $22.5 million (41% margin); for H1, $41.6 million (42% margin).

• Cash from operating activities in H1 2026 was $17.8 million, up from $7.5 million in H1 2025.

• Cash and equivalents stood at $70.1 million as of June 30, 2026, after a $14.4 million dividend payment in Q2.

Outlook and guidance

• Reiterated 2026 annual guidance: $200–$205 million in revenues and $50–$53 million in adjusted EBITDA, representing 12% and 23% growth over 2025 midpoints.

• Expectation of continued double-digit profitable annual growth, with 2027 also projected to be a strong year.

• Initial commercial sales under a new $50 million plasma supply agreement expected in Q4 2026, included in current guidance.

• Focus on accelerating growth through business development, M&A, and expansion into new markets.