Kamada Ltd.

Greetings and welcome to the Comida fourth quarter and full year 2024 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Ritchie, with LifeSci Advisors. Thank you, sir. You may begin.

Thank you. This is Brian Ritchie with Lifestyle Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer, and Jaime Orlov, Chief Financial Officer. Earlier today, Kamada announced its financial results for the three months and full year ended December 31st, 2024. If you have not received this news release, Please go to the investors page of the company's website at www.kamada.com. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including Without limitation, the company's forms 20F and 6K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, March 5th, 2025. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call. With that said, it is my pleasure to turn the call over to Amir London, CEO. Amir?

Thank you, Brian. My thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. I'm pleased to report that our performance was excellent over the course of 2024. leading to record top and bottom line financial results. Total revenue for 2024 were $161 million, coming in at the top end of our guidance range and representing a 13% increase over 2023 revenues. Adjusted EBITDA was a record $34.1 million, also at the top end of our expected range and representing 42% year-over-year growth. These outstanding results were driven by strengths across our entire portfolio, improvement in the overall sales mix, and increased sales of our two most profitable growth drivers, Kedrub and CytoGum. In 2024, we generated $47.6 million in cash from operations, resulting in a year-end strong balance sheet of $78.4 million in in cash. Based on our very strong financial results and solid cash position, we are pleased to announce earlier today that our Board of Directors declared a special cash dividend of 20 cents per share to be paid in April. Importantly, we are well positioned to continue our growth with ample liquidity to execute on the advancement of our main growth pillars. The declaration of a dividend to our shareholders reinforces our confidence in the company business prospects and demonstrates our commitment to generating shareholder value. Based on our robust operational and financial performance, we enter 2025 from a position of significant strength and with a highly favorable outlook. For fiscal 2025, we expect to continue delivering double-digit profitable growth driven by our diverse commercial portfolio marketed in over 30 countries, and we are forecasting 2025 annual revenues of $178 million to $182 million and $38 million to $42 million of adjusted EBITDA. The midpoints of our 2025 guidance represent increase of approximately 12% in revenues and approximately 17% in adjusted EBITDA, respectively, over our 2024 results. I will now proceed to briefly review our growth strategy and operational priorities for 2025 and beyond. I will then turn the call over to Jaime to discuss our 2024 financial results in greater details. On prior calls, I've outlined the four pillars of our growth strategy, organic growth from our existing commercial portfolio, business development and M&A transactions to support and expedite our growth, expansion of our plasma collection operation, and our ongoing Phase III pivotal trial for inhaled AAT product that is targeting an over $2 billion market. Throughout 2024, we made significant progress advancing each of these value-driving catalysts, and in 2025, they remain the key focus of our growth strategy. I will begin with our commercial portfolio of six FDA-approved products marketed in over 30 countries. Our two main growth catalysts in 2024 were Kedav and CytoGum, resulting from increased demand in the U.S. market. We also experienced a meaningful increase in glacier sales in multiple international markets, where we partnered with strong local distributors specializing in rare respiratory diseases. During the year, we also continue to successfully build our present and future prospects in the MENA region, participating and winning local tenders. In January 2025, we announced the award of a three-year contract with an international organization for the supply of CAMRAB and VARIZIG in Latin America. We are pleased with this significant three-year supply agreement which we believe validates the global strength of our leading specialty in the global portfolio. We expect total revenue from both products throughout the three years to be approximately $25 million. Winning this tender is indicative of the substantial commercial potential of our broad product portfolio in the international markets beyond the U.S. and Canada, and we intend to continue to pursue additional commercial contracts in key strategic territories. Moreover, in 2024, we successfully launched our first biosimilar product in Israel, and we expect to launch two additional biosimilars in 2025. We have several other biosimilar products in the pipeline to be launched in the coming years. We expect that this portfolio will become an increasingly important portion of our distribution business, with annual sales of between $15 million to $20 million within the next five years. During 2024, we continue to demonstrate our ability to convert adjusted EBITDA into operational cash. To this end, in 2025, we expect to secure compelling new business development in licensing, collaboration, and or M&A transactions. Such agreements generate operational and or commercial synergies with our current commercial portfolio. Turning now to our plasma collection centers. In 2024, we open our second plasma collection center in Houston, Texas. The new center in Houston is expected to be one of the largest sites for specialty plasma collection in the U.S. and will also collect normal source plasma to be sold to third parties. In addition to the new Houston center, Construction of our third plasma collection site in San Antonio, Texas is now complete and the site will be open this month. This 12,000 square foot San Antonio center will support over 50 donor beds with an estimated total collection capacity of approximately 50,000 liters annually. As a reminder, each of our two new plasma collection centers is expected to contribute annual revenues of between $8 million to $10 million in cells of normal source plasma once at its full capacity. Turning out or inhaled AAT therapy. As we recently announced, the U.S. FDA confirmed its agreement with our previously proposed relaxed two-sided type 1 error rate control modified from 5% to 10%, which means p-value of 0.1. Based on the accepted change in the p-value, as well as additional revision to the statistical analysis plan, we are reducing the study sample size from 220 patients to approximately 180 patients, while maintaining the statistical power of the trial. We've also announced that we plan to conduct a futility analysis by the end of 2025. With that, I'll turn the call over to Jaime for a detailed discussion of our financial results for the fourth quarter and the full year 2024.