KMDA Kamada Ltd

Exhibit 99.1

 

Kamada Reports Strong Second Quarter and First Half 2023 Financial Results;

 

Reiterates 2023 Revenue and Profitability Guidance

 

●	Second Quarter 2023 Revenues were $37.4 Million, Representing a 59% Increase Year-over-Year; First Half 2023 Revenues of $68.2 Million, Up 32% Year-over-Year

 

●	First Half 2023 Adjusted EBITDA of $9.9 Million, Up 24% Year-over-Year

 

●	Robust Second Quarter Results and Positive Outlook for Second Half of 2023 Support Reiteration of Fiscal Year 2023 Revenue Guidance of $138 Million - $146 Million, and Adjusted EBITDA of $22 Million to $26 Million

 

●

Extended U.S. Distribution Agreement for KEDRAB® Rabies Immunoglobulin with Kedrion Biopharma Through March 2026

 

●

Reports Positive Scientific Advice from European Medicines Agency (EMA) Regarding Ongoing Pivotal Inhaled AAT Study that Reconfirms the Overall Design of the Study and Acknowledges Certain Positive Results Demonstrated in Previously Completed Phase 2/3 Study

 

●	Shareholder Vote to Approve $60 Million Private Placement with FIMI Opportunity Funds Scheduled for August 29, 2023

 

●

Conference Call and Live Webcast Today at 8:30 AM ET

 

Rehovot, Israel, and Hoboken, NJ – August 16, 2023 -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a commercial stage global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, today announced financial results for the three and six months ended June 30, 2023.

 

“Our strong start to 2023 continued in the second quarter, both financially and operationally,” said Amir London, Kamada’s Chief Executive Officer. “With total revenues for the first six months of the year of $68.2 million, which represented year-over-year growth of 32%, and adjusted EBITDA of $9.9 million, representing 24% growth year-over-year, we achieved the top- and bottom-line growth anticipated in our business during the first six months of the year. We continue to effectively leverage our multiple growth drivers, including a significant increase of KEDRAB® sales to Kedrion for further distribution in the U.S., as well as the portfolio of the four FDA-approved Immunoglobulins (CYTOGAM®, HEPAGAMB®, VARIZIG® and WINRHO® SDF), and our Israeli distribution business.”

 

“Importantly, we expect the momentum in our business to continue through the second half of the year, with full-year profitability to be further meaningfully enhanced as compared to last year. As such, we are reiterating our full-year 2023 revenue guidance of $138 million to $146 million and adjusted EBITDA of $22 million to $26 million; the mid-point of the range would represent profitability growth of approximately 35% over 2022,” continued Mr. London.

 

“We continue to advance our pivotal phase 3 InnovAATe trial for Inhaled AAT and recently received positive scientific advice from the European Medicines Agency (EMA) that reconfirmed the overall design of the on-going study and acknowledged the statistically and clinically meaningful improvement in lung function (FEV1) demonstrated in our previous Phase 2/3 European study, which served as the basis for the design and the selection of the primary endpoint of our current pivotal Phase 3 study. Discussion with the FDA regarding study progress will be completed by the end of 2023,” added Mr. London.

 

 

“We are actively engaged in seeking shareholders' approval, later this month, for the $60 million share purchase agreement previously signed with FIMI. This strategic investment will provide us with financial flexibility to pursue compelling business development opportunities, a process that we have initiated, and will be further ramped up upon receipt of shareholder approval and closing of the transaction. Additionally, the recent extension through March 2026 of our U.S distribution agreement with Kedrion for KEDRAB assures that this important product will remain a key growth catalyst for Kamada. We remain in active discussions with Kedrion to potentially further expand the scope of the collaboration,” concluded Mr. London. 

 

Financial Highlights for the Three Months Ended June 30, 2023

 

●

Total revenues were $37.4 million in the second quarter of 2023, a 59% increase from the $23.6 million recorded in the second quarter of 2022. The increase in revenues was primarily attributable to increased sales of KEDRAB to Kedrion due to increased demand for the product in the U.S. market. As a reminder, during the second quarter of 2022, a portion of sales were delayed due to the labor strike at the Company’s manufacturing facility in Israel.

 

●

Gross profit and gross margins were $14.4 million and 39%, respectively, in the second quarter of 2023, compared to $7.2 million and 31%, respectively, reported in the second quarter of 2022. Cost of goods sold in the Company’s Proprietary segment included $1.3 million of depreciation expenses associated with intangible assets generated through the IgG products acquisition. As a reminder, gross profit, and gross margin for the second quarter of 2022 were affected by a $3.3 million loss as a result of the labor strike at the Company’s manufacturing facility in Israel.

 

●

Operating expenses, including R&D, Sales & Marketing (S&M), G&A and other expenses, totaled $11.8 million in the second quarter of 2023, as compared to $9.5 million in the second quarter of 2022. S&M costs included $0.4 million of depreciation expenses of intangible assets generated through the IgG products acquisition. The increase in operating expenses was attributable to an increase in S&M costs associated with the acquired portfolio commercial operation, as well as increased R&D costs, primarily due to advancing the pivotal Phase 3 InnovAATe trial for Inhaled AAT.

 

●	Net income was $1.8 million, or $0.04 per share, in the second quarter of 2023, as compared to a net loss of $3.9 million, or $(0.09) per share, in the second quarter of 2022.

 

●

Adjusted EBITDA, as detailed in the tables below, was $6.0 million in the second quarter of 2023, as compared to $1.3 million in the second quarter of 2022. As a reminder, adjusted EBITDA for the second quarter of 2022 was affected by the labor strike related loss. Adjusted EBITDA for the second quarter of 2022, excluding such loss associated with the labor strike, would have been $4.7 million.

 

●	Cash provided by operating activities was $1.8 million in the second quarter of 2023, as compared to cash provided by operating activities of $10.9 million in the second quarter of 2022. The change was correlated to the changes in the Company’s working capital.

 

Financial Highlights for the Six Months Ended June 30, 2023

 

●

Total revenues for the first six months of 2023 were $68.2 million, a 32% increase from the $51.7 million generated in the first six months of 2022. The increase in revenues was primarily attributable to increased sales of KEDRAB to Kedrion due to increased demand for the product in the U.S. market.

 

●

Gross profit and gross margins for the first six months of 2023 were $26.3 million and 39%, respectively, compared to $18.5 million and 36%, respectively, in the first half of 2022. Cost of goods sold in the Company’s Proprietary segment included $2.7 million of depreciation expenses associated with intangible assets generated through the IgG products acquisition. As a reminder, gross profit, and gross margin for the first six months of 2022 were affected by a $3.3 million loss as a result of the labor strike at the Company’s manufacturing facility in Israel.

 

 

●

Operating expenses, including R&D, S&M, G&A and other expenses, totaled $23.4 million in the first six months of 2023, as compared to $20.6 million in the first half of 2022. S&M costs included $0.8 million of depreciation expenses of intangible assets generated through the IgG products acquisition. The increase in operating expenses was attributable to an increase in S&M costs associated with the acquired portfolio commercial operation, as well as increased R&D costs, primarily due to advancing the pivotal Phase 3 InnovAATe trial for Inhaled AAT.

 

●	Net profit for the first six months of 2023 was $3,000, or less than one cent per share, as compared to net loss of $5.7 million, or $(0.13) per share, in the prior year period.

 

●

Adjusted EBITDA, as detailed in the tables below, was $9.9 million in the first six months of 2023, as compared to $4.6 million in the first six months of 2022. As a reminder, adjusted EBITDA for the first six months of 2022 were affected by a $3.3 million loss as result of the labor strike at the Company’s manufacturing facility in Israel. The adjusted EBITDA for the first six months of 2023 represented a 24% increase compared to the adjusted EBITDA excluding labor strike related loss for the first six months of 2022.

 

●	Cash used in operating activities during the first six months of 2023 was approximately $1.0 million, as compared to cash provided by operating activities of $16.4 million during the first six months of 2022. The change was correlated to the changes in the Company’s working capital.

 

Balance Sheet Highlights

 

As of June 30, 2023, the Company had cash, cash equivalents, and short-term investments of $21.8 million, as compared to $34.3 million as of December 31, 2022. This figure does not include the expected net proceeds from the recently announced $60 million financing, which is expected to close, subject to shareholders' vote, during the third quarter of 2023.

 

Recent Corporate Highlights

 

●

Announced that Kedrion exercised its option to extend through March 2026 the KEDRAB distribution agreement.

 

Fiscal Year 2023 Guidance

 

Kamada continues to expect to generate fiscal year 2023 total revenues in the range of $138 million to $146 million. The Company also continues to anticipate generating adjusted EBITDA during 2023 in the range of $22 million to $26 million, the mid-point of the range would represent profitability growth of approximately 35% over 2022.

 

Conference Call

 

Kamada management will host an investment community conference call on Wednesday, August 16, 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 1-877-407-0792 (from within the U.S.), 1 809-406-247 (from Israel), or 1 201-689-8263 (International) and entering the conference identification number: 13740401. The call will also be webcast live on the Internet at:

https://viavid.webcasts.com/starthere.jsp?ei=1626943&tp_key=6e37fa90e3.

 

 

Non-IFRS financial measures

 

We present EBITDA and adjusted EBITDA because we use this non-IFRS financial measure to assess our operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes this non-IFRS financial measure are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA and adjusted EBITDA are defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, plus non-cash share-based compensation expenses and certain other costs.

 

About Kamada

 

Kamada Ltd. (the “Company”) is a commercial stage global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, focused on diseases of limited treatment alternatives. The Company is also advancing an innovative development pipeline targeting areas of significant unmet medical need. The Company’s strategy is focused on driving profitable growth from its significant commercial catalysts as well as its manufacturing and development expertise in the plasma-derived and biopharmaceutical fields. The Company’s commercial products portfolio includes six FDA approved plasma-derived biopharmaceutical products: CYTOGAM®, KEDRAB®, WINRHO SDF®, VARIZIG®, HEPAGAM B® and GLASSIA®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom (ASV) products. The Company distributes its commercial products portfolio directly, and through strategic partners or third-party distributors in more than 30 countries, including the U.S., Canada, Israel, Russia, Argentina, Brazil, India, Australia and other countries in Latin America, Europe, Middle East, and Asia. The Company leverages its expertise and presence in the Israeli market to distribute, for use in Israel, more than 25 pharmaceutical products that are supplied by international manufacturers. During recent years the Company added eleven biosimilar products to its Israeli distribution portfolio, which, subject to the European Medicines Agency (EMA) and the Israeli Ministry of Health approvals, are expected to be launched in Israel through 2028. The Company owns an FDA licensed plasma collection center in Beaumont, Texas, which currently specializes in the collection of hyper-immune plasma used in the manufacture of KAMRHO (D). In addition to the Company’s commercial operation, it invests in research and development of new product candidates. The Company’s leading investigational product is an inhaled AAT for the treatment of AAT deficiency, for which it is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s lead shareholder, beneficially owning approximately 21% of the outstanding ordinary shares.

 

 

Cautionary Note Regarding Forward-Looking Statements

 

This release includes forward-looking statements within the meaning of 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, including statements regarding: (1) Expectation that the momentum in our business to continue through the second half of the year, with profitability to be further meaningfully enhanced as compared to last year; (2) 2023 revenue guidance in the range of $138 Million to $146 Million; (3) 2023 adjusted EBITDA to be in the range of $22 million to $26 million, with the mid-point of the range representing profitability growth of approximately 35% over 2022; (4) Discussion with the FDA regarding study progress to be completed by the end of 2023; (5) Potential expansion of the scope of the collaboration between Kamada and Kedrion; (6) effectively leveraging multiple growth drivers, including significant increase of KEDRAB sales to Kedrion, the portfolio of four FDA approved IgGs acquired in late 2021, the sales of our other Proprietary products in the international markets, and our Israeli distribution business; (7) shareholder approval and expected closing of the recently announced $60 million financing in the third quarter of 2023; (8) The financing providing the Company with financial flexibility, allowing the Company to accelerate the growth of its existing business and pursue compelling business development opportunities; and (9) Optimism about AATD Phase 3 clinical trial progress, including preliminary outcome from EMA discussions. 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 continuation of inbound and outbound international delivery routes, continued demand for Kamada’s products, financial conditions of the Company’s customer, suppliers and services providers, Kamada’s ability to integrate the new product portfolio into its current product portfolio, Kamada’s ability to grow the revenues of its new product portfolio, and leverage and expand its international distribution network, ability to reap the benefits of the recent acquisition of the plasma collection center, including the ability to open additional U.S. plasma centers, and acquisition of the FDA-approved plasma-derived hyperimmune commercial products, the ability to continue enrollment of the pivotal Phase 3 InnovAATe clinical trial in new locations, unexpected results of clinical studies, Kamada’s ability to manage operating expenses, additional competition in the markets that Kamada competes, regulatory delays, prevailing market conditions and the impact of general economic, industry or political conditions in the U.S., Israel or otherwise, and other risks detailed in Kamada’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC’s website at www.sec.gov. 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.

 

CONTACTS:

 

Chaime Orlev

Chief Financial Officer

IR@kamada.com

 

Brian Ritchie

LifeSci Advisors, LLC

(212) 915-2578

britchie@LifeSciAdvisors.com

 

 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

 

		As of June 30,								As of December 31,
		2023				2022				2022
		Unaudited								Audited
		U.S Dollars in thousands
Assets
Current Assets
Cash and cash equivalents		$	21,788			$	29,933			$	34,258
Trade receivables, net			24,581				17,738				27,252
Other accounts  receivables			3,077				6,410				8,710
Inventories			80,237				64,520				68,785
Total Current Assets			129,683				118,601				139,005
Non-Current Assets
Property, plant and equipment, net			26,936				25,914				26,157
Right-of-use assets			5,517				2,810				2,568
Intangible assets, Goodwill and other long-term assets			143,986				150,449				147,072
Contract assets			8,267				6,361				7,577
Total Non-Current Assets			184,706				185,534				183,374
Total Assets		$	314,389			$	304,135			$	322,379
Liabilities
Current Liabilities
Current maturities of bank loans		$	4,444			$	4,449			$	4,444
Current maturities of lease liabilities			1,063				1,010				1,016
Current maturities of other long term liabilities			25,077				20,117				29,708
Trade payables			27,969				17,954				32,917
Other accounts payables			7,235				6,110				7,585
Deferred revenues			38				40				35
Total Current Liabilities			65,826				49,680				75,705
Non-Current Liabilities
Bank loans			10,741				15,185				12,963
Lease liabilities			4,972				2,492				2,177
Contingent consideration			19,028				23,121				17,534
Other long-term liabilities			36,514				41,304				37,308
Deferred revenues			0				15				-
Employee benefit liabilities, net			556				764				672
Total Non-Current Liabilities			71,811				82,881				70,654
Shareholder’s Equity
Ordinary shares			11,737				11,731				11,734
Additional paid in capital  net			210,727				210,319				210,495
Capital reserve due to translation to presentation currency			(3,490	)			(3,490	)			(3,490	)
Capital reserve from hedges			(67	)			(442	)			(88	)
Capital reserve from share-based payments			5,902				5,097				5,505
Capital reserve from employee benefits			424				271				348
Accumulated deficit			(48,481	)			(51,912	)			(48,484	)
Total Shareholder’s Equity			176,752				171,574				176,020
Total Liabilities and Shareholder’s Equity		$	314,389			$	304,135			$	322,379

 

 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

 

		Six months period ended								Three months period ended								Year ended
		June 30,								June 30,								December 31,
		2023				2022				2023				2022				2022
		Unaudited								Unaudited								Audited
		U.S Dollars in thousands
Revenues from proprietary products		$	55,001			$	41,618			$	30,940			$	18,607			$	102,598
Revenues from distribution			13,152				10,065				6,503				4,983				26,741
Total revenues			68,153				51,683				37,443				23,590				129,339
Cost of revenues from proprietary products			30,416				24,705				17,192				12,256				58,229
Cost of revenues from distribution			11,462				8,436				5,815				4,094				24,407
Total cost of revenues			41,878				33,141				23,007				16,350				82,636
Gross profit			26,275				18,542				14,436				7,240				46,703
Research and development expenses			7,514				7,063				4,283				2,643				13,172
Selling and marketing expenses			7,862				6,592				3,940				3,271				15,284
General and administrative expenses			6,902				6,316				3,484				3,311				12,803
Other expenses			1,077				619				98				309				912
Operating income (loss)			2,920				(2,048	)			2,631				(2,294	)			4,532
Financial income			25				3				-				1				91
Income (expenses) in respect of currency exchange differences and derivatives instruments, net			173				593				22				424				298
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.			(2,070	)			(3,875	)			(309	)			(1,865	)			(6,266	)
Financial expenses			(939	)			(372	)			(439	)			(178	)			(914	)
Income (expense) before tax on income			109				(5,699	)			1,905				(3,912	)			(2,259	)
Taxes on income			106				50				93				9				62
Net Income (loss)		$	3			$	(5,749	)		$	1,812			$	(3,921	)		$	(2,321	)
Other Comprehensive Income (loss) :
Amounts that will be or that have been reclassified to profit or loss when specific conditions are met:
Gain (loss) on cash flow hedges			(244	)			(784	)			(88	)			(676	)			(776	)
Net amounts transferred to the statement of profit or loss for cash flow hedges			265				288				120				222				634
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain (loss) from defined benefit plan			76				420				(115	)			420				497
Tax effect			-				-				-				-				-
Total comprehensive income (loss)		$	100			$	(5,825	)		$	1,729			$	(3,955	)		$	(1,966	)
Earnings per share attributable to equity holders of the Company:
Basic net earnings per share		$	0.00			$	(0.13	)		$	0.04			$	(0.09	)		$	(0.05	)
Diluted net earnings per share		$	0.00			$	(0.13	)		$	0.04			$	(0.09	)		$	(0.05	)

 

 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		Six months period Ended								Three months period Ended								Year Ended
		June, 30								June, 30								December 31,
		2023				2022				2023				2022				2022
		Unaudited																Audited
		U.S Dollars In thousands
Cash Flows from Operating Activities
Net income (loss)		$	3			$	(5,749	)		$	1,812			$	(3,921	)		$	(2,321	)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Adjustments to the profit or loss items:
Depreciation and impairment			6,327				6,088				3,204				3,061				12,155
Financial expenses (income), net			2,811				3,651				726				1,618				6,791
Cost of share-based payment			629				569				214				376				1,153
Taxes on income			106				50				93				9				62
Loss (gain) from sale of property and equipment			(5	)			-				-				-				-
Change in employee benefit liabilities, net			(40	)			(96	)			(32	)			(84	)			(111	)
			9,828				10,262				4,205				4,980				20,050
Changes in asset and liability items:
Decrease (increase) in trade receivables, net			2,696				17,102				(3,610	)			3,610				7,603
Decrease (increase) in other accounts receivables			1,539				2,073				177				1,484				(578	)
Decrease (increase) in inventories			(11,452	)			2,903				(482	)			241				(1,361	)
Decrease (increase) in deferred expenses			3,042				(484	)			(512	)			(374	)			(1,340	)
Increase (decrease) in trade payables			(5,436	)			(7,843	)			1,276				5,806				7,055
Increase (decrease) in other accounts payables			(408	)			(1,517	)			(170	)			(745	)			290
Decrease in deferred revenues			3				-				(381	)			-				(20	)
			(10,016	)			12,234				(3,702	)			10,022				11,649
Cash received (paid) during the period for:
Interest paid			(744	)			(380	)			(403	)			(186	)			(853	)
Interest received			25				3				0				1				97
Taxes paid			(112	)			(18	)			(94	)			(9	)			(36	)
			(831	)			(395	)			(497	)			(194	)			(792	)
Net cash provided by (used in) operating activities		$	(1,016	)		$	16,352			$	1,818			$	10,887			$	28,586

 

 

KAMADA LTD.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		Six months period Ended								Three months period Ended								Year Ended
		June, 30								June, 30								December 31,
		2023				2022				2023				2022				2022
		Unaudited																Audited
		U.S Dollars In thousands
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets		$	(2,147	)		$	(1,191	)		$	(1,048	)		$	(678	)		$	(3,784	)
Proceeds from sale of property and equipment			6				-				-				-				-
Business combination			-				-				-				-				-
Net cash provided by (used in) investing activities			(2,141	)			(1,191	)			(1,048	)			(678	)			(3,784	)
Cash Flows from Financing Activities
Proceeds from exercise of share base payments			3				6				2				3				9
Receipt of long-term loans			-				-				-				-				-
Repayment of lease liabilities			(517	)			(573	)			(246	)			(278	)			(1,098	)
Repayment of long-term loans			(2,222	)			(401	)			(1,111	)			(385	)			(2,628	)
Repayment of other long-term liabilities			(6,000	)			(3,243	)			(4,500	)			(1,743	)			(5,626	)
Net cash provided by (used in) financing activities			(8,736	)			(4,211	)			(5,855	)			(2,403	)			(9,343	)
Exchange differences on balances of cash and cash equivalent			(577	)			396				(248	)			160				212
Increase (decrease) in cash and cash equivalents			(12,470	)			11,346				(5,333	)			7,966				15,671
Cash and cash equivalents at the beginning of the period			34,258				18,587				27,121				21,967				18,587
Cash and cash equivalents at the end of the period		$	21,788			$	29,933			$	21,788			$	29,933			$	34,258
Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability		$	3,585			$	296			$	5			$	121			$	551
Purchase of property and equipment and Intangible assets		$	840			$	775			$	840			$	775			$	618

 

 

KAMADA LTD.

 

NON-IFRS MEASURES – ADJUSTED EBITDA

 

		Six months period ended								Three months period ended								Year ended
		June 30,								June 30,								December 31,
		2023				2022				2023				2022				2022
		In thousands
Net income		$	3			$	(5,749	)		$	1,812			$	(3,921	)		$	(2,321	)
Taxes on income			106				50				93				9				62
Financial expense (income), net			2,811				3,651				726				1,618				6,791
Depreciation and amortization expense			6,327				6,088				3,204				3,202				12,155
Non-cash share-based compensation expenses			629				569				214				414				1,153
Adjusted EBITDA		$	9,876			$	4,639			$	6,049			$	1,322			$	17,840

 

 

10

 

Exhibit 99.2

INVESTORS MEETING NASDAQ & TASE: KMDA August 2023

FORWARD LOOKING STATEMENT This presentation is not intended to provide investment or medical advice . It should be noted that some products under development described herein have not been found safe or effective by any regulatory agency and are not approved for any use outside of clinical trials . This presentation contains forward - looking statements, which express the current beliefs and expectations of Kamada’s management . Such statements include the 2023 financial guidance, success of the inhaled AAT clinical study, its benefits and potential market size, success of the U . S . plasma collection expansion and revenue potential, and success in launching new products in the Israeli distribution business segment . These statement involve a number of known and unknown risks and uncertainties that could cause Kamada's future results, performance or achievements to differ significantly from the prospected results, performances or achievements expressed or implied by such forward - looking statements . Important factors that could cause or contribute to such differences include, but are not limited to, risks relating to Kamada's ability to successfully develop and commercialize its products and product candidates, the progress and results of any clinical trials, the introduction of competing products, the continued market acceptance of Kamada’s commercial products portfolio, the impact of any changes in regulation and legislation that could affect the pharmaceutical industry, the difficulty of predicting, obtaining or maintaining U . S . Food and Drug Administration, European Medicines Agency and other regulatory authority approvals, the regulatory environment, restrains related to third parties’ IP rights and changes in the health policies and structures of various countries, success of M&A strategies, environmental risks, changes in the worldwide pharmaceutical industry and other factors that are discussed under the heading “Risk Factors” of Kamada’s 202 2 Annual Report on Form 20 - F (filed on March 15 , 202 3 ) as well as in Kamada’s recent Forms 6 - K filed with the U . S . Securities and Exchange Commission . This presentation includes certain non - IFRS financial information, which is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with IFRS . The non - IFRS financial measures may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies . In accordance with the requirement of the SEC regulations a reconciliation of these non - IFRS financial measures to the comparable IFRS measures is included in an appendix to this presentation . Management uses these non - IFRS financial measures for financial and operational decision - making and as a means to evaluate period - to - period comparisons . Management believes that these non - IFRS financial measures provide meaningful supplemental information regarding Kamada’s performance and liquidity . Forward - looking statements speak only as of the date they are made, and Kamada undertakes no obligation to update any forward - looking statement to reflect the impact of circumstances or events that arise after the date the forward - looking statement was made, except as required by applicable securities laws . You should not place undue reliance on any forward - looking statement and should consider the uncertainties and risks noted above, as well as the risks and uncertainties more fully discussed under the heading “Risk Factors” of Kamada’s 202 2 Annual Report on Form 20 - F (filed on March 15 , 202 3 ) as well as in Kamada’s recent Forms 6 - K filed with the U . S . Securities and Exchange Commission . 2 Kamada / August 2023

6 FDA approved products ; global commercial network selling in over 30 countries 2023 revenues guidance of $138M - $146M; Adjusted EBITDA of $22M - $26M; rapidly growing; positive cash - flow; strong balance sheet Multiple growth drivers with limited downside ri sk and significant upside potential KAMADA HIGHLIGHTS 6 3 Kamada is a commercial stage global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions The company is a leader in the specialty plasma - derived field focused on diseases of limited treatment alternatives The company is advancing an innovative development pipeline targeting areas of significant unmet medical need Kamada / August 2023

FINANCIAL GROWTH TRAJECTORY Adjusted EBITDA is defined as net income, plus (i) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization ; and (v) non - cash share - based compensation expenses 4 104 129 138 - 146 2021 2022 2023 Revenues US$M 6 18 22 - 26 2021 2022 2023 Adjusted EBITDA US$M 2023 represents annual guidance 2023 represents annual guidance Kamada / August 2023 Strong First Half Results and Expected Continued Momentum Anticipated to Drive Full - Year 2023 Adjusted EBITDA Growth (mid point represents approx. 35% increase YoY)

$60M STRATEGIC INVESTMENT BY FIMI 5 Kamada / August 2023 • Proceeds from the private placement are expected to be used to accelerate the growth of the Company’s existing business and execution of strategic business development opportunities • Approximately 12.6 million ordinary shares at a price of $4.75 per share. Represents the average closing price of the Company’s shares on NASDAQ during the 20 trading days prior to the date of the agreement • Upon the closing of the transaction, FIMI is expected to beneficially own approximately 38% of Kamada’s outstanding ordinary shares and will become a controlling shareholder of the Company, within the meaning of the Israeli Companies Law, 1999. • Announcing a strategic share purchase agreement with FIMI Opportunity Funds , the leading private equity firm in Israel and an existing significant Kamada shareholder to purchase $60 million of the Company ordinary ’s shares in a private placement

FDA - APPROVED S PECIALITY PLASMA PRODUCTS; KEY FOCUS ON TRANSPLANTATION & RARE CONDITIONS KEDRAB/KAMRAB® [Rabies Immune Globulin (Human)] Post exposure prophylaxis of rabies infection CYTOGAM® [Cytomegalovirus Immune Globulin Intravenous (Human)] Prophylaxis of cytomegalovirus disease associated with transplantation VARIZIG® [Varicella Zoster Immune Globulin (Human)] Post - exposure prophylaxis of varicella in high - risk patient groups HEPGAM B® [Hepatitis B Immune Globulin (Human)] Prevention of HBV recurrence following liver transplantation WINRHO® [Rho(D) Immune Globulin (Human)] Treatment of immune thermobocytopunic purpura (ITP) & suppression of Rh isoimmunization (HDN) GLASSIA® [Alpha1 - Proteinase Inhibitor (Human)] Augmentation therapy for Alpha - 1 Antitrypsin Deficiency (AATD) Kamada / August 2023 6

STRATEGIC ENTRY INTO THE U.S. PLASMA COLLECTION MARKET Kamada Plasma was established in Q1 20 21 through the acquisition of an FDA - licensed plasma collection center in Texas, focusing on collecting hyper - immune plasma for specialty IgG’s o Strategic transaction which advances Kamad a ’s objective to evolve into a fully integrated specialty plasma company, enhancing self - supply for our hyperimmune products o Planning to open additional centers in the US, collecting hyper - immune plasma as well as normal source plasma (NSP) o Average annual revenues of a mature collection center ranges between $8M - $10M 7 Kamada / August 2023

• Non - Invasive, at - home treatment. Expected better ease of use and quality of life for AATD patients than current IV SOC • The leading new innovative AATD treatment in advanced clinical stage (Ph - 3 ) • Most effective mode of treatment for delivering therapeutic amounts of AAT directly into the airways • Studied in more than 200 individuals to date, with an established safety profile • Positive recent scientific advice from EMA : reconfirms overall InnovAATe study design and acknowledges the statistically and clinically meaningful FEV 1 results demonstrated in previously study • Only 1 / 8 th of the IV AAT dosing, more cost - effective ; Favorable market access landscape • Enrolled 62 patients to date (July 2023 ) • Substantial opportunity in over a $ 1 billion market Global, double - blind, randomized, placebo - controlled pivotal Phase 3 clinical trial to test the safety and efficacy of inhaled AAT in patients with AATD. Study design meet FDA and EMA’s requirements 8 Kamada / August 2023 INHALED AAT PHASE 3 PIVOTAL STUDY

H1 & Q2 SUMMARY FINANCIAL DATA 9 Kamada / August 2023 Details Q2/ 20 22 Q2/2023 H1/ 20 22 H1/2023 US $ M 18.6 30.9 41.6 55.0 PROPRIETARY 5.0 6.5 10.1 13.2 DISTRIBUTION 32% and 59% YoY increase for H1 & Q2, respectively 23.6 37.4 51.7 68.2 TOTAL REVENUES 7.2 14.4 18.5 26.3 GROSS PROFIT 31% 39% 36% 39% GROSS MARGIN (9.5) (11.8) (20.6) (23.4) OPEX (3.9) 1.8 (5.7) 0.0 NET PROFIT 24% YoY increase for H1 (2022 excl $3.3M labor strike related loss) 1.3 6.0 4.6 9.9 Adjusted EBITDA 29.9 21.8 CASH Including acquisition related intangible assets ($140M @ June 23) 304.1 314.4 TOTAL ASSETS 5 - year term loan 19.6 15.2 BANK LOAN Acquisition related contingent consideration 84.5 80.6 CONTINGENT LIABILITIES 171.6 176.8 EQUITY

KAMADA INVESTMENT HIGHLIGHTS 10 Kamada / August 2023 A global leader; focused on areas of limited treatment alternatives Financially stable; profitable; cash - generating; continued double digit growth 6 FDA approved products with significant worldwide growth potential Leading innovative product for AAT Deficiency in late stage development; Targeting a market of over $1B Significant upside potential with limited downside

August 202 3 THANK YOU WWW.KAMADA.COM

Non - IFRS measures – Adjusted EBITDA Q2/ 20 22 Q2/2023 H1/ 20 22 H1/2023 US $ M (3.9) 1.8 (5.7) 0.0 Net loss 0.0 0.1 0.1 0.1 Taxes on income 1.9 0.3 3.9 2.1 Revaluation of Acquisition related contingent consideration (0.2) 0.4 (0.2) 0.7 Other financial expense, net 1.8 1.8 3.5 3.5 Amortization of acquisition related intangible assets 1.4 1.4 2.6 2.8 Other depreciation and amortization expenses 0.4 0.2 0.6 0.6 Non - cash share - based compensation expenses 1.3 6.0 4.6 9.9 Adjusted EBITDA Kamada / July 2023 12

v3.23.2

Document And Entity Information	6 Months Ended
	Jun. 30, 2023
Document Information Line Items
Entity Registrant Name	Kamada Ltd
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001567529
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-35948

v3.23.2

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Current Assets
Cash and cash equivalents	$ 21,788	$ 34,258	$ 29,933
Trade receivables, net	24,581	27,252	17,738
Other accounts receivables	3,077	8,710	6,410
Inventories	80,237	68,785	64,520
Total Current Assets	129,683	139,005	118,601
Non-Current Assets
Property, plant and equipment, net	26,936	26,157	25,914
Right-of-use assets	5,517	2,568	2,810
Intangible assets, Goodwill and other long-term assets	143,986	147,072	150,449
Contract assets	8,267	7,577	6,361
Total Non-Current Assets	184,706	183,374	185,534
Total Assets	314,389	322,379	304,135
Current Liabilities
Current maturities of bank loans	4,444	4,444	4,449
Current maturities of lease liabilities	1,063	1,016	1,010
Current maturities of other long term liabilities	25,077	29,708	20,117
Trade payables	27,969	32,917	17,954
Other accounts payables	7,235	7,585	6,110
Deferred revenues	38	35	40
Total Current Liabilities	65,826	75,705	49,680
Non-Current Liabilities
Bank loans	10,741	12,963	15,185
Lease liabilities	4,972	2,177	2,492
Contingent consideration	19,028	17,534	23,121
Other long-term liabilities	36,514	37,308	41,304
Deferred revenues	0		15
Employee benefit liabilities, net	556	672	764
Total Non-Current Liabilities	71,811	70,654	82,881
Shareholder’s Equity
Ordinary shares	11,737	11,734	11,731
Additional paid in capital net	210,727	210,495	210,319
Capital reserve due to translation to presentation currency	(3,490)	(3,490)	(3,490)
Capital reserve from hedges	(67)	(88)	(442)
Capital reserve from share-based payments	5,902	5,505	5,097
Capital reserve from employee benefits	424	348	271
Accumulated deficit	(48,481)	(48,484)	(51,912)
Total Shareholder’s Equity	176,752	176,020	171,574
Total Liabilities and Shareholder’s Equity	$ 314,389	$ 322,379	$ 304,135

v3.23.2

Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues from proprietary products	$ 30,940	$ 18,607	$ 55,001	$ 41,618	$ 102,598
Revenues from distribution	6,503	4,983	13,152	10,065	26,741
Total revenues	37,443	23,590	68,153	51,683	129,339
Cost of revenues from proprietary products	17,192	12,256	30,416	24,705	58,229
Cost of revenues from distribution	5,815	4,094	11,462	8,436	24,407
Total cost of revenues	23,007	16,350	41,878	33,141	82,636
Gross profit	14,436	7,240	26,275	18,542	46,703
Research and development expenses	4,283	2,643	7,514	7,063	13,172
Selling and marketing expenses	3,940	3,271	7,862	6,592	15,284
General and administrative expenses	3,484	3,311	6,902	6,316	12,803
Other expenses	98	309	1,077	619	912
Operating income (loss)	2,631	(2,294)	2,920	(2,048)	4,532
Financial income		1	25	3	91
Income (expenses) in respect of currency exchange differences and derivatives instruments, net	22	424	173	593	298
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.	(309)	(1,865)	(2,070)	(3,875)	(6,266)
Financial expenses	(439)	(178)	(939)	(372)	(914)
Income (expense) before tax on income	1,905	(3,912)	109	(5,699)	(2,259)
Taxes on income	93	9	106	50	62
Net Income (loss)	1,812	(3,921)	3	(5,749)	(2,321)
Gain (loss) on cash flow hedges	(88)	(676)	(244)	(784)	(776)
Net amounts transferred to the statement of profit or loss for cash flow hedges	120	222	265	288	634
Remeasurement gain (loss) from defined benefit plan	(115)	420	76	420	497
Tax effect
Total comprehensive income (loss)	$ 1,729	$ (3,955)	$ 100	$ (5,825)	$ (1,966)
Basic net earnings per share (in Dollars per share)	$ 0.04	$ (0.09)	$ 0	$ (0.13)	$ (0.05)
Diluted net earnings per share (in Dollars per share)	$ 0.04	$ (0.09)	$ 0	$ (0.13)	$ (0.05)

v3.23.2

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Share capital	Additional paid in capital	Capital reserve due to translation to presentation currency	Capital reserve from hedges	Capital reserve from sharebased payments	Capital reserve from employee benefits	Accumulated deficit	Total
Balance at Dec. 31, 2021	$ 11,725	$ 210,204	$ (3,490)	$ 54	$ 4,643	$ (149)	$ (46,163)	$ 176,824
Net income							(5,749)	(5,749)
Other comprehensive income (loss)				(496)		420		(76)
Tax effect
Total comprehensive income (loss)				(496)		420	(5,749)	(5,825)
Exercise and forfeiture of share-based payment into shares	6	115			(115)			6
Cost of share-based payment					504			504
Balance at Jun. 30, 2022	11,731	210,319	(3,490)	(442)	5,097	271	(51,912)	171,574
Balance at Dec. 31, 2021	11,725	210,204	(3,490)	54	4,643	(149)	(46,163)	176,824
Net income							(2,321)	(2,321)
Other comprehensive income (loss)				(142)		497		355
Tax effect
Total comprehensive income (loss)				(142)		497	(2,321)	(1,966)
Exercise and forfeiture of share-based payment into shares	9	291			(291)			9
Cost of share-based payment					1,153			1,153
Balance at Dec. 31, 2022	11,734	210,495	(3,490)	(88)	5,505	348	(48,484)	176,020
Balance at Mar. 31, 2022	11,728	210,269	(3,490)	12	4,771	(149)	(47,991)	175,150
Net income							(3,921)	(3,921)
Other comprehensive income (loss)				(454)		420		(34)
Tax effect
Total comprehensive income (loss)				(454)		420	(3,921)	(3,955)
Exercise and forfeiture of share-based payment into shares	3	50			(50)			3
Cost of share-based payment					376			376
Balance at Jun. 30, 2022	11,731	210,319	(3,490)	(442)	5,097	271	(51,912)	171,574
Balance at Dec. 31, 2022	11,734	210,495	(3,490)	(88)	5,505	348	(48,484)	176,020
Net income							3	3
Other comprehensive income (loss)				21		76		97
Tax effect
Total comprehensive income (loss)				21		76	3	100
Exercise and forfeiture of share-based payment into shares	3	232			(232)			3
Cost of share-based payment					629			629
Balance at Jun. 30, 2023	11,737	210,727	(3,490)	(67)	5,902	424	(48,481)	176,752
Balance at Mar. 31, 2023	11,736	210,665	(3,490)	(99)	5,750	539	(50,293)	174,808
Net income							1,812	1,812
Other comprehensive income (loss)				32		(115)		(83)
Tax effect
Total comprehensive income (loss)				32		(115)	1,812	1,729
Exercise and forfeiture of share-based payment into shares	1	62			(62)			1
Cost of share-based payment					214			214
Balance at Jun. 30, 2023	$ 11,737	$ 210,727	$ (3,490)	$ (67)	$ 5,902	$ 424	$ (48,481)	$ 176,752

v3.23.2

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash Flows from Operating Activities
Net income (loss)	$ 1,812	$ (3,921)	$ 3	$ (5,749)	$ (2,321)
Adjustments to the profit or loss items:
Depreciation and impairment	3,204	3,061	6,327	6,088	12,155
Financial expenses (income), net	726	1,618	2,811	3,651	6,791
Cost of share-based payment	214	376	629	569	1,153
Taxes on income	93	9	106	50	62
Loss (gain) from sale of property and equipment			(5)
Change in employee benefit liabilities, net	(32)	(84)	(40)	(96)	(111)
Adjustments to the profit or loss items	4,205	4,980	9,828	10,262	20,050
Changes in asset and liability items:
Decrease (increase) in trade receivables, net	(3,610)	3,610	2,696	17,102	7,603
Decrease (increase) in other accounts receivables	177	1,484	1,539	2,073	(578)
Decrease (increase) in inventories	(482)	241	(11,452)	2,903	(1,361)
Decrease (increase) in deferred expenses	(512)	(374)	3,042	(484)	(1,340)
Increase (decrease) in trade payables	1,276	5,806	(5,436)	(7,843)	7,055
Increase (decrease) in other accounts payables	(170)	(745)	(408)	(1,517)	290
Decrease in deferred revenues	(381)		3		(20)
Total Changes in asset and liability	(3,702)	10,022	(10,016)	12,234	11,649
Cash received (paid) during the period for:
Interest paid	(403)	(186)	(744)	(380)	(853)
Interest received	0	1	25	3	97
Taxes paid	(94)	(9)	(112)	(18)	(36)
Cash received (paid) during the year	(497)	(194)	(831)	(395)	(792)
Net cash provided by (used in) operating activities	1,818	10,887	(1,016)	16,352	28,586
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets	(1,048)	(678)	(2,147)	(1,191)	(3,784)
Proceeds from sale of property and equipment			6
Business combination
Net cash provided by (used in) investing activities	(1,048)	(678)	(2,141)	(1,191)	(3,784)
Cash Flows from Financing Activities
Proceeds from exercise of share base payments	2	3	3	6	9
Receipt of long-term loans
Repayment of lease liabilities	(246)	(278)	(517)	(573)	(1,098)
Repayment of long-term loans	(1,111)	(385)	(2,222)	(401)	(2,628)
Repayment of other long-term liabilities	(4,500)	(1,743)	(6,000)	(3,243)	(5,626)
Net cash provided by (used in) financing activities	(5,855)	(2,403)	(8,736)	(4,211)	(9,343)
Exchange differences on balances of cash and cash equivalent	(248)	160	(577)	396	212
Increase (decrease) in cash and cash equivalents	(5,333)	7,966	(12,470)	11,346	15,671
Cash and cash equivalents at the beginning of the period	27,121	21,967	34,258	18,587	18,587
Cash and cash equivalents at the end of the period	21,788	29,933	21,788	29,933	34,258
Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability	5	121	3,585	296	551
Purchase of property and equipment and Intangible assets	$ 840	$ 775	$ 840	$ 775	$ 618

v3.23.2

General	6 Months Ended
	Jun. 30, 2023
General [Abstract]
General	Note 1:- General   General description of the Company and its activity   Kamada Ltd. (the “Company”) is a commercial stage global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field, focused on diseases of limited treatment alternatives. The Company is also advancing an innovative development pipeline targeting areas of significant unmet medical need. The Company’s strategy is focused on driving profitable growth from its significant commercial catalysts as well as its manufacturing and development expertise in the plasma-derived and biopharmaceutical fields. The Company’s commercial products portfolio includes six FDA approved plasma-derived biopharmaceutical products CYTOGAM®, KEDRAB®, WINRHO SDF®, VARIZIG®, HEPAGAM B® and GLASSIA®, as well as KAMRAB®, KAMRHO (D) ® and two types of equine-based anti-snake venom (ASV) products. The Company distributes its commercial products portfolio directly, and through strategic partners or third-party distributors in more than 30 countries, including the U.S., Canada, Israel, Russia, Argentina, Brazil, India, Australia and other countries in Latin America, Europe, Middle East and Asia. The Company leverages its expertise and presence in the Israeli market to distribute, for use in Israel, more than 25 pharmaceutical products that are supplied by international manufacturers. During recent years added eleven biosimilar products to its Israeli distribution portfolio, which, subject to European Medicines Agency (EMA) and the Israeli Ministry of Health approvals, are expected to be launched in Israel through 2028. The Company owns an FDA licensed plasma collection center in Beaumont, Texas which currently specializes in the collection of hyper-immune plasma used in the manufacture of KAMRHO (D). In addition to the Company’s commercial operation, it invests in research and development of new product candidates. The Company’s leading investigational product is an inhaled AAT for the treatment of AAT deficiency, for which it is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial.   In November 2021, the Company acquired CYTOGAM, WINRHO SDF, VARIZIG and HEPGAM B from Saol Therapeutics Ltd. (“Saol”). The acquisition of this portfolio furthered the Company’s core objective to become a fully integrated specialty plasma company with strong commercial capabilities in the U.S. market, as well as to expand to new markets, mainly in the Middle East/North Africa region, and to broaden the Company’s portfolio offering in existing markets. The Company’s wholly owned U.S. subsidiary, Kamada Inc., is responsible for the commercialization of the four products in the U.S. market, including direct sales to wholesalers and local distributers. Refer to Note 5 in our annual Financial report for further details on this acquisition.

v3.23.2

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 2:- Significant Accounting Policies   a. Basis of preparation of the interim consolidated financial statements:   The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, “Interim Financial Reporting”.   b. Implementation of new accounting standards:   Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current and subsequent amendment: Non-Current Liabilities with Covenants   The Amendment, together with the subsequent amendment to IAS 1 (see hereunder) replaces certain requirements for classifying liabilities as current or non-current. According to the Amendment, a liability will be classified as non-current when the entity has the right to defer settlement for at least 12 months after the reporting period, and it “has substance” and is in existence at the end of the reporting period. According to the subsequent amendment, as published in October 2022, covenants with which the entity must comply after the reporting date do not affect classification of the liability as current or non-current. Additionally, the subsequent amendment adds disclosure requirements for liabilities subject to covenants within 12 months after the reporting date, such as disclosure regarding the nature of the covenants, the date they need to be complied with and facts and circumstances that indicate the entity may have difficulty complying with the covenants. Furthermore, the Amendment clarifies that the conversion option of a liability will affect its classification as current or non-current, other than when the conversion option is recognized as equity.   The Amendment and subsequent amendment are effective for reporting periods beginning on or after January 1, 2024 with earlier application being permitted. The Amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data.   The Company believes that the adoption of the Amendment will not have an effect on its financial statements.

v3.23.2

Significant Events in the Reporting Period	6 Months Ended
	Jun. 30, 2023
Significant Events in the Reporting Period [Abstract]
Significant events in the reporting period	Note 3:- Significant events in the reporting period     Grant of options to the purchase ordinary shares of the Company to employees, executive officers.   On February 27, 2023, the Company’s Board of Directors approved the grant of options to purchase up to 147,000 options to purchase ordinary shares of the Company under the 2011 Plan and the US Appendix.   The Company granted, out of the above mentioned, to employees and executive officers the following:   Under the Israeli Share Option Plan:     - On February 27, 2023, 60,331 options to purchase the ordinary shares of the Company, at an exercise price of NIS 16.53 (USD 4.50) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $108 thousands.     - On March 01, 2023 3,333 options to purchase ordinary shares of the Company, at an exercise price of NIS 16.63 (USD 4.57) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated on the date of grant at $5.7 thousands.     - On March 02, 2023 40,000 options to purchase ordinary shares of the Company, at an exercise price of NIS 16.76 (USD 4.60) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated on the date of grant at $71 thousands.     - On April 23, 2023 40,000 options to purchase ordinary shares of the Company, at an exercise price of NIS 17.67 (USD 4.83) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated on the date of grant at $65 thousands.   Under the US Appendix:     - On February 27, 2023 3,333 options to purchase the ordinary shares of the Company, at an exercise price of USD 4.57 per share. The fair value of the options was estimated on the date of grant was estimated at $5.80 thousands.   On May 28, 2023, the Company’s Board of Directors approved the grant of 90,000 options to purchase ordinary shares of the Company, under the Israeli Share Option Plan, at an exercise price of NIS 19.46 (USD 5.25) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated on the date of grant at $217 thousands.

v3.23.2

Operating Segments	6 Months Ended
	Jun. 30, 2023
Operating Segments [Abstract]
Operating Segments	Note 4:- Operating Segments   a. General:   The company has two operating segments, as follows:   Proprietary Products - Development, manufacturing, sales and distribution of proprietary plasma-derived protein therapeutics.       Distribution - Distribute imported drug products in Israel, which are manufactured by third parties.   b. Reporting on operating segments:       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Six months period ended June 30, 2023                   Revenues   $ 55,001     $ 13,152     $ 68,153   Gross profit   $ 24,585     $ 1,690     $ 26,275   Unallocated corporate expenses                     (23,355 ) Finance expenses, net                     (2,811 ) Income before taxes on income                   $ 109         Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Six months period ended June 30, 2022                   Revenues   $ 41,618     $ 10,065     $ 51,683   Gross profit   $ 16,913     $ 1,629     $ 18,542   Unallocated corporate expenses                     (20,590 ) Finance expenses, net                     (3,651 ) Income before taxes on income                   $ (5,699 )       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Three months period ended June 30, 2023                   Revenues   $ 34,940     $ 6,503     $ 37,443   Gross profit   $ 13,748     $ 688     $ 14,436   Unallocated corporate expenses                     (11,805 ) Finance expenses, net                     (726 ) Income before taxes on income                   $ 1,905        Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Three months period ended June 30, 2022                   Revenues   $ 18,607     $ 4,983     $ 23,590   Gross profit   $ 6,351     $ 899     $ 7,240   Unallocated corporate expenses                     (9,534 ) Finance expenses, net                     (1,618 ) Income before taxes on income                   $ (3,912 )   b. Reporting on operating segments:       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Audited   Year Ended December 31, 2022                   Revenues   $ 102,598     $ 26,741     $ 129,339   Gross profit   $ 44,369     $ 2,334     $ 46,703   Unallocated corporate expenses                     (42,171 ) Finance expenses, net                     (6,791 ) Income before taxes on income                   $ (2,259 )   c. Reporting on operating segments by geographic region:       Six months period ended June 30, 2023       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Geographical markets                         U.S.A and North America   $ 36,856     $ -     $ 36,856   Israel     2,101       13,152       15,252   Europe     3,550       -       3,550   Latin America     9,931       -       9,931   Asia     2,480       -       2,480   Others     83       -       83       $ 55,001     $ 13,152     $ 68,153   c. Reporting on operating segments by geographic region:       Six months period ended June 30, 2022       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Geographical markets                         U.S.A and North America.   $ 28,562     $ -     $ 28,562   Israel     2,254       10,065       12,319   Europe     5,149       -       5,149   Latin America     3,526       -       3,526   Asia     1,760       -       1,760   Others     367       -       367       $ 41,618     $ 10,065     $ 51,683         Three months period ended June 30, 2023       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Geographical markets                         U.S.A and North America.   $ 20,026     $ -     $ 20,026   Israel     1,107       6,503       7,610   Europe     216       -       216   Latin America     8,615       -       8,615   Asia     930       -       930   Others     46       -       46       $ 30,940     $ 6,503     $ 37,443         Three months period ended June 30, 2022       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Geographical markets                         U.S.A and North America.   $ 11,611     $ -     $ 11,611   Israel     627       4,983       5,610   Europe     4,097       -       4,097   Latin America     1,496       -       1,496   Asia     776       -       776   Others     -       -       -       $ 18,607     $ 4,983     $ 23,590         Year ended December 31, 2022       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Audited   Geographical markets                         U.S.A and North America   $ 75,851     $ -     $ 75,851   Israel     5,290       26,741       32,031   Europe     5,277       -       5,277   Latin America     11,293       -       11,293   Asia     4,581       -       4,581   Others     305       -       305       $ 102,597     $ 26,741     $ 129,338

v3.23.2

Financial Instruments	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Financial Instruments	Note 5:- Financial Instruments     a. Classification of financial instruments by fair value hierarchy   Financial assets (liabilities) measured at fair value        Level 1     Level 2     Level 3       U.S Dollars in thousands   June 30, 2023                   Derivatives instruments   $        -     $ (72 )   $ -   Contingent consideration     -       -       (21,712 )                           June 30, 2022                         Derivatives instruments             (437 )         Contingent consideration   $ -     $       $ (23,121 )                           December 31, 2022                         Derivatives instruments   $ -     $ (92 )   $ -   Contingent consideration   $ -     $ -     $ (23,534 )   During the six months ended on June 30, 2023 there were no transfers due to the fair value measurement of any financial instrument from Level 1 to Level 2, and furthermore, there were no transfers to or from Level 3 due to the fair value measurement of any financial instrument.

v3.23.2

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of preparation of the interim consolidated financial statements	a. Basis of preparation of the interim consolidated financial statements: The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, “Interim Financial Reporting”.
Implementation of new accounting standards	b. Implementation of new accounting standards: Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current and subsequent amendment: Non-Current Liabilities with Covenants The Amendment, together with the subsequent amendment to IAS 1 (see hereunder) replaces certain requirements for classifying liabilities as current or non-current. According to the Amendment, a liability will be classified as non-current when the entity has the right to defer settlement for at least 12 months after the reporting period, and it “has substance” and is in existence at the end of the reporting period. According to the subsequent amendment, as published in October 2022, covenants with which the entity must comply after the reporting date do not affect classification of the liability as current or non-current. Additionally, the subsequent amendment adds disclosure requirements for liabilities subject to covenants within 12 months after the reporting date, such as disclosure regarding the nature of the covenants, the date they need to be complied with and facts and circumstances that indicate the entity may have difficulty complying with the covenants. Furthermore, the Amendment clarifies that the conversion option of a liability will affect its classification as current or non-current, other than when the conversion option is recognized as equity. The Amendment and subsequent amendment are effective for reporting periods beginning on or after January 1, 2024 with earlier application being permitted. The Amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data. The Company believes that the adoption of the Amendment will not have an effect on its financial statements.

v3.23.2

Operating Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Operating Segments [Abstract]
Schedule of Reporting on Operating Segments Geographic Region	Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Six months period ended June 30, 2023                   Revenues   $ 55,001     $ 13,152     $ 68,153   Gross profit   $ 24,585     $ 1,690     $ 26,275   Unallocated corporate expenses                     (23,355 ) Finance expenses, net                     (2,811 ) Income before taxes on income                   $ 109       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Six months period ended June 30, 2022                   Revenues   $ 41,618     $ 10,065     $ 51,683   Gross profit   $ 16,913     $ 1,629     $ 18,542   Unallocated corporate expenses                     (20,590 ) Finance expenses, net                     (3,651 ) Income before taxes on income                   $ (5,699 )     Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Three months period ended June 30, 2023                   Revenues   $ 34,940     $ 6,503     $ 37,443   Gross profit   $ 13,748     $ 688     $ 14,436   Unallocated corporate expenses                     (11,805 ) Finance expenses, net                     (726 ) Income before taxes on income                   $ 1,905     Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Three months period ended June 30, 2022                   Revenues   $ 18,607     $ 4,983     $ 23,590   Gross profit   $ 6,351     $ 899     $ 7,240   Unallocated corporate expenses                     (9,534 ) Finance expenses, net                     (1,618 ) Income before taxes on income                   $ (3,912 )       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Audited   Year Ended December 31, 2022                   Revenues   $ 102,598     $ 26,741     $ 129,339   Gross profit   $ 44,369     $ 2,334     $ 46,703   Unallocated corporate expenses                     (42,171 ) Finance expenses, net                     (6,791 ) Income before taxes on income                   $ (2,259 )
Schedule of Reporting on Operating Segments Geographic Region	Six months period ended June 30, 2023       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Geographical markets                         U.S.A and North America   $ 36,856     $ -     $ 36,856   Israel     2,101       13,152       15,252   Europe     3,550       -       3,550   Latin America     9,931       -       9,931   Asia     2,480       -       2,480   Others     83       -       83       $ 55,001     $ 13,152     $ 68,153       Six months period ended June 30, 2022       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Geographical markets                         U.S.A and North America.   $ 28,562     $ -     $ 28,562   Israel     2,254       10,065       12,319   Europe     5,149       -       5,149   Latin America     3,526       -       3,526   Asia     1,760       -       1,760   Others     367       -       367       $ 41,618     $ 10,065     $ 51,683       Three months period ended June 30, 2023       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Geographical markets                         U.S.A and North America.   $ 20,026     $ -     $ 20,026   Israel     1,107       6,503       7,610   Europe     216       -       216   Latin America     8,615       -       8,615   Asia     930       -       930   Others     46       -       46       $ 30,940     $ 6,503     $ 37,443       Three months period ended June 30, 2022       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Unaudited   Geographical markets                         U.S.A and North America.   $ 11,611     $ -     $ 11,611   Israel     627       4,983       5,610   Europe     4,097       -       4,097   Latin America     1,496       -       1,496   Asia     776       -       776   Others     -       -       -       $ 18,607     $ 4,983     $ 23,590       Year ended December 31, 2022       Proprietary Products     Distribution     Total       U.S Dollars in thousands       Audited   Geographical markets                         U.S.A and North America   $ 75,851     $ -     $ 75,851   Israel     5,290       26,741       32,031   Europe     5,277       -       5,277   Latin America     11,293       -       11,293   Asia     4,581       -       4,581   Others     305       -       305       $ 102,597     $ 26,741     $ 129,338

v3.23.2

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Schedule of Financial Assets (Liabilities) Measured at Fair Value	Level 1     Level 2     Level 3       U.S Dollars in thousands   June 30, 2023                   Derivatives instruments   $        -     $ (72 )   $ -   Contingent consideration     -       -       (21,712 )                           June 30, 2022                         Derivatives instruments             (437 )         Contingent consideration   $ -     $       $ (23,121 )                           December 31, 2022                         Derivatives instruments   $ -     $ (92 )   $ -   Contingent consideration   $ -     $ -     $ (23,534 )

v3.23.2

Significant Events in the Reporting Period (Details)	May 28, 2023 USD ($) $ / shares	May 28, 2023 USD ($) ₪ / shares	Apr. 23, 2023 USD ($) $ / shares	Apr. 23, 2023 USD ($) ₪ / shares	Mar. 01, 2023 USD ($) $ / shares	Mar. 01, 2023 USD ($) ₪ / shares	Feb. 27, 2023 USD ($) $ / shares	Feb. 27, 2023 USD ($) ₪ / shares	Mar. 02, 2022 USD ($) $ / shares ₪ / shares
Significant Events in the Reporting Period (Details) [Line Items]
Option granted							3,333	3,333
Exercise price | $ / shares							$ 4.57
Fair value of options (in Dollars) | $							$ 5,800	$ 5,800
Option [Member]
Significant Events in the Reporting Period (Details) [Line Items]
Option granted	90,000	90,000	40,000	40,000	3,333	3,333	60,331	60,331	40,000
Exercise price | (per share)	$ 5.25	₪ 19.46	$ 4.83	₪ 17.67	$ 4.57	₪ 16.63	$ 4.5	$ 16.53	₪ 16.76
Fair value of options (in Dollars) | $	$ 217,000	₪ 217,000	$ 65,000	₪ 65,000	$ 5,700	₪ 5,700	$ 108,000	$ 108,000	₪ 71,000
Exercise prices for share option (in Dollars per share) | $ / shares									₪ 4.6
Board of Directors [Member]
Significant Events in the Reporting Period (Details) [Line Items]
Option granted							147,000	147,000

v3.23.2

Operating Segments (Details) - Schedule of Reporting on Operating Segments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Segments (Details) - Schedule of Reporting on Operating Segments [Line Items]
Revenues	$ 37,443	$ 23,590	$ 68,153	$ 51,683	$ 129,339
Gross profit	14,436	7,240	26,275	18,542	46,703
Unallocated corporate expenses	(11,805)	(9,534)	(23,355)	(20,590)	(42,171)
Finance expenses, net	(726)	(1,618)	(2,811)	(3,651)	(6,791)
Income before taxes on income	1,905	(3,912)	109	(5,699)	(2,259)
Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments [Line Items]
Revenues	34,940	18,607	55,001	41,618	102,598
Gross profit	13,748	6,351	24,585	16,913	44,369
Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments [Line Items]
Revenues	6,503	4,983	13,152	10,065	26,741
Gross profit	$ 688	$ 899	$ 1,690	$ 1,629	$ 2,334

v3.23.2

Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	$ 37,443	$ 23,590	$ 68,153	$ 51,683	$ 129,338
Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	30,940	18,607	55,001	41,618	102,597
Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution	6,503	4,983	13,152	10,065	26,741
U.S.A and North America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	20,026	11,611	36,856	28,562	75,851
U.S.A and North America [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	20,026	11,611	36,856	28,562	75,851
U.S.A and North America [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Israel [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total			15,252
Israel [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products			2,101
Israel [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution			13,152
Europe [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	216	4,097	3,550	5,149	5,277
Europe [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	216	4,097	3,550	5,149	5,277
Europe [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Latin America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	8,615	1,496	9,931	3,526	11,293
Latin America [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	8,615	1,496	9,931	3,526	11,293
Latin America [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Asia [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	930	776	2,480	1,760	4,581
Asia [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	930	776	2,480	1,760	4,581
Asia [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Others [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	46		83	367	305
Others [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	46		83	367	305
Others [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Israel [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	7,610	5,610		12,319	32,031
Israel [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	1,107	627		2,254	5,290
Israel [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution	$ 6,503	$ 4,983		$ 10,065	$ 26,741

v3.23.2

Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Level 1 [Member]
Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments
Contingent consideration
Level 2 [Member]
Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments	(72)	(92)	(437)
Contingent consideration
Level 3 [Member]
Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments
Contingent consideration	$ (21,712)	$ (23,534)	$ (23,121)

---