Exhibit 99.3
KAMADA LTD.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS AT SEPTEMBER 30, 2023
TABLE OF CONTENTS
- - - - - - - - - - -
KAMADA LTD.
Condensed Consolidated Interim Statements of Financial Position
| | | As of September 30, | | | As of
December 31, | |
| | | 2023 | | | 2022 | | | 2022 | |
| | | Unaudited | | | Audited | |
| | | | | | | | | | |
| Assets | | | | | | | | | |
| Current Assets | | | | | | | | | |
| Cash and cash equivalents | | $ | 52,603 | | | $ | 31,252 | | | $ | 34,258 | |
| Trade receivables, net | | | 25,107 | | | | 23,997 | | | | 27,252 | |
| Other accounts receivables | | | 1,648 | | | | 6,884 | | | | 8,710 | |
| Inventories | | | 73,795 | | | | 73,029 | | | | 68,785 | |
| Total Current Assets | | | 153,153 | | | | 135,162 | | | | 139,005 | |
| | | | | | | | | | | | | |
| Non-Current Assets | | | | | | | | | | | | |
| Property, plant and equipment, net | | | 27,362 | | | | 25,898 | | | | 26,157 | |
| Right-of-use assets | | | 5,494 | | | | 2,793 | | | | 2,568 | |
| Intangible assets, Goodwill and other long-term assets | | | 142,501 | | | | 148,620 | | | | 147,072 | |
| Contract assets | | | 8,546 | | | | 7,164 | | | | 7,577 | |
| Total Non-Current Assets | | | 183,903 | | | | 184,475 | | | | 183,374 | |
| Total Assets | | $ | 337,056 | | | $ | 319,637 | | | $ | 322,379 | |
| Liabilities | | | | | | | | | | | | |
| Current Liabilities | | | | | | | | | | | | |
| Current maturities of bank loans | | $ | - | | | $ | 4,444 | | | $ | 4,444 | |
| Current maturities of lease liabilities | | | 1,138 | | | | 1,004 | | | | 1,016 | |
| Current maturities of other long term liabilities | | | 15,989 | | | | 25,095 | | | | 29,708 | |
| Trade payables | | | 12,812 | | | | 30,619 | | | | 32,917 | |
| Other accounts payables | | | 7,318 | | | | 7,948 | | | | 7,585 | |
| Deferred revenues | | | 15 | | | | 40 | | | | 35 | |
| Total Current Liabilities | | | 37,272 | | | | 69,150 | | | | 75,705 | |
| | | | | | | | | | | | | |
| Non-Current Liabilities | | | | | | | | | | | | |
| Bank loans | | | - | | | | 14,074 | | | | 12,963 | |
| Lease liabilities | | | 4,717 | | | | 2,414 | | | | 2,177 | |
| Contingent consideration | | | 19,642 | | | | 20,705 | | | | 17,534 | |
| Other long-term liabilities | | | 36,477 | | | | 39,915 | | | | 37,308 | |
| Deferred revenues | | | - | | | | 15 | | | | - | |
| Employee benefit liabilities, net | | | 558 | | | | 813 | | | | 672 | |
| Total Non-Current Liabilities | | | 61,394 | | | | 77,936 | | | | 70,654 | |
| | | | | | | | | | | | | |
| Shareholder’s Equity | | | | | | | | | | | | |
| Ordinary shares | | | 15,020 | | | | 11,732 | | | | 11,734 | |
| Additional paid in capital net | | | 265,700 | | | | 210,355 | | | | 210,495 | |
| Capital reserve due to translation to presentation currency | | | (3,490 | ) | | | (3,490 | ) | | | (3,490 | ) |
| Capital reserve from hedges | | | (98 | ) | | | (257 | ) | | | (88 | ) |
| Capital reserve from share-based payments | | | 6,198 | | | | 5,427 | | | | 5,505 | |
| Capital reserve from employee benefits | | | 318 | | | | 212 | | | | 348 | |
| Accumulated deficit | | | (45,258 | ) | | | (51,428 | ) | | | (48,484 | ) |
| Total Shareholder’s Equity | | | 238,390 | | | | 172,551 | | | | 176,020 | |
| Total Liabilities and Shareholder’s Equity | | $ | 337,056 | | | $ | 319,637 | | | $ | 322,379 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
KAMADA LTD.
Condensed Consolidated Interim 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, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2022 | |
| | | Unaudited | | | Unaudited | | | Audited | |
| | | | | | | | | | | | | | | | |
| Revenues from proprietary products | | $ | 86,437 | | | $ | 67,198 | | | $ | 31,436 | | | $ | 25,580 | | | $ | 102,598 | |
| Revenues from distribution | | | 19,650 | | | | 16,702 | | | | 6,498 | | | | 6,637 | | | | 26,741 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total revenues | | | 106,087 | | | | 83,900 | | | | 37,934 | | | | 32,217 | | | | 129,339 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cost of revenues from proprietary products | | | 47,863 | | | | 37,856 | | | | 17,447 | | | | 13,151 | | | | 58,229 | |
| Cost of revenues from distribution | | | 17,146 | | | | 14,632 | | | | 5,684 | | | | 6,196 | | | | 24,407 | |
| | | | | | | | | | | | | | | | | | | | | |
| Total cost of revenues | | | 65,009 | | | | 52,488 | | | | 23,131 | | | | 19,347 | | | | 82,636 | |
| | | | | | | | | | | | | | | | | | | | | |
| Gross profit | | | 41,078 | | | | 31,412 | | | | 14,803 | | | | 12,870 | | | | 46,703 | |
| | | | | | | | | | | | | | | | | | | | | |
| Research and development expenses | | | 10,694 | | | | 10,181 | | | | 3,180 | | | | 3,118 | | | | 13,172 | |
| Selling and marketing expenses | | | 11,573 | | | | 10,435 | | | | 3,711 | | | | 3,843 | | | | 15,284 | |
| General and administrative expenses | | | 10,603 | | | | 9,481 | | | | 3,701 | | | | 3,165 | | | | 12,803 | |
| Other expenses | | | 920 | | | | 801 | | | | (157 | ) | | | 182 | | | | 912 | |
| Operating income (loss) | | | 7,288 | | | | 514 | | | | 4,368 | | | | 2,562 | | | | 4,532 | |
| | | | | | | | | | | | | | | | | | | | | |
| Financial income | | | 92 | | | | 32 | | | | 67 | | | | 29 | | | | 91 | |
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | | | 726 | | | | 756 | | | | 553 | | | | 163 | | | | 298 | |
| Financial Income (expense) in respect of contingent consideration and other long- term liabilities. | | | (3,358 | ) | | | (5,924 | ) | | | (1,288 | ) | | | (2,049 | ) | | | (6,266 | ) |
| Financial expenses | | | (1,343 | ) | | | (583 | ) | | | (404 | ) | | | (211 | ) | | | (914 | ) |
| Income (expense) before tax on income | | | 3,405 | | | | (5,205 | ) | | | 3,296 | | | | 494 | | | | (2,259 | ) |
| Taxes on income | | | 179 | | | | 60 | | | | 73 | | | | 10 | | | | 62 | |
| | | | | | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 3,226 | | | $ | (5,265 | ) | | $ | 3,223 | | | $ | 484 | | | $ | (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) on cash flow hedges | | | (334 | ) | | | (830 | ) | | | (90 | ) | | | (46 | ) | | | (776 | ) |
| Net amounts transferred to the statement of profit or loss for cash flow hedges | | | 324 | | | | 519 | | | | 59 | | | | 231 | | | | 634 | |
| Items that will not be reclassified to profit or loss in subsequent periods: | | | | | | | | | | | | | | | | | | | | |
| Remeasurement gain (loss) from defined benefit plan | | | (30 | ) | | | 361 | | | | (106 | ) | | | (59 | ) | | | 497 | |
| Total comprehensive income (loss) | | $ | 3,186 | | | $ | (5,215 | ) | | $ | 3,086 | | | $ | 610 | | | $ | (1,966 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Earnings per share attributable to equity holders of the Company: | | | | | | | | | | | | | | | | | | | | |
| Basic net earnings per share | | $ | 0.07 | | | $ | (0.12 | ) | | $ | 0.07 | | | $ | 0.01 | | | $ | (0.05 | ) |
| Diluted net earnings per share | | $ | 0.06 | | | $ | (0.12 | ) | | $ | 0.06 | | | $ | 0.01 | | | $ | (0.05 | ) |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
KAMADA LTD.
Condensed Consolidated Interim 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, 2023 (audited) | | $ | 11,734 | | | $ | 210,495 | | | $ | (3,490 | ) | | $ | (88 | ) | | $ | 5,505 | | | $ | 348 | | | $ | (48,484 | ) | | $ | 176,020 | |
| Net income | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 3,226 | | | | 3,226 | |
| Other comprehensive income (loss) | | | - | | | | - | | | | - | | | | (10 | ) | | | - | | | | (30 | ) | | | - | | | | (40 | ) |
| Total comprehensive income (loss) | | | - | | | | - | | | | - | | | | (10 | ) | | | - | | | | (30 | ) | | | 3,226 | | | | 3,186 | |
| Issuance of ordinary shares, net of issuance cost | | | 3,283 | | | | 54,948 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 58,231 | |
| Exercise and forfeiture of share-based payment into shares | | | 3 | | | | 257 | | | | - | | | | - | | | | (257 | ) | | | - | | | | - | | | | 3 | |
| Cost of share-based payment | | | - | | | | - | | | | - | | | | - | | | | 950 | | | | - | | | | - | | | | 950 | |
| Balance as of September 30, 2023 | | $ | 15,020 | | | $ | 265,700 | | | $ | (3,490 | ) | | $ | (98 | ) | | $ | 6,198 | | | $ | 318 | | | $ | (45,258 | ) | | $ | 238,390 | |
| | | 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 | |
| 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 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
KAMADA LTD.
Condensed Consolidated Interim 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, 2023 | | $ | 11,737 | | | $ | 210,727 | | | $ | (3,490 | ) | | $ | (67 | ) | | $ | 5,902 | | | $ | 424 | | | $ | (48,481 | ) | | $ | 176,752 | |
| Net income | | | - | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 3,223 | | | | 3,223 | |
| Other comprehensive income (loss) | | | - | | | | - | | | | - | | | | 32 | | | | - | | | | (115 | ) | | | - | | | | (83 | ) |
| Total comprehensive income (loss) | | | - | | | | - | | | | - | | | | 32 | | | | - | | | | (115 | ) | | | 1,812 | | | | 1,729 | |
| Issuance of ordinary shares, net of issuance cost | | | 3,283 | | | | 54,948 | | | | - | | | | - | | | | - | | | | - | | | | - | | | | 58,231 | |
| Exercise and forfeiture of share-based payment into shares | | | - | | | | 25 | | | | - | | | | - | | | | (25 | ) | | | - | | | | - | | | | - | |
| Cost of share-based payment | | | - | | | | - | | | | - | | | | - | | | | 321 | | | | - | | | | - | | | | 321 | |
| Balance as of September 30, 2023 | | $ | 15,020 | | | $ | 265,700 | | | $ | (3,490 | ) | | $ | (98 | ) | | $ | 6,198 | | | $ | 318 | | | $ | (45,258 | ) | | $ | 238,390 | |
| | | 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, 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 | |
| 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 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
KAMADA LTD.
Condensed Consolidated Interim 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, 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 these condensed consolidated interim financial statements.
KAMADA LTD.
Condensed consolidated interim statements of cash flows
| | | Nine months period Ended | | | Three months period Ended | | | Year Ended | |
| | | September, 30 | | | September, 30 | | | December 31, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2022 | |
| | | Unaudited | | | Audited | |
| | | U.S Dollars In thousands | |
| Cash Flows from Operating Activities | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 3,226 | | | $ | (5,265 | ) | | $ | 3,223 | | | $ | 484 | | | $ | (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 | | | 9,506 | | | | 9,143 | | | | 3,179 | | | | 3,055 | | | | 12,155 | |
| Financial expenses (income), net | | | 3,883 | | | | 5,719 | | | | 1,072 | | | | 2,068 | | | | 6,791 | |
| Cost of share-based payment | | | 941 | | | | 935 | | | | 312 | | | | 366 | | | | 1,153 | |
| Taxes on income | | | 179 | | | | 60 | | | | 73 | | | | 10 | | | | 62 | |
| Loss (gain) from sale of property and equipment | | | (5 | ) | | | - | | | | - | | | | - | | | | - | |
| Change in employee benefit liabilities, net | | | (144 | ) | | | (106 | ) | | | (104 | ) | | | (10 | ) | | | (111 | ) |
| | | | 14,360 | | | | 15,751 | | | | 4,532 | | | | 5,489 | | | | 20,050 | |
| Changes in asset and liability items: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Decrease (increase) in trade receivables, net | | | 2,078 | | | | 10,744 | | | | (618 | ) | | | (6,358 | ) | | | 7,603 | |
| Decrease (increase) in other accounts receivables | | | 2,716 | | | | 2,917 | | | | 1,177 | | | | 844 | | | | (578 | ) |
| Decrease (increase) in inventories | | | (5,011 | ) | | | (5,606 | ) | | | 6,441 | | | | (8,509 | ) | | | (1,361 | ) |
| Decrease (increase) in deferred expenses | | | 2,763 | | | | (2,596 | ) | | | (279 | ) | | | (2,112 | ) | | | (1,340 | ) |
| Increase (decrease) in trade payables | | | (18,617 | ) | | | 5,895 | | | | (13,181 | ) | | | 13,738 | | | | 7,055 | |
| Increase (decrease) in other accounts payables | | | (359 | ) | | | 566 | | | | 49 | | | | 2,083 | | | | 290 | |
| Decrease in deferred revenues | | | (20 | ) | | | - | | | | (23 | ) | | | - | | | | (20 | ) |
| | | | (16,450 | ) | | | 11,920 | | | | (6,434 | ) | | | (314 | ) | | | 11,649 | |
| Cash received (paid) during the period for: | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Interest paid | | | (1,149 | ) | | | (550 | ) | | | (405 | ) | | | (170 | ) | | | (853 | ) |
| Interest received | | | 92 | | | | 15 | | | | 67 | | | | 12 | | | | 97 | |
| Taxes paid | | | (174 | ) | | | (27 | ) | | | (62 | ) | | | (9 | ) | | | (36 | ) |
| | | | (1,231 | ) | | | (562 | ) | | | (400 | ) | | | (167 | ) | | | (792 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Net cash provided by (used in) operating activities | | $ | (95 | ) | | $ | 21,844 | | | $ | 921 | | | $ | 5,492 | | | $ | 28,586 | |
KAMADA LTD.
Condensed consolidated interim statements of cash flows
| | | Nine months period Ended | | | Three months period Ended | | | Year Ended | |
| | | September, 30 | | | September, 30 | | | December 31, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | | | 2022 | |
| | | Unaudited | | | Audited | |
| | | U.S Dollars In thousands | |
| Cash Flows from Investing Activities | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Purchase of property and equipment and intangible assets | | $ | (3,876 | ) | | $ | (2,807 | ) | | $ | (1,729 | ) | | $ | (1,616 | ) | | $ | (3,784 | ) |
| Proceeds from sale of property and equipment | | | 6 | | | | - | | | | - | | | | - | | | | - | |
| Net cash provided by (used in) investing activities | | | (3,870 | ) | | | (2,807 | ) | | | (1,729 | ) | | | (1,616 | ) | | | (3,784 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Cash Flows from Financing Activities | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Proceeds from exercise of share base payments | | | 3 | | | | 7 | | | | - | | | | 1 | | | | 9 | |
| Repayment of lease liabilities | | | (768 | ) | | | (842 | ) | | | (251 | ) | | | (269 | ) | | | (1,098 | ) |
| Repayment of long-term loans | | | (17,407 | ) | | | (1,517 | ) | | | (15,185 | ) | | | (1,116 | ) | | | (2,628 | ) |
| Repayment of other long-term liabilities | | | (17,500 | ) | | | (4,120 | ) | | | (11,500 | ) | | | (877 | ) | | | (5,626 | ) |
| Proceeds from issuance of ordinary shares, net | | | 58,231 | | | | - | | | | 58,231 | | | | - | | | | - | |
| Net cash provided by (used in) financing activities | | | 22,559 | | | | (6,472 | ) | | | 31,295 | | | | (2,261 | ) | | | (9,343 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| Exchange differences on balances of cash and cash equivalent | | | (249 | ) | | | 100 | | | | 328 | | | | (296 | ) | | | 212 | |
| | | | | | | | | | | | | | | | | | | | | |
| Increase (decrease) in cash and cash equivalents | | | 18,345 | | | | 12,665 | | | | 30,815 | | | | 1,319 | | | | 15,671 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents at the beginning of the period | | | 34,258 | | | | 18,587 | | | | 21,788 | | | | 29,933 | | | | 18,587 | |
| | | | | | | | | | | | | | | | | | | | | |
| Cash and cash equivalents at the end of the period | | $ | 52,603 | | | $ | 31,252 | | | $ | 52,603 | | | $ | 31,252 | | | $ | 34,258 | |
| | | | | | | | | | | | | | | | | | | | | |
| Significant non-cash transactions | | | | | | | | | | | | | | | | | | | | |
| Right-of-use asset recognized with corresponding lease liability | | $ | 3,880 | | | $ | 526 | | | $ | 295 | | | $ | 230 | | | $ | 551 | |
| Purchase of property and equipment and Intangible assets | | $ | 681 | | | $ | 134 | | | $ | 681 | | | $ | 134 | | | $ | 618 | |
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
KAMADA LTD.
Notes to the Condensed Consolidated Interim 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, 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.
KAMADA LTD.
Notes to the Condensed Consolidated Interim 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: |
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 the Condensed Consolidated Interim Financial Statements
Note 3:- Significant events in the reporting period
| a. | Grant of options to the purchase ordinary shares of the Company to employees, executive officers: |
| 1. | 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. |
| 2. | 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. |
| 3. | On August 15, 2023 the Company’s Board of Directors approved the grant of 20,000 options to purchase ordinary shares of the Company, at an exercise price of NIS 20.07 (USD 5.33) 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 $36.8 thousands. |
KAMADA LTD.
Notes to the Condensed Consolidated Interim Financial Statements
Note 3:- Significant events in the reporting period (cont.)
| 4. | On August 21, 2023, the Company’s Board of Directors approved the grant of options to purchase up to 54,650 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 August 21, 2023, 24,050 options to purchase the ordinary shares of the Company, at an exercise price of NIS 21.54 (USD 5.68) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $48 thousands. |
| | - | On September 26, 2023, 9,050 options to purchase ordinary shares of the Company, at an exercise price of NIS 20.60 (USD 5.39) 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 $17 thousands. |
| | - | On October 4, 2023, 2,500 options to purchase ordinary shares of the Company, at an exercise price of NIS 21.51 (USD 5.39) 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 thousands. |
Under the US Appendix:
| | - | On August 21, 2023, 7,500 options to purchase ordinary shares of the Company, at an exercise price of USD 5.86 per share. The fair value of the options was estimated on the date of grant was estimated at $18 thousands. |
| | - | On August 30, 2023, 9,050 options to purchase ordinary shares of the Company, at an exercise price of USD 5.91 per share. The fair value of the options was estimated on the date of grant was estimated at $22 thousands. |
| | - | On September 25, 2023, 2,500 options to purchase the ordinary shares of the Company, at an exercise price of USD 5.47 per share. The fair value of the options was estimated on the date of grant was estimated at $5.5 thousands. |
| 5. | On September 7, 2023, Following the closing of the Private Placement to FIMI, the Company granted to the External Board of Directors members 32,000 options to purchase ordinary shares of the Company, at an exercise price of NIS 21.63 (USD 5.62) per share. The fair value of the options calculated on the date of grant using the binomial option valuation model was estimated at $45 thousands. |
| | b. | Private Placement with FIMI Opportunity Funds |
On September 7, 2023, the Company closed a $60 million private placement (the “Private Placement”) with FIMI Opportunity Funds (“FIMI”), the leading private equity firm in Israel and a large existing shareholder of the Company. Under the terms of the Private Placement, the Company issued an aggregate of 12,631,579 ordinary shares to FIMI at a price of $4.75 per share (which represented the average closing price of the Company’s shares on NASDAQ during the 20 trading days prior to the date of execution of the Private Placement). Following the closing of the Private Placement, FIMI beneficially owns approximately 38% of the Company’s outstanding ordinary shares and became a controlling shareholder of the Company, within the meaning of the Israeli Companies Law, 1999.
On September 19, 2023, the Company paid down in full the outstanding balance of a $20,000 thousand 5-year term loan borrowed during November 2021 from Bank Hapoalim, an Israeli bank.
KAMADA LTD.
Notes to the Condensed Consolidated Interim Financial Statements
Note 4:- Operating Segments
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
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Nine months period ended September 30, 2023 | | | | | | | | | |
| Revenues | | $ | 86,437 | | | $ | 19,650 | | | $ | 106,087 | |
| Gross profit | | $ | 38,574 | | | $ | 2,504 | | | $ | 41,078 | |
| Unallocated corporate expenses | | | | | | | | | | | (33,790 | ) |
| Finance expenses, net | | | | | | | | | | | (3,883 | ) |
| Income before taxes on income | | | | | | | | | | $ | 3,405 | |
| | | 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 | |
| Three months period ended September 30, 2023 | | | | | | | | | |
| Revenues | | $ | 31,436 | | | $ | 6,498 | | | $ | 37,934 | |
| Gross profit | | $ | 13,989 | | | $ | 814 | | | $ | 14,803 | |
| Unallocated corporate expenses | | | | | | | | | | | (10,435 | ) |
| Finance expenses, net | | | | | | | | | | | (1,072 | ) |
| Income before taxes on income | | | | | | | | | | $ | 3,296 | |
| | | 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 | |
KAMADA LTD.
Notes to the Condensed Consolidated Interim 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, 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: |
| | | Nine months period ended
September 30, 2023 | |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Geographical markets | | | | | | | | | |
| U.S.A and North America | | $ | 62,150 | | | $ | - | | | $ | 62,150 | |
| Israel | | | 3,119 | | | | 19,650 | | | | 22,769 | |
| Europe | | | 6,724 | | | | - | | | | 6,724 | |
| Latin America | | | 10,365 | | | | - | | | | 10,365 | |
| Asia | | | 3,958 | | | | - | | | | 3,958 | |
| Others | | | 121 | | | | - | | | | 121 | |
| | | $ | 86,437 | | | $ | 19,650 | | | $ | 106,087 | |
KAMADA LTD.
Notes to the Condensed Consolidated Interim Financial Statements
Note 4:- Operating Segments (cont.)
| | 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 | |
| | | Three months period ended
September 30, 2023 | |
| | | Proprietary
Products | | | Distribution | | | Total | |
| | | U.S Dollars in thousands | |
| | | Unaudited | |
| Geographical markets | | | | | | | | | |
| U.S.A and North America. | | $ | 25,294 | | | $ | - | | | $ | 25,294 | |
| Israel | | | 1,017 | | | | 6,498 | | | | 7,515 | |
| Europe | | | 3,280 | | | | - | | | | 3,280 | |
| Latin America | | | 328 | | | | - | | | | 328 | |
| Asia | | | 1,479 | | | | - | | | | 1,479 | |
| Others | | | 38 | | | | - | | | | 38 | |
| | | $ | 31,436 | | | $ | 6,498 | | | $ | 37,934 | |
| | | 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 | |
KAMADA LTD.
Notes to the Condensed Consolidated Interim Financial Statements
Note 4:- Operating Segments (cont.)
| | | 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 | | | 11,294 | | | | - | | | | 11,294 | |
| Asia | | | 4,581 | | | | - | | | | 4,581 | |
| Others | | | 305 | | | | - | | | | 305 | |
| | | $ | 102,598 | | | $ | 26,741 | | | $ | 129,339 | |
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, 2023 | | | | | | | | | |
| Derivatives instruments | | $ | - | | | $ | (98 | ) | | $ | - | |
| Contingent consideration | | | - | | | | - | | | | (22,326 | ) |
| | | | | | | | | | | | | |
| September 30, 2022 | | | | | | | | | | | | |
| Derivatives instruments | | | | | | | (180 | ) | | | | |
| Contingent consideration | | $ | - | | | $ | | | | $ | (23,705 | ) |
| | | | | | | | | | | | | |
| December 31, 2022 | | | | | | | | | | | | |
| Derivatives instruments | | $ | - | | | $ | (92 | ) | | $ | - | |
| Contingent consideration | | $ | - | | | $ | - | | | $ | (23,534 | ) |
During the nine months ended on September 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.
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