Kamada 6K Reports Strong First Quarter 2023 Financial Results; Reiterates | KMDA 24 May 23

Exhibit 99.3

KAMADA LTD.

CONSOLIDATED FINANCIAL STATEMENTS

AS OF MARCH 31, 2023

TABLE OF CONTENTS

	Page

Consolidated Statements of Financial Position	1

Consolidated Statements of Profit or Loss and Other Comprehensive Income	2

Consolidated Statements of Changes in Equity	3-4

Consolidated Statements of Cash Flows	5-6

Notes to the Interim Consolidated Financial Statements	7-13

- - - - - - - - - - -

KAMADA LTD.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

							As of
	As of March 31,						December 31,
	2023			2022			2022
	Unaudited						Audited

Assets
Current Assets
Cash and cash equivalents	$	27,121			21,967		$	34,258
Trade receivables, net		20,925			21,568			27,252
Other accounts receivables		3,603			7,867			8,710
Inventories		79,754			64,761			68,785
Total Current Assets		131,403			116,163			139,005

Non-Current Assets
Property, plant and equipment, net		26,496			26,098			26,157
Right-of-use assets		5,836			2,990			2,568
Intangible assets, Goodwill and other long-term assets		145,305			151,858			147,072
Contract assets		7,755			5,987			7,577
Total Non-Current Assets		185,392			186,933			183,374
Total Assets		316,795			303,096		$	322,379
Liabilities
Current Liabilities
Current maturities of bank loans	$	4,444			3,725		$	4,444
Current maturities of lease liabilities		1,438			1,017			1,016
Current maturities of other long term liabilities		29,414			19,095			29,708
Trade payables		26,210			11,682			32,917
Other accounts payables		7,350			6,670			7,585
Deferred revenues		419			40			35
Total Current Liabilities		69,275			42,229			75,705

Non-Current Liabilities
Bank loans		11,852			16,296			12,963
Lease liabilities		4,992			3,056			2,177
Contingent consideration		18,115			22,551			17,534
Other long-term liabilities		37,280			42,531			37,308
Deferred revenues		-			15			-
Employee benefit liabilities, net		473			1,268			672
Total Non-Current Liabilities		72,712			85,717			70,654

Shareholder’s Equity
Ordinary shares		11,736			11,728			11,734
Additional paid in capital net		210,665			210,269			210,495
Capital reserve due to translation to presentation currency		(3,490	)		(3,490	)		(3,490	)
Capital reserve from hedges		(99	)		12			(88	)
Capital reserve from share-based payments		5,750			4,771			5,505
Capital reserve from employee benefits		539			(149	)		348
Accumulated deficit		(50,293	)		(47,991	)		(48484	)
Total Shareholder’s Equity		174,808			175,150			176,020
Total Liabilities and Shareholder’s Equity	$	316,795			303,096		$	322,379

The accompanying Notes are an integral part of the Consolidated Financial Statements.

KAMADA LTD.

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Three months period ended						Year ended
	March 31,						December 31,
	2023			2022			2022
	Unaudited						Audited

Revenues from proprietary products		24,061			23,011		$	102,598
Revenues from distribution		6,649			5,082			26,741

Total revenues		30,710			28,093			129,339

Cost of revenues from proprietary products		13,224			12,449			58,229
Cost of revenues from distribution		5,647			4,342			24,407

Total cost of revenues		18,871			16,791			82,636

Gross profit		11,839			11,302			46,703

Research and development expenses		3,231			4,420			13,172
Selling and marketing expenses		3,922			3,321			15,284
General and administrative expenses		3,418			3,005			12,803
Other expenses		979			310			912
Operating income (loss)		289			246			4,532

Financial income		25			2			91
Income (expense) in respect of securities measured at fair value, net		-			-			-
Income (expenses) in respect of currency exchange differences and derivatives instruments, net		151			169			298
Revaluation of long-term liabilities		(1,761	)		(2,010	)		(6,266	)
Financial expenses		(500	)		(194	)		(914	)
Income before tax on income		(1,796	)		(1,787	)		(2,259	)
Taxes on income		13			41			62

Net Income (loss)	$	(1,809	)		(1,828	)	$	(2,321	)

Other Comprehensive Income (loss) :
Amounts that will be or that have been reclassified to profit or loss when specific conditions are met
Gain (loss) from securities measured at fair value through other comprehensive income
Gain (loss) on cash flow hedges		(156	)		(108	)		(776	)
Net amounts transferred to the statement of profit or loss for cash flow hedges		145			66			634
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain (loss) from defined benefit plan		191			-			497
Tax effect		-			-			-
Total comprehensive income (loss)	$	(1,629	)		(1,870	)	$	(1,966	)

Earnings per share attributable to equity holders of the Company:
Basic net earnings per share		(0.04	)		(0.04	)	$	(0.05	)
Diluted net earnings per share		(0.04	)		(0.04	)	$	(0.05	)

The accompanying Notes are an integral part of the Consolidated Financial Statements.

KAMADA LTD.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

			Additional		Capital reserve due to translation to			Capital reserve			Capital reserve from			Capital reserve from
	Share		paid in		presentation			from			sharebased			employee		Accumulated			Total
	capital		capital		currency			hedges			payments			benefits		deficit			equity
	Unaudited
	In thousands
Balance as of January 1, 2023 (audited)	$	11,734	$	210,495	$	(3,490	)	$	(88	)	$	5,505		$	348	$	(48,484	)	$	176,020
Net income		-		-		-			-			-			-		(1,809	)		(1,809	)
Other comprehensive income (loss)		-		-		-			(11	)		-			191		-			180
Total comprehensive income (loss)		-		-		-			(11	)		-			191		(1,809	)		(1,629	)
Exercise and forfeiture of share-based payment into shares		2		170								(170	)							2
Cost of share-based payment												415								415
Balance as of March 31, 2023	$	11,736	$	210,665	$	(3,490	)	$	(99	)	$	5,750		$	539	$	(50,293	)	$	174,808

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 through other presentation currency			Capital reserve due to translation to from hedges			Capital reserve from sharebased payments			Capital reserve from employee benefits			Accumulated deficit			Total 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		-		-		-			-			-			-			(1,828	)		(1,828	)
Other comprehensive income (loss)		-		-		-			(42	)		-			-			-			(42	)
Total comprehensive income (loss)		-		-		-			(42	)		-			-			(1,828	)		(1,870	)
Exercise and forfeiture of share-based payment into shares		3		65					-			(65	)					-			3
Cost of share-based payment									-			193						-			193
Balance as of March 31, 2022	$	11,728	$	210,269	$	(3,490	)	$	12		$	4,771		$	(149	)	$	(47,991	)	$	175,150

	Share capital		Additional paid in capital		Capital reserve through other presentation currency			Capital reserve due to translation to from hedges			Capital reserve from sharebased payments			Capital reserve from employee benefits			Accumulated deficit			Total 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		-		-		-			-			-			-			(2,321	)		(2,321	)
Other comprehensive income (loss)		-		-		-			(142	)		-			497			-			355
Total comprehensive income (loss)		-		-		-			(142	)		-			497			(2,321	)		(1,966	)
Exercise and forfeiture of share-based payment into shares		9		291		-			-			(291	)		-			-			9
Cost of share-based payment		-		-		-			-			1,153			-			-			1,153
Balance as of December 31, 2022	$	11,734	$	210,495	$	(3,490	)	$	(88	)	$	5,505		$	348		$	(48,484	)	$	176,020

The accompanying Notes are an integral part of the Consolidated Financial Statements.

KAMADA LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months period Ended						Year Ended
	March, 31						December 31,
	2023			2022			2022
							Audited

Cash Flows from Operating Activities
Net income (loss)	$	(1,809	)		(1,828	)	$	(2,321	)

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Adjustments to the profit or loss items:

Depreciation and impairment		3,123			3,027			12,155
Financial expenses (income), net		2,085			2,033			6,791
Cost of share-based payment		415			193			1,153
Taxes on income		13			41			62
Loss (gain) from sale of property and equipment		(22	)		-			-
Change in employee benefit liabilities, net		(8	)		(12	)		(111	)
		5,606			5,282			20,050
Changes in asset and liability items:

Decrease (increase) in trade receivables, net		6,306			13,492			7,603
Decrease (increase) in other accounts receivables		1,362			589			(578	)
Decrease (increase) in inventories		(10,970	)		2,662			(1,361	)
Decrease (increase) in deferred expenses		3,554			(110	)		(1,340	)
Increase (decrease) in trade payables		(6,712	)		(13,649	)		7,055
Increase (decrease) in other accounts payables		(238	)		(772	)		290
Decrease in deferred revenues		384			-			(20	)
		(6,314	)		2,212			11,649
Cash received (paid) during the period for:

Interest paid		(341	)		(194	)		(853	)
Interest received		25			2			97
Taxes paid		(18	)		(9	)		(36	)
		(334	)		(201	)		(792	)

Net cash provided by (used in) operating activities	$	(2,851	)		5,465		$	28,586

KAMADA LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three months period Ended						Year Ended
	March, 31						December 31,
	2023			2022			2022
							Audited
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets		(1,117	)		(513	)		(3,784	)
Proceeds from sale of property and equipment		24			-			-
Business combination		-			-			-
Net cash provided by (used in) investing activities		(1,093	)		(513	)		(3,784	)

Cash Flows from Financing Activities

Proceeds from exercise of share base payments		1			3			9
Receipt of long-term loans		-			-			-
Repayment of lease liabilities		(271	)		(295	)		(1,098	)
Repayment of long-term loans		(1,111	)		(16	)		(2,628	)
Repayment of other long-term liabilities		(1,500	)		(1,500	)		(5,626	)
Net cash provided by (used in) financing activities		(2,881	)		(1,808	)		(9,343	)

Exchange differences on balances of cash and cash equivalent		(312	)		236			212

Increase (decrease) in cash and cash equivalents		(7,137	)		3,380			15,671

Cash and cash equivalents at the beginning of the period		34,258			18,587			18,587

Cash and cash equivalents at the end of the period	$	27,121			21,967		$	34,258

Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability	$	3,580			174		$	551
Purchase of property and equipment and Intangible assets	$	292			254		$	618

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 commercial stage global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field focused on diseases of limited treatment alternatives. The Company is also advancing an innovative development pipeline targeting areas of significant unmet medical need. The Company’s strategy is focused on driving profitable growth from its significant commercial catalysts as well as its manufacturing and development expertise in the plasma-derived and biopharmaceutical fields. The Company’s commercial products portfolio includes six FDA approved plasma-derived biopharmaceutical products CYTOGAM®, KEDRAB®, WINRHO SDF®, VARIZIG®, HEPAGAM B® and GLASSIA®, as well as KAMRAB, KAMRHO (D) and two types of equine-based anti-snake venom (ASV) products. 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, Argentina, Brazil, India, Australia and other countries in Latin America, Europe, the Middle East and Asia. The Company leverages its expertise and presence in the Israeli market to distribute, for use in Israel, more than 25 pharmaceutical products that are supplied by international manufacturers and during recent years added eleven biosimilar products to its Israeli distribution portfolio, which, subject to European Medicines Agency (EMA) and the Israeli Ministry of Health (“IL MOH”) approvals, are expected to be launched in Israel through 2028. The Company owns an FDA licensed plasma collection center in Beaumont, Texas that it acquired in March 2021, which currently specializes in the collection of hyper-immune plasma used in the manufacture of KAMRHO (D). In addition to the Company’s commercial operation, it invests in research and development of new product candidates. The Company’s leading investigational product is an inhaled AAT for the treatment of AAT deficiency, for which it is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial. The Company has additional product candidates in early development stage.

In November 2021, the Company acquired CYTOGAM, WINRHO SDF, VARIZIG and HEPGAM B from Saol Therapeutics Ltd. (“Saol”). The acquisition of this portfolio furthered 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., is 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 in our annual Financial report for further details on this acquisition.

The Company markets GLASSIA in the U.S. through a strategic partnership with Takeda Pharmaceuticals Company Limited (“Takeda”). Historically, the Company generated revenues on sales of GLASSIA, manufactured by the Company, to Takeda for further distribution in the United States. In accordance with the agreement with Takeda, the Company ceased the production and sale of GLASSIA to Takeda during 2021, and during the first quarter of 2022, Takeda began to pay the Company royalties on sales of GLASSIA manufactured by Takeda, at a rate of 12% on net sales through August 2025 and at a rate of 6% thereafter until 2040, with a minimum of $5 million annually for each of the years from 2022 to 2040. Refer to Note 19 in our annual Financial report for further details on the engagement with Takeda.

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 2:- Significant Accounting Policies

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”.

Disclosure of New Standards in the Period Prior to Their Adoption:

Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current and subsequent amendment: Non-Current Liabilities with Covenants

The Amendment, together with the subsequent amendment to IAS 1 (see hereunder) replaces certain requirements for classifying liabilities as current or non-current. According to the 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. According to the subsequent amendment, as published in October 2022, covenants with which the entity must comply after the reporting date do not affect classification of the liability as current or non-current. Additionally, the subsequent amendment adds disclosure requirements for liabilities subject to covenants within 12 months after the reporting date, such as disclosure regarding the nature of the covenants, the date they need to be complied with and facts and circumstances that indicate the entity may have difficulty complying with the covenants. 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 Amendment and subsequent amendment are effective for reporting periods beginning on or after January 1, 2024 with earlier application being permitted. The Amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data.

The Company believes that the adoption of the Amendment will not have an effect on its financial statements.

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 3:- Significant events in the reporting period

Grant of Option to employees and executive officers

On February 27, 2023, the Company’s Board of Directors approved the grant of options to purchase up to 147,000 options to purchase ordinary shares of the Company under the 2011 Plan and the US Appendix. The Company granted, out of the above mentioned, to employees and executive officers the following:

Under the Israeli Share Option Plan:

On February 27, 2023, 60,333 options to purchase the ordinary shares of the Company, at an exercise price of NIS 16.53 (USD 4.50) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $108 thousands.

On March 01, 2023 3,333 options to purchase ordinary shares of the Company, at an exercise price of NIS 16.63 (USD 4.57) per share. The fair value of the options was estimated on the date of grant at $5.7 thousands.

On March 02, 2023 40,000 options to purchase ordinary shares of the Company, at an exercise price of NIS 16.76 (USD 4.60) per share. The fair value of the options was estimated on the date of grant at $71 thousands.

On April 23, 2023 40,000 options to purchase ordinary shares of the Company, at an exercise price of NIS 17.67 (USD 4.83) per share. The fair value of the options was estimated on the date of grant at $65 thousands.

Under the US Appendix:

On February 27, 2023 3,333 options to purchase the ordinary shares of the Company, at an exercise price of USD 4.57 per share. The fair value of the options was estimated on the date of grant was estimated at $5.80 thousands.

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4:- Operating Segments

General:

The company has two operating segments, as follows:

Proprietary Products	-	Development, manufacturing, sales and distribution of proprietary plasma-derived protein therapeutics.

Distribution	-	Distribute imported drug products in Israel, which are manufactured by third parties.

Reporting on operating segments:

	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Three months period ended March 31, 2023
Revenues	$	24,061	$	6,649	$	30,710
Gross profit	$	10,837	$	1,002	$	11,839
Unallocated corporate expenses						(11,550	)
Finance expenses, net						(2,085	)
Income before taxes on income					$	(1,796	)

	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Three months period ended March 31, 2022
Revenues	$	23,011	$	5,082	$	28,093
Gross profit	$	10,562	$	740	$	11,302
Unallocated corporate expenses						(11,056	)
Finance expenses, net						(2,033	)
Income before taxes on income					$	(1,787	)

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4:- Operating Segments (cont.)

Reporting on operating segments:

	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Audited
Year Ended December 31, 2022
Revenues	$	102,598	$	26,741	$	129,339
Gross profit	$	44,369	$	2,334	$	46,703
Unallocated corporate expenses						(42,171	)
Finance expenses, net						(6,791	)
Income before taxes on income					$	(2,259	)

Reporting on operating segments by geographic region:

	Three months period ended March 31, 2023
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A and North America	$	16,830	$	-	$	16,830
Israel		994		6,649		7,643
Europe		3,334		-		3,334
Latin America		1,316		-		1,316
Asia		1,550		-		1,550
Others		38		-		38
	$	24,061	$	6,649	$	30,710

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 4:-Operating Segments (cont.)

Reporting on operating segments by geographic region:

	Three months period ended March 31, 2022
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A and North America.	$	16,951	$	-	$	16,951
Israel		1,627		5,082		6,709
Europe		1,052		-		1,052
Latin America		2,030		-		2,030
Asia		984		-		984
Others		367		-		367
	$	23,011	$	5,082	$	28,093

	Year ended December 31, 2022
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Audited
Geographical markets
U.S.A and North America	$	75,851	$	-	$	75,851
Israel		5,290		26,741		32,031
Europe		5,277		-		5,277
Latin America		11,293		-		11,293
Asia		4,581		-		4,581
Others		305		-		305
	$	102,597	$	26,741	$	129,338

KAMADA LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 5:- Financial Instruments

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
March 31, 2023
Derivatives instruments	$	-	$	(91	)	$	-
Contingent consideration		-		-			(24,115	)

March 31, 2022
Derivatives instruments				(51)
Contingent consideration	$	-	$			$	(22,251	)

December 31, 2022
Derivatives instruments	$	-	$	(92	)	$	-
Contingent consideration	$	-	$	-		$	(23,534	)

During the three months ended on March 31, 2023 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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Kamada (KMDA) 6-KKamada Reports Strong First Quarter 2023 Financial Results; Reiterates