KMDA · Kamada Ltd.

Kamada's first quarter 2026 results reflect a solid start to the year, with total revenues of $45.2 million, a 3% increase year-over-year, driven by higher sales of KEDRAB and growth in the Distribution segment. However, gross margin declined to 42% from 47% in the prior year, primarily due to product and market sales mix. Operating expenses decreased to $12.1 million from $13.0 million, largely due to lower R&D expenses following the termination of the Phase 3 InnovAATe clinical trial, partially offset by increased selling and marketing investments. Net income rose 4% to $4.1 million, while adjusted EBITDA remained flat at $11.6 million, representing a 26% margin. The company noted that results were impacted by a temporary shipment delay of a single order, which was subsequently delivered in April. Management expressed confidence in a significantly stronger remainder of 2026, citing increasing underlying demand for key products. Kamada reaffirmed its full-year 2026 guidance of $200-$205 million in revenue and $50-$53 million in adjusted EBITDA, implying double-digit organic growth. Additionally, the company highlighted recent FDA approval of its San Antonio plasma collection center, which is expected to contribute normal source plasma sales in the second half of 2026. A cash dividend of $0.25 per share was paid in April 2026, reflecting the company's commitment to shareholder returns.