Kamada Ltd. (TASE: KMDA) posted NIS 128.7 million ($36 million) revenue in 2010, 127% more than the NIS 56.7 million in 2009. Kamada is the first biomed company to publish its guidance for 2011.
Net loss narrowed to NIS 53.8 million (NIS 2.02 per share) in 2010 from NIS 83.5 million in 2009.
Fourth quarter revenue rose to a record NIS 72 million, 340% more than the NIS 16 million for the corresponding quarter, and more than the full-year revenue for 2009.
Kamada attributed its revenue growth, especially in the fourth quarter, to sales of Glassia, its intravenous AAT treatment for congenital emphysema, which the US Food and Drug Administration (FDA) approved in July 2010. The company has a distribution agreement with Baxter Healthcare Corporation, which began sales of Glassia in the third quarter of last year.
For the first time, Kamada published guidance for 2011. It predicts over NIS 195 million revenue (over $55 million), 50% more than in 2010 and 250% more than in 2009. The guidance is partly based on estimated income from the distribution agreement with Baxter, which Kamada expects will be substantially above the minimum $60 million over the first five years set in the agreement.
Kamada's share price rose 4.3% by mid-afternoon to NIS 31.52, giving a market cap of NIS 833 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 30, 2011
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