Kamada Reports First Quarter 2026 Financial Results and Affirms 2026 Annual Guidance; Expecting Significantly Stronger Remainder of the Year
Rhea-AI Summary
Kamada (NASDAQ:KMDA) reported Q1 2026 revenue of $45.2M, up 3% year-over-year, net income of $4.1M, up 4%, and adjusted EBITDA of $11.6M with a 26% margin.
The company reaffirmed 2026 guidance of $200M–$205M revenue and $50M–$53M adjusted EBITDA, highlighted FDA approval of its San Antonio plasma center, and paid a $0.25-per-share dividend totaling about $14.4M.
Positive
- Q1 2026 revenue $45.2M, up 3% year-over-year
- Q1 2026 net income $4.1M, up 4% year-over-year
- Q1 2026 adjusted EBITDA $11.6M, 26% of revenues
- 2026 revenue guidance $200M–$205M, about 12% growth at mid-point
- 2026 adjusted EBITDA guidance $50M–$53M, about 23% growth at mid-point
- FDA approval of San Antonio, Texas plasma collection center
- Cash and short-term investments of $73.1M as of March 31, 2026
- Cash dividend of $0.25 per share, about $14.4M paid April 7, 2026
Negative
- Gross margin declined from 47% to 42% year-over-year in Q1 2026
- Q1 2026 results affected by temporary shipment delay of a single order
- Cash and short-term investments decreased from $75.5M to $73.1M since December 31, 2025
- Cash used in operating activities of $0.3M in Q1 2026
News Market Reaction – KMDA
In the May 13 session, KMDA declined 6.76%, reflecting a notable negative market reaction. Argus tracked a trough of -8.7% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 11 | Annual results | Positive | -4.6% | Record 2025 revenue and earnings with 2026 guidance affirmed. |
| Nov 10 | Quarterly earnings | Positive | +5.4% | Strong Q3 and nine‑month 2025 growth with guidance reiterated. |
| Aug 13 | Quarterly earnings | Positive | -1.3% | Q2 and H1 2025 growth with raised profitability guidance. |
| May 14 | Quarterly earnings | Positive | +2.3% | Q1 2025 revenue and EBITDA growth with guidance maintained. |
| Mar 05 | Annual results | Positive | +7.4% | Record 2024 results and affirmation of 2025 growth guidance. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been viewed positively, with 3 of 5 past events producing gains, but two notable negative reactions highlight occasional divergence despite strong fundamentals.
Over the past two years, Kamada has repeatedly reported growing revenues and profitability. Events from 2024 through 2025 show record annual results, double‑digit top‑line growth, and rising adjusted EBITDA, alongside expansion of plasma collection and commercial operations. Quarterly updates in 2025 often paired solid year‑over‑year growth with reaffirmed or raised guidance. Today’s Q1‑2026 report, with revenue of $45.2M and affirmed 2026 guidance, continues this theme of steady execution and profitable growth.
Key Terms
adjusted EBITDA financial
non-IFRS financial measures financial
EBITDA financial
Phase 3 medical
plasma collection center medical
normal source plasma medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Q1-2026 Revenue of
$45.2 Million , up3% Year-over-Year; Adjusted EBITDA of$11.6 Million , representing a Robust26% Margin of Revenues; Net Income of$4.1 Million , up4% Year-over-Year - Underlying Demand for the Company’s Products Continues to Increase, Supporting the Company’s Expectation for a Significantly Stronger Remainder of 2026
- Company Affirms 2026 Annual Guidance of
$200 Million –$205 Million in Revenues and$50 Million –$53 Million of Adjusted EBITDA, Representing Annual Double-Digit Organic Profitable Growth - Q1-2026 Results Impacted by Temporary Shipment Delay of a Single Order, Subsequently Delivered during April
- Company Continues to Evaluate Near-Term Business Development and M&A Transactions to Further Enhance Long-Term Profitable Growth
- Conference Call and Live Webcast Today at 8:30am ET
REHOVOT, Israel, and HOBOKEN, N.J., May 13, 2026 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field, today announced financial results for the three months ended March 31, 2026.
“Our operational and financial performance in 2026 is off to a solid start, with first quarter revenues and adjusted EBITDA in line with our expectations,” said Amir London, Kamada’s Chief Executive Officer. “Total revenues for the first quarter were
“In 2026, our focus remains on the expansion of our entire commercial product portfolio, including our six FDA-approved specialty plasma-derived products. In our Distribution segment, growth is supported by the launch of additional biosimilar products in the Israeli market, as well our expansion of the Distribution business to the MENA region. We are ramping up plasma collection in our three FDA-approved Texas-based plasma centers, which are expected to provide significant capacity of specialty and normal source plasma collection, strengthening our vertical integration and supporting continued growth. Lastly, we continue to make progress evaluating and securing near-term new business development and M&A opportunities that will enrich our current portfolio and generate synergies with our existing commercial operations,” concluded Mr. London.
Financial Highlights for the Three Months Ended March 31, 2026
- Total revenues were
$45.2 million in the first quarter of 2026, an increase of3% compared to$44.0 million in the first quarter of 2025. The increase in revenues year-over-year was primarily driven by increased sales of KEDRAB, as well as increased sales in our Distribution segment. - Gross profit and gross margins were
$19.1 million and42% , respectively, in the first quarter of 2026, compared to$20.7 million and47% , respectively, in the first quarter of 2025. The reduction in gross margin year-over-year was affected by products and markets' sales mix. - Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$12.1 million in the first quarter of 2026, compared to$13.0 million in the first quarter of 2025. The decrease was driven by a reduction in R&D expense related to the termination of the Phase 3 InnovAATe clinical trial, offset by increases in S&M and G&A expenses related to our investments in the overall growth of the commercial product portfolio. - Net income was
$4.1 million , or$0.07 per diluted share, in the first quarter of 2026, up4% as compared to$4.0 million , or$0.07 per diluted share, in the first quarter of 2025. - Adjusted EBITDA, as detailed in the tables below, was
$11.6 million in the first quarter of 2026, equivalent to the adjusted EBITDA reported in the first quarter of 2025. - Cash used in operating activities was
$0.3 million in the first quarter of 2026, as compared to cash used in operating activities of$0.5 million in the first quarter of 2025.
Balance Sheet Highlights
As of March 31, 2026, Kamada had cash and cash equivalents and short-term investment totaling
Recent Corporate Highlights
- Announced U.S. Food and Drug Administration (FDA) approval of Kamada Plasma’s collection center in San Antonio, TX. The approval was obtained following an on-site inspection made by the FDA during February 2026. The center is now cleared to commence commercial sales of normal source plasma.
- Announced the payment of a cash dividend of
$0.25 (approximately NIS 0.77) per share on the Company’s ordinary shares (totaling approximately$14.4 million ). The cash dividend was paid on April 7, 2026, to shareholders of record at the close of business on March 23, 2026.
Fiscal 2026 Guidance
Kamada is reiterating its 2026 annual financial guidance of total revenues in the range of
Conference Call Details
Kamada management will host an investment community conference call on Wednesday, May 13, at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-407-0792 (from within the U.S.), 1-809-406-247 (from Israel), or 1-201-689- 8263 (International) using conference I.D. 13760232. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1760803&tp_key=7219e3b56c
Non-IFRS financial measures
We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs.
For the projected 2026 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company’s control. Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company’s accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company’s adjusted EBITDA for historical periods.
About Kamada
Kamada Ltd. (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s controlling shareholder, beneficially owning approximately
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding: 1) the Company’s expectation for a significantly stronger remainder of 2026, 2) the Company’s reiterated 2026 annual guidance of
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||||||
| As of | As of | ||||||||||
| March 31, | December 31, | ||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Unaudited | |||||||||||
| U.S. Dollars in Thousands | |||||||||||
| Assets | |||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | 32,922 | $ | 76,250 | $ | 75,469 | |||||
| Short-term investments | 40,225 | - | - | ||||||||
| Trade receivables, net | 36,515 | 27,876 | 27,007 | ||||||||
| Other accounts receivables | 4,136 | 6,016 | 5,656 | ||||||||
| Inventories | 85,437 | 78,358 | 84,943 | ||||||||
| Total Current Assets | 199,235 | 188,500 | 193,075 | ||||||||
| Non-Current Assets | |||||||||||
| Property, plant and equipment, net | 41,463 | 37,406 | 41,367 | ||||||||
| Right-of-use assets | 8,908 | 9,539 | 8,900 | ||||||||
| Intangible assets and other long-term assets | 95,676 | 101,422 | 97,511 | ||||||||
| Goodwill | 30,313 | 30,313 | 30,313 | ||||||||
| Contract assets | 7,426 | 7,925 | 7,544 | ||||||||
| Total Non-Current Assets | 183,786 | 186,605 | 185,635 | ||||||||
| Total Assets | $ | 383,021 | $ | 375,105 | $ | 378,710 | |||||
| Liabilities | |||||||||||
| Current Liabilities | |||||||||||
| Current maturities of lease liabilities | $ | 2,198 | $ | 1,780 | $ | 2,121 | |||||
| Current maturities of other long term liabilities | 10,643 | 10,889 | 9,923 | ||||||||
| Trade payables | 21,938 | 24,854 | 23,242 | ||||||||
| Other accounts payables | 24,930 | 19,319 | 12,108 | ||||||||
| Deferred revenues | 67 | 205 | - | ||||||||
| Total Current Liabilities | 59,776 | 57,047 | 47,394 | ||||||||
| Non-Current Liabilities | |||||||||||
| Lease liabilities | 9,443 | 9,318 | 9,440 | ||||||||
| Contingent consideration | 20,910 | 21,216 | 20,372 | ||||||||
| Other long-term liabilities | 29,925 | 32,990 | 30,113 | ||||||||
| Deferred taxes | 2,866 | 2,061 | 1,651 | ||||||||
| Employee benefit liabilities, net | 714 | 516 | 670 | ||||||||
| Total Non-Current Liabilities | 63,858 | 66,101 | 62,246 | ||||||||
| Shareholder’s Equity | |||||||||||
| Ordinary shares | 15,078 | 15,074 | 15,078 | ||||||||
| Additional paid in capital net | 268,360 | 268,160 | 268,283 | ||||||||
| Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | |||||
| Capital reserve from hedges | (6 | ) | (117 | ) | 177 | ||||||
| Capital reserve from share-based payments | 6,434 | 5,266 | 5,711 | ||||||||
| Capital reserve from employee benefits | 374 | 372 | 385 | ||||||||
| Accumulated deficit | (27,363 | ) | (33,308 | ) | (17,074 | ) | |||||
| Total Shareholder’s Equity | 259,387 | 251,957 | 269,070 | ||||||||
| Total Liabilities and Shareholder’s Equity | $ | 383,021 | $ | 375,105 | $ | 378,710 | |||||
| CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | |||||||||||
| Three months period Ended March 31, | Year Ended | ||||||||||
| December 31, | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Unaudited | |||||||||||
| U.S. Dollars in Thousands | |||||||||||
| Revenues from proprietary products | $ | 36,227 | $ | 40,017 | $ | 156,206 | |||||
| Revenues from distribution | 9,013 | 4,001 | 24,254 | ||||||||
| Total revenues | 45,240 | 44,018 | 180,460 | ||||||||
| Cost of revenues from proprietary products | 18,202 | 19,738 | 83,928 | ||||||||
| Cost of revenues from distribution | 7,922 | 3,531 | 20,125 | ||||||||
| Total cost of revenues | 26,124 | 23,269 | 104,053 | ||||||||
| Gross profit | 19,116 | 20,749 | 76,407 | ||||||||
| Research and development expenses | 2,181 | 4,246 | 12,995 | ||||||||
| Selling and marketing expenses | 4,753 | 4,510 | 18,455 | ||||||||
| General and administrative expenses | 5,229 | 4,198 | 18,724 | ||||||||
| Other expenses | - | - | - | ||||||||
| Operating income (loss) | 6,953 | 7,795 | 26,233 | ||||||||
| Financial income | 425 | 534 | 1,921 | ||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | (261 | ) | 251 | (1,171 | ) | ||||||
| Financial Income (expense) in respect of contingent consideration and other long- term liabilities. | (1,538 | ) | (1,775 | ) | (2,652 | ) | |||||
| Financial expenses | (188 | ) | (192 | ) | (864 | ) | |||||
| Income before tax on income | 5,391 | 6,613 | 23,467 | ||||||||
| Taxes on income | (1,259 | ) | (2,649 | ) | (3,269 | ) | |||||
| Net Income (loss) | $ | 4,132 | $ | 3,964 | $ | 20,198 | |||||
| Other Comprehensive Income (loss): | |||||||||||
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met | |||||||||||
| Gain (loss) on cash flow hedges | 90 | (114 | ) | 1,069 | |||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | (273 | ) | (54 | ) | (943 | ) | |||||
| Items that will not be reclassified to profit or loss in subsequent periods: | |||||||||||
| Remeasurement gain (loss) from defined benefit plan | (11 | ) | 8 | 21 | |||||||
| Total comprehensive income (loss) | $ | 3,938 | $ | 3,804 | $ | 20,345 | |||||
| Earnings per share attributable to equity holders of the Company: | |||||||||||
| Basic net earnings per share | $ | 0.07 | $ | 0.07 | $ | 0.35 | |||||
| Diluted net earnings per share | $ | 0.07 | $ | 0.07 | $ | 0.35 | |||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| Three months period | Year Ended | ||||||||||
| Ended March 31, | December 31, | ||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Unaudited | Unaudited | ||||||||||
| U.S. Dollars in Thousands | |||||||||||
| Cash Flows from Operating Activities | |||||||||||
| Net income | $ | 4,132 | $ | 3,964 | $ | 20,198 | |||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Adjustments to the profit or loss items: | |||||||||||
| Depreciation and amortization | 3,851 | 3,611 | 14,918 | ||||||||
| Financial expenses, net | 1,562 | 1,182 | 2,766 | ||||||||
| Cost of share-based payment | 800 | 175 | 845 | ||||||||
| Taxes on income | 1,259 | 2,649 | 3,269 | ||||||||
| Gain from sale of property and equipment | - | (8 | ) | (8 | ) | ||||||
| Change in employee benefit liabilities, net | 31 | 16 | 183 | ||||||||
| 7,503 | 7,625 | 21,973 | |||||||||
| Changes in asset and liability items: | |||||||||||
| Increase in trade receivables, net | (9,757 | ) | (6,557 | ) | (5,407 | ) | |||||
| Decrease (increase) in other accounts receivables | 1,288 | (671 | ) | (535 | ) | ||||||
| Decrease (increase) in inventories | (494 | ) | 461 | (6,124 | ) | ||||||
| Decrease in deferred expenses | 119 | 94 | 475 | ||||||||
| Decrease in trade payables | (1,446 | ) | (3,748 | ) | (6,870 | ) | |||||
| Increase (decrease) in other accounts payables | (1,897 | ) | (2,044 | ) | 950 | ||||||
| Increase (decrease) in deferred revenues | 67 | 34 | (171 | ) | |||||||
| (12,120 | ) | (12,431 | ) | (17,682 | ) | ||||||
| Cash received (paid) during the period for: | |||||||||||
| Interest paid | (187 | ) | (176 | ) | (864 | ) | |||||
| Interest received | 425 | 534 | 1,921 | ||||||||
| Taxes paid | (44 | ) | (29 | ) | (56 | ) | |||||
| 194 | 329 | 1,001 | |||||||||
| Net cash provided by (used in) operating activities | $ | (291 | ) | $ | (513 | ) | $ | 25,490 | |||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) | |||||||||||
| Three months period | Year Ended | ||||||||||
| Ended March, 31 | December 31, | ||||||||||
| 2026 | 2025 | 2025 | |||||||||
| Unaudited | Unaudited | ||||||||||
| U.S. Dollars in Thousands | |||||||||||
| Cash Flows from Investing Activities | |||||||||||
| Purchase of property and equipment and intangible assets | $ | (973 | ) | $ | (1,468 | ) | $ | (9,846 | ) | ||
| Investment in short term investments, net | (40,225 | ) | - | - | |||||||
| Proceeds from sale of property and equipment | - | 8 | 8 | ||||||||
| Net cash used in investing activities | (41,198 | ) | (1,460 | ) | (9,838 | ) | |||||
| Cash Flows from Financing Activities | |||||||||||
| Proceeds from exercise of share base payments | - | 46 | 50 | ||||||||
| Repayment of lease liabilities | (389 | ) | (14 | ) | (972 | ) | |||||
| Dividends Paid | - | - | (11,534 | ) | |||||||
| Repayment of other long-term liabilities | (467 | ) | (325 | ) | (5,889 | ) | |||||
| Net cash used in financing activities | (856 | ) | (293 | ) | (18,345 | ) | |||||
| Exchange differences on balances of cash and cash equivalent | (202 | ) | 81 | (273 | ) | ||||||
| Decrease in cash and cash equivalents | (42,547 | ) | (2,185 | ) | (2,966 | ) | |||||
| Cash and cash equivalents at the beginning of the period | 75,469 | 78,435 | 78,435 | ||||||||
| Cash and cash equivalents at the end of the period | $ | 32,922 | $ | 76,250 | $ | 75,469 | |||||
| Significant non-cash transactions | |||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | 439 | $ | 352 | $ | 1,221 | |||||
| Purchase of property and equipment and Intangible assets | $ | 683 | $ | 1,103 | $ | 2,523 | |||||
| NON-IFRS MEASURES | |||||||||||
| Three months period Ended March 31, | Year Ended December 31, | ||||||||||
| 2026 | 2025 | 2025 | |||||||||
| U.S. Dollars in thousands | |||||||||||
| Net income | $ | 4,132 | $ | 3,964 | $ | 20,198 | |||||
| Taxes on income | 1,259 | 2,649 | 3,269 | ||||||||
| Financial expense, net | 1,562 | 1,182 | 2,766 | ||||||||
| Depreciation and amortization expense | 3,851 | 3,611 | 14,924 | ||||||||
| Non-cash share-based compensation expenses | 800 | 175 | 845 | ||||||||
| Adjusted EBITDA | $ | 11,604 | $ | 11,581 | $ | 42,002 | |||||
