Exhibit 99.2
KAMADA LTD.
CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2022
TABLE OF CONTENTS
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KAMADA LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| | | As of September 30, | | | As of
December 31, | |
| | | 2022 | | | 2021 | | | 2021 | |
| | | Unaudited | | | Audited | |
| | | U.S Dollars in thousands | |
| Assets | | | | | | | | | |
| Current Assets | | | | | | | | | |
| Cash and cash equivalents | | $ | 31,252 | | | $ | 99,840 | | | $ | 18,587 | |
| Trade receivables, net | | | 23,997 | | | | 26,548 | | | | 35,162 | |
| Other accounts receivables | | | 6,884 | | | | 4,392 | | | | 8,872 | |
| Inventories | | | 73,029 | | | | 48,163 | | | | 67,423 | |
| Total Current Assets | | | 135,162 | | | | 178,943 | | | | 130,044 | |
| | | | | | | | | | | | | |
| Non-Current Assets | | | | | | | | | | | | |
| Property, plant and equipment, net | | | 25,898 | | | | 25,856 | | | | 26,307 | |
| Right-of-use assets | | | 2,793 | | | | 3,361 | | | | 3,092 | |
| Intangible assets, Goodwill and other long-term assets | | | 148,620 | | | | 3,380 | | | | 153,663 | |
| Contract assets | | | 7,164 | | | | 4,987 | | | | 5,561 | |
| Total Non-Current Assets | | | 184,475 | | | | 37,584 | | | | 188,623 | |
| Total Assets | | $ | 319,637 | | | $ | 216,527 | | | $ | 318,667 | |
| Liabilities | | | | | | | | | | | | |
| Current Liabilities | | | | | | | | | | | | |
| Current maturities of bank loans | | $ | 4,444 | | | $ | 52 | | | $ | 2,631 | |
| Current maturities of lease liabilities | | | 1,004 | | | | 1,181 | | | | 1,154 | |
| Current maturities of other long term liabilities | | | 25,095 | | | | - | | | | 17,986 | |
| Trade payables | | | 30,619 | | | | 19,010 | | | | 25,104 | |
| Other accounts payables | | | 7,948 | | | | 6,346 | | | | 7,142 | |
| Deferred revenues | | | 40 | | | | - | | | | 40 | |
| Total Current Liabilities | | | 69,150 | | | | 26,589 | | | | 54,057 | |
| | | | | | | | | | | | | |
| Non-Current Liabilities | | | | | | | | | | | | |
| Bank loans | | | 14,074 | | | | - | | | | 17,407 | |
| Lease liabilities | | | 2,414 | | | | 3,283 | | | | 3,160 | |
| Contingent consideration | | | 20,705 | | | | - | | | | 21,995 | |
| Other long-term liabilities | | | 39,915 | | | | - | | | | 43,929 | |
| Deferred revenues | | | 15 | | | | 3,575 | | | | 15 | |
| Employee benefit liabilities, net | | | 813 | | | | 1,467 | | | | 1,280 | |
| Total Non-Current Liabilities | | | 77,936 | | | | 8,325 | | | | 87,786 | |
| | | | | | | | | | | | | |
| Shareholder’s Equity | | | | | | | | | | | | |
| Ordinary shares | | | 11,732 | | | | 11,720 | | | | 11,725 | |
| Additional paid in capital net | | | 210,355 | | | | 210,005 | | | | 210,204 | |
| Capital reserve due to translation to presentation currency | | | (3,490 | ) | | | (3,490 | ) | | | (3,490 | ) |
| Capital reserve from hedges | | | (257 | ) | | | 35 | | | | 54 | |
| Capital reserve from share-based payments | | | 5,427 | | | | 4,817 | | | | 4,643 | |
| Capital reserve from employee benefits | | | 212 | | | | (320 | ) | | | (149 | ) |
| Accumulated deficit | | | (51,428 | ) | | | (41,154 | ) | | | (46,163 | ) |
| Total Shareholder’s Equity | | | 172,551 | | | | 181,613 | | | | 176,824 | |
| Total Liabilities and Shareholder’s Equity | | $ | 319,637 | | | $ | 216,527 | | | $ | 318,667 | |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
KAMADA LTD.
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| | | Nine months period ended | | | Three months period ended | | | Year ended | |
| | | September 30, | | | September 30, | | | December 31, | |
| | | 2022 | | | 2021 | | | 2022 | | | 2021 | | | 2021 | |
| | | Unaudited | | | Unaudited | | | Audited | |
| | | U.S Dollars In thousands | |
| | | | | | | | | | | | | | | | |
| Revenues from proprietary products | | $ | 67,198 | | | $ | 57,316 | | | $ | 25,580 | | | $ | 17,123 | | | $ | 75,521 | |
| Revenues from distribution | | | 16,702 | | | | 14,857 | | | | 6,637 | | | | 5,911 | | | | 28,121 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total revenues | | | 83,900 | | | | 72,173 | | | | 32,217 | | | | 23,034 | | | | 103,642 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cost of revenues from proprietary products | | | 37,856 | | | | 35,605 | | | | 13,151 | | | | 12,078 | | | | 48,194 | |
| Cost of revenues from distribution | | | 14,632 | | | | 12,835 | | | | 6,196 | | | | 5,226 | | | | 25,120 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total cost of revenues | | | 52,488 | | | | 48,440 | | | | 19,347 | | | | 17,304 | | | | 73,314 | |
| | | | | | | | | | | | | | | | | | | | | |
| Gross profit | | | 31,412 | | | | 23,733 | | | | 12,870 | | | | 5,730 | | | | 30,328 | |
| | | | | | | | | | | | | | | | | | | | | |
| Research and development expenses | | | 10,181 | | | | 7,909 | | | | 3,118 | | | | 2,545 | | | | 11,357 | |
| Selling and marketing expenses | | | 10,435 | | | | 3,803 | | | | 3,843 | | | | 1,256 | | | | 6,278 | |
| General and administrative expenses | | | 9,481 | | | | 8,803 | | | | 3,165 | | | | 2,691 | | | | 12,636 | |
| Other expenses | | | 801 | | | | 612 | | | | 182 | | | | 42 | | | | 753 | |
| Operating income (loss) | | | 514 | | | | 2,606 | | | | 2,562 | | | | (804 | ) | | | (696 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Financial income | | | 32 | | | | 277 | | | | 29 | | | | 68 | | | | 295 | |
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | | | 756 | | | | 74 | | | | 163 | | | | (48 | ) | | | (207 | ) |
| Financial Income (expense) in respect of contingent consideration and other long- term liabilities. | | | (5,924 | ) | | | - | | | | (2,049 | ) | | | - | | | | (947 | ) |
| Financial expenses | | | (583 | ) | | | (178 | ) | | | (211 | ) | | | (61 | ) | | | (330 | ) |
| Income before tax on income | | | (5,205 | ) | | | 2,779 | | | | 494 | | | | (845 | ) | | | (1,885 | ) |
| Taxes on income | | | 60 | | | | - | | | | 10 | | | | - | | | | 345 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net Income (loss) | | $ | (5,265 | ) | | $ | 2,779 | | | $ | 484 | | | $ | (845 | ) | | $ | (2,230 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Other Comprehensive Income (loss): | | | | | | | | | | | | | | | | | | | | |
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met | | | | | | | | | | | | | | | | | | | | |
| Gain (loss) on cash flow hedges | | | (830 | ) | | | 25 | | | | (46 | ) | | | 68 | | | | 185 | |
| Net amounts transferred to the statement of profit or loss for cash flow hedges | | | 519 | | | | (347 | ) | | | 231 | | | | (91 | ) | | | (488 | ) |
| Items that will not be reclassified to profit or loss in subsequent periods: | | | | | | | | | | | | | | | | | | | | |
| Remeasurement gain (loss) from defined benefit plan | | | 361 | | | | - | | | | (59 | ) | | | - | | | | 171 | |
| Total comprehensive income (loss) | | $ | (5,215 | ) | | $ | 2,457 | | | $ | 610 | | | $ | (868 | ) | | $ | (2,362 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Earnings per share attributable to equity holders of the Company: | | | | | | | | | | | | | | | | | | | | |
| Basic net earnings per share | | $ | (0.12 | ) | | $ | 0.06 | | | $ | 0.01 | | | $ | (0.02 | ) | | $ | (0.05 | ) |
| Diluted net earnings per share | | $ | (0.12 | ) | | $ | 0.06 | | | $ | 0.01 | | | $ | (0.02 | ) | | $ | (0.05 | ) |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| | | Share | | | Additional
paid in | | | Capital reserve
due to
translation to
presentation | | | Capital
reserve
from | | | Capital reserve
from
sharebased | | | Capital
reserve
from employee | | | Accumulated | | | Total | |
| | | capital | | | capital | | | currency | | | hedges | | | payments | | | benefits | | | deficit | | | equity | |
| | | Unaudited | |
| | | In thousands | |
| Balance as of January 1, 2022 (audited) | | $ | 11,725 | | | $ | 210,204 | | | $ | (3,490 | ) | | $ | 54 | | | $ | 4,643 | | | $ | (149 | ) | | $ | (46,163 | ) | | $ | 176,824 | |
| Net income | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (5,265 | ) | | | (5,265 | ) |
| Other comprehensive income (loss) | | | - | | | | - | | | | - | | | | (311 | ) | | | - | | | | 361 | | | | - | | | | 50 | |
| Tax effect | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Total comprehensive income (loss) | | | - | | | | - | | | | - | | | | (311 | ) | | | - | | | | 361 | | | | (5,265 | ) | | | (5,215 | ) |
| Exercise and forfeiture of share-based payment into shares | | | 7 | | | | 151 | | | | - | | | | - | | | | (151 | ) | | | - | | | | - | | | | 7 | |
| Cost of share-based payment | | | - | | | | - | | | | - | | | | - | | | | 935 | | | | - | | | | - | | | | 935 | |
| Balance as of September 30, 2022 | | $ | 11,732 | | | $ | 210,355 | | | $ | (3,490 | ) | | $ | (257 | ) | | $ | 5,427 | | | $ | 212 | | | $ | (51,428 | ) | | $ | 172,551 | |
| | | Share | | | Additional
paid in | | | Capital reserve
due to
translation to
presentation | | | Capital
reserve
from | | | Capital reserve
from
sharebased | | | Capital
reserve
from employee | | | Accumulated | | | Total | |
| | | capital | | | capital | | | currency | | | hedges | | | payments | | | benefits | | | deficit | | | equity | |
| | | Unaudited | |
| | | In thousands | |
| Balance as of January 1, 2021 (audited) | | $ | 11,706 | | | $ | 209,760 | | | $ | (3,490 | ) | | $ | 357 | | | $ | 4,558 | | | $ | (320 | ) | | $ | (43,933 | ) | | $ | 178,638 | |
| Net income | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 2,779 | | | | 2,779 | |
| Other comprehensive income (loss) | | | - | | | | - | | | | - | | | | (322 | ) | | | - | | | | - | | | | - | | | | (322 | ) |
| Tax effect | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Total comprehensive income (loss) | | | - | | | | - | | | | - | | | | (322 | ) | | | - | | | | - | | | | 2,779 | | | | 2,457 | |
| Exercise and forfeiture of share-based payment into shares | | | 14 | | | | 245 | | | | - | | | | - | | | | (245 | ) | | | - | | | | - | | | | 14 | |
| Cost of share-based payment | | | - | | | | - | | | | - | | | | - | | | | 504 | | | | - | | | | - | | | | 504 | |
| Balance as of September 30, 2021 | | $ | 11,720 | | | $ | 210,005 | | | $ | (3,490 | ) | | $ | 35 | | | $ | 4,817 | | | $ | (320 | ) | | $ | (41,154 | ) | | $ | 181,613 | |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| | | Share | | | Additional
paid in | | | Capital reserve
due to
translation to
presentation | | | Capital
reserve
from | | | Capital reserve
from
sharebased | | | Capital
reserve
from employee | | | Accumulated | | | Total | |
| | | capital | | | capital | | | currency | | | hedges | | | payments | | | benefits | | | deficit | | | equity | |
| | | Unaudited | |
| | | In thousands | |
| Balance as of July 1, 2022 | | $ | 11,731 | | | $ | 210,319 | | | $ | (3,490 | ) | | $ | (442 | ) | | $ | 5,097 | | | $ | 271 | | | $ | (51,912 | ) | | $ | 171,574 | |
| Net income | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 484 | | | | 484 | |
| Other comprehensive income (loss) | | | - | | | | - | | | | - | | | | 185 | | | | - | | | | (59 | ) | | | - | | | | 126 | |
| Tax effect | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Total comprehensive income (loss) | | | - | | | | - | | | | - | | | | 185 | | | | - | | | | (59 | ) | | | 484 | | | | 610 | |
| Exercise and forfeiture of share-based payment into shares | | | 1 | | | | 36 | | | | - | | | | - | | | | (36 | ) | | | - | | | | - | | | | 1 | |
| Cost of share-based payment | | | - | | | | - | | | | - | | | | - | | | | 366 | | | | - | | | | - | | | | 366 | |
| Balance as of September 30, 2022 | | $ | 11,732 | | | $ | 210,355 | | | $ | (3,490 | ) | | $ | (257 | ) | | $ | 5,427 | | | $ | 212 | | | $ | (51,428 | ) | | $ | 172,551 | |
| | | Share
capital | | | Additional
paid in
capital | | | Capital reserve
due to
translation to
presentation currency | | | Capital
reserve
from
hedges | | | Capital reserve
from
sharebased payments | | | Capital reserve
from
employee
benefits | | | Accumulated
deficit | | | Total
equity | |
| | | Unaudited | |
| | | In thousands | |
| Balance as of July 1, 2021 | | $ | 11,716 | | | $ | 209,942 | | | $ | (3,490 | ) | | $ | 58 | | | $ | 4,746 | | | $ | (320 | ) | | $ | (40,309 | ) | | $ | 182,343 | |
| Net income | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (845 | ) | | | (845) | |
| Other comprehensive income (loss) | | | - | | | | - | | | | - | | | | (23 | ) | | | - | | | | - | | | | - | | | | (23 | ) |
| Taxes effect | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Total comprehensive income (loss) | | | - | | | | - | | | | - | | | | (23 | ) | | | - | | | | - | | | | (845 | ) | | | (868) | |
| Exercise and forfeiture of share-based payment into shares | | | 4 | | | | 63 | | | | - | | | | - | | | | (63 | ) | | | - | | | | - | | | | 4 | |
| Cost of share-based payment | | | - | | | | - | | | | - | | | | - | | | | 134 | | | | - | | | | - | | | | 134 | |
| Balance as of September 30, 2021 | | $ | 11,720 | | | $ | 210,005 | | | $ | (3,490 | ) | | $ | 35 | | | $ | 4,817 | | | $ | (320 | ) | | $ | (41,154 | ) | | $ | 181,613 | |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
| | | Share
capital | | | Additional
paid in
capital | | | Capital reserve
due to
translation to
presentation currency | | | Capital
reserve
from
hedges | | | Capital
reserve
from
sharebased payments | | | Capital
reserve
from
employee
benefits | | | Accumulated
deficit | | | Total
equity | |
| | | Audited | |
| | | In thousands | |
| Balance as of January 1, 2021 (audited) | | $ | 11,706 | | | $ | 209,760 | | | $ | (3,490 | ) | | $ | 357 | | | $ | 4,558 | | | $ | (320 | ) | | $ | (43,933 | ) | | $ | 178,638 | |
| Net income | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | (2,230 | ) | | | (2,230 | ) |
| Other comprehensive income (loss) | | | - | | | | - | | | | - | | | | (303 | ) | | | - | | | | 171 | | | | - | | | | (132 | ) |
| Taxes effect | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | |
| Total comprehensive income (loss) | | | - | | | | - | | | | - | | | | (303 | ) | | | - | | | | 171 | | | | (2,230 | ) | | | (2,362 | ) |
| Exercise and forfeiture of share-based payment into shares | | | 19 | | | | 444 | | | | - | | | | - | | | | (444 | ) | | | | | | | - | | | | 19 | |
| Cost of share-based payment | | | - | | | | - | | | | - | | | | - | | | | 529 | | | | | | | | - | | | | 529 | |
| Balance as of December 31, 2021 | | $ | 11,725 | | | $ | 210,204 | | | $ | (3,490 | ) | | $ | 54 | | | $ | 4,643 | | | $ | (149 | ) | | $ | (46,163 | ) | | $ | 176,824 | |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | Nine months period Ended | | | Three months period Ended | | | Year Ended | |
| | | September, 30 | | | September, 30 | | | December 31, | |
| | | 2022 | | | 2021 | | | 2022 | | | 2021 | | | 2021 | |
| | | Unaudited | | | Audited | |
| | | U.S Dollars In thousands | |
| Cash Flows from Operating Activities | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | (5,265 | ) | | $ | 2,779 | | | $ | 484 | | | $ | (845 | ) | | $ | (2,230 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Adjustments to the profit or loss items: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Depreciation and impairment | | | 9,143 | | | | 3,612 | | | | 3,055 | | | | 1,240 | | | | 5,609 | |
| Financial expenses (income), net | | | 5,719 | | | | (173 | ) | | | 2,068 | | | | 41 | | | | 1,189 | |
| Cost of share-based payment | | | 935 | | | | 504 | | | | 366 | | | | 134 | | | | 529 | |
| Taxes on income | | | 60 | | | | - | | | | 10 | | | | - | | | | 345 | |
| Change in employee benefit liabilities, net | | | (106 | ) | | | 61 | | | | (10 | ) | | | 38 | | | | 45 | |
| | | | 15,751 | | | | 4,004 | | | | 5,489 | | | | 1,453 | | | | 7,717 | |
| Changes in asset and liability items: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Decrease (increase) in trade receivables, net | | | 10,744 | | | | (4,446 | ) | | | (6,358 | ) | | | 1,200 | | | | (12,861 | ) |
| Decrease (increase) in other accounts receivables | | | 2,917 | | | | 1,556 | | | | 844 | | | | (73 | ) | | | (1,634 | ) |
| Decrease (increase) in inventories | | | (5,606 | ) | | | (5,963 | ) | | | (8,509 | ) | | | (3,562 | ) | | | (2,373 | ) |
| Decrease (increase) in deferred expenses | | | (2,596 | ) | | | (4,759 | ) | | | (2,112 | ) | | | (2,397 | ) | | | (6,883 | ) |
| Increase (decrease) in trade payables | | | 5,895 | | | | 2,725 | | | | 13,738 | | | | 1,586 | | | | 7,917 | |
| Increase (decrease) in other accounts payables | | | 566 | | | | (1,482 | ) | | | 2,083 | | | | (683 | ) | | | (392 | ) |
| Decrease in deferred revenues | | | - | | | | 1,550 | | | | - | | | | 550 | | | | 1,815 | |
| | | | 11,920 | | | | (10,819 | ) | | | (314 | ) | | | (3,379 | ) | | | (14,411 | ) |
| Cash received (paid) during the period for: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Interest paid | | | (550 | ) | | | (139 | ) | | | (170 | ) | | | (32 | ) | | | (228 | ) |
| Interest received | | | 15 | | | | 357 | | | | 12 | | | | 140 | | | | 375 | |
| Taxes paid | | | (27 | ) | | | (32 | ) | | | (9 | ) | | | (9 | ) | | | (42 | ) |
| | | | (562 | ) | | | 186 | | | | (167 | ) | | | 99 | | | | 105 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) operating activities | | $ | 21,844 | | | $ | (3,850 | ) | | $ | 5,492 | | | $ | (2,672 | ) | | $ | (8,819 | ) |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
KAMADA LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | Nine months period Ended | | | Three months period Ended | | | Year Ended | |
| | | September, 30 | | | September, 30 | | | December 31, | |
| | | 2022 | | | 2021 | | | 2022 | | | 2021 | | | 2021 | |
| | | Unaudited | | | Audited | |
| | | U.S Dollars In thousands | |
| Cash Flows from Investing Activities | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Investment in short term investments, net | | $ | - | | | $ | 39,083 | | | $ | - | | | $ | 36,116 | | | $ | 39,083 | |
| Purchase of property and equipment and intangible assets | | | (2,807 | ) | | | (2,986 | ) | | | (1,616 | ) | | | (1,523 | ) | | | (3,730 | ) |
| Business combination | | | - | | | | (1,404 | ) | | | - | | | | - | | | | (96,403 | ) |
| Net cash provided by (used in) investing activities | | | (2,807 | ) | | | 34,693 | | | | (1,616 | ) | | | 34,593 | | | | (61,050 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Proceeds from exercise of share base payments | | | 7 | | | | 14 | | | | 1 | | | | 4 | | | | 19 | |
| Receipt of long-term loans | | | - | | | | - | | | | | | | | - | | | | 20,000 | |
| Repayment of lease liabilities | | | (842 | ) | | | (903 | ) | | | (269 | ) | | | (308 | ) | | | (1,221 | ) |
| Repayment of long-term loans | | | (1,517 | ) | | | (221 | ) | | | (1,116 | ) | | | (15 | ) | | | (205 | ) |
| Repayment of other long-term liabilities | | | (4,120 | ) | | | - | | | | (877 | ) | | | - | | | | - | |
| Net cash provided by (used in) financing activities | | | (6,472 | ) | | | (1,110 | ) | | | (2,261 | ) | | | (319 | ) | | | 18,593 | |
| | | | | | | | | | | | | | | | | | | | | |
| Exchange differences on balances of cash and cash equivalent | | | 100 | | | | (90 | ) | | | (296 | ) | | | (178 | ) | | | (334 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Increase (decrease) in cash and cash equivalents | | | 12,665 | | | | 29,643 | | | | 1,319 | | | | 31,424 | | | | (51,610 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents at the beginning of the period | | | 18,587 | | | | 70,197 | | | | 29,933 | | | | 68,416 | | | | 70,197 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents at the end of the period | | $ | 31,252 | | | $ | 99,840 | | | $ | 31,252 | | | $ | 99,840 | | | $ | 18,587 | |
| | | | | | | | | | | | | | | | | | | | | |
| Significant non-cash transactions | | | | | | | | | | | | | | | | | | | | |
| Right-of-use asset recognized with corresponding lease liability | | $ | 526 | | | $ | 769 | | | $ | 230 | | | $ | 181 | | | $ | 845 | |
| Purchase of property and equipment and Intangible assets | | $ | 134 | | | $ | 352 | | | $ | 134 | | | $ | 352 | | | $ | 1,001 | |
The accompanying Notes are an integral part of the Consolidated Financial Statements.
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 1:- General
General description of the Company and its activity
Kamada Ltd. (the “Company”) is a vertically integrated global biopharmaceutical company, focused on specialty plasma-derived therapeutics, with a diverse portfolio of marketed products, a robust development pipeline and industry-leading manufacturing capabilities. The Company’s strategy is focused on driving profitable growth from our current commercial activities as well as our manufacturing and development expertise in the plasma-derived biopharmaceutical market. The Company’s commercial products portfolio includes its developed and FDA approved products GLASSIA® and KEDRRAB® as well as its recently acquired FDA approved plasma-derived hyperimmune products CYTOGAM®, HEPAGAM B®, VARIZIG® and WINRHO®SDF. The Company has additional four plasma-derived products which are registered in markets outside the U.S. The Company distributes its commercial products portfolio directly, and through strategic partners or third party distributors in more than 30 countries, including the U.S., Canada, Israel, Russia, Brazil, Argentina, India and other countries in Latin America and Asia. The Company has a diverse portfolio of development pipeline products including an inhaled AAT for the treatment of AAT deficiency for which the Company is currently conducting the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial. The Company leverages its expertise and presence in the Israeli pharmaceutical market to distribute in Israel more than 20 products that are manufactured by third parties and have recently added eleven biosimilar products to its Israeli distribution portfolio, which, subject to EMA and the Israeli MOH approvals, are expected to be launched in Israel between the years 2022 and 2028.
In November 2021, the Company acquired a portfolio of four FDA approved plasma-derived hyperimmune commercial products from Saol Therapeutics (“Saol”). The acquisition of this portfolio furthers the Company’s core objective to become a fully integrated specialty plasma company with strong commercial capabilities in the U.S. market, as well as to expand to new markets, mainly in the Middle East/North Africa region, and to broaden the Company’s portfolio offering in existing markets. The Company’s wholly owned U.S. subsidiary, Kamada Inc., will be responsible for the commercialization of the four products in the U.S. market, including direct sales to wholesalers and local distributers. Refer to Note 5 of the Company’s annual financial statements as of December 31, 2021.
The Company markets GLASSIA in the U.S. through a strategic partnership with Takeda Pharmaceuticals Company Limited (“Takeda”). Pursuant to an agreement with Takeda, the Company terminated the production and sale of GLASSIA to Takeda during 2021 resulting in a significant reduction in revenues. Takeda initiated its own production of GLASSIA for the U.S. market. Commencing 2022, Takeda pays royalties to the Company at a rate of 12% on GLASSIA’s net sales through August 2025, and at a rate of 6% thereafter until 2040, with a minimum of $5 million annually. Refer to Note 19 of the Company’s annual financial statements as of December 31, 2021.
KAMADA LTD.
NOTES TO 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”.
| | b. | Implementation of new accounting standards: |
| | i. | Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current |
In January 2020, the IASB issued an amendment to IAS 1, “Presentation of Financial Statements” (“IAS 1 Amendment”) regarding the criteria for determining the classification of liabilities as current or non-current. IAS 1 Amendment replaces certain requirements for classifying liabilities as current or non-current. Thus, for example, according to the IAS 1 Amendment, a liability will be classified as non-current when the entity has the right to defer settlement for at least 12 months after the reporting period, and it “has substance” and is in existence at the end of the reporting period, this instead of the requirement that there be an “unconditional” right. According to the IAS 1 Amendment, a right is in existence at the reporting date only if the entity complies with conditions for deferring settlement at that date. Furthermore, the Amendment clarifies that the conversion option of a liability will affect its classification as current or non-current, other than when the conversion option is recognized as equity.
The IAS 1 Amendment is effective for reporting periods beginning on or after January 1, 2023 with earlier application being permitted. IAS 1 Amendment is applicable retrospectively, including an amendment to comparative data.
The Company believes that the adoption of IAS 1 Amendment will not have an effect on its financial statements.
| | ii. | Amendment to IAS 12, Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (“IAS 12 Amendment”) |
IAS 12 Amendment narrows the scope of the exemption from recognizing deferred taxes as a result of temporary differences created at the initial recognition of assets and/or liabilities, so that it does not apply to transactions that give rise to equal and offsetting temporary differences.
As a result, companies will need to recognize a deferred tax asset or a deferred tax liability for these temporary differences at the initial recognition of transactions that give rise to equal and offsetting temporary differences, such as lease transactions and provisions for decommissioning and restoration.
IAS 12 Amendment is effective for annual periods beginning on or after January 1, 2023, by amending the opening balance of the retained earnings or adjusting a different component of equity in the period the Amendment was first adopted. Earlier application is permitted.
The Company has not yet commenced examining the effects of applying IAS 12 Amendment on the financial statements.
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 3:- Significant events in the reporting period
| | i | Grant of options to the purchase ordinary shares of the Company to employees, executive officers, CEO and Board of Directors members |
On February 28, 2022, the Company’s Board of Directors approved the grant of options to purchase up to 1,327,500, 400,000 and 270,000 ordinary shares of the Company to employees and executive officers, CEO and Board of Directors members, respectively.
As of September 30, 2022, the Company granted, out the above mentioned, to employees and executive officers total of:
| | - | Under the Israeli Share Option Plan: On February 28, 2022, 1,105,100 options to purchase the ordinary shares of the Company, at an exercise price of NIS 19.36 (USD 5.97) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $2,222 thousands. On March 01, 2022, 10,000 options to purchase the ordinary shares of the Company, at an exercise price of NIS 19.54 (USD 6.04) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $21 thousands. On March 13, 2022, 15,000 options to purchase the ordinary shares of the Company, at an exercise price of NIS 18.92 (USD 5.80) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $29 thousands. |
| | | |
| | | On May 01, 2022, 18,100 options to purchase the ordinary shares of the Company, at an exercise price of USD 5.64 per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $40 thousands The grant of options to the CEO and the Board of Directors members are subject to the approval of the General Meeting of Shareholders that is expected to take place during December 2022 |
| | - | Under the US Share Option Plan: On February 28, 2022, 23,100 options to purchase the ordinary shares of the Company, at an exercise price of USD 6.10 per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $49 thousands. On March 01, 2022, 18,100 options to purchase the ordinary shares of the Company, at an exercise price of USD 6.06 per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $41 thousands. On March 15, 2022, 60,000 options to purchase the ordinary shares of the Company, at an exercise price of USD 5.88 per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $135 thousands. On July 16, 2022, 60,000 options to purchase the ordinary shares of the Company, at an exercise price of USD 5.04 per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $119 thousands. On September 01, 2022, 18,100 options to purchase the ordinary shares of the Company, at an exercise price of USD 5.16 per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $36 thousands. |
| | - | On August 23, 2022, the Company’s Board of Directors approved the grant of 79,300 options to purchase the ordinary shares of the Company: |
| | | Under the Israeli Share Option Plan: 51,200 options to purchase the ordinary shares of the Company, at an exercise price of NIS 17.18-17.41 (USD 5.27-5.31) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $89 thousands. |
| | | Under the US Share Option Plan: 28,100 options to purchase the ordinary shares of the Company, at an exercise price of USD 5.36 per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $59 thousands. |
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 3:- Significant events in the reporting period (cont.)
| | ii | Labor strike at the Company’s manufacturing plant at Beit Kama, Israel |
| | - | On April 26, 2022, during the course of the Company’s negotiations with the Histadrut - General Federation of Labor in Israel (the “Histadrut”) and the Employees’ Committee of Kamada’s Beit Kama production facility in Israel (the “Employee’s Committee”), on the extension of a collective bargaining agreement, the Employee’s Committee elected to declare a labor strike in the Beit Kama plant. On July 15, 2022, the Company, the Employees’s Committee, and the Histadrut, signed a new collective agreement detailing the understandings reached between the parties. The agreement will be effective through the end of 2029, while certain economic terms may be renegotiated by the parties following the lapse of the first four years of the term of the agreement. As a result of execution of the agreement the labor strike ended, and the unionized employees returned to work at the Beit Kama production facility. As a result of the labor strike, the Company recorded, during the second quarter and the Third quarter of 2022, a loss of $3,342 and $917 thousand respectively recorded in the cost of revenues from proprietary products and was comprised of $3,082 and $917 thousands of overhead cost charges due to lower than standard production level in the second quarter and the third quarter respectively and $260 thousands in the second quarter due to loss of in-process materials. |
| | iii | Increase in the yield of high-quality corporate bonds |
| | | As of September 30, 2022, there was an increase, compared to December 31, 2021, in the yield of high-quality corporate bonds which effect the discount rate of defined benefit obligations. The effect of the changes in the aforementioned discount rate resulted in a reduction in the employee benefit liability, net as of September 30, 2022, in relation to December 31, 2021, in the amount of $361 thousand which were recognized against other comprehensive income in the Nine-month period that ended on September 30, 2022. |
| | iv | During May 2022, the Company terminated a distribution agreement with a third-party engaged to distribute the Company’s proprietary products in Russia and Ukraine (the “Distributor”), and a power of attorney granted, in connection with such distribution agreement, to an affiliate of the Distributor (the “Affiliate). On July 18, 2022, the Affiliate notified the Company of the filing of a request for a conciliation hearing with the Court in Geneva relying on the terminated power of attorney and seeking damages for the alleged inability to sell the remaining product inventory previously acquired from the Company and compensation for the lost customer base. The purpose of a conciliation hearing is to explore the possibility of an out-of-court settlement and not to address the merits of the claims. The outcome of such hearing is not binding. Nonetheless, the conciliation request has not yet been formally served upon the Company, which is a procedural request to proceed with the hearing. At this stage, it is not possible to assess the prospects and scope of any claims against the Company and any potential liabilities as such conciliation request is an initial procedure and the claims are not fully substantiated. The Company intends to vigorously defend itself against any claims if and when they arise from these matters. |
Note 4:- Operating Segments
The company has two operating segments, as follows:
| Proprietary Products | - | Development, manufacturing, lessening sales and distribution of plasma-derived protein therapeutics |
| | | |
| Distribution | - | Distribute imported drug products in Israel, which are manufactured by third parties. |
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4:- Operating Segments (cont.)
| | b. | Reporting on operating segments: |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Nine months period ended September 30, 2022 | | | | | | | | | |
| Revenues | | $ | 67,198 | | | $ | 16,702 | | | $ | 83,900 | |
| Gross profit | | $ | 29,342 | | | $ | 2,070 | | | $ | 31,412 | |
| Unallocated corporate expenses | | | | | | | | | | | (30,898 | ) |
| Finance expenses, net | | | | | | | | | | | (5,719 | ) |
| Income before taxes on income | | | | | | | | | | $ | (5,205 | ) |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Nine months period ended September 30, 2021 | | | | | | | | | |
| Revenues | | $ | 57,316 | | | $ | 14,857 | | | $ | 72,173 | |
| Gross profit | | $ | 21,711 | | | $ | 2,022 | | | $ | 23,733 | |
| Unallocated corporate expenses | | | | | | | | | | | (21,127 | ) |
| Finance expenses, net | | | | | | | | | | | 173 | |
| Income before taxes on income | | | | | | | | | | $ | 2,779 | |
| | | Proprietary | | | | | | | |
| | | Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Three months period ended September 30, 2022 | | | | | | | | | |
| Revenues | | $ | 25,580 | | | $ | 6,637 | | | $ | 32,217 | |
| Gross profit | | $ | 12,429 | | | $ | 441 | | | $ | 12,870 | |
| Unallocated corporate expenses | | | | | | | | | | | (10,308 | ) |
| Finance expenses, net | | | | | | | | | | | (2,068 | ) |
| Income before taxes on income | | | | | | | | | | $ | 494 | |
| | | Proprietary | | | | | | | |
| | | Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Three months period ended September 30, 2021 | | | | | | | | | |
| Revenues | | $ | 17,123 | | | $ | 5,911 | | | $ | 23,034 | |
| Gross profit | | $ | 5,045 | | | $ | 685 | | | $ | 5,730 | |
| Unallocated corporate expenses | | | | | | | | | | | (6,534 | ) |
| Finance expenses, net | | | | | | | | | | | (41 | ) |
| Income before taxes on income | | | | | | | | | | $ | (845 | ) |
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4:- Operating Segments (cont.)
| | b. | Reporting on operating segments: |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Audited | |
| Year Ended December 31, 2021 | | | | | | | | | |
| Revenues | | $ | 75,521 | | | $ | 28,121 | | | $ | 103,642 | |
| Gross profit | | $ | 27,327 | | | $ | 3,001 | | | $ | 30,328 | |
| Unallocated corporate expenses | | | | | | | | | | | (31,024 | ) |
| Finance expenses, net | | | | | | | | | | | (1,189 | ) |
| Income before taxes on income | | | | | | | | | | $ | (1,885 | ) |
| | c. | Reporting on operating segments by geographic region: |
| | | Nine months period ended
September 30, 2022 | |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Geographical markets | | | | | | | | | |
| U.S.A and North America | | $ | 52,866 | | | $ | - | | | $ | 52,866 | |
| Israel | | | 3,631 | | | | 16,702 | | | | 20,333 | |
| Europe | | | 2,192 | | | | - | | | | 2,192 | |
| Latin America | | | 5,301 | | | | - | | | | 5,301 | |
| Asia | | | 2,665 | | | | - | | | | 2,665 | |
| Others | | | 543 | | | | - | | | | 543 | |
| | | $ | 67,198 | | | $ | 16,702 | | | $ | 83,900 | |
| | | Nine months period ended
September 30, 2021 | |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Geographical markets | | | | | | | | | |
| U.S.A and North America | | $ | 39,265 | | | | - | | | $ | 39,265 | |
| Israel | | | 6,437 | | | | 14,857 | | | | 21,294 | |
| Europe | | | 4,491 | | | | - | | | | 4,491 | |
| Latin America | | | 5,255 | | | | - | | | | 5,255 | |
| Asia | | | 1,753 | | | | - | | | | 1,753 | |
| Others | | | 115 | | | | - | | | | 115 | |
| | | $ | 57,316 | | | $ | 14,857 | | | $ | 72,173 | |
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4:- Operating Segments (cont.)
| | c. | Reporting on operating segments by geographic region: |
| | | Three months period ended
September 30, 2022 | |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Geographical markets | | | | | | | | | |
| U.S.A and North America. | | $ | 20,597 | | | $ | - | | | $ | 20,597 | |
| Israel | | | 1,377 | | | | 6,637 | | | | 8,014 | |
| Europe | | | 750 | | | | - | | | | 750 | |
| Latin America | | | 1,775 | | | | - | | | | 1,775 | |
| Asia | | | 767 | | | | - | | | | 767 | |
| Others | | | 314 | | | | - | | | | 314 | |
| | | $ | 25,580 | | | $ | 6,637 | | | $ | 32,217 | |
| | | Three months period ended
September 30, 2021 | |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Geographical markets | | | | | | | | | |
| U.S.A and North America. | | $ | 12,710 | | | | - | | | $ | 12,710 | |
| Israel | | | 849 | | | | 5,911 | | | | 6,760 | |
| Europe | | | 1,097 | | | | | | | | 1,097 | |
| Latin America | | | 1,652 | | | | | | | | 1,652 | |
| Asia | | | 734 | | | | | | | | 734 | |
| Others | | | 81 | | | | | | | | 82 | |
| | | $ | 17,123 | | | $ | 5,911 | | | $ | 23,034 | |
| | | Year ended December 31, 2021 | |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Audited | |
| Geographical markets | | | | | | | | | |
| U.S.A and North America | | $ | 49,763 | | | $ | - | | | $ | 49,763 | |
| Israel | | | 7,653 | | | | 28,121 | | | | 35,774 | |
| Europe | | | 5,677 | | | | - | | | | 5,677 | |
| Latin America | | | 9,127 | | | | - | | | | 9,127 | |
| Asia | | | 3,167 | | | | - | | | | 3,167 | |
| Others | | | 134 | | | | - | | | | 134 | |
| | | $ | 75,521 | | | $ | 28,121 | | | $ | 103,642 | |
KAMADA LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 5:- Financial Instruments
| | a. | Classification of financial instruments by fair value hierarchy |
Financial assets (liabilities) measured at fair value
| | | Level 1 | | | Level 2 | | | Level 3 | |
| | | U.S Dollars in thousands | |
| September 30, 2022 | | | | | | | | | |
| Derivatives instruments | | $ | - | | | $ | (180 | ) | | | - | |
| Contingent consideration | | | - | | | | - | | | $ | (23,705 | ) |
| | | | | | | | | | | | | |
| September 30, 2021 | | | | | | | | | | | | |
| Derivatives instruments | | $ | - | | | $ | (40 | ) | | $ | - | |
| | | | | | | | | | | | | |
| December 31, 2021 | | | | | | | | | | | | |
| Derivatives instruments | | $ | - | | | $ | 73 | | | $ | - | |
| Contingent consideration | | $ | - | | | $ | - | | | $ | (21,995 | ) |
During the Nine months ended on September 30, 2022 there were no transfers 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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