NASDAQ:KMDA Kamada Q1 2024 Earnings Report $6.66 +0.09 (+1.37%) Closing price 05/2/2025 04:00 PM EasternExtended Trading$6.66 0.00 (0.00%) As of 05/2/2025 06:08 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast Kamada EPS ResultsActual EPS$0.04Consensus EPS $0.06Beat/MissMissed by -$0.02One Year Ago EPSN/AKamada Revenue ResultsActual Revenue$37.74 millionExpected Revenue$38.01 millionBeat/MissMissed by -$270.00 thousandYoY Revenue GrowthN/AKamada Announcement DetailsQuarterQ1 2024Date5/8/2024TimeN/AConference Call DateWednesday, May 8, 2024Conference Call Time8:30AM ETUpcoming EarningsKamada's Q1 2025 earnings is scheduled for Tuesday, May 6, 2025, with a conference call scheduled on Wednesday, May 7, 2025 at 8:30 AM ET. Check back for transcripts, audio, and key financial metrics as they become available.Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Earnings HistoryCompany ProfilePowered by Kamada Q1 2024 Earnings Call TranscriptProvided by QuartrMay 8, 2024 ShareLink copied to clipboard.There are 5 speakers on the call. Operator00:00:00Good morning, ladies and gentlemen, and welcome to the Kamada Limited First Quarter 2024 Earnings Conference Call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on I would now like to turn the conference over to Mr. Brian Ritchie from LifeSci Advisors. Operator00:00:30Please go ahead, sir. Speaker 100:00:33Thank you. This is Brian Ritchie with LifeSci Advisors. And thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer and Jaime Arlev, Chief Financial Officer. Earlier today, Kamada announced its financial results for the 3 months ended March 31, 2024. Speaker 100:00:52If you have not received this news release, please go to the Investors page of the company's website at www.mada dotcom. Before we begin, I would like to caution that comments made during this conference call by management will contain forward looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including, without limitation, the company's Forms 20F and 6 ks, which identify specific factors that may cause actual results or events to differ materially from those described in the forward looking statements. Furthermore, the content of this conference call contains time sensitive information that is accurate only as of the date of the live broadcast, Wednesday, May 8, 2024. MATA undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. Speaker 100:01:54With that said, it is my pleasure to turn the call over to Amir London, CEO. Amir? Speaker 200:02:02Thank you, Brian. My thanks also to our investors and analysts for their interest in Kamada and for participating in today's call. We are extremely pleased with the strong financial and operational start to 2024, including nearly doubling our profitability as compared to the Q1 of last year. Importantly, based on our strong performance in the Q1 and expectation for the continued momentum in our business throughout 2024, we are raising our full year 2024 revenue guidance to be between $158,000,000 to $162,000,000 and we are also increasing our adjusted EBITDA guidance to be between $28,000,000 to $32,000,000 I will begin with a high level review of our strong financial results for the Q1 of 2024. We generated total revenues of $37,700,000 which represented robust year over year growth of 23% and recorded adjusted EBITDA of $7,500,000 a 96% increase compared to the Q1 of 2023, representing a 20% margin of revenues. Speaker 200:03:15We are very pleased with this substantial increase in profitability. While we benefit from the strengths of our entire portfolio of 6 FDA approved products, we continue to effectively leverage the 2 most important growth drivers in our business, KedRAB and Cytogam. We are encouraged by the continued growth demonstrated by KedRAB in the U. S. Market. Speaker 200:03:39And with respect to the Cytogarm, we are starting to see the benefits of a direct physician engagement and promotional activities being executed by our U. S. Medical and commercial team. Multiple studies conducted by leading U. S. Speaker 200:03:55Transplantation care world related to the benefit of Cytogam have been accepted for presentation at transplantation related medical meetings this year. In addition to the presentation last October at ID Week. We expect continued steady growth in demand for this important product, which is the only one of its kind approved by the FDA and Health Canada. Moving on, I'd like to highlight our strong balance sheet. We ended the Q1 with approximately $48,000,000 Speaker 100:04:29in cash Speaker 200:04:30and we continue to have the financial strength to both accelerate the growth of existing business and pursue compelling business development opportunities, a process we remain actively engaged in and which could add 1 or more commercial products to our existing portfolio. These opportunities are expected to support continued significant growth beyond 2024. I should also highlight that during the Q1, we completed a successful launch in Israel of abevacizumab Kamada, the biosimilar to Avastin, which is indicated for the treatment of certain types of cancer, including colon cancer and metastatic breast cancer. This represents the 1st biosimilar product to be launched and distributed by Kamada in Israel. We have several others in the pipeline to be launched in the coming years and we expect biosimilars to become an increasingly important aspect of our distribution business. Speaker 200:05:34Looking further ahead as future catalyst, enrollment continues in the ongoing pivotal Phase 3 INNO2VATE clinical trial of our inhaled Alpha-one antitrypsin therapy for the treatment of Alpha-one deficiency. Following recent receipt of positive feedback from the FDA through which the agency expressed its willingness to potentially accept a p value of 0.1 alpha level in evaluating INNOVERATE for meeting the study efficacy primary endpoint for registration, we recently filed an IND amendment with both a revised statistical analysis plan and study protocol. We anticipate further FDA feedback in the second half of this year. If approved, these changes may allow for the acceleration of the program. In addition, to reiterate what we said on our last call, the FDA also previously reconfirmed of our design of our ongoing clinical program and endorsed the Data and Safety Monitoring Board unblinded positive safety assessment. Speaker 200:06:37The agency also accepted our plan to conduct an open label extension study, which is expected to be initiated already this month. As a reminder, the European Medicine Agency, the EMA, previously also reconfirmed the overall design of the ongoing INNOVATE study and acknowledge the statistically and clinically meaningful improvement in lung function as measured by FEV1 demonstrated in our prior Phase twothree European study. As we've said previously, in parallel to the significant clinical and regulatory progress achieved, we also continue to have active discussions with multiple parties related to potential partnering of this promising late stage product candidate. We also continue to progress Kamada plasma collection operation in the U. S. Speaker 200:07:28We continue to successfully expand the hyperimmune plasma collection capacity at our first center and construction is nearly completed at our 2nd plasma center located in Houston, Texas, expected to be opened during the second half of this year. We recently also signed the lease agreement for our 3rd site located in San Antonio, Texas. With that, I'll now turn the call over to Jaime for a detailed discussion of our financial results for the Q1 of 2020 4. Jaime, please go ahead. Speaker 300:08:02Thank you, Amir. As previously discussed by Amir, our business performed extremely well to begin 2024. Total revenues for the quarter were approximately $37,700,000 a 23% increase from the $30,700,000 recorded in the Q1 of 2023. The year over year growth was primarily driven by increased sales of both KedRAB and Cytogam due to increased demand of the 2 products in the U. S. Speaker 300:08:33Market. For Cytogam, as Amir indicated, our promotional activities and the availability of fresh product batches since October of 2023 are supporting the revenue growth during the Q1 and for the remainder of the year. Nearly 70% of our revenues during the Q1 of 2024 were generated by sales in the U. S. Market. Speaker 300:08:59Total gross profit for the Q1 of 2024 was $16,800,000 representing 44% margin, up 500 basis points when compared to the $11,800,000 or 39% in the prior year period. Operating expenses, including R and D, sales and marketing, G and A and other expenses, totaled $12,700,000 an increase of approximately 9% over the prior year period, which is in line with our expectations. Such increase is in support of our expanded commercial activities as well as our Phase III INNO2VATE trial. As we did throughout 2023 2022, we continue to account for financing expenses with respect to revaluation of contingent consideration and the long term assumed liabilities, all of which are related to the acquisition completed in 2021. Net income for the Q1 was $2,300,000 or $0.04 per diluted share as compared to a net loss of $1,800,000 or a loss of $0.04 per share recorded in the Q1 of 2023. Speaker 300:10:18Adjusted EBITDA for the Q1 of 2024 was $7,500,000 nearly double that of the Q1 of 2023. As Amir highlighted earlier, we anticipate continued momentum throughout 2024 with double digit top and bottom line growth. As such, we're increasing our full year 2024 revenue guidance to between $158,000,000 $162,000,000 and adjusted EBITDA guidance to between $28,000,000 $32,000,000 Finally, our financial position remains strong and provides us the strength and flexibility to accelerate the growth and profitability of our existing business, pursue compelling new business development opportunities, all of which continue to support double digit rates beyond 2024. That concludes our prepared remarks. We will now open the call for questions. Speaker 300:11:20Operator? Operator00:11:53Our first question comes from the line of Annabel Samimy from Stifel. Please go ahead. Speaker 400:12:00Hi, all. Thanks for taking my question. Congratulations to a great start. I guess my first question is, I know it's a small race, but what is the main driver of the race? Is it KedRAB or is it Cytogen that's benefiting from the discrimination of the data that you recently presented? Speaker 400:12:19And I also want to better understand some of the patterns of business. I know there's seasonality to KedRA for obvious reasons. But how should we think about patterns for other parts of the business? For example, are you meaningfully impacted by plan resets at the beginning of the year or not so much? Just a little bit of detail there. Speaker 400:12:40And I wanted to learn a little bit more about your biosimilar program and and the extent to that to which that is going to be a driver this year? When do you think that's really going to start taking hold? Thank you. Speaker 200:13:01Thank you, Annabel for your great questions. So the main driver for the increase in the forecast for the year has been primarily Cytogam for the Q1. As mentioned, we feel very comfortable with the increase we've seen in cytokine sales. We feel very comfortable with the results of our activity. We basically kind of relaunched the product during 2023 after over a decade that it was not actively promoted. Speaker 200:13:37We have new medical information being collected. We have very strong medical and commercial team, which is increasing the physician awareness of the product and its benefits. And we see the fruits of those efforts and those activities. And this has been contributing to the growth in the Q1 and what we expect to be continued momentum for the rest of the year. In regards to seasonality, so we expect the momentum to continue. Speaker 200:14:10There is some seasonality of few of the products, but because we have such a rich portfolio with a variety of products. So in general, we just focusing continuous steady growth throughout the year quarter by quarter based on our performance. In regards to the biosimilars, so as we said previously, we believe the total potential for the current portfolio is between $32,000,000 to $36,000,000 of revenues to Kamada in the Israeli distribution business. This first product is 1 of around 10 to 11 products and its contribution will be around 10% of this, not necessarily this year, but upon kind of maturity, I believe sometime next year or the year after. And we expect another product to be launched towards the end of this year or early 2025, and that's going to be a similar size product. Speaker 200:15:10So in general, each one of those products supposed to contribute between $2,000,000 to $4,000,000 and this will be accumulated over time into a very significant business, increasing the top line and profitability of our distribution business in Israel. I hope I answered all your questions. Yes, sorry. Speaker 400:15:30Yes, yes. And just to get a little bit more color on the biosimilar taken up by the market? No. I think it's taken up by the market? Speaker 200:15:46No, I think it's pretty similar to what we've seen in the U. S. We have currently agreement with 3 different biosimilar companies. Most of the portfolio is coming from Alvotech. The Israel distribution and the Israel registration and marketing authorization is based on the product getting approved either in the U. Speaker 200:16:10S. Or in Europe. Once we get one of the product is approved in one of those territories, we can file in Israel. It takes between 1 to 2 years to get the approval. And then we if we are first biosimilar, of course, we get the majority of the market share. Speaker 200:16:28If you're the second or the third, we'll get a smaller market share, very similar to what we see in other countries. Speaker 400:16:36Okay, great. And any other color you can provide us on business development and where you might be what areas you might be pursuing? Speaker 200:16:46Yes. So we are evaluating multiple opportunities in our areas of focus, which are plasma derived and transplantation. We are looking for commercial stage product, which will fuel our growth. This search is ongoing. We have the funds to execute on such opportunities. Speaker 200:17:09And once we have something new to report, we'll gladly do so. Speaker 400:17:14Okay, great. Thank you. Operator00:17:32Thank you. There seems to be no further questions at this time. I would now like to turn the call over to Brian Ritchie for the questions from the web. Speaker 100:17:41Thank you. Just one additional question from the web, Amir. Perhaps you can provide some more detail on the revised statistical analysis plan and study protocol submitted recently for the inhaled AAT program? Speaker 200:17:59Yes, sure. So based on the very positive meeting and positive feedback we received from the FDA earlier this year, we worked over the last few months to revise the statistical plan based on p value of 0.1. We analyzed different scenarios. It shows that a smaller sample size will be needed for the study. This analysis was submitted to the FDA for their advice. Speaker 200:18:29We also had to do some small revisions in the protocol and that's all of that package was submitted few weeks ago. And we expect feedback from the FDA during the second part of the year. It will take them, we believe, in a few weeks, maybe a few months to get back to us. But the study is progressing according to the plan. And we are very encouraged by the regulatory clinical progress. Speaker 200:18:57And as I mentioned during the call, we're also in active discussion with potential partners for the program. Speaker 100:19:09Terrific. Thanks, Sameer. That is it for the Q and A session. I'll ask you now to make some final remarks if you could. Speaker 200:19:18Yes, of course. So in closing, we are pleased with the exceptional performance during the Q1 of 2024, which was led by our diverse portfolio and commercial operation, specifically that of KedRAB and Cytogam. We're excited with the progress of our exciting ongoing late stage inhaled AT clinical program at the strengths of our balance sheet generating potential business development opportunities. We look forward to continuing to support clinicians and patients with important life saving product that we develop, manufacture and commercialize. We thank all of our investors for their support. Speaker 200:19:53We remain committed to creating long term shareholder value. We hope you all stay healthy and safe. Thank you for joining us today. Operator00:20:05Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that please disconnect your lines. Have a lovely day.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallKamada Q1 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K) Kamada Earnings HeadlinesCrystal Palace news: Fan views on FA Cup, Glasner and KamadaMay 1 at 7:52 PM | msn.comEQS-News: Kamada Expects Third Plasma Collection Site To Support Its Hyper-Immune Plasma Needs And Add Up To $10M In Annual Revenue At Full CapacityApril 22, 2025 | markets.businessinsider.comVirtually Limitless Energy?A radical energy breakthrough could change everything. Scientists at MIT and a stealth startup may have discovered a new form of power—what some are calling “Helios” technology. It’s not solar, wind, or even nuclear fission. In fact, it could yield more energy than oil, gas, and coal combined—without harmful byproducts. This obscure company could be at the center of the next trillion-dollar energy revolution.May 3, 2025 | Stansberry Research (Ad)EQS-News: Kamada Is Bringing Relief To Those With Rare And Serious ConditionsApril 17, 2025 | markets.businessinsider.comKamada Ekadashi Vrat Parana To Be Observed Tomorrow – Know The Timing, Rituals, And MoreApril 9, 2025 | msn.comPerform These Remedies As Per Your Zodiac Sign On Kamada Ekadashi To Please Lakshmi-NarayanApril 8, 2025 | msn.comSee More Kamada Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like Kamada? Sign up for Earnings360's daily newsletter to receive timely earnings updates on Kamada and other key companies, straight to your email. Email Address About KamadaKamada (NASDAQ:KMDA) manufactures and sells plasma-derived protein therapeutics. Its commercial products include KAMRAB/KEDRAB for treating prophylaxis of rabies; CYTOGAM for Prophylaxis of Cytomegalovirus disease in kidney, lung, liver, pancreas, heart, and heart/lung transplants; VARIZIG for post exposure prophylaxis of varicella; WINRHO SDF for immune thrombocytopenic purpura and suppression of rhesus isoimmunization; HEPAGAM B for prevention of hepatitis B recurrence liver transplants and post-exposure prophylaxis; GLASSIA for intravenous AATD; KAMRHO (D) IM for prophylaxis of hemolytic disease of newborns; KAMRHO (D) IV for immune thermobocytopunic purpura; and Echis coloratus and Vipera palaestinae Antiserum for the treatment of snake bite. The company also distributes imported drug products in Israel, including BRAMITOB to manage chronic pulmonary infection; FOSTER to treat asthma; TRIMBOW for chronic obstructive pulmonary disease; PROVOCHOLINE for the diagnosis of bronchial airway hyperactivity; AEROBIKA, an OPEP device; RUPAFIN and RUPAFIN ORAL SOLUTION for allergic rhinitis and Urticaria; SINTREDIUS for rheumatoid arthritis, systemic lupus erythematosus, and mild-moderate juvenile dermatomyositis; IVIG for immunodeficiency-related conditions; VARITECT for chicken pox and zoster herpes; ZUTECTRA and HEPATECT CP for hepatitis B; MEGALOTECT CP for CMV virus; RUCONEST for angioedema attack; HEPARIN SODIUM INJECTION for thrombo-embolic disorders and prophylaxis of deep vein thrombosis and thromboembolic events; ALBUMIN and ALBUMIN for blood plasma; Factor VIII for hemophilia type A; and Factor IX for hemophilia type B. In addition, it distributes COAGADEX for hereditary factor X deficiency; IXIARO for Japanese encephalitis; VIVOTIF for Salmonella Typhi; PROCYSBI for nephropathic cystinosis; LAMZEDE for alpha-mannosidosis; ELIGARD for prostate cancer; and BEVACIZUMAB KAMADA for various cancers. The company was incorporated in 1990 and is headquartered in Rehovot, Israel.View Kamada ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Amazon Earnings: 2 Reasons to Love It, 1 Reason to Be CautiousMeta Takes A Bow With Q1 Earnings - Watch For Tariff Impact in Q2Palantir Earnings: 1 Bullish Signal and 1 Area of ConcernMicrosoft Crushes Earnings, What’s Next for MSFT Stock?Qualcomm's Earnings: 2 Reasons to Buy, 1 to Stay AwayAMD Stock Signals Strong Buy Ahead of EarningsAmazon's Earnings Will Make or Break the Stock's Comeback Upcoming Earnings Palantir Technologies (5/5/2025)Vertex Pharmaceuticals (5/5/2025)CRH (5/5/2025)Realty Income (5/5/2025)Williams Companies (5/5/2025)American Electric Power (5/6/2025)Advanced Micro Devices (5/6/2025)Marriott International (5/6/2025)Constellation Energy (5/6/2025)Arista Networks (5/6/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. 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There are 5 speakers on the call. Operator00:00:00Good morning, ladies and gentlemen, and welcome to the Kamada Limited First Quarter 2024 Earnings Conference Call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. This call is being recorded on I would now like to turn the conference over to Mr. Brian Ritchie from LifeSci Advisors. Operator00:00:30Please go ahead, sir. Speaker 100:00:33Thank you. This is Brian Ritchie with LifeSci Advisors. And thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer and Jaime Arlev, Chief Financial Officer. Earlier today, Kamada announced its financial results for the 3 months ended March 31, 2024. Speaker 100:00:52If you have not received this news release, please go to the Investors page of the company's website at www.mada dotcom. Before we begin, I would like to caution that comments made during this conference call by management will contain forward looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including, without limitation, the company's Forms 20F and 6 ks, which identify specific factors that may cause actual results or events to differ materially from those described in the forward looking statements. Furthermore, the content of this conference call contains time sensitive information that is accurate only as of the date of the live broadcast, Wednesday, May 8, 2024. MATA undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. Speaker 100:01:54With that said, it is my pleasure to turn the call over to Amir London, CEO. Amir? Speaker 200:02:02Thank you, Brian. My thanks also to our investors and analysts for their interest in Kamada and for participating in today's call. We are extremely pleased with the strong financial and operational start to 2024, including nearly doubling our profitability as compared to the Q1 of last year. Importantly, based on our strong performance in the Q1 and expectation for the continued momentum in our business throughout 2024, we are raising our full year 2024 revenue guidance to be between $158,000,000 to $162,000,000 and we are also increasing our adjusted EBITDA guidance to be between $28,000,000 to $32,000,000 I will begin with a high level review of our strong financial results for the Q1 of 2024. We generated total revenues of $37,700,000 which represented robust year over year growth of 23% and recorded adjusted EBITDA of $7,500,000 a 96% increase compared to the Q1 of 2023, representing a 20% margin of revenues. Speaker 200:03:15We are very pleased with this substantial increase in profitability. While we benefit from the strengths of our entire portfolio of 6 FDA approved products, we continue to effectively leverage the 2 most important growth drivers in our business, KedRAB and Cytogam. We are encouraged by the continued growth demonstrated by KedRAB in the U. S. Market. Speaker 200:03:39And with respect to the Cytogarm, we are starting to see the benefits of a direct physician engagement and promotional activities being executed by our U. S. Medical and commercial team. Multiple studies conducted by leading U. S. Speaker 200:03:55Transplantation care world related to the benefit of Cytogam have been accepted for presentation at transplantation related medical meetings this year. In addition to the presentation last October at ID Week. We expect continued steady growth in demand for this important product, which is the only one of its kind approved by the FDA and Health Canada. Moving on, I'd like to highlight our strong balance sheet. We ended the Q1 with approximately $48,000,000 Speaker 100:04:29in cash Speaker 200:04:30and we continue to have the financial strength to both accelerate the growth of existing business and pursue compelling business development opportunities, a process we remain actively engaged in and which could add 1 or more commercial products to our existing portfolio. These opportunities are expected to support continued significant growth beyond 2024. I should also highlight that during the Q1, we completed a successful launch in Israel of abevacizumab Kamada, the biosimilar to Avastin, which is indicated for the treatment of certain types of cancer, including colon cancer and metastatic breast cancer. This represents the 1st biosimilar product to be launched and distributed by Kamada in Israel. We have several others in the pipeline to be launched in the coming years and we expect biosimilars to become an increasingly important aspect of our distribution business. Speaker 200:05:34Looking further ahead as future catalyst, enrollment continues in the ongoing pivotal Phase 3 INNO2VATE clinical trial of our inhaled Alpha-one antitrypsin therapy for the treatment of Alpha-one deficiency. Following recent receipt of positive feedback from the FDA through which the agency expressed its willingness to potentially accept a p value of 0.1 alpha level in evaluating INNOVERATE for meeting the study efficacy primary endpoint for registration, we recently filed an IND amendment with both a revised statistical analysis plan and study protocol. We anticipate further FDA feedback in the second half of this year. If approved, these changes may allow for the acceleration of the program. In addition, to reiterate what we said on our last call, the FDA also previously reconfirmed of our design of our ongoing clinical program and endorsed the Data and Safety Monitoring Board unblinded positive safety assessment. Speaker 200:06:37The agency also accepted our plan to conduct an open label extension study, which is expected to be initiated already this month. As a reminder, the European Medicine Agency, the EMA, previously also reconfirmed the overall design of the ongoing INNOVATE study and acknowledge the statistically and clinically meaningful improvement in lung function as measured by FEV1 demonstrated in our prior Phase twothree European study. As we've said previously, in parallel to the significant clinical and regulatory progress achieved, we also continue to have active discussions with multiple parties related to potential partnering of this promising late stage product candidate. We also continue to progress Kamada plasma collection operation in the U. S. Speaker 200:07:28We continue to successfully expand the hyperimmune plasma collection capacity at our first center and construction is nearly completed at our 2nd plasma center located in Houston, Texas, expected to be opened during the second half of this year. We recently also signed the lease agreement for our 3rd site located in San Antonio, Texas. With that, I'll now turn the call over to Jaime for a detailed discussion of our financial results for the Q1 of 2020 4. Jaime, please go ahead. Speaker 300:08:02Thank you, Amir. As previously discussed by Amir, our business performed extremely well to begin 2024. Total revenues for the quarter were approximately $37,700,000 a 23% increase from the $30,700,000 recorded in the Q1 of 2023. The year over year growth was primarily driven by increased sales of both KedRAB and Cytogam due to increased demand of the 2 products in the U. S. Speaker 300:08:33Market. For Cytogam, as Amir indicated, our promotional activities and the availability of fresh product batches since October of 2023 are supporting the revenue growth during the Q1 and for the remainder of the year. Nearly 70% of our revenues during the Q1 of 2024 were generated by sales in the U. S. Market. Speaker 300:08:59Total gross profit for the Q1 of 2024 was $16,800,000 representing 44% margin, up 500 basis points when compared to the $11,800,000 or 39% in the prior year period. Operating expenses, including R and D, sales and marketing, G and A and other expenses, totaled $12,700,000 an increase of approximately 9% over the prior year period, which is in line with our expectations. Such increase is in support of our expanded commercial activities as well as our Phase III INNO2VATE trial. As we did throughout 2023 2022, we continue to account for financing expenses with respect to revaluation of contingent consideration and the long term assumed liabilities, all of which are related to the acquisition completed in 2021. Net income for the Q1 was $2,300,000 or $0.04 per diluted share as compared to a net loss of $1,800,000 or a loss of $0.04 per share recorded in the Q1 of 2023. Speaker 300:10:18Adjusted EBITDA for the Q1 of 2024 was $7,500,000 nearly double that of the Q1 of 2023. As Amir highlighted earlier, we anticipate continued momentum throughout 2024 with double digit top and bottom line growth. As such, we're increasing our full year 2024 revenue guidance to between $158,000,000 $162,000,000 and adjusted EBITDA guidance to between $28,000,000 $32,000,000 Finally, our financial position remains strong and provides us the strength and flexibility to accelerate the growth and profitability of our existing business, pursue compelling new business development opportunities, all of which continue to support double digit rates beyond 2024. That concludes our prepared remarks. We will now open the call for questions. Speaker 300:11:20Operator? Operator00:11:53Our first question comes from the line of Annabel Samimy from Stifel. Please go ahead. Speaker 400:12:00Hi, all. Thanks for taking my question. Congratulations to a great start. I guess my first question is, I know it's a small race, but what is the main driver of the race? Is it KedRAB or is it Cytogen that's benefiting from the discrimination of the data that you recently presented? Speaker 400:12:19And I also want to better understand some of the patterns of business. I know there's seasonality to KedRA for obvious reasons. But how should we think about patterns for other parts of the business? For example, are you meaningfully impacted by plan resets at the beginning of the year or not so much? Just a little bit of detail there. Speaker 400:12:40And I wanted to learn a little bit more about your biosimilar program and and the extent to that to which that is going to be a driver this year? When do you think that's really going to start taking hold? Thank you. Speaker 200:13:01Thank you, Annabel for your great questions. So the main driver for the increase in the forecast for the year has been primarily Cytogam for the Q1. As mentioned, we feel very comfortable with the increase we've seen in cytokine sales. We feel very comfortable with the results of our activity. We basically kind of relaunched the product during 2023 after over a decade that it was not actively promoted. Speaker 200:13:37We have new medical information being collected. We have very strong medical and commercial team, which is increasing the physician awareness of the product and its benefits. And we see the fruits of those efforts and those activities. And this has been contributing to the growth in the Q1 and what we expect to be continued momentum for the rest of the year. In regards to seasonality, so we expect the momentum to continue. Speaker 200:14:10There is some seasonality of few of the products, but because we have such a rich portfolio with a variety of products. So in general, we just focusing continuous steady growth throughout the year quarter by quarter based on our performance. In regards to the biosimilars, so as we said previously, we believe the total potential for the current portfolio is between $32,000,000 to $36,000,000 of revenues to Kamada in the Israeli distribution business. This first product is 1 of around 10 to 11 products and its contribution will be around 10% of this, not necessarily this year, but upon kind of maturity, I believe sometime next year or the year after. And we expect another product to be launched towards the end of this year or early 2025, and that's going to be a similar size product. Speaker 200:15:10So in general, each one of those products supposed to contribute between $2,000,000 to $4,000,000 and this will be accumulated over time into a very significant business, increasing the top line and profitability of our distribution business in Israel. I hope I answered all your questions. Yes, sorry. Speaker 400:15:30Yes, yes. And just to get a little bit more color on the biosimilar taken up by the market? No. I think it's taken up by the market? Speaker 200:15:46No, I think it's pretty similar to what we've seen in the U. S. We have currently agreement with 3 different biosimilar companies. Most of the portfolio is coming from Alvotech. The Israel distribution and the Israel registration and marketing authorization is based on the product getting approved either in the U. Speaker 200:16:10S. Or in Europe. Once we get one of the product is approved in one of those territories, we can file in Israel. It takes between 1 to 2 years to get the approval. And then we if we are first biosimilar, of course, we get the majority of the market share. Speaker 200:16:28If you're the second or the third, we'll get a smaller market share, very similar to what we see in other countries. Speaker 400:16:36Okay, great. And any other color you can provide us on business development and where you might be what areas you might be pursuing? Speaker 200:16:46Yes. So we are evaluating multiple opportunities in our areas of focus, which are plasma derived and transplantation. We are looking for commercial stage product, which will fuel our growth. This search is ongoing. We have the funds to execute on such opportunities. Speaker 200:17:09And once we have something new to report, we'll gladly do so. Speaker 400:17:14Okay, great. Thank you. Operator00:17:32Thank you. There seems to be no further questions at this time. I would now like to turn the call over to Brian Ritchie for the questions from the web. Speaker 100:17:41Thank you. Just one additional question from the web, Amir. Perhaps you can provide some more detail on the revised statistical analysis plan and study protocol submitted recently for the inhaled AAT program? Speaker 200:17:59Yes, sure. So based on the very positive meeting and positive feedback we received from the FDA earlier this year, we worked over the last few months to revise the statistical plan based on p value of 0.1. We analyzed different scenarios. It shows that a smaller sample size will be needed for the study. This analysis was submitted to the FDA for their advice. Speaker 200:18:29We also had to do some small revisions in the protocol and that's all of that package was submitted few weeks ago. And we expect feedback from the FDA during the second part of the year. It will take them, we believe, in a few weeks, maybe a few months to get back to us. But the study is progressing according to the plan. And we are very encouraged by the regulatory clinical progress. Speaker 200:18:57And as I mentioned during the call, we're also in active discussion with potential partners for the program. Speaker 100:19:09Terrific. Thanks, Sameer. That is it for the Q and A session. I'll ask you now to make some final remarks if you could. Speaker 200:19:18Yes, of course. So in closing, we are pleased with the exceptional performance during the Q1 of 2024, which was led by our diverse portfolio and commercial operation, specifically that of KedRAB and Cytogam. We're excited with the progress of our exciting ongoing late stage inhaled AT clinical program at the strengths of our balance sheet generating potential business development opportunities. We look forward to continuing to support clinicians and patients with important life saving product that we develop, manufacture and commercialize. We thank all of our investors for their support. Speaker 200:19:53We remain committed to creating long term shareholder value. We hope you all stay healthy and safe. Thank you for joining us today. Operator00:20:05Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that please disconnect your lines. Have a lovely day.Read morePowered by