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Kamada (IL:KMDA)
:KMDA
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Kamada
(NASDAQ:KMDA)
78Outperform
Positive Factors
Financial Position
With a solid cash position and no long-term debt, Kamada is in a good financial position to acquire more products for its portfolio, potentially expanding growth.
Product Expansion
Kamada has expanded its specialty plasma-derived product line through acquisitions and organic growth, which is expected to drive double-digit revenue growth and expanding margins.
R&D and Trials
An active internal R&D pipeline includes a novel AAT Deficiency treatment entering a Phase 3 trial, which could expand the treatment of this under-diagnosed genetic respiratory ailment.
Negative Factors
AAT Program Challenges
Despite prior positive guidance from the European Medicines Agency, Kamada has yet to find a partner for the AAT program.
Inhaled AAT Program
The stock may rally if the inhaled AAT program is discontinued, as some shareholders view it as a distraction from the company’s core competencies.
Trial Enrollment Challenges
Enrollment in the AAT trial is expected to be a challenge despite additional sites being opened.
Kamada (KMDA) vs. S&P 500 (SPY)
Market Cap
$1.36B
Dividend YieldN/A
Average Volume (3M)99.77K
Price to Earnings (P/E)25.4
Beta (1Y)0.71
Revenue Growth13.18%
EPS Growth54.55%
CountryIL
Employees420
SectorHealthcare
Sector Strength57
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.93
Shares Outstanding57,505,030
10 Day Avg. Volume61,337
30 Day Avg. Volume99,774
Financial Highlights & Ratios
PEG Ratio0.47
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.75
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit14.66
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$4,704.43Price Target Upside98.42% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Kamada Business Overview & Revenue Model
Company DescriptionKamada Ltd. (KMDA) is a biopharmaceutical company headquartered in Israel, specializing in the development, manufacturing, and commercialization of plasma-derived protein therapeutics. The company operates primarily in the healthcare sector, with a focus on treating rare diseases and providing specialty pharmaceutical products. Kamada's core offerings include a range of products for the treatment of alpha-1 antitrypsin deficiency, rabies, and other medical conditions requiring plasma-derived solutions.
How the Company Makes MoneyKamada generates revenue through the sale of its proprietary plasma-derived protein therapeutics and specialty pharmaceutical products. The company's revenue streams are primarily derived from the commercialization of its flagship product, Glassia, an intravenous treatment for alpha-1 antitrypsin deficiency, as well as from the sales of other plasma-derived proteins for various medical uses. Kamada also engages in strategic partnerships and distribution agreements to expand its market reach and enhance its product offerings. Additionally, the company may receive milestone payments and royalties from licensing agreements related to its proprietary technologies and products.
Kamada Financial Statement Overview
Summary
Income Statement
Balance Sheet
Cash Flow
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 160.95M | 142.52M | 129.34M | 103.64M | 133.25M | Gross Profit |
| 69.97M | 55.49M | 46.70M | 30.33M | 47.55M | EBIT |
| 20.05M | 10.06M | 4.53M | -696.00K | 19.24M | EBITDA |
| 27.80M | 21.53M | 15.66M | 5.21M | 24.13M | Net Income Common Stockholders |
| 14.46M | 8.28M | -2.32M | -2.23M | 17.14M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 78.44M | 55.64M | 34.26M | 18.59M | 109.27M | Total Assets |
| 372.25M | 354.91M | 322.38M | 318.67M | 210.66M | Total Debt |
| 11.06M | 8.82M | 20.60M | 24.35M | 4.94M | Net Debt |
| -67.37M | -46.82M | -13.66M | 5.76M | -65.26M | Total Liabilities |
| 112.79M | 110.89M | 146.36M | 141.84M | 32.03M | Stockholders Equity |
| 259.46M | 244.02M | 176.02M | 176.82M | 178.64M |
| Cash Flow | Free Cash Flow | |||
| 36.85M | -1.53M | 24.80M | -12.55M | 13.62M | Operating Cash Flow |
| 47.59M | 4.32M | 28.59M | -8.82M | 19.11M | Investing Cash Flow |
| -10.74M | -5.84M | -3.78M | -61.05M | -13.13M | Financing Cash Flow |
| -13.91M | 22.68M | -9.34M | 18.59M | 23.36M |
Kamada Technical Analysis
Negative
2371.00
Price Trends
2452.56
Negative
2418.22
Negative
2222.92
Positive
Market Momentum
-15.21
Negative
47.12
Neutral
51.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IL:KMDA, the sentiment is Negative. The current price of 2371 is above the 20-day moving average (MA) of 2357.35, below the 50-day MA of 2452.56, and above the 200-day MA of 2222.92, indicating a neutral trend. The MACD of -15.21 indicates Negative momentum. The RSI at 47.12 is Neutral, neither overbought nor oversold. The STOCH value of 51.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IL:KMDA.
Kamada Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Performance Comparison
IL:KMDA
Kamada
2,371.00
329.40
16.13%
ENLV
Enlivex
1.04
-0.53
-33.76%
IL:TASE
Tase
4,467.00
1,976.89
79.39%
Kamada Earnings Call Summary
Earnings Call Date:Mar 05, 2025
(Q4-2024)
| % Change Since: 2.13%|
Next Earnings Date:May 27, 2025
Earnings Call Sentiment Positive
Kamada delivered strong financial performance in 2024 with record revenues and adjusted EBITDA, supported by successful product launches and expansion of plasma collection centers. However, increased operating expenses and financial challenges in Q4 2024 were noted. The company's positive outlook for 2025, including expected revenue and EBITDA growth, and the declaration of a special dividend, indicate confidence in future performance.Q4-2024 Updates
Positive Updates
Record-Breaking Revenue and Growth in 2024
Total revenue for 2024 was $161 million, representing a 13% increase over 2023 revenues. Adjusted EBITDA was a record $34.1 million, representing a 42% year-over-year growth.
Strong Financial Position and Special Dividend
Generated $47.6 million in cash from operations in 2024, resulting in a year-end strong balance sheet with $78.4 billion in cash. Announced a special cash dividend of $0.20 per share.
Positive Outlook for 2025
Forecasting 2025 annual revenues of $178 million to $182 million and $38 million to $42 million of adjusted EBITDA, representing an increase of approximately 12% in revenues and 17% in adjusted EBITDA over 2024.
Expansion of Plasma Collection Centers
Opened second plasma collection center in Houston, Texas, and completed construction of a third in San Antonio, Texas, expected to contribute $8 million to $10 million in sales of normal source plasma annually.
Successful Product Launches and Contracts
Launched first biosimilar product in Israel and awarded a three-year contract for the supply of KAMRAB and VARIZIG in Latin America, expected to generate approximately $25 million in revenue.
Negative Updates
Increased Operating Expenses
Operating expenses, including R&D and sales and marketing costs, increased to $49.9 million in 2024, primarily due to marketing activities in the U.S. and advancing the inhaled AAT clinical trial.
Challenges with Net Income in Q4 2024
Reduction in net income for the fourth quarter of 2024 compared to 2023 was due to increased financial expenses associated with the revaluation of contingent consideration.
Company Guidance
During the Kamada Fourth Quarter and Full Year 2024 Earnings Conference Call, the company provided a robust financial outlook for 2025. Kamada reported record revenues of $161 million for 2024, marking a 13% increase from 2023, and an adjusted EBITDA of $34.1 million, reflecting a 42% year-over-year growth. These results were driven by strong sales of KEDRAB and CYTOGAM. The company generated $47.6 million in cash from operations, leading to a solid year-end cash position of $78.4 million, enabling the declaration of a $0.20 per share special cash dividend. For 2025, Kamada forecasts revenues between $178 million and $182 million and an adjusted EBITDA ranging from $38 million to $42 million, anticipating a revenue increase of approximately 12% and a 17% rise in adjusted EBITDA over 2024. The company plans to continue its growth trajectory through the expansion of its commercial portfolio, business development, M&A activities, and advancements in its plasma collection operations and ongoing Phase 3 pivotal trial for an inhaled AAT product targeting a $2 billion market.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.