Kamada Ltd. announced robust financial results for the third quarter and nine months ended September 30, 2024. Third-quarter revenues reached $41.7 million, marking a 10% increase year-over-year, while adjusted EBITDA grew 11% to $8.8 million. For the first nine months of 2024, total revenues were $121.9 million, up 15% year-over-year, with adjusted EBITDA increasing 43% to $25.4 million, representing a 21% margin of revenues.
Based on this performance, Kamada increased its annual adjusted EBITDA guidance for 2024 to a range of $32 million to $35 million, a 12% increase at the midpoint from previous guidance. The company reiterated its full-year 2024 revenue guidance of $158 million to $162 million. Kamada also generated $37.2 million in cash from operating activities during the first nine months of the year, ending the quarter with $72.0 million in available cash.
The company provided updates on its strategic initiatives, including the opening of a new plasma collection center in Houston, Texas, which is expected to have an annual collection capacity of approximately 50,000 liters. Patient enrollment continues in the pivotal Phase III InnovAATe clinical trial for inhaled Alpha-1 Antitrypsin therapy, with the independent Data and Safety Monitoring Board recommending study continuation without modifications. Kamada is also engaged in discussions with the U.S. FDA regarding a filed IND amendment for the trial.
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