Kamada (KMDA) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 revenues of $161 million, up 13% year-over-year, with adjusted EBITDA of $34.1 million, a 42% increase, and net income of $14.5 million, up 75% year-over-year.

• Growth driven by strong sales of Kedrab and Cytogam, improved sales mix, and international expansion.

• Ended 2024 with $78.4 million in cash and generated $47.6 million in cash from operations.

• Board declared a special cash dividend of $0.20 per share (approx. $11.5 million total), first in company history, payable April 7, 2025.

Financial highlights

• 2024 revenue reached $161 million, up from $143 million in 2023; Q4 revenue was $39 million, up 7% year-over-year.

• Kedrab sales totaled $50 million; Cytogam sales were $23 million, up 31% year-over-year.

• Gross profit for 2024 was $70 million with a gross margin of 43%, up from $55.5 million and 39% in 2023.

• Net income for 2024 was $14.5 million ($0.25 per diluted share), up from $8.3 million ($0.15 per share) in 2023.

• Adjusted EBITDA reached $34.1 million, up from $24.1 million in 2023; Q4 adjusted EBITDA was $8.8 million, up 38% year-over-year.

Outlook and guidance

• 2025 revenue guidance is $178 million–$182 million, with adjusted EBITDA of $38 million–$42 million.

• Mid-point of 2025 guidance implies 12% revenue growth and 17% adjusted EBITDA growth over 2024.

• Double-digit profitable growth expected, driven by a diverse portfolio marketed in over 30 countries.

• Plans to open a third U.S. plasma collection center in San Antonio by end of Q1 2025.

• Interim futility analysis for Inhaled AAT Phase 3 trial planned by end of 2025.