Introduces 2016 Revenue Guidance
Conference call begins at 8:30 a.m. Eastern
time today
Kamada Ltd. (NASDAQ:KMDA) (TASE:KMDA), a plasma-derived
protein therapeutics company focused on orphan indications,
announces financial results for the three months ended March 31,
2016.
Financial highlights of the 2016 first quarter included:
- Total revenues of $14.8 million
compared with $8.9 million in the 2015 first quarter
- Gross profit of $4.8 million compared
with $0.4 million in the 2015 first quarter
- Adjusted net loss of $1.9 million
compared with an adjusted net loss of $4.8 million in the 2015
first quarter
Other highlights of the 2016 first quarter and recent weeks
included:
- Reported additional positive interim
results from a Phase 1/2 clinical trial of its proprietary alpha-1
antitrypsin (AAT) to treat steroid-refractory Graft Versus Host
Disease (GvHD), which is being conducted in collaboration with
Baxalta and the Fred Hutchinson Cancer Research Center
- Submitted a Marketing Authorization
Application (MAA) with the European Medicines Agency (EMA) for its
proprietary inhaled AAT therapy as a treatment for AAT deficiency
(AATD)
- Initiated a Phase 2 clinical trial with
its proprietary AAT for the prevention of lung transplant
rejection, which is also being conducted in collaboration with
Baxalta
- Received two milestone payments as a
result of achieving certain regulatory and sales milestones under
strategic agreements with Chiesi Farmaceutici S.p.A. and
Baxalta
Management Commentary
“Throughout the first quarter we made meaningful progress with
strategic initiatives to grow our revenues and advance our clinical
programs across a number of orphan indications. We continued to
build our core protein plasma business, led by increases in the
number of patients treated with Glassia® in the U.S. through
Baxalta. As a result, we remain confident in our ability to achieve
our newly introduced revenue targets for 2016 as well as our 2017
revenue goal of $100 million, which includes approximately 75%
growth in the Proprietary Products Segment compared with 2015,”
stated Amir London, Chief Executive Officer of Kamada.
“We continue to strengthen our relationship with Baxalta as we
collaborate to drive sales growth and expand use of our intravenous
AAT to other indications of unmet medical need. We are pleased with
the consistently increasing number of patients treated with
Glassia® in the U.S, as recently reflected by achieving a sales
milestone, and we expect this growth to continue in the coming
years.
“Filing our MAA with the EMA represents an important achievement
that advances our goal of commercializing our inhaled AAT therapy
for the benefit of patients suffering with AATD in Europe.
Importantly, we believe that enhanced lung function measurements,
which are the gold standard for treating pulmonary diseases, along
with symptom improvements and the product’s safety profile support
a compelling risk/benefit argument. The EMA has agreed to evaluate
the totality of the data from our Phase 2/3 study, and we are
highly optimistic of a favorable determination.
“The immunomodulatory effects and anti-inflammatory mechanism of
action of our intravenous AAT give us confidence to develop our
novel IV AAT with a goal to increase survival and enhance patient
quality of life in life-threatening diseases such as GvHD and lung
transplant rejection. Preclinical data and interim data from the
Phase 1/2 study in GvHD are encouraging. We look forward to
entering into an additional clinical trial in GvHD by the end of
this year. We initiated our Phase 2 lung transplant rejection study
and seek to demonstrate proof-of-concept in this indication of
great unmet medical need.
“We look forward to achieving a number of important milestones
throughout the balance of 2016. We are projecting solid revenue
increases in 2016, which along with continued clinical progress in
various programs, the submission of our inhaled AAT MAA in the EU,
the planned submission of a BLA for our Anti-Rabies IgG and future
positive regulatory determinations in Europe and the U.S., should
strengthen our Company and enhance shareholder value,” concluded
Mr. London.
First Quarter Financial Results
Total revenues for the first quarter of 2016 of $14.8 million
compare with $8.9 million for the first quarter of 2015. Revenues
from the Proprietary Products Segment were $11.1 million compared
with $3.3 million in the year-ago quarter when there was a delay in
the release of product batches as the Company awaited final
validation of a filling process. Revenues from the Distributed
Product Segment declined to $3.7 million from $5.7 million in the
first quarter of 2015, largely due to the timing of orders.
Gross profit for the first quarter of 2016 was $4.8 million
compared with $0.4 million for the first quarter of 2015. Gross
margin increased to 32% from 4% in the first quarter of 2015 as a
result of higher Proprietary Product revenues.
Research and development expenses in the first quarter of 2016
were $4.1 million, an increase from $3.6 million in the first
quarter of 2015 as Kamada continued to support various clinical
studies including three key clinical trials and the MAA submission
for its inhaled AAT therapy with the EMA.
Selling, general and administrative expenses in the first
quarter of 2016 of $2.6 million increased modestly from $2.5
million in the first quarter of 2015.
For the first quarter of 2016, the Company reported an operating
loss of $2.0 million compared with an operating loss of $5.8
million for the first quarter of 2015. The Company recorded a net
loss for the first quarter of 2016 of $2.3 million or $0.06 per
share, compared with a net loss for the first quarter of 2015 of
$5.3 million or $0.15 per share. The adjusted net loss for the
first quarter of 2016 was $1.9 million compared with an adjusted
net loss for the first quarter of 2015 of $4.8 million.
Adjusted EBITDA for the first quarter of 2016 was a loss of $0.8
million compared with a loss for the first quarter of 2015 of $4.4
million.
Balance Sheet Highlights
As of March 31, 2016, Kamada had cash, cash equivalents and
short-term investments of $35.5 million, compared with $28.3
million as of December 31, 2015. The Company’s cash position during
the first quarter of 2016 benefitted from $6.0 million of delayed
revenue from Baxalta that was recognized in the fourth quarter of
2015 but collected in the first quarter of 2016, as well as from
$0.6 million of cash from financing activities. During the first
quarter of 2016, the Company generated $7.5 million in cash from
operations and used $0.9 million for capital expenditures.
2016 Revenue Guidance
For the year ending December 31, 2016, Kamada expects total
revenues to be between $75 million and $80 million, with revenues
from its Distributed Product Segment projected to be between $25
million and $27 million and revenues from its Proprietary Products
Segment projected to be between $50 million and $53 million.
Conference Call
Kamada management will host an investment community conference
call today at 8:30 a.m. Eastern time to discuss these results and
answer questions. Shareholders and other interested parties may
participate in the conference call by dialing 888-803-5993 (from
within the U.S.) or 706-634-5454 (from outside the U.S.) and
entering the conference identification number: 5573974.
A replay of the call will be accessible beginning two hours
after its completion through May 15, 2016 by dialing 855-859-2056
(from within the U.S.) or 404-537-3406 (from outside the U.S.) and
entering the conference identification number: 5573974. The call
will also be archived for 90 days at www.streetevents.com
and www.kamada.com.
About Kamada
Kamada Ltd. is focused on plasma-derived protein therapeutics
for orphan indications, and has a commercial product portfolio and
a robust late-stage product pipeline. The Company uses its
proprietary platform technology and know-how for the extraction and
purification of proteins from human plasma to produce Alpha-1
Antitrypsin (AAT) in a highly-purified, liquid form, as well as
other plasma-derived Immune globulins. AAT is a protein derived
from human plasma with known and newly-discovered therapeutic roles
given its immunomodulatory, anti-inflammatory, tissue-protective
and antimicrobial properties. The Company’s flagship product is
Glassia®, the first and only liquid, ready-to-use, intravenous
plasma-derived AAT product approved by the U.S. Food and Drug
Administration. Kamada markets Glassia® in the U.S. through a
strategic partnership with Baxalta. In addition to Glassia®, Kamada
has a product line of seven other pharmaceutical products
administered by injection or infusion, that are marketed through
distributors in more than 15 countries, including Israel, Russia,
Brazil, India and other countries in Latin America and Asia. Kamada
has five late-stage plasma-derived protein products in development,
including an inhaled formulation of AAT for the treatment of AAT
deficiency that its MAA was submitted to the EMA after completing a
pivotal Phase 2/3 clinical trials in Europe and is in Phase 2
clinical trials in the U.S. and its intravenous AAT to treat type-1
diabetes, GvHD and to prevent lung transplant rejection. Kamada
also leverages its expertise and presence in the plasma-derived
protein therapeutics market by distributing more than 10
complementary products in Israel that are manufactured by third
parties.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the
meaning of Section 27A of the U.S. Securities Act of 1933, as
amended, 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, such as
statements regarding assumptions and results related to financial
results forecast, commercial results, timing and results of
clinical trials and EMA and U.S. FDA authorizations.
Forward-looking statements are based on Kamada’s current knowledge
and its present beliefs and expectations regarding possible future
events and are subject to risks, uncertainties and assumptions.
Actual results and the timing of events could differ materially
from those anticipated in these forward-looking statements as a
result of several factors including, but not limited to, unexpected
results of clinical trials, delays or denial in the U.S. FDA or the
EMA approval process, additional competition in the AATD market or
further regulatory delays. The forward-looking statements made
herein speak only as of the date of this announcement and Kamada
undertakes no obligation to update publicly such forward-looking
statements to reflect subsequent events or circumstances, except as
otherwise required by law.
CONSOLIDATED BALANCE SHEETS
As of March 31,
As ofDecember 31,
2016 2015 2015 Unaudited
Audited In thousands
Current
Assets
Cash and cash equivalents $ 11,605 $ 13,011 $ 5,047
Short-term investments 23,921 36,693 23,259 Trade receivables
12,042 8,863 23,071 Other accounts receivables 5,922 2,954 2,881
Inventories 31,605 27,435 26,336
85,095 88,956 80,594
Property, plant and equipment, net 21,465 21,523 21,309
Other long-term assets 81 110 89
21,546 21,633 21,398
106,641 110,589 101,992
Current
Liabilities
Current maturities of convertible debentures , bank loans and
capital lease 191 7,411 37 Trade payables 18,298 13,376 16,917
Other accounts payables 4,350 3,493 4,064 Deferred revenues
4,525 2,799 1,921 27,364
27,079 22,939
Non-Current
Liabilities
Long term loans and capital lease 716 - 151 Employee benefit
liabilities, net 652 739 787 Deferred revenues 7,038
6,958 5,608 8,406 7,697
6,546
Equity
Share capital 9,320 9,227 9,320 Share premium 162,531 158,893
162,238 Conversion option in convertible debentures - 1,147 -
Capital reserve due to translation to presentation currency (3,490
) (3,490 ) (3,490 ) Capital reserve from hedges 210 (265 ) (1 )
Capital reserve from available for sale financial assets 144 128 73
Capital reserve from share-based payments 9,245 9,009 9,157 Capital
reserve from employee benefits (59 ) (81 ) (59 ) Accumulated
deficit (107,030 ) (98,755 ) (104,731 ) 70,871
75,813 72,507
$ 106,641 $ 110,589 $ 101,992
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
As of March 31,
Year endedDecember 31
2016 2015 2015 Unaudited
Audited In thousands Revenues from
proprietary products $ 11,120 $ 3,173 $ 42,952 Revenues from
distribution 3,677 5,757 26,954
Total revenues 14,797 8,930
69,906 Cost of revenues from proprietary products
6,931 3,295 30,468 Cost of revenues from distribution 3,089
5,243 23,640 Total cost of
revenues 10,020 8,538 54,108
Gross profit 4,777 392 15,798 Research and
development expenses 4,107 3,643 16,530 Selling and marketing
expenses 835 799 3,652 General and administrative expenses
1,813 1,700 7,040 Operating loss (1,978
) (5,750 ) (11,424 ) Financial income 165 186 463 Income
(expense) in respect of currency exchange and translation
differences and derivatives instruments, net (149 ) 513 625
Financial expense (37 ) (243 ) (934 ) Loss before
taxes on income (1,999 ) (5,294 ) (11,270 ) Taxes on income
300 - - Loss (2,299 )
(5,294 ) (11,270 ) Other Comprehensive loss: Items
that may be reclassified to profit or loss in subsequent periods:
Gain on available for sale financial assets 71 118 63 Profit (loss)
on cash flow hedges 245 (221 ) 71 Net amounts transferred to the
statement of profit or loss for cash flow hedges (34 ) 72 44 Items
that will not be reclassified to profit or loss in subsequent
periods: Actuarial gain from defined benefit plans -
- 22 Total comprehensive loss $ (2,017 ) $
(5,325 ) $ (11,070 )
Loss per share
attributable to equity holders of the Company:
Basic loss per share $ (0.06 ) $ (0.15 ) $ (0.31
)
Diluted loss per share $ (0.06 ) $ (0.15 ) $ (0.31
)
CONSOLIDATED STATEMENTS OF CASH
FLOWS Three months period Ended Year Ended
March, 31 December 31,
2016
2015
2015 Unaudited Audited In
thousands Cash Flows from Operating
Activities Loss
$(2,299
)
$(5,294)
$
(11,270
) Adjustments to reconcile loss to net cash used in
operating activities: Adjustments to the profit or loss
items: Depreciation and amortization 831 771 3,227 Finance
expenses (income), net 21
(447)
(154)
Cost of share-based payment
381
505 1,907 Taxes on income 300 - - Loss from sale of property and
equipment 10 - - Change in employee benefit liabilities, net
(135)
17
87 1,408 846 5,067 Changes in
asset and liability items: Decrease (increase) in trade
receivables 14,259 8,418
(5,604)
Decrease (increase) in other accounts receivables
(758)
*(613)
118 Increase in inventories
(5,269)
(2,012)
(913)
Increase (decrease) in deferred expenses
(470)
71
(565)
Increase (decrease) in trade payables 1,070
(2,572)
887 Increase (decrease) in other accounts payables 287
(659)
94 Decrease in deferred revenues
(966)
(177)
(2,405)
8,153 2,456
(8,388)
Cash paid and received during the period for:
Interest paid
(2)
(121)
(484)
Interest received 286 350 1,143 Taxes paid
(3)
(29)
(47)
281 200 612 Net cash provided by
(used in) operating activities $7,543
$(1,792)
$
(13,979
)
*Reclassification
Three months period Ended
Year Ended March, 31 December 31,
2016 2015 2015 Unaudited
Audited
In thousands
Cash Flows from
Investing Activities
Proceeds from sale of (investment in)
short term investments, net
$(616
) $425 $ 13,971 Purchase of property and equipment
(926)
(509)
(2,718)
Proceeds from sale of property and equipment 21 - -
Net cash provided by (used in) investing activities
(1,521)
(84)
11,253
Cash Flows from
Financing Activities
Exercise of warrants and options into shares - *216 1,254 Receipt
of long-term loans 630 - 197 Repayment of long-term loans
(11)
-
(9)
Repayment of convertible debentures - -
(7,797)
Net cash provided by (used in) financing activities
619 216
(6,355)
(83)
*125
(418)
Exchange differences
on balances of cash and cash equivalent
Increase (decrease)
in cash and cash equivalents
6,558
(1,535)
(9,499)
Cash and cash
equivalents at the beginning of the year
5,047 14,546 14,546
Cash and cash
equivalents at the end of the period
$11,605 $13,011 $ 5,047
Significant non-cash
transactions
Purchase of property and equipment through
capital lease
$84 $ - $ -
*Reclassification
Adjusted
EBITDA
Three months period
Ended March 31
For the year
Ended December 31
2016 2015
2015 Thousands of US dollar Net
loss $ (2,299 ) $ (5,294 ) $ (11,270 )
Income tax expense
300 - - Financial expense, net (128 ) 57 471
Depreciation and amortization expense 831 771 3,227
Share-based compensation charges 381 505 1,907 Expense
(Income) in respect of translation differences and derivatives
instruments, net 149 (513 ) (625 )
Adjusted EBITDA $ (766 ) $ (4,474 ) $ (6,290 )
Adjusted net
income
Three months periodEnded March
31
For the yearEnded
December31
2016 2015 2015 Thousands of
US dollar Net loss $ (2,299) $ (5,294) $ (11,270)
Share-based compensation charges 381 505 1,907
Adjusted net income $ (1,918) $ (4,789) $ (9,363)
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version on businesswire.com: http://www.businesswire.com/news/home/20160509005438/en/
Kamada Ltd.Gil EfronCFOir@kamada.comorLHAAnne Marie Fields,
212-838-3777afields@lhai.com
Kamada (NASDAQ:KMDA)
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