Kamada (KMDA) 6-K 13 Nov 23 Report of Foreign Private Issuer Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 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	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity File Number	001-35948

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Financial Position - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Current Assets
Cash and cash equivalents	$ 52,603	$ 34,258	$ 31,252
Trade receivables, net	25,107	27,252	23,997
Other accounts receivables	1,648	8,710	6,884
Inventories	73,795	68,785	73,029
Total Current Assets	153,153	139,005	135,162
Non-Current Assets
Property, plant and equipment, net	27,362	26,157	25,898
Right-of-use assets	5,494	2,568	2,793
Intangible assets, Goodwill and other long-term assets	142,501	147,072	148,620
Contract assets	8,546	7,577	7,164
Total Non-Current Assets	183,903	183,374	184,475
Total Assets	337,056	322,379	319,637
Current Liabilities
Current maturities of bank loans		4,444	4,444
Current maturities of lease liabilities	1,138	1,016	1,004
Current maturities of other long term liabilities	15,989	29,708	25,095
Trade payables	12,812	32,917	30,619
Other accounts payables	7,318	7,585	7,948
Deferred revenues	15	35	40
Total Current Liabilities	37,272	75,705	69,150
Non-Current Liabilities
Bank loans		12,963	14,074
Lease liabilities	4,717	2,177	2,414
Contingent consideration	19,642	17,534	20,705
Other long-term liabilities	36,477	37,308	39,915
Deferred revenues			15
Employee benefit liabilities, net	558	672	813
Total Non-Current Liabilities	61,394	70,654	77,936
Shareholder’s Equity
Ordinary shares	15,020	11,734	11,732
Additional paid in capital net	265,700	210,495	210,355
Capital reserve due to translation to presentation currency	(3,490)	(3,490)	(3,490)
Capital reserve from hedges	(98)	(88)	(257)
Capital reserve from share-based payments	6,198	5,505	5,427
Capital reserve from employee benefits	318	348	212
Accumulated deficit	(45,258)	(48,484)	(51,428)
Total Shareholder’s Equity	238,390	176,020	172,551
Total Liabilities and Shareholder’s Equity	$ 337,056	$ 322,379	$ 319,637

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Statement [Abstract]
Revenues from proprietary products	$ 31,436	$ 25,580	$ 86,437	$ 67,198	$ 102,598
Revenues from distribution	6,498	6,637	19,650	16,702	26,741
Total revenues	37,934	32,217	106,087	83,900	129,339
Cost of revenues from proprietary products	17,447	13,151	47,863	37,856	58,229
Cost of revenues from distribution	5,684	6,196	17,146	14,632	24,407
Total cost of revenues	23,131	19,347	65,009	52,488	82,636
Gross profit	14,803	12,870	41,078	31,412	46,703
Research and development expenses	3,180	3,118	10,694	10,181	13,172
Selling and marketing expenses	3,711	3,843	11,573	10,435	15,284
General and administrative expenses	3,701	3,165	10,603	9,481	12,803
Other expenses	(157)	182	920	801	912
Operating income (loss)	4,368	2,562	7,288	514	4,532
Financial income	67	29	92	32	91
Income (expenses) in respect of currency exchange differences and derivatives instruments, net	553	163	726	756	298
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.	(1,288)	(2,049)	(3,358)	(5,924)	(6,266)
Financial expenses	(404)	(211)	(1,343)	(583)	(914)
Income (expense) before tax on income	3,296	494	3,405	(5,205)	(2,259)
Taxes on income	73	10	179	60	62
Net income (loss)	3,223	484	3,226	(5,265)	(2,321)
Other comprehensive income (loss) :
Gain (loss) on cash flow hedges	(90)	(46)	(334)	(830)	(776)
Net amounts transferred to the statement of profit or loss for cash flow hedges	59	231	324	519	634
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain (loss) from defined benefit plan	(106)	(59)	(30)	361	497
Total comprehensive income (loss)	$ 3,086	$ 610	$ 3,186	$ (5,215)	$ (1,966)
Earnings per share attributable to equity holders of the Company:
Basic net earnings per share (in Dollars per share)	$ 0.07	$ 0.01	$ 0.07	$ (0.12)	$ (0.05)
Diluted net earnings per share (in Dollars per share)	$ 0.06	$ 0.01	$ 0.06	$ (0.12)	$ (0.05)

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Changes in Equity - USD ($)	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							(5,265)	(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 at Sep. 30, 2022	11,732	210,355	(3,490)	(257)	5,427	212	(51,428)	172,551
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
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 Jun. 30, 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 at Sep. 30, 2022	11,732	210,355	(3,490)	(257)	5,427	212	(51,428)	172,551
Balance at Dec. 31, 2022	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 at Sep. 30, 2023	15,020	265,700	(3,490)	(98)	6,198	318	(45,258)	238,390
Balance at Jun. 30, 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 at Sep. 30, 2023	$ 15,020	$ 265,700	$ (3,490)	$ (98)	$ 6,198	$ 318	$ (45,258)	$ 238,390

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash Flows from Operating Activities
Net income (loss)	$ 3,223	$ 484	$ 3,226	$ (5,265)	$ (2,321)
Adjustments to the profit or loss items:
Depreciation and impairment	3,179	3,055	9,506	9,143	12,155
Financial expenses (income), net	1,072	2,068	3,883	5,719	6,791
Cost of share-based payment	312	366	941	935	1,153
Taxes on income	73	10	179	60	62
Loss (gain) from sale of property and equipment			(5)
Change in employee benefit liabilities, net	(104)	(10)	(144)	(106)	(111)
Adjustments to the profit or loss items	4,532	5,489	14,360	15,751	20,050
Changes in asset and liability items:
Decrease (increase) in trade receivables, net	(618)	(6,358)	2,078	10,744	7,603
Decrease (increase) in other accounts receivables	1,177	844	2,716	2,917	(578)
Decrease (increase) in inventories	6,441	(8,509)	(5,011)	(5,606)	(1,361)
Decrease (increase) in deferred expenses	(279)	(2,112)	2,763	(2,596)	(1,340)
Increase (decrease) in trade payables	(13,181)	13,738	(18,617)	5,895	7,055
Increase (decrease) in other accounts payables	49	2,083	(359)	566	290
Decrease in deferred revenues	(23)		(20)		(20)
Total Changes in asset and liability	(6,434)	(314)	(16,450)	11,920	11,649
Cash received (paid) during the period for:
Interest paid	(405)	(170)	(1,149)	(550)	(853)
Interest received	67	12	92	15	97
Taxes paid	(62)	(9)	(174)	(27)	(36)
Cash received (paid) during the year	(400)	(167)	(1,231)	(562)	(792)
Net cash provided by (used in) operating activities	921	5,492	(95)	21,844	28,586
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets	(1,729)	(1,616)	(3,876)	(2,807)	(3,784)
Proceeds from sale of property and equipment			6
Net cash provided by (used in) investing activities	(1,729)	(1,616)	(3,870)	(2,807)	(3,784)
Cash Flows from Financing Activities
Proceeds from exercise of share base payments		1	3	7	9
Repayment of lease liabilities	(251)	(269)	(768)	(842)	(1,098)
Repayment of long-term loans	(15,185)	(1,116)	(17,407)	(1,517)	(2,628)
Repayment of other long-term liabilities	(11,500)	(877)	(17,500)	(4,120)	(5,626)
Proceeds from issuance of ordinary shares, net	58,231		58,231
Net cash provided by (used in) financing activities	31,295	(2,261)	22,559	(6,472)	(9,343)
Exchange differences on balances of cash and cash equivalent	328	(296)	(249)	100	212
Increase (decrease) in cash and cash equivalents	30,815	1,319	18,345	12,665	15,671
Cash and cash equivalents at the beginning of the period	21,788	29,933	34,258	18,587	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	295	230	3,880	526	551
Purchase of property and equipment and Intangible assets	$ 681	$ 134	$ 681	$ 134	$ 618

General

General	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2023
Significant Events in the Reporting Period [Abstract]
Significant Events in the Reporting Period	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. 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. c. Bank Loan 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.

Operating Segments

Operating Segments	9 Months Ended
	Sep. 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 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 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 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 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 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: Nine months period ended Proprietary 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 c. Reporting on operating segments by geographic region: Nine months period ended Proprietary 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 Proprietary 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 Proprietary 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 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 11,294 - 11,294 Asia 4,581 - 4,581 Others 305 - 305 $ 102,598 $ 26,741 $ 129,339

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 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 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.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2023
Operating Segments [Abstract]
Schedule of Reporting on Operating Segments	Reporting on operating segments: Proprietary 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 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 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 Distribution Total U.S Dollars in thousands Unaudited Three months period ended September 30, 2022 Revenues $ 25,580 $ 6,637 $ 32,217 Gross profit $ 12,429 $ 441 $ 12,870 Unallocated corporate expenses (10,308 ) Finance expenses, net (2,068 ) Income before taxes on income $ 494 Proprietary 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	Reporting on operating segments by geographic region: Nine months period ended Proprietary 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 Nine months period ended Proprietary 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 Proprietary 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 Proprietary 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 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 11,294 - 11,294 Asia 4,581 - 4,581 Others 305 - 305 $ 102,598 $ 26,741 $ 129,339

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Financial Instruments [Abstract]
Schedule of Financial Assets (Liabilities) Measured at Fair Value	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 )

Significant Events in the Rep_2

Significant Events in the Reporting Period (Details)	Oct. 04, 2023 USD ($) $ / shares shares	Oct. 04, 2023 USD ($) ₪ / shares shares	Sep. 26, 2023 USD ($) $ / shares shares	Sep. 26, 2023 USD ($) ₪ / shares shares	Sep. 25, 2023 USD ($) $ / shares shares	Sep. 19, 2023 USD ($)	Sep. 07, 2023 USD ($) $ / shares shares	Sep. 07, 2023 USD ($) $ / shares ₪ / shares shares	Aug. 30, 2023 USD ($) $ / shares shares	Aug. 21, 2023 USD ($) $ / shares shares	Aug. 21, 2023 USD ($) ₪ / shares shares	Aug. 15, 2023 USD ($) $ / shares shares	Aug. 15, 2023 USD ($) ₪ / shares shares	May 28, 2023 USD ($) $ / shares shares	May 28, 2023 USD ($) ₪ / shares shares	Apr. 23, 2023 USD ($) $ / shares shares	Apr. 23, 2023 USD ($) ₪ / shares shares	Mar. 01, 2023 USD ($) $ / shares shares	Mar. 01, 2023 USD ($) ₪ / shares shares	Feb. 27, 2023 USD ($) $ / shares shares	Feb. 27, 2023 USD ($) ₪ / shares shares	Mar. 02, 2022 USD ($) $ / shares ₪ / shares shares
Significant Events in the Reporting Period (Details) [Line Items]
Option granted | shares										7,500	7,500									3,333	3,333
Exercise price | $ / shares										$ 5.86										$ 4.57
Fair value of options (in Dollars)										$ 18,000	$ 18,000									$ 5,800	$ 5,800
Private placement with fimi opportunity funds (in Dollars)							$ 60,000,000	$ 60,000,000
Issued ordinary shares | shares							12,631,579	12,631,579
Price per share (in Dollars per share) | $ / shares							$ 4.75	$ 4.75
Outstanding shares percentage							38%	38%
Loan borrowed period						5 years
Outstanding balance value (in Dollars)						$ 20,000,000
Board of Directors [Member]
Significant Events in the Reporting Period (Details) [Line Items]
Option granted | shares										54,650	54,650	20,000	20,000	90,000	90,000					147,000	147,000
Exercise price | (per share)												$ 5.33	₪ 20.07	$ 5.25	₪ 19.46
Fair value of options (in Dollars)												$ 36,800	₪ 36,800	$ 217,000	₪ 217,000
Option [Member]
Significant Events in the Reporting Period (Details) [Line Items]
Option granted | shares	2,500	2,500	9,050	9,050	2,500		32,000	32,000	9,050	24,050	24,050					40,000	40,000	3,333	3,333	60,331	60,331	40,000
Exercise price | (per share)	$ 5.39	₪ 21.51	$ 5.39	₪ 20.6	$ 5.47		$ 5.62	$ 21.63	$ 5.91	$ 5.68	$ 21.54					$ 4.83	₪ 17.67	$ 4.57	₪ 16.63	$ 4.5	$ 16.53	₪ 16.76
Fair value of options (in Dollars)	$ 5,000	₪ 5,000	$ 17,000	₪ 17,000	$ 5,500		$ 45,000	$ 45,000	$ 22,000	$ 48,000	$ 48,000					$ 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

Operating Segments (Details) -

Operating Segments (Details) - Schedule of Reporting on Operating Segments - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Operating Segments (Details) - Schedule of Reporting on Operating Segments [Line Items]
Revenues	$ 37,934	$ 32,217	$ 106,087	$ 83,900	$ 129,339
Gross profit	14,803	12,870	41,078	31,412	46,703
Unallocated corporate expenses	(10,435)	(10,308)	(33,790)	(30,898)	(42,171)
Finance expenses, net	(1,072)	(2,068)	(3,883)	(5,719)	(6,791)
Income before taxes on income	3,296	494	3,405	(5,205)	(2,259)
Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments [Line Items]
Revenues	31,436	25,580	86,437	67,198	102,598
Gross profit	13,989	12,429	38,574	29,342	44,369
Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments [Line Items]
Revenues	6,498	6,637	19,650	16,702	26,741
Gross profit	$ 814	$ 441	$ 2,504	$ 2,070	$ 2,334

Operating Segments (Details) _2

Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	$ 37,934	$ 32,217	$ 106,087	$ 83,900	$ 129,339
U.S.A and North America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	25,294	20,597	62,150	52,866	75,851
Israel [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	7,515	8,014	22,769	20,333	32,031
Europe [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	3,280	750	6,724	2,192	5,277
Latin America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	328	1,775	10,365	5,301	11,294
Asia [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	1,479	767	3,958	2,665	4,581
Others [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	38	314	121	543	305
Proprietary Products [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	31,436	25,580	86,437	67,198	102,598
Proprietary Products [Member] | U.S.A and North America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	25,294	20,597	62,150	52,866	75,851
Proprietary Products [Member] | Israel [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	1,017	1,377	3,119	3,631	5,290
Proprietary Products [Member] | Europe [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	3,280	750	6,724	2,192	5,277
Proprietary Products [Member] | Latin America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	328	1,775	10,365	5,301	11,294
Proprietary Products [Member] | Asia [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	1,479	767	3,958	2,665	4,581
Proprietary Products [Member] | Others [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	38	314	121	543	305
Distribution [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution	6,498	6,637	19,650	16,702	26,741
Distribution [Member] | U.S.A and North America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Distribution [Member] | Israel [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution	6,498	6,637	19,650	16,702	26,741
Distribution [Member] | Europe [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Distribution [Member] | Latin America [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Distribution [Member] | Asia [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Distribution [Member] | Others [Member]
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution

Financial Instruments (Details)

Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 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	(98)	(92)	(180)
Contingent consideration
Level 3 [Member]
Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments
Contingent consideration	$ (22,326)	$ (23,534)	$ (23,705)