Kamada Ltd.

Kamada reported first-half 2026 revenue of $100.2 million, up approximately 13% from $88.8 million a year ago, and second-quarter revenue of $54.9 million, up 23% year over year. Adjusted EBITDA was $25.7 million for H1, up 14% from $22.5 million, and $14.1 million in Q2, up 29% year over year, with a 26% margin in both periods. Net income was $13.4 million, or $0.23 per diluted share, for H1, up 18% from $11.3 million, or $0.19 per diluted share, and Q2 net income was $9.3 million, up 26%. Cash provided by operating activities was $17.8 million in H1 versus $7.5 million last year, and cash plus short-term investments was $70.1 million at June 30. Management reiterated 2026 guidance for revenue of $200 million to $205 million and adjusted EBITDA of $50 million to $53 million, and said H1 represented about 50% of the midpoint of that guidance.

Amir London said the company is executing a multi-year growth plan built around four pillars: organic growth of the commercial portfolio, distribution/in-licensing, plasma collection, and M&A/business development. He emphasized that current growth is being driven by existing products rather than binary events, and said the business is delivering “record high” performance with strong profitability and cash generation. He also said the company expects another strong double-digit growth year in 2027, though guidance will come later.

Chaime Orlev highlighted that H1 revenue of $100.2 million rose 13% from $88.8 million, driven mainly by KEDRAB, VARIZIG, and HEPAGAM. He noted adjusted EBITDA of $25.7 million, up 14%, at a 26% margin, and net income of $13.4 million, up 18%. He also pointed to improved operating cash flow of $17.8 million and cash and short-term investments of $70.1 million, saying Kamada maintained cash even after a $14.4 million dividend payment in Q2. His comments framed the company as converting operating profit into cash while funding growth.

Analysts asked why management did not raise guidance despite a strong first half, and Amir London said H1 was already about 50% of the midpoint of annual guidance, so the company felt comfortable keeping its $200 million to $205 million revenue and $50 million to $53 million adjusted EBITDA targets unchanged. On gross margin, he said quarter-to-quarter movement reflects product and market mix, while emphasizing that the company kept a 26% EBITDA margin and grew net income strongly. Questions also focused on the new rabies antibody neutralizing test lab, with management saying in-house testing speeds product release and supports KEDRAB demand, and on plasma collection capacity, where Amir said the $50 million three-year contract largely matches current capacity at the Houston and San Antonio centers.