Kamada (KMDA) Sidoti Micro-Cap Virtual Conference summary

Financial performance and growth

• Projected 2024 revenue of $158–$162 million and EBITDA of $28–$32 million, with strong cash generation and $56 million in the bank.

• Achieved 16% average annual revenue growth over the past four years, with 2021 revenue at $104 million and 2024 expected around $160 million.

• First half of 2024 saw $80.2 million in revenue (18% YoY growth), $35.7 million gross profit (36% YoY growth), and $6.8 million net income.

• Generated $15 million in cash from operations in the first six months, with high EBITDA-to-cash conversion.

• Guidance includes continued double-digit annual growth and consistent delivery on commitments.

Strategic initiatives and expansion

• Pursuing organic growth, M&A, new plasma collection centers, and a pivotal phase III inhaled AAT study as four key pillars.

• Actively seeking commercial-stage M&A or in-licensing opportunities to impact 2025 financials.

• Opening two new plasma collection centers in Texas, with the first launching next month and the second in early 2025; each center expected to contribute $8–$10 million annually upon maturity.

• Plasma centers will improve cost efficiency and provide additional revenue from external plasma sales.

• $56 million cash and strong investor support available for acquisitions, with a focus on specialty plasma and transplantation fields.

Product portfolio and market position

• Six FDA-approved products sold in over 30 countries, with direct sales in the U.S. and Canada and a strong distributor network elsewhere.

• KEDRAB (anti-rabies immunoglobulin) holds 40–50% U.S. market share and is a leading product globally, supported by a $180 million minimum supply agreement over four years.

• CYTOGAM (anti-CMV immunoglobulin) is the only FDA- and Health Canada-approved product for post-transplant CMV prophylaxis, with sales expected to reach $35–$40 million in North America in coming years.

• Israeli distribution business is expanding through biosimilar launches, aiming to double sales to over $30 million annually.

• Management team has a long tenure and proven execution track record.