Exhibit 99.2
KAMADA LTD.
CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
TABLE OF CONTENTS
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F-2 | |
F-3 | |
F-4 - F-7 | |
F-8 - F-9 | |
F-10 - F-13 |
Kamada Ltd. and its subsidiaries
As of September 30, | As of December 31, | |||||||||||
2017 | 2016 | 2016 | ||||||||||
Unaudited | Audited | |||||||||||
In thousands | ||||||||||||
Current Assets | ||||||||||||
Cash and cash equivalents | $ | 12,156 | $ | 6,476 | $ | 9,968 | ||||||
Short-term investments | 27,986 | 20,722 | 18,664 | |||||||||
Trade receivables, net | 21,980 | 14,501 | 19,788 | |||||||||
Other accounts receivables | 2,683 | 4,022 | 3,063 | |||||||||
Inventories | 23,144 | 28,086 | 25,594 | |||||||||
87,949 | 73,807 | 77,077 | ||||||||||
Non-Current Assets | ||||||||||||
Property, plant and equipment, net | 23,597 | 20,720 | 22,249 | |||||||||
Other long-term assets | 443 | 71 | 370 | |||||||||
24,040 | 20,791 | 22,619 | ||||||||||
111,989 | 94,598 | 99,696 | ||||||||||
Current Liabilities | ||||||||||||
Current maturities of loans | 602 | 416 | 412 | |||||||||
Trade payables | 12,004 | 8,916 | 16,277 | |||||||||
Other accounts payables | 6,299 | 4,744 | 5,614 | |||||||||
Deferred revenues | 4,816 | 4,858 | 4,903 | |||||||||
23,721 | 18,934 | 27,206 | ||||||||||
Non-Current Liabilities | ||||||||||||
Loans | 1,501 | 1,502 | 1,364 | |||||||||
Employee benefit liabilities, net | 1,000 | 798 | 722 | |||||||||
Deferred revenues | 2,057 | 4,693 | 3,661 | |||||||||
4,558 | 6,993 | 5,747 | ||||||||||
Shareholder's Equity | ||||||||||||
Ordinary shares | 10,399 | 9,320 | 9,320 | |||||||||
Share premium | 177,193 | 162,649 | 162,671 | |||||||||
Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
Capital reserve from hedges | 57 | 52 | (27 | ) | ||||||||
Capital reserve from available for sale financial assets | 34 | 87 | 19 | |||||||||
Capital reserve from share-based payments | 10,413 | 9,768 | 9,795 | |||||||||
Capital reserve from employee benefits | (81 | ) | (59 | ) | (81 | ) | ||||||
Accumulated deficit | (110,815 | ) | (109,656 | ) | (111,464 | ) | ||||||
83,710 | 68,671 | 66,743 | ||||||||||
$ | 111,989 | $ | 94,598 | $ | 99,696 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F - 2
Nine months period ended September 30, | Three months period ended September 30, | Year ended December 31 | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2016 | ||||||||||||||||
Unaudited | Audited | |||||||||||||||||||
In thousands (except for per-share data) | ||||||||||||||||||||
Revenues from proprietary products | $ | 50,568 | $ | 38,270 | $ | 17,058 | $ | 15,044 | $ | 55,958 | ||||||||||
Revenues from distribution | 16,547 | 14,966 | 5,860 | 4,329 | 21,536 | |||||||||||||||
Total revenues | 67,115 | 53,236 | 22,918 | 19,373 | 77,494 | |||||||||||||||
Cost of revenues from proprietary products | 32,727 | 23,843 | 11,509 | 9,433 | 37,433 | |||||||||||||||
Cost of revenues from distribution | 13,930 | 12,711 | 4,961 | 3,664 | 18,411 | |||||||||||||||
Total cost of revenues | 46,657 | 36,554 | 16,470 | 13,097 | 55,844 | |||||||||||||||
Gross profit | 20,458 | 16,682 | 6,448 | 6,276 | 21,650 | |||||||||||||||
Research and development expenses | 10,056 | 12,024 | 3,418 | 4,415 | 16,245 | |||||||||||||||
Selling and marketing expenses | 3,133 | 2,557 | 1,021 | 866 | 3,243 | |||||||||||||||
General and administrative expenses | 6,270 | 5,688 | 2,323 | 2,014 | 7,643 | |||||||||||||||
Operating income (loss) | 999 | (3,587 | ) | (314 | ) | (1,019 | ) | (5,481 | ) | |||||||||||
Financial income | 266 | 388 | 92 | 90 | 469 | |||||||||||||||
Income (expense) in respect of currency exchange and derivatives instruments, net | (479 | ) | (132 | ) | - | (73 | ) | 127 | ||||||||||||
Financial expense | (50 | ) | (106 | ) | (14 | ) | (39 | ) | (126 | ) | ||||||||||
Gain (loss) before taxes on income | 736 | (3,437 | ) | (236 | ) | (1,041 | ) | (5,011 | ) | |||||||||||
Taxes on income | 87 | 1,488 | - | - | 1,722 | |||||||||||||||
Net income (loss) | 649 | (4,925 | ) | (236 | ) | (1,041 | ) | (6,733 | ) | |||||||||||
Other Comprehensive Income (loss): | ||||||||||||||||||||
Items that may be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
Gain (loss) on available for sale financial assets | 15 | 14 | 3 | (32 | ) | (54 | ) | |||||||||||||
Gain (loss) on cash flow hedges | 303 | 124 | (69 | ) | 44 | 47 | ||||||||||||||
Net amounts transferred to the statement of profit or loss for cash flow hedges | (219 | ) | (71 | ) | (103 | ) | (1 | ) | (73 | ) | ||||||||||
Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
Actuarial net gain of defined benefit plans | - | - | - | - | (22 | ) | ||||||||||||||
Total comprehensive income (loss) | $ | 748 | $ | (4,858 | ) | $ | (405 | ) | $ | (1,030 | ) | $ | (6,835 | ) | ||||||
Earnings (loss) per share attributable to equity holders of the Company: | ||||||||||||||||||||
Basic earnings (loss) per share | $ | 0.02 | $ | (0.14 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.18 | ) | ||||||
Diluted earnings (loss) per share | $ | 0.02 | $ | (0.14 | ) | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.18 | ) |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F - 3
Kamada Ltd. and its subsidiaries
Share Capital | Share premium | Capital reserve from available for sale financial assets | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2017 (audited) | $ | 9,320 | $ | 162,671 | $ | 19 | $ | (3,490 | ) | $ | (27 | ) | $ | 9,795 | $ | (81 | ) | $ | (111,464 | ) | $ | 66,743 | ||||||||||||||
Net income | - | - | - | - | - | - | - | 649 | 649 | |||||||||||||||||||||||||||
Other comprehensive income | - | - | 15 | - | 84 | - | - | - | 99 | |||||||||||||||||||||||||||
Total comprehensive income | - | - | 15 | 84 | - | 649 | 748 | |||||||||||||||||||||||||||||
Exercise of share-based payment into shares | 2 | 41 | - | - | - | (41 | ) | - | - | 2 | ||||||||||||||||||||||||||
Issuance of ordinary shares, net of issuance costs | 1,077 | 14,481 | - | - | - | - | - | 15,558 | ||||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 659 | - | - | 659 | |||||||||||||||||||||||||||
Balance as of September 30, 2017 | $ | 10,399 | $ | 177,193 | $ | 34 | $ | (3,490 | ) | $ | 57 | $ | 10,413 | $ | (81 | ) | $ | (110,815 | ) | $ | 83,710 |
F - 4
Kamada Ltd. and its subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share Capital | Share premium | Capital reserve from available for sale financial assets | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2016 (audited) | $ | 9,320 | $ | 162,238 | $ | 73 | $ | (3,490 | ) | $ | (1 | ) | $ | 9,157 | $ | (59 | ) | $ | (104,731 | ) | $ | 72,507 | ||||||||||||||
Loss | - | - | - | - | - | - | - | (4,925 | ) | (4,925 | ) | |||||||||||||||||||||||||
Other comprehensive income | - | - | 14 | - | 53 | - | - | - | 67 | |||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | 14 | - | 53 | - | - | (4,925 | ) | (4,858 | ) | |||||||||||||||||||||||||
Exercise of options into shares, net | * | * | - | - | - | * | - | - | * | |||||||||||||||||||||||||||
Forfeiture of options | - | 411 | - | - | - | (411 | ) | - | - | - | ||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 1,022 | - | - | 1,022 | |||||||||||||||||||||||||||
Balance as of September 30, 2016 | $ | 9,320 | $ | 162,649 | $ | 87 | $ | (3,490 | ) | $ | 52 | $ | 9,768 | $ | (59 | ) | $ | (109,656 | ) | $ | 68,671 |
F - 5
Kamada Ltd. and its subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share Capital | Share premium | Capital reserve from available for sale financial assets | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2017 | $ | 9,321 | $ | 162,686 | $ | 31 | $ | (3,490 | ) | $ | 229 | $ | 10,221 | $ | (81 | ) | $ | (110,579 | ) | $ | 68,338 | |||||||||||||||
Net loss | - | - | - | - | - | - | - | (236 | ) | (236 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | 3 | - | (172 | ) | - | - | - | (169 | ) | |||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | 3 | - | (172 | ) | - | - | (236 | ) | (405 | ) | ||||||||||||||||||||||||
Exercise of share-based payment into shares | 1 | 26 | (26 | ) | 1 | |||||||||||||||||||||||||||||||
Issuance of ordinary shares, net of issuance costs | 1,077 | 14,481 | - | - | - | - | - | 15,558 | ||||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 218 | - | - | 218 | |||||||||||||||||||||||||||
Balance as of September 30, 2017 | $ | 10,399 | $ | 177,193 | $ | 34 | $ | (3,490 | ) | $ | 57 | $ | 10,413 | $ | (81 | ) | $ | (110,815 | ) | $ | 83,710 |
*Represent an amount of less than 1 thousands.
The accompanying Notes are an integral part of the Consolidated Financial Statements.
Share Capital | Share premium | Capital reserve from available for sale financial assets | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||
Balance as of July 1, 2016 | $ | 9,320 | $ | 162,649 | $ | 119 | $ | (3,490 | ) | $ | 9 | $ | 9,455 | $ | (59 | ) | $ | (108,615 | ) | 69,388 | ||||||||||||||||
Loss | - | - | - | - | - | - | - | (1,043 | ) | (1,043 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss) | - | - | (32 | ) | - | 43 | - | - | - | 11 | ||||||||||||||||||||||||||
Total comprehensive income (loss) | - | - | (32 | ) | - | 43 | - | - | (1,043 | ) | (1,030 | ) | ||||||||||||||||||||||||
Exercise of options into shares, net | * | * | - | - | - | - | - | - | * | |||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 313 | - | - | 313 | |||||||||||||||||||||||||||
Balance as of September 30, 2016 | $ | 9,320 | $ | 162,649 | $ | 87 | $ | (3,490 | ) | $ | 52 | $ | 9,768 | $ | (59 | ) | $ | (109,656 | ) | $ | 68,671 |
F - 6
Kamada Ltd. and its subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Share capital | Share premium | Available for sale reserve | Capital reserve due to translation to presentation currency | Capital reserve from hedges | Capital reserve from share-based payments | Capital reserve from employee benefits | Accumulated deficit | Total equity | ||||||||||||||||||||||||||||
Audited | ||||||||||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2015 (audited) | $ | 9,320 | $ | 162,238 | $ | 73 | $ | (3,490 | ) | $ | (1 | ) | $ | 9,157 | $ | (59 | ) | $ | (104,731 | ) | $ | 72,507 | ||||||||||||||
Net loss | - | - | - | - | - | - | - | (6,733 | ) | (6,733 | ) | |||||||||||||||||||||||||
Other comprehensive loss | - | - | (54 | ) | - | (26 | ) | - | (22 | ) | - | (102 | ) | |||||||||||||||||||||||
Total comprehensive loss | - | - | (54 | ) | - | (26 | ) | - | (22 | ) | (6,733 | ) | (6,835 | ) | ||||||||||||||||||||||
Exercise of options into shares | * | 433 | - | - | - | (433 | ) | - | - | * | ||||||||||||||||||||||||||
Cost of share-based payment | - | - | - | - | - | 1,071 | - | - | 1,071 | |||||||||||||||||||||||||||
Balance as of December 31, 2016 | $ | 9,320 | $ | 162,671 | $ | 19 | $ | (3,490 | ) | $ | (27 | ) | $ | 9,795 | $ | (81 | ) | $ | (111,464 | ) | $ | 66,743 |
*Represent an amount of less than 1 thousand
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F - 7
Kamada Ltd. and its subsidiaries
Nine months period Ended September 30, | Three months period Ended September 30, | Year Ended December 31, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2016 | ||||||||||||||||
Unaudited | Audited | |||||||||||||||||||
In thousands | ||||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net gain (loss) | $ | 649 | $ | (4,925 | ) | $ | (236 | ) | $ | (1,041 | ) | $ | (6,733 | ) | ||||||
Adjustments to reconcile gain (loss) to net cash provided by (used in) operating activities: | ||||||||||||||||||||
Adjustments to the profit or loss items: | ||||||||||||||||||||
Depreciation, amortization and impairment of equipment | 2,648 | 2,631 | 903 | 922 | 3,501 | |||||||||||||||
Finance expense ( income), net | 263 | (150 | ) | (78 | ) | 22 | (470 | ) | ||||||||||||
Cost of share-based payment | 659 | 1,022 | 218 | 313 | 1,071 | |||||||||||||||
Income tax expense | 87 | 1,488 | - | - | 1,722 | |||||||||||||||
Loss (gain) from sale of property and equipment | (49 | ) | (23 | ) | (4 | ) | (33 | ) | (18 | ) | ||||||||||
Change in employee benefit liabilities, net | 278 | 11 | 137 | 396 | (87 | ) | ||||||||||||||
3,886 | 4,979 | 1,176 | 1,620 | 5,719 | ||||||||||||||||
Changes in asset and liability items: | ||||||||||||||||||||
Decrease (increase) in trade receivables, net | (2,924 | ) | 8,948 | 863 | 1,644 | 3,489 | ||||||||||||||
Decrease in other accounts receivables | (393 | ) | (654 | ) | (547 | ) | (801 | ) | 211 | |||||||||||
Decrease (increase) in inventories | 2,450 | (1,750 | ) | 928 | 235 | 742 | ||||||||||||||
Decrease (increase) in deferred expenses | 872 | (487 | ) | (132 | ) | 287 | (433 | ) | ||||||||||||
Decrease in trade payables | (3,885 | ) | (8,277 | ) | (1,906 | ) | (1,408 | ) | (2,650 | ) | ||||||||||
Increase in other accounts payables | 716 | 681 | (473 | ) | (45 | ) | 1,520 | |||||||||||||
Increase (decrease) in deferred revenues | (1,691 | ) | 2,022 | (1,238 | ) | (987 | ) | 1,035 | ||||||||||||
(4,855 | ) | 483 | (2,505 | ) | (973 | ) | 3,914 | |||||||||||||
Cash received (paid) during the period for: | ||||||||||||||||||||
Interest paid | (16 | ) | (46 | ) | (7 | ) | (37 | ) | (60 | ) | ||||||||||
Interest received | 266 | 657 | 117 | 233 | 842 | |||||||||||||||
Taxes paid | (14 | ) | (1,781 | ) | (4 | ) | (1,475 | ) | (1,785 | ) | ||||||||||
236 | (1,170 | ) | 106 | (1,279 | ) | (1,003 | ) | |||||||||||||
Net cash provided by (used in) operating activities | $ | (84 | ) | $ | (633 | ) | $ | (1,459 | ) | $ | (1,673 | ) | $ | 1,897 |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F - 8
Kamada Ltd. and its subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine months period Ended September 30, | Three months period Ended September 30, | Year Ended December 31, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2016 | ||||||||||||||||
Unaudited | Audited | |||||||||||||||||||
Thousands of US dollar | ||||||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Proceeds from sale of )investment in) short term investments, net | $ | (9,068 | ) | $ | 2,369 | $ | (12,041 | ) | $ | 1,593 | $ | 4,236 | ||||||||
Purchase of property and equipment | (3,407 | ) | (1,904 | ) | (792 | ) | (435 | ) | (2,641 | ) | ||||||||||
Proceeds from sale of property and equipment | 57 | 41 | 4 | 20 | 42 | |||||||||||||||
Net cash provided by (used in) investing activities | (12,418 | ) | 506 | (12,829 | ) | 1,178 | 1,637 | |||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from exercise of share base payment | 2 | * | 1 | * | * | |||||||||||||||
Receipt of long-term loans | 279 | 1,701 | 279 | - | 1,701 | |||||||||||||||
Repayment of long-term loans | (380 | ) | (159 | ) | (142 | ) | (98 | ) | (211 | ) | ||||||||||
Proceeds from issuance of ordinary shares, net | 15,558 | - | 15,558 | - | - | |||||||||||||||
Net cash provided by (used in) financing activities | 15,459 | 1,542 | 15,696 | (98 | ) | 1,490 | ||||||||||||||
Exchange differences on balances of cash and cash equivalent | (769 | ) | 14 | (276 | ) | (67 | ) | (103 | ) | |||||||||||
Increase (decrease) in cash and cash equivalents | 2,188 | 1,429 | 1,132 | (660 | ) | 4,921 | ||||||||||||||
Cash and cash equivalents at the beginning of the period | 9,968 | 5,047 | 11,024 | 7,136 | 5,047 | |||||||||||||||
Cash and cash equivalents at the end of the period | $ | 12,156 | $ | 6,476 | $ | 12,156 | $ | 6,476 | $ | 9,968 | ||||||||||
Significant non-cash transactions | ||||||||||||||||||||
Purchase of property and equipment through capital lease | $ | 282 | $ | 132 | $ | - | $ | 48 | $ | 132 | ||||||||||
Purchase of property and equipment | $ | 398 | $ | - | $ | 398 | $ | - | $ | 1,968 |
* Represent an amount of less than 1 thousand
The accompanying Notes are an integral part of the Consolidated Financial Statements.
F - 9
Note 1:- | General |
These Financial Statements have been prepared in a condensed format as of September 30, 2017 and for the nine and three months then ended ("interim consolidated financial statements").
These financial statements should be read in conjunction with the Company's annual financial statements as of December 31, 2016 and for the year then ended and the accompanying notes ("annual consolidated financial statements").
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".
Note 3:- Operating Segments
a. | General: |
The Company has two operating segments, as follows:
Proprietary Products | - | Medicine development, manufacture and sale of plasma-derived therapeutics products. |
Distribution | - | Distribution of drugs in Israel manufacture by other companies for clinical uses, most of which are produced from plasma or its derivatives products. |
b. | Reporting on operating segments: |
Proprietary Products | Distribution | Total | ||||||||||
Unaudited | ||||||||||||
Nine months period ended September 30, 2017 | ||||||||||||
Revenues | $ | 50,568 | $ | 16,547 | $ | 67,115 | ||||||
Gross profit | $ | 17,841 | $ | 2,617 | 20,458 | |||||||
Unallocated corporate expenses | (19,459 | ) | ||||||||||
Finance expense, net | (263 | ) | ||||||||||
Gain before taxes on income | $ | 736 |
F - 10
Kamada Ltd. and its subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 3:- | Operating Segments (Cont.) |
Proprietary Products | Distribution | Total | ||||||||||
Unaudited | ||||||||||||
Nine months period ended September 30, 2016 | ||||||||||||
Revenues | $ | 38,270 | $ | 14,966 | $ | 53,236 | ||||||
Gross profit | $ | 14,427 | $ | 2,255 | 16,682 | |||||||
Unallocated corporate expenses | (20,269 | ) | ||||||||||
Finance income, net | 150 | |||||||||||
Loss before taxes on income | $ | (3,437 | ) |
Proprietary Products | Distribution | Total | ||||||||||
Unaudited | ||||||||||||
Three months period ended September 30, 2017 | ||||||||||||
Revenues | $ | 17,058 | $ | 5,860 | $ | 22,918 | ||||||
Gross profit | $ | 5,549 | $ | 899 | 6,448 | |||||||
Unallocated corporate expenses | (6,762 | ) | ||||||||||
Finance expense, net | 78 | |||||||||||
Loss before taxes on income | $ | (236 | ) |
Proprietary Products | Distribution | Total | ||||||||||
Unaudited | ||||||||||||
Three months period ended September 30, 2016 | ||||||||||||
Revenues | $ | 15,044 | $ | 4,329 | $ | 19,373 | ||||||
Gross profit | $ | 5,611 | $ | 665 | 6,276 | |||||||
Unallocated corporate expenses | (7,295 | ) | ||||||||||
Finance income, net | (22 | ) | ||||||||||
Loss before taxes on income | $ | (1,041 | ) |
Proprietary Products | Distribution | Total | ||||||||||
In thousands | ||||||||||||
Audited | ||||||||||||
Year Ended December 31, 2016 | ||||||||||||
Revenues | $ | 55,958 | $ | 21,536 | $ | 77,494 | ||||||
Gross profit | $ | 18,525 | $ | 3,125 | $ | 21,650 | ||||||
Unallocated corporate expenses | (27,131 | ) | ||||||||||
Finance income, net | 470 | |||||||||||
Loss before taxes on income | $ | (5,011 | ) |
F - 11
Kamada Ltd. and its subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4:- | Financial Instruments |
a. Classification of financial instruments by fair value hierarchy
Financial assets (liabilities) measured at fair value
Level 1 | Level 2 | |||||||
In thousands | ||||||||
September 30, 2017 | ||||||||
Marketable securities at fair value through profit or loss: | ||||||||
Equity shares | $ | 79 | $ | - | ||||
Mutual funds | 442 | - | ||||||
Debt securities (corporate and government) | 1,167 | - | ||||||
1,688 | ||||||||
Derivatives instruments | $ | - | $ | 93 | ||||
Available for sale debt securities (corporate and government) | $ | - | $ | 8,162 | ||||
$ | 1,688 | $ | 8,255 | |||||
September 30, 2016 | ||||||||
Marketable securities at fair value through profit or loss: | ||||||||
Equity shares | $ | 75 | - | |||||
Mutual funds | 393 | - | ||||||
Debt securities (corporate and government) | 1,054 | $ | - | |||||
1,522 | - | |||||||
Derivatives instruments | $ | - | $ | 38 | ||||
Available for sale debt securities (corporate and government) | $ | - | $ | 19,201 | ||||
$ | 1,522 | $ | 19,239 | |||||
December 31, 2016 | ||||||||
Marketable securities at fair value through profit or loss: | ||||||||
Equity shares | 70 | $ | - | |||||
Mutual funds | 388 | - | ||||||
Debt securities (corporate and government) | 1,032 | - | ||||||
1,490 | - | |||||||
Derivatives instruments | - | (32 | ) | |||||
Available for sale debt securities (corporate and government) | - | 9,164 | ||||||
$ | 1,490 | $ | 9,132 |
b. | During the nine months ended on September 30, 2017 there was no transfer 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. |
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Kamada Ltd. and its subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 5:- | Significant Events during the period |
a. | Commencing January 1, 2017, the Israeli corporate tax rate was reduced from 25% to 24%. |
b. | On August 2, 2017 the Company had a public offering on the NASDAQ of 3,333,334 shares at $4.5 per share. As part of the offering, the underwriters received a right to purchase an additional 500,000 ordinary shares to cover over-allotments at the same price per share. This option was fully exercise on August 30, 2017. The Company's total net proceeds from the issuance of the above shares were $15.6 million. |
c. | On July 31, 2017 the Company's Board of Directors approved to grant share base payment to the Company's employees, management and directors. The share base payment grants are as follows: |
1. | A grant of 398,450 options at a range of an exercise price of NIS 20.94 to NIS 21.99 per option and 48,669 restricted shares (“RS”) (with no exercise price) to the Company’s management and employees. The options are exercisable into ordinary shares. According to a calculation formula based on the Binomial Model, the fair value of the options and of the RSs was estimated at $583 thousands and $220 thousands, respectively. |
2. | The grant of 18,000 options at an exercise price of NIS 21.99 per option and 6,000 RS to Mr. Amir London, the Company’s CEO. The options are exercisable into ordinary shares. The fair value of the options and of the RSs was estimated at $38 thousands and $27 thousands, respectively. |
3. | The grant of 40,000 options at an exercise price of NIS 21.99 per option to board members at a fair value of approximately $85 thousands. |
The grant of options to the board members and the grant of options and RS to Mr. Amir London are subject to the approval of the General Meeting of Shareholders of the Company that is scheduled on November 30, 2017.
d. | In August 2017, the Company received the Food and Drug Administration (FDA) approval for marketing the KamRAB, a post exposure prophylaxis product for the prevention of rabies in human beings, in the United States. The Company expects to start marketing the product in 2018. |
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