Q2 2024 Kamada Ltd Earnings Call Transcript
Key Points
- Total revenue increased by 13% to $42.5 million for the second quarter compared to the same period in 2023.
- Adjusted EBITDA for the second quarter rose by 51% to $9.1 million.
- Strong cash flow with $15 million provided by operating activities in the first half of 2024.
- Maintained a strong balance sheet with approximately $56.6 million in cash at the end of the second quarter.
- Significant progress in the ongoing Phase 3 pivotal trial for inhaled AAT therapy, targeting a $2 billion market.
- Operating expenses increased by 11% over the prior year period, totaling $26 million for the first six months of 2024.
- Enrollment for the Phase 3 InnovAATe clinical trial is only around 40% to 45%, indicating potential delays.
- The company has not yet received feedback from the FDA on the revised statistical analysis plan for the inhaled AAT therapy.
- The competitive landscape for enrollment in the inhaled AAT therapy trial is challenging due to other players in the market.
- No current plans to pay dividends as the focus remains on M&A and business development transactions.
Greetings and welcome to Kamada Limited's second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Troy Williams, LifeSci Advisors. Thank you, Mr. Williams, you may begin.
(technical difficulty) conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including without limitation, the company's Forms 20-F and 6-K, which identifies specific factors that may cause actual results to or events to differ materially from those described in the forward-looking statements.
Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, August 14, 2024. Kamada undertakes no obligation to revise or update any
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