Kamada Ltd. Files Annual Report on Form 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Kamada Ltd. has filed its annual report on Form 20-F for the fiscal year ending December 31, 2023, detailing its financial performance and corporate status.</b>

AI Summary

KAMADA LTD (KMDA) filed a Foreign Annual Report (20-F) with the SEC on March 6, 2024. Kamada Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's ordinary shares trade on The Nasdaq Stock Market LLC under the symbol KMDA. As of December 31, 2023, Kamada Ltd. had 57,479,528 Ordinary Shares outstanding. The filing is an annual report, not a registration statement or transition report. Kamada Ltd. is incorporated in the State of Israel and its principal executive offices are located in Rehovot.

Why It Matters

For investors and stakeholders tracking KAMADA LTD, this filing contains several important signals. This filing provides investors with a comprehensive overview of Kamada Ltd.'s financial health and operational activities for the past fiscal year, crucial for investment decisions. The report confirms the company's listing on the Nasdaq and the number of outstanding shares, offering transparency to shareholders and the market.

Risk Assessment

Risk Level: low — KAMADA LTD shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate red flags or significant new disclosures that would elevate the risk profile.

Analyst Insight

Review the full 20-F filing for detailed financial statements, management discussion, and risk factors to assess Kamada Ltd.'s performance and outlook.

Key Numbers

• 57,479,528 — Ordinary Shares Outstanding (As of December 31, 2023)
• 20231231 — Fiscal Year End (Report period)
• 20240306 — Filing Date (Date of submission)

Key Players & Entities

• Kamada Ltd. (company) — Registrant
• KMDA (company) — Trading Symbol
• The Nasdaq Stock Market LLC (company) — Exchange
• Amir London (person) — Chief Executive Officer
• State of Israel (company) — Jurisdiction of incorporation
• 57,479,528 (dollar_amount) — Ordinary Shares outstanding as of December 31, 2023

FAQ

Industry Context

Kamada Ltd. operates in the pharmaceutical preparations industry, focusing on the development and commercialization of plasma-derived protein therapeutics.

Regulatory Implications

As a foreign private issuer incorporated in Israel, Kamada Ltd. files annual reports on Form 20-F in accordance with SEC regulations for companies listed on US exchanges.

What Investors Should Do

1. Thoroughly review the financial statements and Management's Discussion and Analysis (MD&A) section of the 20-F for detailed financial performance.
2. Examine the 'Risk Factors' section (if available in the full filing) for any new or updated risks that could impact the company.
3. Monitor future SEC filings for updates on product development, regulatory approvals, and strategic partnerships.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the annual financial statements.
• 2024-03-06: Filing Date — Date the Form 20-F was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Previous filings would need to be compared for year-over-year changes.

Key Financial Figures

• $156 million — or the fiscal year 2024 in the range of $156 million to $160 million and adjusted EBITDA in
• $160 million — ar 2024 in the range of $156 million to $160 million and adjusted EBITDA in the range of $27
• $27 million — ion and adjusted EBITDA in the range of $27 million to $30 million. The projected 2024 reve
• $30 million — d EBITDA in the range of $27 million to $30 million. The projected 2024 revenue and adjuste
• $10 million — e royalties from Takeda in the range of $10 million to $20 million per year for 2024 to 204
• $20 million — m Takeda in the range of $10 million to $20 million per year for 2024 to 2040; our expect
• $22 m — 2023, for an approximate total value of $22 million, of which an aggregate of $6.4 mi
• $6.4 million — f $22 million, of which an aggregate of $6.4 million of such products were sold to CBS in 20
• $34 million — e range of approximately $30 million to $34 million annually; our ability to procure adeq
• $180 million — gregate revenues to us of approximately $180 million for such four-year period; our antici
• $15.0 million — our expectations to pay approximately $15.0 million on account of contingent consideration,
• $1.00 — al Report are translated at the rate of $1.00 = NIS 3.627 , the exchange rate publish

Filing Documents

• f20f2023_kamadaltd.htm (20-F) — 4639KB
• f20f2023ex4-43_kamadaltd.htm (EX-4.43) — 11KB
• f20f2023ex4-45_kamadaltd.htm (EX-4.45) — 19KB
• f20f2023ex8-1_kamadaltd.htm (EX-8.1) — 3KB
• f20f2023ex12-1_kamadaltd.htm (EX-12.1) — 11KB
• f20f2023ex12-2_kamadaltd.htm (EX-12.2) — 13KB
• f20f2023ex13-1_kamadaltd.htm (EX-13.1) — 8KB
• f20f2023ex15-1_kamadaltd.htm (EX-15.1) — 4KB
• image_001.jpg (GRAPHIC) — 2KB
• 0001213900-24-020272.txt (&nbsp;) — 18213KB
• kmda-20231231.xsd (EX-101.SCH) — 196KB
• kmda-20231231_cal.xml (EX-101.CAL) — 50KB
• kmda-20231231_def.xml (EX-101.DEF) — 591KB
• kmda-20231231_lab.xml (EX-101.LAB) — 1175KB
• kmda-20231231_pre.xml (EX-101.PRE) — 612KB
• f20f2023_kamadaltd_htm.xml (XML) — 3707KB

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No TABLE OF CONTENTS PART I Item 1. Identity of Directors, Senior Management and Advisers 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Item 4. Information on the Company 46 Item 4A. Unresolved Staff Comments 77 Item 5. Operating and Financial Review and Prospects 77 Item 6. Directors, Senior Management and Employees 94 Item 7. Major Shareholders and Related Party Transactions 112 Item 8. Financial Information 115 Item 9. The Offer and Listing 116 Item 10. Additional Information 116 Item 11. Quantitative and Qualitative Disclosures About Market Risk 126 Item 12. Description of Securities Other Than Equity Securities 126 Item 13. Defaults, Dividend Arrearages and Delinquencies 127 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 127 Item 15. Controls and Procedures 127 Item 16. [Reserved] 127 Item 16A. Audit Committee Financial Expert 127 Item 16B. Code of Ethics 127 Item 16C. Principal Accountant Fees and Services 128 Item 16D. Exemptions from the Listing Standards for Audit Committees 128 Item 16E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers 128 Item 16F. Change in Registrant's Certifying Accountant 128 Item 16G. Corporate Governance 128 Item 16H. Mine Safety Disclosure 129 Item 16I. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 129 Item 16J. Insider trading policies 129 Item 16K. Cybersecurity 129 Item 17. Financial 131 Item 18. Financial 131 Item 19. Exhibits 132 i In this Annual Report on Form 20-F (this "Annual Report"), unless the context indicates otherwise, references to "NIS" are to the legal currency of Israel, "U.S. dollars," "

Risk Factors

Risk Factors Our business, liquidity, financial condition, and results of operations could be adversely affected, and even materially so, if any of the risks described below occur. As a result, the trading price of our securities could decline, and investors could lose all or part of their investment. This Annual Report including the consolidated financial statements contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially and adversely from those anticipated, as a result of certain factors, including the risks facing the Company as described below and elsewhere in the Annual Report. You should carefully consider the risks and uncertainties included herewith. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. Material risks that may affect our business, operating results and financial condition include, but are not necessarily limited to, those relating to: Our business is currently highly concentrated on our two leading products, KEDRAB and CYTOGAM, as well as on royalty income generated from GLASSIA sales by Takeda. Any adverse market event with respect to such products and income would have a material adverse effect on our business and financial condition. A significant portion of our net revenue has been and will continue to be driven from sales of our proprietary products, and in our largest geographic region, the United States. Any adverse market event with respect to some of our proprietary products or the United States would have a material adverse effect on our business. Our ability to maintain and expand sales of our commercial products portfolio in the U.S. and ex-U.S. markets is critical to our profitability and financial stability. We have excess manufacturing plant capacity in our manufa

View Full Filing

View this 20-F filing on SEC EDGAR