Kamada (KMDA) 6-K 16 Aug 23 Report of Foreign Private Issuer Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2023
Document Information Line Items
Entity Registrant Name	Kamada Ltd
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001567529
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity File Number	001-35948

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Current Assets
Cash and cash equivalents	$ 21,788	$ 34,258	$ 29,933
Trade receivables, net	24,581	27,252	17,738
Other accounts receivables	3,077	8,710	6,410
Inventories	80,237	68,785	64,520
Total Current Assets	129,683	139,005	118,601
Non-Current Assets
Property, plant and equipment, net	26,936	26,157	25,914
Right-of-use assets	5,517	2,568	2,810
Intangible assets, Goodwill and other long-term assets	143,986	147,072	150,449
Contract assets	8,267	7,577	6,361
Total Non-Current Assets	184,706	183,374	185,534
Total Assets	314,389	322,379	304,135
Current Liabilities
Current maturities of bank loans	4,444	4,444	4,449
Current maturities of lease liabilities	1,063	1,016	1,010
Current maturities of other long term liabilities	25,077	29,708	20,117
Trade payables	27,969	32,917	17,954
Other accounts payables	7,235	7,585	6,110
Deferred revenues	38	35	40
Total Current Liabilities	65,826	75,705	49,680
Non-Current Liabilities
Bank loans	10,741	12,963	15,185
Lease liabilities	4,972	2,177	2,492
Contingent consideration	19,028	17,534	23,121
Other long-term liabilities	36,514	37,308	41,304
Deferred revenues	0		15
Employee benefit liabilities, net	556	672	764
Total Non-Current Liabilities	71,811	70,654	82,881
Shareholder’s Equity
Ordinary shares	11,737	11,734	11,731
Additional paid in capital net	210,727	210,495	210,319
Capital reserve due to translation to presentation currency	(3,490)	(3,490)	(3,490)
Capital reserve from hedges	(67)	(88)	(442)
Capital reserve from share-based payments	5,902	5,505	5,097
Capital reserve from employee benefits	424	348	271
Accumulated deficit	(48,481)	(48,484)	(51,912)
Total Shareholder’s Equity	176,752	176,020	171,574
Total Liabilities and Shareholder’s Equity	$ 314,389	$ 322,379	$ 304,135

Consolidated Statements of Prof

Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues from proprietary products	$ 30,940	$ 18,607	$ 55,001	$ 41,618	$ 102,598
Revenues from distribution	6,503	4,983	13,152	10,065	26,741
Total revenues	37,443	23,590	68,153	51,683	129,339
Cost of revenues from proprietary products	17,192	12,256	30,416	24,705	58,229
Cost of revenues from distribution	5,815	4,094	11,462	8,436	24,407
Total cost of revenues	23,007	16,350	41,878	33,141	82,636
Gross profit	14,436	7,240	26,275	18,542	46,703
Research and development expenses	4,283	2,643	7,514	7,063	13,172
Selling and marketing expenses	3,940	3,271	7,862	6,592	15,284
General and administrative expenses	3,484	3,311	6,902	6,316	12,803
Other expenses	98	309	1,077	619	912
Operating income (loss)	2,631	(2,294)	2,920	(2,048)	4,532
Financial income		1	25	3	91
Income (expenses) in respect of currency exchange differences and derivatives instruments, net	22	424	173	593	298
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.	(309)	(1,865)	(2,070)	(3,875)	(6,266)
Financial expenses	(439)	(178)	(939)	(372)	(914)
Income (expense) before tax on income	1,905	(3,912)	109	(5,699)	(2,259)
Taxes on income	93	9	106	50	62
Net Income (loss)	1,812	(3,921)	3	(5,749)	(2,321)
Gain (loss) on cash flow hedges	(88)	(676)	(244)	(784)	(776)
Net amounts transferred to the statement of profit or loss for cash flow hedges	120	222	265	288	634
Remeasurement gain (loss) from defined benefit plan	(115)	420	76	420	497
Tax effect
Total comprehensive income (loss)	$ 1,729	$ (3,955)	$ 100	$ (5,825)	$ (1,966)
Basic net earnings per share (in Dollars per share)	$ 0.04	$ (0.09)	$ 0	$ (0.13)	$ (0.05)
Diluted net earnings per share (in Dollars per share)	$ 0.04	$ (0.09)	$ 0	$ (0.13)	$ (0.05)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	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
Balance at Dec. 31, 2021	$ 11,725	$ 210,204	$ (3,490)	$ 54	$ 4,643	$ (149)	$ (46,163)	$ 176,824
Net income							(5,749)	(5,749)
Other comprehensive income (loss)				(496)		420		(76)
Tax effect
Total comprehensive income (loss)				(496)		420	(5,749)	(5,825)
Exercise and forfeiture of share-based payment into shares	6	115			(115)			6
Cost of share-based payment					504			504
Balance at Jun. 30, 2022	11,731	210,319	(3,490)	(442)	5,097	271	(51,912)	171,574
Balance at Dec. 31, 2021	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
Tax effect
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 at Dec. 31, 2022	11,734	210,495	(3,490)	(88)	5,505	348	(48,484)	176,020
Balance at Mar. 31, 2022	11,728	210,269	(3,490)	12	4,771	(149)	(47,991)	175,150
Net income							(3,921)	(3,921)
Other comprehensive income (loss)				(454)		420		(34)
Tax effect
Total comprehensive income (loss)				(454)		420	(3,921)	(3,955)
Exercise and forfeiture of share-based payment into shares	3	50			(50)			3
Cost of share-based payment					376			376
Balance at Jun. 30, 2022	11,731	210,319	(3,490)	(442)	5,097	271	(51,912)	171,574
Balance at Dec. 31, 2022	11,734	210,495	(3,490)	(88)	5,505	348	(48,484)	176,020
Net income							3	3
Other comprehensive income (loss)				21		76		97
Tax effect
Total comprehensive income (loss)				21		76	3	100
Exercise and forfeiture of share-based payment into shares	3	232			(232)			3
Cost of share-based payment					629			629
Balance at Jun. 30, 2023	11,737	210,727	(3,490)	(67)	5,902	424	(48,481)	176,752
Balance at Mar. 31, 2023	11,736	210,665	(3,490)	(99)	5,750	539	(50,293)	174,808
Net income							1,812	1,812
Other comprehensive income (loss)				32		(115)		(83)
Tax effect
Total comprehensive income (loss)				32		(115)	1,812	1,729
Exercise and forfeiture of share-based payment into shares	1	62			(62)			1
Cost of share-based payment					214			214
Balance at Jun. 30, 2023	$ 11,737	$ 210,727	$ (3,490)	$ (67)	$ 5,902	$ 424	$ (48,481)	$ 176,752

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash Flows from Operating Activities
Net income (loss)	$ 1,812	$ (3,921)	$ 3	$ (5,749)	$ (2,321)
Adjustments to the profit or loss items:
Depreciation and impairment	3,204	3,061	6,327	6,088	12,155
Financial expenses (income), net	726	1,618	2,811	3,651	6,791
Cost of share-based payment	214	376	629	569	1,153
Taxes on income	93	9	106	50	62
Loss (gain) from sale of property and equipment			(5)
Change in employee benefit liabilities, net	(32)	(84)	(40)	(96)	(111)
Adjustments to the profit or loss items	4,205	4,980	9,828	10,262	20,050
Changes in asset and liability items:
Decrease (increase) in trade receivables, net	(3,610)	3,610	2,696	17,102	7,603
Decrease (increase) in other accounts receivables	177	1,484	1,539	2,073	(578)
Decrease (increase) in inventories	(482)	241	(11,452)	2,903	(1,361)
Decrease (increase) in deferred expenses	(512)	(374)	3,042	(484)	(1,340)
Increase (decrease) in trade payables	1,276	5,806	(5,436)	(7,843)	7,055
Increase (decrease) in other accounts payables	(170)	(745)	(408)	(1,517)	290
Decrease in deferred revenues	(381)		3		(20)
Total Changes in asset and liability	(3,702)	10,022	(10,016)	12,234	11,649
Cash received (paid) during the period for:
Interest paid	(403)	(186)	(744)	(380)	(853)
Interest received	0	1	25	3	97
Taxes paid	(94)	(9)	(112)	(18)	(36)
Cash received (paid) during the year	(497)	(194)	(831)	(395)	(792)
Net cash provided by (used in) operating activities	1,818	10,887	(1,016)	16,352	28,586
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets	(1,048)	(678)	(2,147)	(1,191)	(3,784)
Proceeds from sale of property and equipment			6
Business combination
Net cash provided by (used in) investing activities	(1,048)	(678)	(2,141)	(1,191)	(3,784)
Cash Flows from Financing Activities
Proceeds from exercise of share base payments	2	3	3	6	9
Receipt of long-term loans
Repayment of lease liabilities	(246)	(278)	(517)	(573)	(1,098)
Repayment of long-term loans	(1,111)	(385)	(2,222)	(401)	(2,628)
Repayment of other long-term liabilities	(4,500)	(1,743)	(6,000)	(3,243)	(5,626)
Net cash provided by (used in) financing activities	(5,855)	(2,403)	(8,736)	(4,211)	(9,343)
Exchange differences on balances of cash and cash equivalent	(248)	160	(577)	396	212
Increase (decrease) in cash and cash equivalents	(5,333)	7,966	(12,470)	11,346	15,671
Cash and cash equivalents at the beginning of the period	27,121	21,967	34,258	18,587	18,587
Cash and cash equivalents at the end of the period	21,788	29,933	21,788	29,933	34,258
Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability	5	121	3,585	296	551
Purchase of property and equipment and Intangible assets	$ 840	$ 775	$ 840	$ 775	$ 618

General

General	6 Months Ended
	Jun. 30, 2023
General [Abstract]
General	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, 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. 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 approvals, are expected to be launched in Israel through 2028. The Company owns an FDA licensed plasma collection center in Beaumont, Texas 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. 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.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies [Abstract]
Significant Accounting Policies	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: Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current 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.

Significant Events in the Repor

Significant Events in the Reporting Period	6 Months Ended
	Jun. 30, 2023
Significant Events in the Reporting Period [Abstract]
Significant events in the reporting period	Note 3:- Significant events in the reporting period Grant of options to the purchase ordinary shares of the Company to employees, 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, 60,331 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 calculated on the date of grant using the binomial option valuation model 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 calculated on the date of grant using the binomial option valuation model 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 calculated on the date of grant using the binomial option valuation model 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. On May 28, 2023, the Company’s Board of Directors approved the grant of 90,000 options to purchase ordinary shares of the Company, under the Israeli Share Option Plan, at an exercise price of NIS 19.46 (USD 5.25) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated on the date of grant at $217 thousands.

Operating Segments

Operating Segments	6 Months Ended
	Jun. 30, 2023
Operating Segments [Abstract]
Operating Segments	Note 4:- Operating Segments a. 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. b. Reporting on operating segments: Proprietary Distribution Total U.S Dollars in thousands Unaudited Six months period ended June 30, 2023 Revenues $ 55,001 $ 13,152 $ 68,153 Gross profit $ 24,585 $ 1,690 $ 26,275 Unallocated corporate expenses (23,355 ) Finance expenses, net (2,811 ) Income before taxes on income $ 109 Proprietary Distribution Total U.S Dollars in thousands Unaudited Six months period ended June 30, 2022 Revenues $ 41,618 $ 10,065 $ 51,683 Gross profit $ 16,913 $ 1,629 $ 18,542 Unallocated corporate expenses (20,590 ) Finance expenses, net (3,651 ) Income before taxes on income $ (5,699 ) Proprietary Distribution Total U.S Dollars in thousands Unaudited Three months period ended June 30, 2023 Revenues $ 34,940 $ 6,503 $ 37,443 Gross profit $ 13,748 $ 688 $ 14,436 Unallocated corporate expenses (11,805 ) Finance expenses, net (726 ) Income before taxes on income $ 1,905 Proprietary Distribution Total U.S Dollars in thousands Unaudited Three months period ended June 30, 2022 Revenues $ 18,607 $ 4,983 $ 23,590 Gross profit $ 6,351 $ 899 $ 7,240 Unallocated corporate expenses (9,534 ) Finance expenses, net (1,618 ) Income before taxes on income $ (3,912 ) b. Reporting on operating segments: Proprietary 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 ) c. Reporting on operating segments by geographic region: Six months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America $ 36,856 $ - $ 36,856 Israel 2,101 13,152 15,252 Europe 3,550 - 3,550 Latin America 9,931 - 9,931 Asia 2,480 - 2,480 Others 83 - 83 $ 55,001 $ 13,152 $ 68,153 c. Reporting on operating segments by geographic region: Six months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America. $ 28,562 $ - $ 28,562 Israel 2,254 10,065 12,319 Europe 5,149 - 5,149 Latin America 3,526 - 3,526 Asia 1,760 - 1,760 Others 367 - 367 $ 41,618 $ 10,065 $ 51,683 Three months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America. $ 20,026 $ - $ 20,026 Israel 1,107 6,503 7,610 Europe 216 - 216 Latin America 8,615 - 8,615 Asia 930 - 930 Others 46 - 46 $ 30,940 $ 6,503 $ 37,443 Three months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America. $ 11,611 $ - $ 11,611 Israel 627 4,983 5,610 Europe 4,097 - 4,097 Latin America 1,496 - 1,496 Asia 776 - 776 Others - - - $ 18,607 $ 4,983 $ 23,590 Year ended December 31, 2022 Proprietary 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

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Financial Instruments	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 June 30, 2023 Derivatives instruments $ - $ (72 ) $ - Contingent consideration - - (21,712 ) June 30, 2022 Derivatives instruments (437 ) Contingent consideration $ - $ $ (23,121 ) December 31, 2022 Derivatives instruments $ - $ (92 ) $ - Contingent consideration $ - $ - $ (23,534 ) During the six months ended on June 30, 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.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of preparation of the interim consolidated financial statements	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”.
Implementation of new accounting standards	b. Implementation of new accounting standards: Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current 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.

Operating Segments (Tables)

Operating Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Operating Segments [Abstract]
Schedule of Reporting on Operating Segments Geographic Region	Proprietary Distribution Total U.S Dollars in thousands Unaudited Six months period ended June 30, 2023 Revenues $ 55,001 $ 13,152 $ 68,153 Gross profit $ 24,585 $ 1,690 $ 26,275 Unallocated corporate expenses (23,355 ) Finance expenses, net (2,811 ) Income before taxes on income $ 109 Proprietary Distribution Total U.S Dollars in thousands Unaudited Six months period ended June 30, 2022 Revenues $ 41,618 $ 10,065 $ 51,683 Gross profit $ 16,913 $ 1,629 $ 18,542 Unallocated corporate expenses (20,590 ) Finance expenses, net (3,651 ) Income before taxes on income $ (5,699 ) Proprietary Distribution Total U.S Dollars in thousands Unaudited Three months period ended June 30, 2023 Revenues $ 34,940 $ 6,503 $ 37,443 Gross profit $ 13,748 $ 688 $ 14,436 Unallocated corporate expenses (11,805 ) Finance expenses, net (726 ) Income before taxes on income $ 1,905 Proprietary Distribution Total U.S Dollars in thousands Unaudited Three months period ended June 30, 2022 Revenues $ 18,607 $ 4,983 $ 23,590 Gross profit $ 6,351 $ 899 $ 7,240 Unallocated corporate expenses (9,534 ) Finance expenses, net (1,618 ) Income before taxes on income $ (3,912 ) Proprietary 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 )
Schedule of Reporting on Operating Segments Geographic Region	Six months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America $ 36,856 $ - $ 36,856 Israel 2,101 13,152 15,252 Europe 3,550 - 3,550 Latin America 9,931 - 9,931 Asia 2,480 - 2,480 Others 83 - 83 $ 55,001 $ 13,152 $ 68,153 Six months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America. $ 28,562 $ - $ 28,562 Israel 2,254 10,065 12,319 Europe 5,149 - 5,149 Latin America 3,526 - 3,526 Asia 1,760 - 1,760 Others 367 - 367 $ 41,618 $ 10,065 $ 51,683 Three months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America. $ 20,026 $ - $ 20,026 Israel 1,107 6,503 7,610 Europe 216 - 216 Latin America 8,615 - 8,615 Asia 930 - 930 Others 46 - 46 $ 30,940 $ 6,503 $ 37,443 Three months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America. $ 11,611 $ - $ 11,611 Israel 627 4,983 5,610 Europe 4,097 - 4,097 Latin America 1,496 - 1,496 Asia 776 - 776 Others - - - $ 18,607 $ 4,983 $ 23,590 Year ended December 31, 2022 Proprietary 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

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Financial Instruments [Abstract]
Schedule of Financial Assets (Liabilities) Measured at Fair Value	Level 1 Level 2 Level 3 U.S Dollars in thousands June 30, 2023 Derivatives instruments $ - $ (72 ) $ - Contingent consideration - - (21,712 ) June 30, 2022 Derivatives instruments (437 ) Contingent consideration $ - $ $ (23,121 ) December 31, 2022 Derivatives instruments $ - $ (92 ) $ - Contingent consideration $ - $ - $ (23,534 )

Significant Events in the Rep_2

Significant Events in the Reporting Period (Details)	May 28, 2023 USD ($) $ / shares	May 28, 2023 USD ($) ₪ / shares	Apr. 23, 2023 USD ($) $ / shares	Apr. 23, 2023 USD ($) ₪ / shares	Mar. 01, 2023 USD ($) $ / shares	Mar. 01, 2023 USD ($) ₪ / shares	Feb. 27, 2023 USD ($) $ / shares	Feb. 27, 2023 USD ($) ₪ / shares	Mar. 02, 2022 USD ($) $ / shares ₪ / shares
Significant Events in the Reporting Period (Details) [Line Items]
Option granted							3,333	3,333
Exercise price | $ / shares							$ 4.57
Fair value of options (in Dollars) | $							$ 5,800	$ 5,800
Option [Member]
Significant Events in the Reporting Period (Details) [Line Items]
Option granted	90,000	90,000	40,000	40,000	3,333	3,333	60,331	60,331	40,000
Exercise price | (per share)	$ 5.25	₪ 19.46	$ 4.83	₪ 17.67	$ 4.57	₪ 16.63	$ 4.5	$ 16.53	₪ 16.76
Fair value of options (in Dollars) | $	$ 217,000	₪ 217,000	$ 65,000	₪ 65,000	$ 5,700	₪ 5,700	$ 108,000	$ 108,000	₪ 71,000
Exercise prices for share option (in Dollars per share) | $ / shares									₪ 4.6
Board of Directors [Member]
Significant Events in the Reporting Period (Details) [Line Items]
Option granted							147,000	147,000

Operating Segments (Details) -

Operating Segments (Details) - Schedule of Reporting on Operating Segments - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Segments (Details) - Schedule of Reporting on Operating Segments [Line Items]
Revenues	$ 37,443	$ 23,590	$ 68,153	$ 51,683	$ 129,339
Gross profit	14,436	7,240	26,275	18,542	46,703
Unallocated corporate expenses	(11,805)	(9,534)	(23,355)	(20,590)	(42,171)
Finance expenses, net	(726)	(1,618)	(2,811)	(3,651)	(6,791)
Income before taxes on income	1,905	(3,912)	109	(5,699)	(2,259)
Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments [Line Items]
Revenues	34,940	18,607	55,001	41,618	102,598
Gross profit	13,748	6,351	24,585	16,913	44,369
Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments [Line Items]
Revenues	6,503	4,983	13,152	10,065	26,741
Gross profit	$ 688	$ 899	$ 1,690	$ 1,629	$ 2,334

Operating Segments (Details) _2

Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	$ 37,443	$ 23,590	$ 68,153	$ 51,683	$ 129,338
Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	30,940	18,607	55,001	41,618	102,597
Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution	6,503	4,983	13,152	10,065	26,741
U.S.A and North America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	20,026	11,611	36,856	28,562	75,851
U.S.A and North America [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	20,026	11,611	36,856	28,562	75,851
U.S.A and North America [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Israel [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total			15,252
Israel [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products			2,101
Israel [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution			13,152
Europe [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	216	4,097	3,550	5,149	5,277
Europe [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	216	4,097	3,550	5,149	5,277
Europe [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Latin America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	8,615	1,496	9,931	3,526	11,293
Latin America [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	8,615	1,496	9,931	3,526	11,293
Latin America [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Asia [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	930	776	2,480	1,760	4,581
Asia [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	930	776	2,480	1,760	4,581
Asia [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Others [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	46		83	367	305
Others [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	46		83	367	305
Others [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Israel [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	7,610	5,610		12,319	32,031
Israel [Member] | Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	1,107	627		2,254	5,290
Israel [Member] | Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution	$ 6,503	$ 4,983		$ 10,065	$ 26,741

Financial Instruments (Details)

Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Level 1 [Member]
Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments
Contingent consideration
Level 2 [Member]
Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments	(72)	(92)	(437)
Contingent consideration
Level 3 [Member]
Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments
Contingent consideration	$ (21,712)	$ (23,534)	$ (23,121)