Kamada Ltd. (Nasdaq: KMDA); TASE: KMDA) CEO David Tsur predicts that the company will achieve a number of value-creating milestones throughout 2014 that will position it as a leading biopharmaceutical company, after the company reported full-year profit growth in 2013.
Fourth quarter revenue rose 13% to $24.4 million from $21.6 million for the corresponding quarter of 2013. GAAP-based net profit fell to $1.6 million for the fourth quarter from $2.9 million for the corresponding quarter, and non-GAAP net profit fell to $2 million from $3.2 million.
Full-year revenue fell 3% to $70.6 million from $72.7 million for 2012. GAAP-based net profit rose to $443,000 ($0.01 per share) in 2013 from $260,000 in 2012, and non-GAAP net profit rose to $3.1 million from $2.1 million.
Kamada produces Glassia for the treatment of congenital emphysema, and is planning clinical trials to expand indications for the drug.
"We are pleased with the progress we made throughout 2013 in growing revenues from our Proprietary Products, advancing the clinical development of our product pipeline, enhancing our logistics processes, fortifying our intellectual property portfolio and strengthening our balance sheet," said Tsur. “Our strategy continues to balance a growing revenue stream from sales of proprietary products with investments in development-stage programs. Our successful US IPO earlier this year has strengthened our balance sheet and will enable us to execute our plans to develop and market our innovative therapeutic products."
Published by Globes [online], Israel business news - www.globes-online.com - on February 5, 2014
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