Kamada (KMDA) Q3 2024 earnings summary

Executive summary

• Achieved robust profitable growth in Q3 and the first nine months of 2024, driven by a four-pillar strategy and strong U.S. demand for KEDRAB and CYTOGAM.

• Increased adjusted EBITDA guidance and reaffirmed revenue outlook for the full year, reflecting operational and financial momentum.

• Expanded plasma collection operations with a new center in Houston, TX, supporting long-term growth.

Financial highlights

• Q3 2024 revenues reached $41.7 million, up 10% year-over-year; nine-month revenues totaled $121.9 million, up 15%.

• Q3 adjusted EBITDA was $8.8 million, up 11%; nine-month adjusted EBITDA was $25.4 million, up 43%.

• Q3 net income was $3.9 million ($0.07 per diluted share), up 20% year-over-year; nine-month net income was $10.7 million ($0.18 per diluted share), up 230%.

• Gross profit margin improved to 41% in Q3 and 43% for the nine months, driven by a favorable sales mix.

• Operating cash flow for nine months was $37.2 million; cash balance at quarter-end was $72 million.

Outlook and guidance

• Adjusted EBITDA guidance for 2024 raised to $32–$35 million, a 12% increase at the midpoint.

• Full-year revenue guidance reiterated at $158–$162 million, reflecting double-digit growth.

• Expects to open a third plasma collection center in San Antonio, TX, in H1 2025, each center contributing $8–$10 million in annual sales at full capacity.

• Double-digit top and bottom-line growth expected to continue in 2025 and beyond.