Kamada predicts 20% revenue growth in 2012

Kamada beat its 2011 guidance with NIS 212 million revenue.

Kamada Ltd. (TASE: KMDA) predicts NIS 257 million ($69 million) revenue in 2012, after posting NIS 212.8 million ($59 million) revenue in 2011, beating its own guidance of NIS 195 million. 2011 revenue rose 65% over the NIS 128.7 million revenue in 2010, which was more than double the NIS 56.7 million revenue in 2009.

Kamada doubled its net profit to NIS 1.4 million for the fourth quarter of 2011 from NIS 766,000 for the corresponding quarter. Revenue rose to NIS 77.5 million from NIS 72 million.

Kamada predicts growth in its industrial sector for exports, including Glassia, its intravenous AAT treatment for congenital emphysema, which is sold in six countries, including the US.

Kamada narrowed its net loss to NIS 13.3 million in 2011 from NIS 54.8 million in 2010 and NIS 83.5 million in 2009. The company's cumulative loss for tax deduction purposes in coming years was NIS 247 million at the end of 2011.

Kamada's income from drug production rose 47% to NIS 125.1 million in 2011. Glassia sales more than doubled to NIS 93 million in 2011 from NIS 43 million in 2010.

Kamada CEO David Tsur said, "In 2011, Kamada achieved a qualitative jump on the business side. The approval for marketing Glassia in more than six countries, including the US, the agreement with Baxter, the orders backlog, and advantages of the product enable the company to provide guidance of continued strong growth in sales of Glassia, the company's flagship product."

Kamada is due to report the interim results of the Phase I/II clinical trial of intravenous AAT-D1 Alpha protein for the treatment of type 1 diabetes, during the first half of 2012. The final results of the trial, which is being conducted at two Israeli hospitals, are due in late 2012.

Kamada's share price rose 2% in early trading today to NIS 21.80, giving a market cap of NIS 590 million.

Published by Globes [online], Israel business news - www.globes-online.com - on April 1, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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