Total revenues were $102.8 million, a 33% increase from the $77.5 million recorded in 2016.
- Total Revenues for Fiscal 2017 were $102.8 Million, up 33% Over Fiscal 2016; Exceeded Full-Year Revenue Guidance of $100 Million
- Full-Year Proprietary Products Revenues up 42% Year-Over-Year
- Gross Profit for 2017 Grew 50% Year-Over-Year
- Reaffirming Guidance of $116 to $120 Million in Total Revenues for 2018
- Conference Call Today at 8:30 AM ET
REHOVOT, Israel, Feb. 07, 2018 (GLOBE NEWSWIRE) -- Kamada Ltd. (Nasdaq:KMDA) (KMDA.TA), a plasma-derived protein therapeutics company focused on orphan indications, today announced financial results for the three and 12-months ended December 31, 2017.
“Kamada’s financial performance for full-year 2017 was strong, highlighted by the achievement of revenue growth of 33 percent,” said Amir London, Kamada’s Chief Executive Officer. “Importantly, our total revenue of $102.8 million, which exceeded our previously provided guidance of $100 million in 2017 represented the highest annual revenue for Kamada since the company was founded. Driven primarily by increased sales of GLASSIA, full-year 2017 revenues from the Proprietary Products segment were $79.5 million, a substantial 42 percent increase year-over-year, and higher than our initial forecast of $76 to $78 million. Kamada also generated positive operating and net income for the full-year 2017, and gross profit grew 50 percent year-over-year. Additionally, during 2017, we also generated $3.9 million in cash flow from operating activities.”
“Looking ahead, Kamada is well-positioned to grow our top-line revenues through the continued growth of GLASSIA sales and the U.S. launch of KEDRAB, our anti-rabies IgG product, which recently received marketing approval from the U.S. Food and Drug Administration (FDA) and initial sales are expected in early 2018. As such, we expect total revenues in 2018 to be in the range of $116 million to $120 million, which would represent a 13 to 17 percent growth rate versus total reported revenue for 2017. Beyond our commercial progress, we also have a valuable clinical pipeline with important milestones expected throughout 2018. Our clinical programs include inhaled AAT for the treatment of AAT Deficiency, and IV-AAT targeting multiple orphan indications. Additionally, we have a strong balance sheet with $43 million of cash, cash equivalents and short term investments, which provides us with the financial resources needed to further grow our business.”
Financial Highlights for the 12-Months Ended December 31, 2017
- Total revenues were $102.8 million, a 33% increase from the $77.5 million recorded in 2016.
- Revenues from the Proprietary Products segment were $79.5 million, a 42% increase from the $56.0 million reported in 2016.
- Revenues from the Distributed Products segment were $23.3 million, an 8% increase from the $21.5 million recorded in the same period of 2016.
- Gross profit was $32.1 million, a 50% increase from the $21.3 million reported in 2016.
- Gross margin increased to 31% from 28% in the same period of 2016.
- R&D expenses were $11.9 million, a 26% decrease from the $16.2 million in 2016.
- Selling, general and administrative
