revenue
200–205 $million
FY 2026
official guidance
KAMADA LTD
Last · NASDAQ$8.54+0.27 (+3.26%)stale · yahoo · 98h ago
Market cap$492.71M57.7M sh
P/E · TTM22.5fwd 14.3 · eps 0.38
Beta0.14vs S&P 500
Div yield1.99%annual · TTM
52w range
$6.50$9.35
Volume160.8Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Kamada delivered a strong quarter, but the call supports a cautiously positive—not aggressive—buy view.
Q2 revenue rose 23% to $54.9 million and adjusted EBITDA rose 29% to $14.1 million, while H1 results reached roughly 50% of the midpoint of reiterated 2026 guidance ($200–205 million revenue; $50–53 million adjusted EBITDA). The main tension is that management would not raise guidance despite the beat, gross margin slipped to 41%, and much of the growth remains tied to KEDRAB demand and execution on still-developing initiatives.
Themes
- Kedrab Growth
- Plasma Collection
- Biosimilars
- Distribution Expansion
- Gross Margin
- Cfo Transition
Near term
KEDRAB utilization and shipments through Kedrion remain the key near-term revenue driver; management said supply is growing beyond Kedrion’s contractual minimum commitment, but provided no quantified demand or share data.
Initial commercial plasma sales under the $50 million, three-year agreement are expected in Q4 and are already included in 2026 guidance. Execution and timing could affect second-half results.
Two additional biosimilars are expected to launch in Israel during Q3, but management did not provide product-level revenue expectations or launch-risk detail.
The CFO’s planned departure on December 31 introduces a modest execution and reporting risk, although management said a search and transition process are underway.
Longer term
The proprietary plasma-derived portfolio is producing profitable organic growth, with H1 proprietary-product revenue of $83.9 million and distribution revenue of $16.2 million; however, the durability of double-digit growth is asserted more than demonstrated by product-level forecasts.
Vertical integration could improve supply reliability and eventually margins through in-house testing and specialty-plasma collection, but current gross margin declined to 41% from 42% because of product and market mix.
The two Texas centers appear fully allocated to the new plasma agreement at their stated $16–20 million combined annual capacity, limiting near-term incremental upside from those facilities unless capacity is expanded.
Biosimilars, MENA distribution, and potential M&A offer meaningful growth optionality, but the $15–20 million biosimilar sales target is several years out and M&A remains uncommitted.
Red flags
Analyst pushback focused on why guidance was not raised after a strong first half; management cited execution against the existing plan but gave little quantitative explanation for the conservatism or second-half risk assumptions.
Management attributed the gross-margin decline to product and market mix without quantifying the mix shift or explaining when vertical integration should produce measurable margin improvement.
The claim that organic growth is highly sustainable was broad and qualitative; no product-level growth rates, customer concentration data, or visibility beyond the current year were provided.
KEDRAB growth is encouraging, but the company depends on Kedrion for U.S. distribution and did not disclose the magnitude of that relationship or how much of consolidated growth it represents.
The $50 million plasma contract validates the collection strategy but effectively absorbs the stated output of the Houston and San Antonio centers, making it more of a revenue foundation than surplus capacity upside.
Forward outlook
revenue growth
12 pct
FY 2026
official guidance
ebitda
50–53 $million
FY 2026
official guidance
revenue
15–20 $million
FY 2030
management target
revenue
10–20 $million
FY 2040
management framework
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Recent earnings
Reported · 1:30 PM UTC+1
Period
Jun 2026
EPS
$0.16Beat+42.22%
Est. revenue
149.3M
Earnings transcripts
- Motley Fool
Kamada (KMDA) Q2 2026 Earnings Call Transcript
KAMADA LTD
- Issuer webcast
Kamada to Announce First Quarter Ended March 31, 2022 Financial Results and Host Conference Call on May 17, 2022
KAMADA LTD
- Issuer webcast
Kamada management will host an investment community conference call
KAMADA LTD
- Issuer webcast
Jefferies Global Plasma Summit
KAMADA LTD