Kamada (KMDA) Q3 2026 earnings summary

Executive summary

• Record nine-month revenue of $152.2M (+12% YoY), adjusted EBITDA of $40.9M (+20%) and net income of $21.4M (+29%).

• Q3 revenue rose 11% YoY to $52.0M; adjusted EBITDA increased 30% to $15.2M, and net income rose 51% to $8.0M.

• FY26 guidance was raised, with double-digit revenue and profitability growth projected for 2027.

Financial highlights

• Q3 operating income was $10.4M versus $7.8M; net income was $8.0M versus $5.3M, or $0.14 per diluted share versus $0.09.

• Nine-month operating income was $26.8M versus $22.7M; net income was $21.4M versus $16.6M, or $0.37 per diluted share versus $0.29.

• Q3 operating expenses totaled $13.0M; nine-month expenses were $38.1M, with increases mainly tied to higher G&A and sales and marketing costs.

• Operating cash flow was $37.6M for the first nine months versus $17.9M; Q3 operating cash flow was $19.9M versus $10.4M.

Outlook and guidance

• FY26 revenue guidance rose to $205M–$208M from $200M–$205M; adjusted EBITDA guidance increased to $52M–$54M from $50M–$53M.

• Guidance midpoints imply 14% revenue growth and 26% adjusted EBITDA growth versus 2025.

• Double-digit revenue and profitability growth projected for 2027; detailed guidance expected in January 2027.

• Biosimilar sales projected at ~$10M annually in 2028 and $20M–$25M by 2030; at least two additional products are expected to launch in 2027.