Kamada (KMDA) Wells Fargo 20th Annual Healthcare Conference 2025 summary

Financial performance and growth

• Achieved double-digit growth since 2021, with 2023 revenue guidance of $178–$182 million and EBITDA of $40–$44 million.

• EBITDA margin improved from 6–7% to 24–25% over two years, reflecting operational efficiency.

• Revenue, gross profit, and EPS grew 11%, 11%, and 58% respectively in the first half of the year; adjusted EBITDA up 35%.

• Paid first-ever dividend in 2023, with potential for future dividends based on profitability.

• Diversified revenue streams across six FDA-approved products and 35+ countries.

Strategic pillars and expansion

• Four growth pillars: organic growth, M&A/in-licensing, plasma collection, and R&D pipeline.

• Opened two plasma collection centers in Texas, targeting both specialty and normal plasma markets.

• Plasma centers expected to add $8–$10 million in annual revenue from external sales.

• Actively screening for M&A and in-licensing opportunities to accelerate growth, with impact expected by 2026.

• Expanding distribution business in Israel and MENA, launching biosimilars and representing external products.

Product portfolio and market positioning

• Focus on specialty plasma-derived products, including alpha-1 antitrypsin and five niche immunoglobulins.

• Main markets are U.S. and Canada, with global reach via direct sales and distributors.

• KEDRAB (anti-rabies) and CytoGam (anti-CMV) are key growth drivers, with KEDRAB holding ~50% U.S. market share.

• KEDRAB's pediatric label and strong partner promotion have expanded market share and compliance.

• CytoGam growth supported by new clinical data and advisory board engagement.