Kamada Ltd. reported full‑year 2025 revenue of $180.5 million, a 12% year‑over‑year increase, and adjusted EBITDA of $42.0 million, up 23% from the prior year. Operating cash flow rose to $25.5 million, supporting a year‑end cash position of $75.5 million. The company’s six FDA‑approved plasma‑derived products drove the revenue growth, with KedRAB and Cytogam contributing significant revenue streams.
The fourth‑quarter results, however, fell short of analyst expectations. Q4 revenue was $44.7 million, down 15% from $39.0 million in Q4 2024 and $1.03 million below the consensus estimate of $45.73 million. Q4 diluted earnings per share were $0.06, missing the $0.09–$0.10 estimate, while adjusted EBITDA for the quarter was $7.8 million. Management attributed the miss to a shift in product and market mix that compressed gross margins and to higher operating expenses incurred to support expanding commercial operations.
Segment‑level data show proprietary product revenue at $38.23 million versus an estimate of $38.64 million, and distribution revenue at $6.45 million versus an estimate of $7.09 million. The mix shift toward lower‑margin distribution sales and the increased cost of raw materials contributed to the margin compression seen in Q4.
Kamada reaffirmed its 2026 outlook, projecting revenue of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million—unchanged from the prior guidance. The mid‑point of the guidance represents 13% revenue growth and 23% EBITDA growth relative to the 2025 results. The company also announced an annual cash dividend of $0.25 per share, totaling approximately $14.4 million, payable on April 6 2026, as part of a new dividend policy that distributes at least 50% of annual net income.
Management emphasized the company’s operational strength: "Our operational and financial performance in 2025 was excellent, with record total revenues of $180.5 million, representing a 12% year‑over‑year increase, and record adjusted EBITDA of $42.0 million, up 23% year‑over‑year." CEO Amir London added, "Results for the year were well within our 2025 annual guidance, and a testament to our ability to execute on our strategy and generate significant profitable growth through the diversity of our product portfolio." He also noted, "Kamada's manufacturing plant has been operating continuously and that operations and product manufacturing are ‘proceeding as planned.’ While exports from Israel ‘may be temporarily impacted’ by the recent closure of Israeli airspace, cargo flights have gradually resumed and the company does not anticipate a material disruption to product supply."
Headwinds for the quarter included a change in product and market sales mix that lowered gross margins, and higher operating expenses associated with expanding commercial operations. Tailwinds remain strong demand for core plasma‑derived products, a firm commitment from Kedrion for $90 million in KEDRAB orders through 2027, and a two‑year extension of a Canadian Blood Services tender that will generate $10 million to $14 million in sales between Q2 2026 and Q1 2028. The company also announced the discontinuation of its Phase 3 inhaled AAT trial and continues to ramp plasma collection capacity in Texas, targeting full capacity by the end of 2027.
Investors reacted negatively to the Q4 miss, but the company’s robust full‑year performance and unchanged 2026 guidance helped temper the overall market response. The guidance signals management’s confidence in continued organic growth and the strategic value of its expanding commercial portfolio, while the dividend policy underscores financial strength and a commitment to shareholder returns.
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