Kamada Q1 Earnings Call Highlights

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Wed, May 13, 2026 astatine 11:07 AM CDT 7 min read

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Kamada reaffirmed its full-year 2026 outlook for gross of $200 cardinal to $205 cardinal and adjusted EBITDA of $50 cardinal to $53 million, saying first-quarter results were broadly successful enactment with expectations speech from a impermanent shipment hold that pushed astir $2.4 cardinal of gross into April.
Q1 gross was $42.5 million, down somewhat from $44 cardinal a twelvemonth ago, portion net income held dependable astatine $4.1 million and adjusted EBITDA was unchanged astatine $11.6 million. Lower gross borderline and little operating expenses reflected a premix displacement and reduced R&D spending aft ending the InnovAATe trial.
Management highlighted maturation drivers including KEDRAB, GLASSIA, CYTOGAM, VARIZIG, expanding biosimilar and MENA organisation businesses, and caller plasma postulation centers. Kamada besides said it is pursuing M&A portion remaining focused connected integrated maturation and semipermanent profitable expansion.

Kamada (NASDAQ:KMDA) reiterated its full-year 2026 outlook aft reporting first-quarter results that absorption said were successful enactment with expectations, excluding a impermanent shipment hold that shifted gross into April.

Chief Executive Officer Amir London said request crossed the company’s merchandise portfolio continues to enactment expectations for stronger results implicit the remainder of the year. Kamada maintained its 2026 guidance for gross of $200 cardinal to $205 cardinal and adjusted EBITDA of $50 cardinal to $53 million. London said the midpoint of that outlook represents 12% gross maturation and 23% adjusted EBITDA maturation compared with 2025 results.

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“Importantly, this 2026 yearly guidance is based presently solely connected integrated growth,” London said.

First-quarter results affected by delayed shipment

Chief Financial Officer Chaime Orlev said first-quarter gross was $42.5 million, compared with $44 cardinal successful the prior-year period. He said year-over-year gross show was chiefly driven by accrued income of KEDRAB, Kamada’s anti-rabies immunoglobulin, and higher income successful the company’s organisation segment.

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Gross nett was $19.1 million, with gross borderline of 42%, compared with gross nett of $20.7 cardinal and gross borderline of 47% successful the archetypal 4th of 2025. Orlev said the little gross borderline reflected merchandise and marketplace income mix.

Operating expenses, including probe and development, income and marketing, wide and administrative, and different expenses, were $12.1 million, down from $13 cardinal successful the prior-year quarter. Orlev attributed the diminution to little R&D expenses pursuing the termination of the Phase 3 InnovAATe objective trial, partially offset by higher income and selling and G&A spending tied to investments successful the commercialized portfolio.

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