Kamada (KMDA) Sidoti Small-Cap Virtual Conference summary

Financial performance and growth

• Projected 2025 sales of $178–$182 million and EBITDA of $38–$42 million, with 22% EBITDA margin.

• 2024 saw $47 million cash from operations, $78.4 million year-end cash, and a first-ever dividend of $0.20 per share.

• Revenues grew from $142 million in 2023 to $161 million in 2024, with a 70% EPS increase and 42% adjusted EBITDA growth.

• Consistent double-digit growth, 15% CAGR over recent years, and strong delivery on financial guidance.

Strategic pillars and business model

• Growth structured around organic expansion, M&A, plasma collection, and inhaled AAT development.

• Six FDA-approved specialty plasma products with high entry barriers and global distribution in 35+ countries.

• Distribution business in Israel and MENA region, including biosimilars, expected to add $15–$20 million annually within five years.

• Active pursuit of synergistic M&A and in-licensing, with at least one transaction targeted for 2025.

Plasma collection and vertical integration

• Three plasma centers in Texas, each expected to contribute $8–$10 million annually at peak capacity.

• Centers provide cost savings, supply security, and additional revenue from external plasma sales.

• Decision to open more centers will depend on capacity utilization and business needs.