Kamada Ltd. (KMDA) Tops Q4 EPS by 26c, Revenues Beat

Kamada Ltd. (NASDAQ: KMDA) reported Q4 EPS of $0.44, $0.26 better than the analyst estimate of $0.18. Revenue for the quarter came in at $48.2 million versus the consensus estimate of $41.37 million.

“We are very pleased with the strength demonstrated in our business during 2018,” said Amir London, Kamada’s Chief Executive Officer. “Our strong performance in the fourth quarter drove full-year 2018 total revenues to $114.5 million, an increase of 11 percent compared to full-year 2017. The growth in 2018 was primarily driven by the successful launch and strong sales in the U.S. of KedRAB®, our anti-rabies IgG product. Our overall business continues to thrive due to our successful strategic collaborations, robust operating systems and the proficiency demonstrated by our industry leading team. From a profitability perspective, 2018 was a record-breaking year for Kamada, with $19.2 million in operating income, and $23.9 million in adjusted EBITDA.”

“With the expected continued growth of GLASSIA® and KedRAB in the U.S, we are well-positioned to drive further achievements in our business in 2019. As such, we are reiterating our full-year 2019 total revenue guidance of $125 million to $130 million, which would represent another strong year of double-digit percentage growth over full-year 2018. Looking further ahead, our supply agreement with Shire, now part of Takeda, currently extends through the end of 2020, followed by an expected flow of future royalties over the next 20 years,” continued Mr. London.

“In addition to our strong commercial performance, our clinical development pipeline continues to advance, creating multiple key long-term catalysts for Kamada. We have a clearly defined regulatory path for inhaled AAT for the treatment of Alpha-1 Antitrypsin Deficiency in Europe. In the U.S., we await a response from the FDA to our submission of the requested information related to inhaled AAT. Pending FDA clearance to do so we intend to initiate a Phase 3 clinical trial during 2019, which would contribute to increased R&D investment, compared to 2018. In the IV-AAT proof-of-concept trial for the treatment of acute Graft versus Host Disease (GvHD), enrollment is progressing well at five active sites, and we anticipate the completion of enrolment followed by the availability of interim data from this study by the end of 2019. In addition, we recently reported encouraging interim results following one year of treatment in our Phase 2 trial of IV-AAT for the prevention of lung transplant rejection. These data demonstrated a trend towards improvements in multiple key clinical outcomes, and we look forward to top-line data from this study, which are expected by the end of 2019,” concluded Mr. London.

Financial Highlights for the Three Months Ended December 31, 2018

• Total revenues were $48.2 million in the fourth quarter of 2018, a 35% increase from the $35.7 million recorded in the fourth quarter of 2017.
• Revenues from the Proprietary Products segment in the fourth quarter of 2018 were $43.1 million, a 49% increase from the $29.0 million reported in the fourth quarter of 2017.
• Revenues from the Distributed Products segment were $5.1 million in the fourth quarter of 2018, a 24% decrease from the $6.7 million recorded in the fourth quarter of 2017.
• Gross profit was $21.2 million in the fourth quarter of 2018, a $9.6 million increase from the $11.6 million reported in the fourth quarter of 2017. Gross margin increased to 44% from 33% in the fourth quarter of 2017.
• Operating expenses, including R&D and SG&A expenses, totaled $5.9 million in the fourth quarter of 2018, as compared to $5.2 million in the fourth quarter of 2017.
• Net income was $17.7 million, or $0.44 per share, in the fourth quarter of 2018, compared to net income of $6.3 million, or $0.16 per share, in the fourth quarter of 2017.
• Adjusted EBITDA was $16.5 million in the fourth quarter of 2018, compared to $7.1 million in the fourth quarter of 2017.
• Cash provided by operating activities was $6.4 million in the fourth quarter of 2018, compared to cash provided by operating activities of $4.0 million in the fourth quarter of 2017.

For earnings history and earnings-related data on Kamada Ltd. (KMDA) click here.

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