Reaffirms Total Revenue Guidance of $100 Million for 2017
Conference Call Today at 8:30 AM ET
REHOVOT, Israel, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Kamada Ltd. (Nasdaq:KMDA) (TASE:KMDA), a plasma-derived
protein therapeutics company focused on orphan indications, today announced financial results for the three and six months ended
June 30, 2017.
“Our second quarter financial performance was strong, and the momentum in our business is solid,” said Amir
London, Kamada’s Chief Executive Officer. “Total quarterly revenues of $33 million represented a year-over-year increase of
71%. These revenues included approximately $11.5 million in sales that were delayed from the first quarter. Our
revenues for the first six months of 2017 were $44 million, which was an increase of 31% over the first six months of 2016.
In addition, gross margins for the second quarter 2017 increased to 36% from 30% in the second quarter last year.
GLASSIA®, our intravenous Alpha-1 Antitrypsin (AAT) for the treatment of Alpha-1 Antitrypsin Deficiency (AATD),
continues to be the major growth driver in our Proprietary Products segment and overall business. Based on our continued
solid financial performance, we remain confident in our ability to reach $100 million in total revenue this year. We also
expect to be cash flow positive this year and, with the additional funds raised in our recent follow-on offering, we will have
sufficient capital resources to support our strategic plans.”
“We are also pleased to have an upcoming PDUFA date of August 29, 2017, for the completion of the review of the
BLA for Kamada’s Anti-Rabies IgG, and we are looking forward to launching this product in the US in collaboration with Kedrion, our
strategic partner, if approved by the FDA, before the end of this year,” continued Mr. London. “We have multiple additional
expected upcoming clinical milestones, including a U.S. Phase 3 pivotal clinical trial for our proprietary inhaled AAT for the
treatment of AATD, and a combined U.S. and European Phase 2/3 clinical trial for our G1-AAT IV for the treatment of acute
Graft-Versus-Host Disease (GvHD), both of which we intend to initiate in 2018. We also expect top-line results from our Phase
2 trial for D1-AAT IV for the treatment of newly diagnosed Type-1 Diabetes in the second half of 2017.”
Financial Highlights for the Three Months Ended June 30, 2017:
- Total revenues were $32.5 million, a 71% increase from the $19.1 million reported in the second quarter of 2016.
- Revenues from the Proprietary Products segment were $26.9 million, a 122% increase from the $12.1 million reported in the
second quarter of 2016. This included approximately $11.5 million in revenues that were delayed from the first quarter of
2017.
- Revenues from the Distributed Products segment were $5.7 million, an 18% decrease from the $7.0 million reported in the
second quarter of 2016.
- Gross profit was $11.7 million, a 108% increase from the $5.6 million reported in the second quarter of 2016.
- Gross margin increased to 36% from 30% in the second quarter of 2016.
- Net income was $4.9 million, or $0.13 per share, compared to a net loss of $1.6 million, or a loss of $0.04 per share, in the
second quarter of 2016.
- Adjusted net income was $5.1 million compared to adjusted net loss of $1.3 million in the second quarter of 2016.
Financial Highlights for the Six Months Ended June 30, 2017:
- Total revenues were $44.2 million, a 31% increase from $33.9 million in the first six months of 2016.
- Revenues from the Proprietary Products segment were $33.5 million, a 44% increase from $23.2 million in the first six months
of 2016.
- Gross profit was $14.0 million, a 35% increase from the $10.4 million reported in the first six months of 2016.
- Gross margin increased to 32% from 31% in the first six months of 2016.
- Net income was $0.9 million, or $0.02 per share, compared to a net loss of $3.9 million, or a loss of $0.11 per share, in the
same period of 2016.
- Adjusted net income was $1.3 million compared to an adjusted net loss of $3.2 million in the same period of 2016.
Recent Corporate Highlights:
- Submitted to the U.S. Food and Drug Administration (FDA) for review a proposed pivotal Phase 3 protocol for Kamada’s
proprietary inhaled AAT therapy for the treatment of AATD. The Company expects a response from the FDA shortly in regards
to the proposed protocol. If approved to move forward by the FDA, Kamada intends to proceed with a U.S. Phase 3 pivotal
clinical trial as quickly as possible.
- Following discussions with the European Medicines Agency in regards to the study results of Kamada’s Phase 2/3 study in the
EU with Inhaled AAT to treat AATD, the Company recently withdrew the Marketing Authorization Application in Europe. Kamada
intends to resubmit the application, should the results of the Company’s planned Phase 3 U.S. pivotal study of inhaled AAT for
AATD support this plan.
- Reached an agreement with Shire whereby the Investigational New Drug application approved by the FDA for the Phase 2/3 study
evaluating Alpha-1 Antitrypsin (G1-AAT IV) for the treatment of acute Graft-Versus-Host Disease (GvHD) will be transferred from
Shire to Kamada. Kamada will take full ownership and responsibility for the clinical development of the product in this
indication. The Company expects to initiate a combined U.S. and European Phase 2/3 trial in 2018, following the
completion of standardizing the study design across both territories.
- Received an undisclosed milestone payment from Shire under the supply and distribution agreement for GLASSIA®, Kamada’s
intravenous (IV) Alpha-1 Antitrypsin (AAT). The milestone payment was triggered by Shire achieving a sales milestone for
GLASSIA® in the U.S.
- Presented updated Phase 2 clinical trial data of the Company’s proprietary inhaled AAT therapy for the treatment of AATD at
the 2017 American Thoracic Society International Conference.
- Appointed Michal Stein, M.D., as Vice President and Medical Director for Immunology. Dr. Stein will lead Kamada’s
medical affairs in all of the Company’s Immunology and specific IgG products and indications, such as Type-1 Diabetes, GvHD,
transplantations, and Anti-Rabies IgG.
Upcoming Milestones:
- PDUFA date of August 29, 2017 for the completion of the review of the BLA for Anti-Rabies IgG therapy.
- Expect to receive FDA approval to conduct a pivotal Phase 3 trial for inhaled AAT.
- Last patient enrolled in February 2017 in the Company’s Type-1 Diabetes Phase 2 trial; top-line results anticipated in the
second half of 2017.
- Completed patient recruitment in the Company’s lung transplantation Phase 2 trial; expect to have an interim report from this
trial in the second half of 2017.
- Anticipate submitting Clinical Trial Application for IV AAT in GvHD in Europe in the second half of 2017, and initiating the
combined U.S. and European trial in 2018.
Second Quarter 2017 Financial Results Compared to Second Quarter 2016 Financial Results
Total revenues were $32.5 million, a 71% increase from the $19.1 million reported in the second quarter of 2016. Revenues
from the Proprietary Products segment included approximately $11.5 million in revenues that were delayed from the first quarter,
and were $26.9 million, a 122% increase from the $12.1 million reported in the second quarter of 2016. Revenues from the
Distributed Products segment were $5.7 million, an 18% decrease from the $7.0 million reported in the second quarter of 2016.
Gross profit was $11.7 million, a 108% increase from the $5.6 million reported in the second quarter of 2016. Gross margin
increased to 36% from 30% in the second quarter of 2016, primarily as a result of an increase in revenues from the Proprietary
Products segment.
R&D expenses in the second quarter of 2017 were $3.5 million, essentially flat as compared to the second quarter of 2016.
Selling, general and administrative expenses were $3.2 million, up 18% from the $2.7 million reported in the same period in 2016.
Operating income in the second quarter of 2017 was $5.0 million, compared to the $0.6 million operating loss recorded in the
same period of 2016. Net income for the second quarter of 2017 was $4.9 million, or $0.13 per diluted share, compared to a
net loss of $1.6 million, or loss of $0.04 per diluted share, in the same period of 2016.
Adjusted EBITDA for the second quarter of 2017 was $6.1 million, compared with Adjusted EBITDA for the second quarter of 2016 of
$0.6 million. Adjusted net income for the second quarter of 2017 was $5.1 million, compared with an adjusted net loss of $1.3
million in the second quarter of 2016.
Six Months Ended June 30, 2017 vs. June 30, 2016
Total revenues were $44.2 million, a 31% increase from the $33.9 million reported in the first six months of 2016.
Revenues from the Proprietary Products segment were $33.5 million, a 44% increase from the $23.2 million reported in the six month
period of 2016. Revenues from the Distributed Products segment were $10.7 million, essentially flat with the $10.6 million
reported in the six month period of 2016.
Gross profit was $14.0 million, a 35% increase from the $10.4 million reported in the six month period of 2016. Gross
margin increased to 32% from 31% in the six month period of 2016.
R&D expenses were $6.6 million, a decrease of 13% as compared to $7.6 million in the same period of 2016. Selling,
general and administrative expenses were $6.1 million, an increase of 13% compared to $5.4 million in the same period of
2016. The Company reported operating income of $1.3 million, compared with an operating loss of $2.6 million in the same
period of 2016. Net income was $0.9 million, or $0.02 per diluted share, compared with a net loss of $3.9 million, or $0.11
per diluted share, in the same period of 2016.
Adjusted EBITDA was $3.5 million, compared with negative Adjusted EBITDA of $0.2 million for the same period of 2016.
Adjusted net income was $1.3 million compared to an adjusted net loss of $3.2 million in the six month period of 2016.
Balance Sheet Highlights
As of June 30, 2017, the Company had cash, cash equivalents and short term investments of $26.9 million, compared with $28.6
million as of December 31, 2016. Kamada generated $0.4 million of cash from operations and used $1.9 million for capital
expenditures in the second quarter of 2017.
2017 Revenue Guidance
For the year ending December 31, 2017, Kamada continues to expect total revenues to be $100 million, with Proprietary Products
revenues between $76 and $78 million and Distributed Products revenues between $22 and $24 million.
Conference Call
Kamada management will host an investment community conference call at 8:30am Eastern Time to discuss these results and answer
questions. Shareholders and other interested parties may participate in the conference call by dialing 888-221-9591 (from
within the U.S.), 1 80 924 6042 (from Israel), or 719-325-4893 (International) and entering the conference identification number:
2753969. The call will also be webcast live on the Internet on the Company’s website at www.kamada.com.
A replay of the call will be accessible two hours after its completion through August 15 by dialing 844-512-2921 (from within
the U.S.) or 412-317-6671 (from outside the U.S.) and entering the conference identification number: 2753969. The call will also be
archived for 90 days on the Company’s website at 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 (now part of Shire plc) and in
other counties through local distributors. 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 for which a MAA was submitted to the EMA
after completing a pivotal Phase 2/3 clinical trials in Europe. Kamada has also completed its Phase 2 clinical trials in the
U.S for the treatment of AAT deficiency with inhaled AAT. In addition, Kamada's intravenous AAT is in development for other
indications such as Type-1 Diabetes, GvHD and prevention of 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 submissions and 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 June
30, |
|
As of December
31, |
| |
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
| |
|
Unaudited |
|
Audited |
| |
|
In
thousands |
| Current Assets |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
11,024 |
|
|
$ |
7,136 |
|
|
$ |
9,968 |
|
| Short-term investments |
|
|
15,906 |
|
|
|
22,391 |
|
|
|
18,664 |
|
| Trade receivables, net |
|
|
22,778 |
|
|
|
15,936 |
|
|
|
19,788 |
|
| Other accounts receivables |
|
|
2,087 |
|
|
|
3,475 |
|
|
|
3,063 |
|
| Inventories |
|
|
24,072 |
|
|
|
28,423 |
|
|
|
25,594 |
|
| |
|
|
|
|
|
|
| |
|
|
75,867 |
|
|
|
77,361 |
|
|
|
77,077 |
|
| |
|
|
|
|
|
|
| Non-Current Assets |
|
|
|
|
|
|
| Property, plant and equipment, net |
|
|
23,925 |
|
|
|
21,138 |
|
|
|
22,249 |
|
| Other long-term assets |
|
|
404 |
|
|
|
73 |
|
|
|
370 |
|
| |
|
|
|
|
|
|
| |
|
|
24,329 |
|
|
|
21,211 |
|
|
|
22,619 |
|
| |
|
|
|
|
|
|
| |
|
|
100,196 |
|
|
|
98,572 |
|
|
|
99,696 |
|
| Current Liabilities |
|
|
|
|
|
|
| Current maturities of loans and convertible debentures |
|
|
545 |
|
|
|
392 |
|
|
|
412 |
|
| Trade payables |
|
|
14,134 |
|
|
|
10,247 |
|
|
|
16,277 |
|
| Other accounts payables |
|
|
6,772 |
|
|
|
6,068 |
|
|
|
5,614 |
|
| Deferred revenues |
|
|
5,177 |
|
|
|
5,114 |
|
|
|
4,903 |
|
| |
|
|
|
|
|
|
| |
|
|
26,628 |
|
|
|
21,821 |
|
|
|
27,206 |
|
| |
|
|
|
|
|
|
| Non-Current Liabilities |
|
|
|
|
|
|
| Loans |
|
|
1,433 |
|
|
|
1,537 |
|
|
|
1,364 |
|
| Employee benefit liabilities, net |
|
|
863 |
|
|
|
402 |
|
|
|
722 |
|
| Deferred revenues |
|
|
2,934 |
|
|
|
5,424 |
|
|
|
3,661 |
|
| |
|
|
|
|
|
|
| |
|
|
5,230 |
|
|
|
7,363 |
|
|
|
5,747 |
|
| Shareholder's Equity |
|
|
|
|
|
|
| Ordinary shares |
|
|
9,321 |
|
|
|
9,320 |
|
|
|
9,320 |
|
| Share premium |
|
|
162,686 |
|
|
|
162,649 |
|
|
|
162,671 |
|
| Capital reserve due to translation to presentation currency |
|
|
(3,490 |
) |
|
|
(3,490 |
) |
|
|
(3,490 |
) |
| Capital reserve from hedges |
|
|
229 |
|
|
|
9 |
|
|
|
(27 |
) |
| Capital reserve from available for sale financial assets |
|
|
31 |
|
|
|
119 |
|
|
|
19 |
|
| Capital reserve from share-based payments |
|
|
10,221 |
|
|
|
9,455 |
|
|
|
9,795 |
|
| Capital reserve from employee benefits |
|
|
(81 |
) |
|
|
(59 |
) |
|
|
(81 |
) |
| Accumulated deficit |
|
|
(110,579 |
) |
|
|
(108,615 |
) |
|
|
(111,464 |
) |
| |
|
|
68,338 |
|
|
|
69,388 |
|
|
|
66,743 |
|
| |
|
$ |
100,196 |
|
|
$ |
98,572 |
|
|
$ |
99,696 |
|
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
|
| |
|
Six months
period
ended
June 30, |
|
Three months
period
ended
June 30, |
|
Year ended
December 31 |
| |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
| |
|
Unaudited |
|
Audited |
| |
|
In thousands (except for per-share
data) |
| |
|
|
|
|
|
|
|
|
|
|
| Revenues from proprietary products |
|
$ |
33,510 |
|
|
$ |
23,226 |
|
|
$ |
26,874 |
|
|
$ |
12,106 |
|
|
$ |
55,958 |
|
| Revenues from distribution |
|
|
10,687 |
|
|
|
10,637 |
|
|
|
5,675 |
|
|
|
6,960 |
|
|
|
21,536 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total revenues |
|
|
44,197 |
|
|
|
33,863 |
|
|
|
32,549 |
|
|
|
19,066 |
|
|
|
77,494 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Cost of revenues from proprietary products |
|
|
21,218 |
|
|
|
14,410 |
|
|
|
16,053 |
|
|
|
7,479 |
|
|
|
37,433 |
|
| Cost of revenues from distribution |
|
|
8,969 |
|
|
|
9,047 |
|
|
|
4,784 |
|
|
|
5,958 |
|
|
|
18,411 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total cost of revenues |
|
|
30,187 |
|
|
|
23,457 |
|
|
|
20,837 |
|
|
|
13,437 |
|
|
|
55,844 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
14,010 |
|
|
|
10,406 |
|
|
|
11,712 |
|
|
|
5,629 |
|
|
|
21,650 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Research and development expenses |
|
|
6,638 |
|
|
|
7,609 |
|
|
|
3,487 |
|
|
|
3,502 |
|
|
|
16,245 |
|
| Selling and marketing expenses |
|
|
2,112 |
|
|
|
1,691 |
|
|
|
1,084 |
|
|
|
856 |
|
|
|
3,243 |
|
| General and administrative expenses |
|
|
3,947 |
|
|
|
3,674 |
|
|
|
2,117 |
|
|
|
1,861 |
|
|
|
7,643 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Operating income (loss) |
|
|
1,313 |
|
|
|
(2,568 |
) |
|
|
5,024 |
|
|
|
(590 |
) |
|
|
(5,481 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
| Financial income |
|
|
174 |
|
|
|
298 |
|
|
|
96 |
|
|
|
133 |
|
|
|
469 |
|
| Income (expense) in respect of currency exchange and derivatives
instruments, net |
|
|
(479 |
) |
|
|
(59 |
) |
|
|
(245 |
) |
|
|
90 |
|
|
|
127 |
|
| Financial expense |
|
|
(36 |
) |
|
|
(67 |
) |
|
|
(13 |
) |
|
|
(30 |
) |
|
|
(126 |
) |
| Gain (loss) before taxes on income |
|
|
972 |
|
|
|
(2,396 |
) |
|
|
4,862 |
|
|
|
(397 |
) |
|
|
(5,011 |
) |
| Taxes on income |
|
|
87 |
|
|
|
1,488 |
|
|
|
- |
|
|
|
1,188 |
|
|
|
1,722 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
|
885 |
|
|
|
(3,884 |
) |
|
|
4,862 |
|
|
|
(1,585 |
) |
|
|
(6,733 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Other Comprehensive Income (loss): |
|
|
|
|
|
|
|
|
|
|
| Items that may be reclassified to profit or loss in subsequent
periods: |
|
|
|
|
|
|
|
|
|
|
| Gain (loss) on available for sale financial assets |
|
|
12 |
|
|
|
46 |
|
|
|
(6 |
) |
|
|
(25 |
) |
|
|
(54 |
) |
| Profit (loss) on cash flow hedges |
|
|
372 |
|
|
|
80 |
|
|
|
165 |
|
|
|
(165 |
) |
|
|
47 |
|
| Net amounts transferred to the statement of profit or loss for
cash flow hedges |
|
|
(116 |
) |
|
|
(70 |
) |
|
|
(94 |
) |
|
|
(36 |
) |
|
|
(73 |
) |
| Items that will not be reclassified to profit or loss in
subsequent periods: |
|
|
|
|
|
|
|
|
|
|
| Actuarial net gain of defined benefit plans |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(22 |
) |
| Total comprehensive income (loss) |
|
$ |
1,153 |
|
|
$ |
(3,828 |
) |
|
$ |
4,927 |
|
|
$ |
(1,811 |
) |
|
$ |
(6,835 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Earnings (loss) per share attributable to equity holders of
the Company: |
|
|
|
|
|
|
|
|
|
|
| Basic earnings (loss) per share |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
0.13 |
|
|
$ |
(0.04 |
) |
|
$ |
(0.18 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Diluted earnings (loss) per share |
|
$ |
0.02 |
|
|
$ |
(0.11 |
) |
|
$ |
0.13 |
|
|
$ |
(0.04 |
) |
|
$ |
(0.18 |
) |
| CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Six months
period
Ended
June 30, |
|
Three months
period
Ended
June 30, |
|
Year Ended
December 31, |
| |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
| |
Unaudited |
|
Audited |
| |
In
thousands |
| |
|
|
|
|
|
|
|
|
|
| Cash Flows from Operating Activities |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Net loss |
$ |
885 |
|
|
$ |
(3,884 |
) |
|
$ |
4862 |
|
|
$ |
(1,585 |
) |
|
$ |
(6,733 |
) |
| |
|
|
|
|
|
|
|
|
|
| Adjustments to reconcile loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Adjustments to the profit or loss items: |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Depreciation, amortization and impairment of equipment |
|
1,745 |
|
|
|
1,709 |
|
|
|
861 |
|
|
|
878 |
|
|
|
3,501 |
|
| Finance expense ( income), net |
|
341 |
|
|
|
(172 |
) |
|
|
162 |
|
|
|
(193 |
) |
|
|
(470 |
) |
| Cost of share-based payment |
|
441 |
|
|
|
709 |
|
|
|
196 |
|
|
|
328 |
|
|
|
1,071 |
|
| Income tax expense |
|
87 |
|
|
|
1,488 |
|
|
|
- |
|
|
|
1,188 |
|
|
|
1,722 |
|
| Loss (gain) from sale of property and equipment |
|
(45 |
) |
|
|
10 |
|
|
|
(45 |
) |
|
|
- |
|
|
|
(18 |
) |
| Change in employee benefit liabilities, net |
|
141 |
|
|
|
(385 |
) |
|
|
43 |
|
|
|
(250 |
) |
|
|
(87 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
2,710 |
|
|
|
3,359 |
|
|
|
1,217 |
|
|
|
1,951 |
|
|
|
5,719 |
|
| Changes in asset and liability items: |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Decrease (increase) in trade receivables, net |
|
(3,787 |
) |
|
|
7,304 |
|
|
|
(12,277 |
) |
|
|
(6,955 |
) |
|
|
3,489 |
|
| Decrease in other accounts receivables |
|
154 |
|
|
|
147 |
|
|
|
409 |
|
|
|
905 |
|
|
|
211 |
|
| Decrease (increase) in inventories |
|
1,522 |
|
|
|
(2,087 |
) |
|
|
3,605 |
|
|
|
3,182 |
|
|
|
742 |
|
| Decrease (increase) in deferred expenses |
|
1,004 |
|
|
|
(774 |
) |
|
|
434 |
|
|
|
(304 |
) |
|
|
(433 |
) |
| Decrease in trade payables |
|
(1,979 |
) |
|
|
(6,869 |
) |
|
|
(115 |
) |
|
|
(7,939 |
) |
|
|
(2,650 |
) |
| Increase in other accounts payables |
|
1,189 |
|
|
|
726 |
|
|
|
1,928 |
|
|
|
439 |
|
|
|
1,520 |
|
| Increase (decrease) in deferred revenues |
|
(453 |
) |
|
|
3,009 |
|
|
|
278 |
|
|
|
3,975 |
|
|
|
1,035 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
(2,350 |
) |
|
|
1,456 |
|
|
|
(5,738 |
) |
|
|
(6,697 |
) |
|
|
3,914 |
|
| |
|
|
|
|
|
|
|
|
|
| Cash received (paid) during the period for: |
|
|
|
|
|
|
|
|
|
| Interest paid |
|
(9 |
) |
|
|
(9 |
) |
|
|
(5 |
) |
|
|
(7 |
) |
|
|
(60 |
) |
| Interest received |
|
149 |
|
|
|
424 |
|
|
|
41 |
|
|
|
138 |
|
|
|
842 |
|
| Taxes paid |
|
(10 |
) |
|
|
(306 |
) |
|
|
(6 |
) |
|
|
(303 |
) |
|
|
(1,785 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
130 |
|
|
|
109 |
|
|
|
30 |
|
|
|
(172 |
) |
|
|
(1,003 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net cash provided by (used in) operating activities |
$ |
1,375 |
|
|
$ |
1,040 |
|
|
$ |
371 |
|
|
$ |
(6,503 |
) |
|
$ |
1,897 |
|
| CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
Six months period |
|
Three months
period |
|
|
| |
Ended |
|
Ended |
|
Year Ended |
| |
June 30, |
|
June 30, |
|
December 31, |
| |
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
| |
Unaudited |
|
Audited |
| |
Thousands of US
dollar |
| |
|
|
|
|
|
|
|
|
|
| Cash Flows from Investing Activities |
|
|
|
|
|
|
|
|
|
| Proceeds from sale of (investment in) short term investments,
net |
$ |
2,973 |
|
|
$ |
776 |
|
|
$ |
2,061 |
|
|
$ |
1,392 |
|
|
$ |
4,236 |
|
| Purchase of property and equipment |
|
(2,615 |
) |
|
|
(1,469 |
) |
|
|
(1,879 |
) |
|
|
(543 |
) |
|
|
(2,641 |
) |
| Proceeds from sale of property and equipment |
|
53 |
|
|
|
21 |
|
|
|
53 |
|
|
|
- |
|
|
|
42 |
|
| |
|
|
|
|
|
|
|
|
|
| Net cash provided by (used in) investing activities |
|
411 |
|
|
|
(672 |
) |
|
|
235 |
|
|
|
849 |
|
|
|
1,637 |
|
| |
|
|
|
|
|
|
|
|
|
| Cash Flows from Financing Activities |
|
|
|
|
|
|
|
|
|
| Proceeds from exercise of warrants and options |
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
* |
|
| Receipt of long-term loans |
|
- |
|
|
|
1,701 |
|
|
|
- |
|
|
|
1,071 |
|
|
|
1,701 |
|
| Repayment of long-term loans |
|
(238 |
) |
|
|
(61 |
) |
|
|
(133 |
) |
|
|
(50 |
) |
|
|
(211 |
) |
| |
|
|
|
|
|
|
|
|
|
| Net cash provided by (used in) financing activities |
|
(237 |
) |
|
|
1,640 |
|
|
|
(133 |
) |
|
|
1,021 |
|
|
|
1,490 |
|
| |
|
|
|
|
|
|
|
|
|
| Exchange differences on balances of cash and cash equivalent |
|
(493 |
) |
|
|
81 |
|
|
|
(227 |
) |
|
|
164 |
|
|
|
(103 |
) |
| |
|
|
|
|
|
|
|
|
|
| Increase (decrease) in cash and cash equivalents |
|
1,056 |
|
|
|
2,089 |
|
|
|
246 |
|
|
|
(4,469 |
) |
|
|
4,921 |
|
| |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at the beginning of the period |
|
9,968 |
|
|
|
5,047 |
|
|
|
10,778 |
|
|
|
11,605 |
|
|
|
5,047 |
|
| |
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents at the end of the period |
$ |
11,024 |
|
|
$ |
7,136 |
|
|
$ |
11,024 |
|
|
$ |
7,136 |
|
|
$ |
9,968 |
|
| |
|
|
|
|
|
|
|
|
|
| Significant non-cash transactions |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| Purchase of property and equipment through capital lease |
$ |
282 |
|
|
$ |
84 |
|
|
$ |
282 |
|
|
$ |
- |
|
|
$ |
132 |
|
| Purchase of property and equipment |
$ |
575 |
|
|
$ |
- |
|
|
$ |
575 |
|
|
$ |
- |
|
|
$ |
1,968 |
|
| |
|
|
|
|
|
|
|
|
|
| * Represent an amount of less than 1 thousand |
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA
|
| |
|
Six months period
Ended June 30, |
|
Three months
period
Ended June 30, |
|
For the year
Ended December 31, |
|
| |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
2016 |
|
|
2016
|
|
| |
|
|
| |
|
Thousands of US
dollar |
| |
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
885 |
|
|
$ |
(3,884 |
) |
|
$ |
4,862 |
|
$ |
(1,585 |
) |
|
$ |
(6,733 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income tax expense |
|
|
87 |
|
|
|
1,488 |
|
|
|
- |
|
|
1,188 |
|
|
|
1,722 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Financial expense (income), net |
|
|
(138 |
) |
|
(231 |
) |
|
|
|
(83 |
) |
|
|
(103 |
) |
|
|
|
(343 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Depreciation and amortization expense |
|
|
1,745 |
|
|
|
1,709 |
|
|
|
861 |
|
|
878 |
|
|
|
3,501 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Share-based compensation charges |
|
|
441 |
|
|
|
709 |
|
|
|
196 |
|
|
328 |
|
|
|
1,071 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Expense (Income) in respect of translation differences and
derivatives instruments, net |
|
|
479 |
|
|
|
59 |
|
|
|
245 |
|
|
(90 |
) |
|
|
(127 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
$ |
3,499 |
|
|
$ |
(150 |
) |
|
$ |
6,081 |
|
$ |
616 |
|
|
$ |
(6,290 |
) |
ADJUSTED NET
INCOME
|
| |
|
Six
months period Ended
June 30, |
|
Three months period
Ended June 30, |
|
For the Year
Ended December
31, |
|
| |
|
|
2017 |
|
|
|
2016 |
|
|
2017 |
|
2016 |
|
2016
|
|
| |
|
Thousands of US
dollar |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
885 |
|
|
$ |
(3,884 |
) |
|
$ |
4,862 |
|
$ |
(1,585 |
) |
|
$ |
(6,733 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Share-based compensation charges |
|
|
441 |
|
|
|
709 |
|
|
|
196 |
|
|
328 |
|
|
|
1,071 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted Net income (loss) |
|
|
1,326 |
$ |
|
(3,175) $ |
|
$ |
5,058 |
|
$ |
(1,257 |
) |
|
$ |
(5,662 |
) |
|
CONTACTS: Gil Efron Deputy CEO & Chief Financial Officer IR@kamada.com Bob Yedid LifeSci Advisors, LLC 646-597-6989 Bob@LifeSciAdvisors.com
