Kamada Q4 2024 Earnings Report

Kamada EPS Results

• Actual EPS: N/A
• Consensus EPS: $0.05
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Kamada Revenue Results

• Actual Revenue: N/A
• Expected Revenue: $146.55 million
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Kamada Announcement Details

• Quarter: Q4 2024
• Date: 3/5/2025
• Time: Before Market Opens
• Conference Call Date: Wednesday, March 5, 2025
• Conference Call Time: 8:00AM ET

Kamada (NASDAQ:KMDA) is a biopharmaceutical company that focuses on the development, production and commercialization of plasma-derived and recombinant protein therapeutics for the treatment of rare and serious diseases. Headquartered in Rehovot, Israel, the company operates a fully integrated manufacturing facility that spans plasmaderived fractionation, purification, fill/finish and quality control. Kamada’s business model centers on leveraging proprietary purification processes and recombinant protein technologies to deliver therapies with enhanced safety profiles and consistent supply.

The company’s marketed products include Alpha-1 Proteinase Inhibitor (Glassia), indicated for patients with alpha-1 antitrypsin deficiency, and human rabies immunoglobulin (KEDRAB) for post‐exposure prophylaxis of rabies. Kamada has established distribution partnerships in the United States, Europe and other international markets to support the global reach of its commercial portfolio. In addition to finished product supply, the company offers dedicated contract development and manufacturing services (CDMO) for plasmaderived and recombinant proteins.

Alongside its approved therapies, Kamada maintains a clinical pipeline targeting pulmonary and inflammatory disorders. Key investigational programs include AAT for the treatment of rare lung diseases and CMP-001, an immuno‐oncology compound undergoing clinical evaluation. These development efforts are aimed at expanding the company’s footprint in orphan indications where high unmet medical need exists.

Founded in 1990, Kamada has grown from a local start‐up into a Nasdaq‐listed enterprise with operations spanning Israel, North America and Europe. The company’s leadership team combines scientific expertise and commercial experience, guiding Kamada’s strategic collaborations, regulatory activities and market expansion initiatives. Through its integrated platform and focus on specialty proteins, Kamada seeks to deliver long‐term value to patients and stakeholders worldwide.

Kamada Q4 2024 Earnings Call Transcript

Key Takeaways

• Kamada delivered record full-year 2024 financial results with $161 M in revenue (+13% YoY) and $34.1 M in adjusted EBITDA (+42% YoY), both at the top end of guidance.
• The Board declared a special cash dividend of $0.20 per share to be paid in April, signaling confidence in the company’s cash position and growth outlook.
• For 2025, management is guiding $178–182 M in revenues (≈12% increase) and $38–42 M in adjusted EBITDA (≈17% increase), reflecting continued double-digit profitable growth.
• Kamada won a three-year supply contract in Latin America for KAMRAB and VAVIZIG worth approximately $25 M, demonstrating the global strength of its specialty product portfolio.
• Growth initiatives remain on track with two plasma collection centers operational and a third opening imminently (each forecast to generate $8–10 M annually), alongside a pivotal Phase III inhaled AAT trial now set for a futility analysis by year-end 2025.

Presentation

[Operator]

Greetings, and welcome to the Comenade Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Ritchie with LifeSci Advisors. Thank you, sir. You may begin.

[Brian Ritchie, Managing Director at LifeSci Advisors, LLC]

Thank you. This is Brian Ritchie with LifeSci Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer and Jaime Orlev, Chief Financial Officer. Earlier today, Kamada announced its financial results for the three months and full year ended 12/31/2024.

[Brian Ritchie, Managing Director at LifeSci Advisors, LLC]

If you have not received this news release, please go to the Investors page of the company's website at www.kamata.com. 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 20 F and six K, 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, 03/05/2025. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call.

[Brian Ritchie, Managing Director at LifeSci Advisors, LLC]

With that said, it is my pleasure to turn the call over to Amir London, CEO. Amir?

[Amir London, Chief Executive Officer at Kamada]

Thank you, Brian. And thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. I'm pleased to report that our performance was excellent over the course of 2024, leading to record top and bottom line financial results. Total revenue for 2024 were $161,000,000 coming in at the top end of our guidance range and representing a 13% increase over 2023 revenues. Adjusted EBITDA was a record $34,100,000 also at the top end of our expected range representing 42% year over year growth.

[Amir London, Chief Executive Officer at Kamada]

These outstanding results were driven by strength across our entire portfolio, improvement in overall sales mix and increased sales of our two most profitable growth drivers KedRAB and Cytugam. In 2024, we generated $47,600,000 in cash from operation, resulting in a year end strong balance sheet of $78,400,000,000 in cash. Based on our very strong financial results and solid cash position, we were pleased to announce earlier today that our Board of Directors declared a special cash dividend of $0.2 per share to be paid in April. Importantly, we're well positioned to continue our growth with ample liquidity to execute on the advancement of our main growth pillars. The declaration of a dividend to our shareholders reinforces our confidence in the company business prospects and demonstrates our commitment to generating shareholder value.

[Amir London, Chief Executive Officer at Kamada]

Based on our robust operational and financial performance, we entered 2025 from a position of significant strength and with a highly favorable outlook. For fiscal twenty twenty five, we expect to continue delivering double digit profitable growth driven by our diverse commercial portfolio marketed in over 30 countries and we are forecasting 2025 annual revenues of $178,000,000 to $182,000,000 and $38,000,000 to $42,000,000 of adjusted EBITDA. The midpoint of our 2025 guidance represent increase of approximately 12% in revenues and approximately 17% in adjusted EBITDA respectively over our 2024 results. I will now proceed to briefly review our growth strategy and operational priorities for 2025 and beyond. I will then turn the call over to Jaime to discuss our 2024 financial results in greater detail.

[Amir London, Chief Executive Officer at Kamada]

On prior calls, I've outlined the four pillars of our growth strategy, organic growth from our existing commercial portfolio, civil development and M and A transactions to support and expedite our growth, expansion of our plasma collection operation and our ongoing Phase three pivotal trial for inhaled AAT product that is targeting an over $2,000,000,000 market. Throughout 2024, we made significant progress advancing each of these value driving catalysts and in 2025 to remain the key focus of our growth strategy. I will begin with our commercial portfolio of six FDA approved products marketed in over 30 countries. Our two main growth catalysts in 2024 were KADAB and Cytogarm, resulting from increased demand in The U. S.

[Amir London, Chief Executive Officer at Kamada]

Market. We also experienced a meaningful increase in glassware sales in the multiple international markets, where we partner with strong local distributors specializing in rare respiratory diseases. During the year, we also continue to successfully build our present and future prospects in the MENA region, participating and winning local tenders. In January 2025, we announced the award of a three year contract with international organization for the supply of Kamrad and VAVIZIG in Latin America. We are pleased with the significant three year supply agreement, which we believe validates the global strength of our leading specialty in the global portfolio.

[Amir London, Chief Executive Officer at Kamada]

We expect total revenue for both products throughout the three years to be approximately $25,000,000 Winning this tender is indicative of substantial commercial potential of our broad product portfolio in the international markets beyond The U. S. And Canada, and we intend to continue to pursue additional commercial contracts in key strategic territories. Moreover, in 2024, we successfully launched our first biosimilar product in Israel and we expect to launch two additional biosimilars in 2025. We have several other biosimilar products in the pipeline to be launched in the coming years.

[Amir London, Chief Executive Officer at Kamada]

We expect that this portfolio will become an increasingly important portion of our distribution business with annual sales of between $15,000,000 to $20,000,000 within the next five years. During 2024, we continue to demonstrate our ability to convert adjusted EBITDA into operational cash. To this end, in 2025, we expect to secure compelling new business development in licensing, collaboration and or M and A transactions. Such agreements generate operational and or commercial synergies with our current commercial portfolio. Turning now to our plasma collection centers.

[Amir London, Chief Executive Officer at Kamada]

In 2024, we opened our second plasma collection center in Houston, Texas. The new center in Houston is expected to be one of the largest sites for specialty plasma collection in The U. S. And will also collect normal source plasma to be sold to third parties. In addition to the new Houston Center, construction of our third plasma collection site in San Antonio, Texas is now complete and the site will be open this month.

[Amir London, Chief Executive Officer at Kamada]

This 12,000 square foot San Antonio Center will support over 50 donor beds with an estimated total collection capacity of approximately 50,000 liters annually. As a reminder, each of our two new plasma collection centers is expected to contribute annual revenues of between $8,000,000 to $10,000,000 in sales of normal source plasma once at its full capacity. Turning now to inhaled AAT therapy. As we recently announced, the U. S.

[Amir London, Chief Executive Officer at Kamada]

FDA confirmed this agreement with our previously proposed relaxed two sided Type one error rate control modified from 5% to 10%, which mean p value of 0.1. Based on the accepted change in the p value, as well as additional revisions to the statistical analysis plan, we are reducing the study sample size from two twenty patients to approximately 180 patients, while maintaining the statistical power of the trial. We've also announced that we plan to conduct a futility analysis by the end of twenty twenty five. With that, I'll now turn the call over to Jaime for a detailed discussion of our financial results for the fourth quarter and the full year 2024. Jaime, please go ahead.

[Chaime Orlev, Chief Financial Officer at Kamada]

Thank you, Amir. As Amir stated at the top of the call, our results were excellent for both the fourth quarter and full year of 2024. Other revenues for full year 2024 were a record $161,000,000 up 13% compared to the $143,000,000 in 2023. The recorded revenues met our 2024 annual guidance. The increase in revenues was primarily attributable for increased sales of KedRAB, which contributed $50,000,000 of total sales during 2024.

[Chaime Orlev, Chief Financial Officer at Kamada]

As a reminder, in late twenty twenty three, we announced an eight year extension of the distribution agreement with KedRAB, which included their commitments to acquire minimum quantities of Kedrion totaling $180,000,000 for the first four years of the amended terms 2024 through 2027. Kedrion's minimum commitment for the remaining three years of 2025 to 2027 now stands at $135,000,000 The increase in annual revenue was also attributable to in three sales of Cytogren, which were $23,000,000,000 up 31% compared to the 2023 sales. Were $39,000,000 up 7% over the corresponding quarter in 2023. Gross profit and gross margins for 2024 were $70,000,000 and 43% compared to $55,500,000 and 39%. In 2023, the increase in profitability was attributable to increase in sales as well as an improvement in our overall product sales mix.

[Chaime Orlev, Chief Financial Officer at Kamada]

Gross profit and gross margins for the fourth quarter of twenty twenty four were 17.44% compared with $14,400,000 and 40% in the fourth quarter of twenty twenty three, representing a four basis point increase. Operating expenses including research and development, sales and marketing and general and administrative expenses totaled $49,900,000 in 2024 as compared to $45,400,000 in 2023. The increase in operating expenses were in line with our expectations and primarily attributable to an increase in sales and marketing costs associated with marketing activities in The U. S. As well as increased R and D costs, primarily due to advancing the inhaled AT clinical trial.

[Chaime Orlev, Chief Financial Officer at Kamada]

Net income was $14,500,000 or $0.25 per diluted share for the full year 2024 as compared to $8,300,000 or $0.15 per diluted share for full year 2023, representing a 75% increase year over year. The reduction in net income in the fourth quarter of twenty twenty four as compared to 2023 was attributable to increased financial expenses associated with revaluations contingent consideration to represent our higher future sales forecast resulting in increased future earn out payments on account of the 2021 product acquisition. Adjusted EBITDA for 2024 was an all time record $34,100,000 up 42% from the 2023 adjusted EBITDA of $24,100,000 20 20 4 reported adjusted EBITDA meets our 2024 annual financial guidance. Cash provided by operating activities was $10,400,000 for the fourth quarter of twenty twenty four, demonstrating the company's ability to convert its earning into significant positive cash flow. As Amir previously indicated, we retain strong financial position as demonstrated by our year end solid balance sheet, which will support our future continued growth and ability to execute on our strategic four growth pillars.

[Chaime Orlev, Chief Financial Officer at Kamada]

That concludes our prepared remarks. We're now open the call for questions.

[Operator]

Thank you. We will now be conducting a question and answer session. Our first question comes from Annabel Samameet with Stifel. Please proceed with your question.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Hi, everyone. Thanks for taking my questions and great quarter. I wanted to ask you about the futility analysis that you're going to be conducting for the AAT, inhaled AAT program. Can you just talk about what will be looked at? Will the information be blinded to you?

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Is it independent, more of a statistical analysis? Are they looking at the actual endpoints? Are you going to be reporting anything out? And what are the potential outcomes we can see there? And then separately, if you could talk about some of the additional growth drivers for KedRAB and Cytogam?

[Annabel Samimy, Managing Director at Stifel Financial Corp]

It looks like KedRAB is more about international expansion. Do you have any and for Cytogam, are you planning any other clinical presentations or clinical studies to present at various medical conferences?

[Amir London, Chief Executive Officer at Kamada]

Thanks, Annabel for the questions. I'll start with the futility analysis question. So yes, we will be blinded. So the data will be reviewed by an external DSMB type of group that will be actually be unblinded. But while the company, the sponsor, remains blinded, We decided to run this analysis based on the changes that we have implemented in the statistical plan, reduction of the sample size.

[Amir London, Chief Executive Officer at Kamada]

We're basically reaching a point second part of this year that we are going to have sufficient interim data to perform a meaningful statistical analysis. We will be looking at actual not us basically, the external group will be analyzing and looking at efficacy data, conditional efficacy data in order basically to give us feedback related to the study success ratio, if I may. But that's of course going to be as in every futility analysis, that's going to be basically a yesno type of question. The company will not be testing the actual data.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

But in terms of the efficacy data, are they looking primarily at the primary endpoints that you've laid out or additional?

[Amir London, Chief Executive Officer at Kamada]

Correct.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Okay.

[Amir London, Chief Executive Officer at Kamada]

Correct.

[Amir London, Chief Executive Officer at Kamada]

It is the analysis allows you basically to post one question to the DSMB and they're looking at its data and basically giving you feedback based on this, which is kind of a yes no type of question answer, sorry, yes no type of answer.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Okay. And what would be the sorry, just on the futility analysis, do you either expect to continue as is expand? Do you expect to either continue, expand or stop the program altogether? Are those your three options there?

[Amir London, Chief Executive Officer at Kamada]

Correct.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Okay.

[Amir London, Chief Executive Officer at Kamada]

As always in CT analysis, three options that continue, make modification based mainly on sample size or need to stop the study because of the kind of futility data.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Okay, great.

[Amir London, Chief Executive Officer at Kamada]

Related to second question was related to 2024 prospect, That's the question?

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Yes.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Well, the specific growth drivers for KedRAB inside again. So KedRAB, is that just continuation of expanding contracts globally?

[Amir London, Chief Executive Officer at Kamada]

Correct. So when we talk about KedRAB, we mean only U. S. So when we say $50,000,000 sales of KedRAB, this is our agreement with Kedrion. We refer to the non U.

[Amir London, Chief Executive Officer at Kamada]

S. Product as Kamarab, just as a matter of clarification. So as you remember, we had an agreement for $180,000,000 of sales for the four years minimum for the four years twenty twenty four, twenty twenty five, twenty twenty six, twenty twenty seven for the first year. So average of $45,000,000 but the first year 2024, Cadrean already purchased from Us Fifty Million Dollars of the product. So above the minimum quantity.

[Amir London, Chief Executive Officer at Kamada]

Then it means that for the remaining of those next three years, twenty five million dollars twenty six million dollars twenty seven million dollars the minimum and I emphasize minimum commitment is $135,000,000 Ex U. S, we'll continue to grow the business. We announced in January winning this international tender for Latin America. We are the supplier in Canada, Australia, some European countries, Israel and kind of international markets. So this product is growing not just in The U.

[Amir London, Chief Executive Officer at Kamada]

S. Markets. Regarding Cytogarm, yes, we are advancing clinical work with additional U. S.-based KOLs in leading transportation centers. We will announce those presentations during the year once they've basically been accepted to the different conferences and industry meetings.

[Amir London, Chief Executive Officer at Kamada]

And we've seen a nice increase between 2023 and 2024 in terms of product sales in The U. S.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Okay. And if I could just ask one more follow-up, I have to ask this question. We don't often see special dividends from development while you're profitable obviously, but still development stage companies. So what was the deciding factor there to offer a special dividend?

[Amir London, Chief Executive Officer at Kamada]

Yes. So first of all, we believe that Canada is in a mature phase that can basically be a commercial development pipeline and the company that pays dividend. The dividend that was decided by the board is driven by the very strong financial results of 2024 and our strong outlook for 2025. We believe we have sufficient funds, very solid cash position to be able to pay the dividend while we continue with our BD M and A activities according to the plan. Our goal is to execute such M and As and BD transactions all within 2025 and we have sufficient resources while we're continuing to generate more and more cash from our operation moving forward. So we can do both.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Would that be an indication that you know what kind of BD you're going to do and the size of the BD that you're going to be doing?

[Amir London, Chief Executive Officer at Kamada]

We are screening multiple opportunities and we are hopeful that things will mature already in 2025. And these are going to be a commercial stage assets that will help us basically to accelerate our growth.

[Annabel Samimy, Managing Director at Stifel Financial Corp]

Okay, great. Thank you.

[Operator]

Our next question comes from Anthony Petrone with Mizuho Group. Please proceed with your question.

[Anthony Petrone, Managing Director at Mizuho Financial Group]

Thanks and hope you're doing well, Amir, Jaime. And great to see obviously the excellent results for 2024. Maybe to start with plasma collections, you have the two operating centers and the third is on the way to being open here shortly. So maybe just a little bit on the third center, the timing to reach that peak revenue target of $8,000,000 to $10,000,000 dollars And then the mix of what will be collected there, how much will be specialty plasma versus standard plasma that you would go on to sell to third parties? And then I'll have a couple of follow ups. Thanks.

[Amir London, Chief Executive Officer at Kamada]

Okay. Yes. So the third center, San Antonio, is going to be open this month. Based on the pace that we're seeing in Yellowstone, we believe it's around twenty four to thirty months that it takes basically to ramp up a center, at least based on the pace that we've seen in Houston since we opened around six months ago. So we are on track in Houston and we believe we can also execute the same level of performance in San Antonio.

[Amir London, Chief Executive Officer at Kamada]

As you mentioned that both centers will be collecting specialty plasma for our needs and normal source plasma that will be sold out to external parties. Approximately 20% to 25% for each center will be specialty and maybe a little bit more and the rest will be normal source plasma. This correlates with the $8,000,000 to $10,000,000 revenue per center from selling normal source plasma to external voltage. So if you do the math and I know you're familiar with the price per liter of plasma, you basically can see how we came up with these ratios.

[Anthony Petrone, Managing Director at Mizuho Financial Group]

No, fair enough. And I'm just wondering as you're building toward critical mass here, how the plasma collections that operation, but just factoring it against third party sales as well as your own work in process inventory needs, how that plays out from an adjusted EBITDA margin standpoint. So just a little bit on the margin profile today of plasma collection and let's say a year or two years from now where that margin profile can trend to.

[Amir London, Chief Executive Officer at Kamada]

Okay. So on specialty plasma, this is going to be an intra company type of transaction. You're not going to see this is part of our top line. And it will have an effect on our cost of goods because every liter of plasma that we collect is cheaper than liter of plasma that we currently buy from external suppliers. So this will be part of our overall efficiencies and kind of growing the company.

[Amir London, Chief Executive Officer at Kamada]

And I think you've seen it also in our country port over the last few quarters and moving into 2025, our ability to grow the company in a very effective way and benefiting from the economy of scales. In terms of selling plasma to the external parties, so you're familiar I think with the potential or what's expected margins, selling plasma to external will result in anywhere between 10% to 20%, twenty five % gross margin.

[Anthony Petrone, Managing Director at Mizuho Financial Group]

That's helpful. And then just pivoting to the BD and L side of the story. Obviously a good collection of hyper immune globulin products. You mentioned again obviously you have a special dividend going out, but the pipeline for follow on deals whether in licensing or potentially M and A is still robust. I'm just wondering when we think about just sort of the landscape out there, it feels like the play here is to continue to build in hyperimmune globulin products specifically.

[Anthony Petrone, Managing Director at Mizuho Financial Group]

And maybe just give us an idea of that broader landscape, EMEER, and maybe which areas specifically you're taking a look at. Obviously, you have exposure to rabies, cytomegalovirus disease, for kidney transplant, the two biggest products. Just wondering as you look at that hyper immune space, what other white areas are there that you can capitalize on? Thanks again.

[Amir London, Chief Executive Officer at Kamada]

In terms of DD and M and A opportunities, as you said, we're looking for assets which are in synergy with our current commercial footprint in The U. S. Market. We are covering all key transport centers. We have very strong presence in the specialty plasma space.

[Amir London, Chief Executive Officer at Kamada]

We're working with infectious disease specialists and we have of course experience in the Alpha one inhaled respiratory specialties. So these are the areas which are kind of the first areas that we have been looking at and we are screening opportunities. In general, any plasma derived assets, of course, is of great interest for us like we've done with Cytogram, the ability to also transfer the production to our facility and create significant synergies. But we're looking a little bit broader in order to be able to actually really execute those type of transactions already this year, as I mentioned. We're looking also for distribution businesses that will be synergistic to what we're currently doing, reminding you that we have strong presence in the MENA region, in Israel, in U.

[Amir London, Chief Executive Officer at Kamada]

S, Canada, all those areas are relevant areas for us in terms of where we are searching for BD opportunities.

[Anthony Petrone, Managing Director at Mizuho Financial Group]

Thank you very

[Operator]

Our next question comes from James Sidoti with Sidoti and Co. Please proceed with your question.

[Jim Sidoti, Analyst at Sidoti & Company]

Hi, good afternoon. Thanks for taking the questions. A couple of questions on gross margin. For your proprietary products, it was up about I think about 700 basis points. Is that due to the mix of KedRAB in the current quarter?

[Amir London, Chief Executive Officer at Kamada]

Our most, let's see, two profitable products that have the biggest impact on our gross margins are KedRAB and Cytogamy in The U. S. Market. So a favorable sales mix improved, increased sales in The U. S.

[Amir London, Chief Executive Officer at Kamada]

Market always helps us in terms of our gross margin. So that's yes to your question.

[Jim Sidoti, Analyst at Sidoti & Company]

And what will be the impact when you start using more of your more of the plasma that you get from your own in source plasma centers as opposed to buying it? What do you think the impact on that proprietary gross margin could be?

[Amir London, Chief Executive Officer at Kamada]

It could be it would have an impact, but I just want to also caution that it will take time. It's a process that takes time to actually start replacing the plasma that we currently buy with our own collected plasma. So the overall mix, if I may, of internal plasma collection or sales plasma collection increased sales in The U. S. Market, economy of scales and just making more in our plant, all those different aspects play together in creating the efficiency that you're saying.

[Amir London, Chief Executive Officer at Kamada]

It's difficult definitely in such a public setting to point a specific parameter. We have a very efficient operation. The fact that we started last year to manufacture cytometer on plant, the combination with the glacier is growing significantly in Ex U. S. Markets and we make more glacier lots, batches and manufacturing by us. All of this plays basically together.

[Jim Sidoti, Analyst at Sidoti & Company]

Okay. All right. Thank you.

[Operator]

There are no further questions at this time. I would now like to turn the floor back over to Amir London for closing comments.

[Amir London, Chief Executive Officer at Kamada]

Thank you. So in closing, the successful execution of our profitable growth strategy is well reflected in our record top and bottom line 2024 financial results, as well as with the declaration of special cash dividend. We're excited about the opportunities to advance our four strategic growth pillars. We look forward to continuing to support clinicians and patients with important life saving products that we develop, manufacture and commercialize worldwide. We thank you our investors for the support and remain committed to creating long term shareholder value.

[Amir London, Chief Executive Officer at Kamada]

We hope you all stay healthy and safe. Thank you for joining us today.

[Operator]

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

Participants

Executives

• Amir London, Chief Executive Officer
• Chaime Orlev, Chief Financial Officer

Analysts

• Brian Ritchie, Managing Director at LifeSci Advisors, LLC
• Annabel Samimy, Managing Director at Stifel Financial Corp
• Anthony Petrone, Managing Director at Mizuho Financial Group
• Jim Sidoti, Analyst at Sidoti & Company