Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2024 | |
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 | Mar. 31, 2024 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Entity File Number | 001-35948 |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Financial Position - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Current Assets | |||
Cash and cash equivalents | $ 48,194 | $ 55,641 | $ 27,121 |
Trade receivables, net | 18,855 | 19,877 | 20,925 |
Other accounts receivables | 6,411 | 5,965 | 3,603 |
Inventories | 84,348 | 88,479 | 79,754 |
Total Current Assets | 157,808 | 169,962 | 131,403 |
Non-Current Assets | |||
Property, plant and equipment, net | 30,727 | 28,224 | 26,496 |
Right-of-use assets | 7,632 | 7,761 | 5,836 |
Intangible assets, Goodwill and other long-term assets | 138,623 | 140,465 | 145,305 |
Contract assets | 8,384 | 8,495 | 7,755 |
Total Non-Current Assets | 185,366 | 184,945 | 185,392 |
Total Assets | 343,174 | 354,907 | 316,795 |
Current Liabilities | |||
Current maturities of bank loans | 4,444 | ||
Current maturities of lease liabilities | 1,467 | 1,384 | 1,438 |
Current maturities of other long term liabilities | 12,980 | 14,996 | 29,414 |
Trade payables | 16,492 | 24,804 | 26,210 |
Other accounts payables | 6,210 | 8,261 | 7,350 |
Deferred revenues | 26 | 148 | 419 |
Total Current Liabilities | 37,175 | 49,593 | 69,275 |
Non-Current Liabilities | |||
Bank loans | 11,852 | ||
Lease liabilities | 7,278 | 7,438 | 4,992 |
Contingent consideration | 16,760 | 18,855 | 18,115 |
Other long-term liabilities | 34,842 | 34,379 | 37,280 |
Employee benefit liabilities, net | 609 | 621 | 473 |
Total Non-Current Liabilities | 59,489 | 61,293 | 72,712 |
Shareholder’s Equity | |||
Ordinary shares | 15,022 | 15,021 | 11,736 |
Additional paid in capital net | 266,183 | 265,848 | 210,665 |
Capital reserve due to translation to presentation currency | (3,490) | (3,490) | (3,490) |
Capital reserve from hedges | 12 | 140 | (99) |
Capital reserve from share-based payments | 6,336 | 6,427 | 5,750 |
Capital reserve from employee benefits | 282 | 275 | 539 |
Accumulated deficit | (37,835) | (40,200) | (50,293) |
Total Shareholder’s Equity | 246,510 | 244,021 | 174,808 |
Total Liabilities and Shareholder’s Equity | $ 343,174 | $ 354,907 | $ 316,795 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Statement [Abstract] | |||
Revenues from proprietary products | $ 33,758 | $ 24,061 | $ 115,458 |
Revenues from distribution | 3,978 | 6,649 | 27,061 |
Total revenues | 37,736 | 30,710 | 142,519 |
Cost of revenues from proprietary products | 17,620 | 13,224 | 63,342 |
Cost of revenues from distribution | 3,365 | 5,647 | 23,687 |
Total cost of revenues | 20,985 | 18,871 | 87,029 |
Gross profit | 16,751 | 11,839 | 55,490 |
Research and development expenses | 4,295 | 3,231 | 13,933 |
Selling and marketing expenses | 4,631 | 3,922 | 16,193 |
General and administrative expenses | 3,786 | 3,418 | 14,381 |
Other expenses | 979 | 919 | |
Operating income (loss) | 4,039 | 289 | 10,064 |
Financial income | 280 | 25 | 588 |
Income (expenses) in respect of currency exchange differences and derivatives instruments, net | 124 | 151 | 55 |
Financial Income (expense) in respect of contingent consideration and other long- term liabilities. | (1,845) | (1,761) | (980) |
Financial expenses | (159) | (500) | (1,298) |
Income before tax on income | 2,439 | (1,796) | 8,429 |
Taxes on income | 74 | 13 | 145 |
Net Income (loss) | 2,365 | (1,809) | 8,284 |
Other Comprehensive Income (loss): | |||
Gain (loss) on cash flow hedges | (71) | (156) | (186) |
Net amounts transferred to the statement of profit or loss for cash flow hedges | (57) | 145 | 414 |
Items that will not be reclassified to profit or loss in subsequent periods: | |||
Remeasurement gain (loss) from defined benefit plan | 7 | 191 | (73) |
Total comprehensive income (loss) | $ 2,244 | $ (1,629) | $ 8,439 |
Earnings per share attributable to equity holders of the Company: | |||
Basic net earnings per share (in Dollars per share) | $ 0.04 | $ (0.04) | $ 0.17 |
Diluted net earnings per share (in Dollars per share) | $ 0.04 | $ (0.04) | $ 0.15 |
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, 2022 | $ 11,734 | $ 210,495 | $ (3,490) | $ (88) | $ 5,505 | $ 348 | $ (48,484) | $ 176,020 |
Net income | (1,809) | (1,809) | ||||||
Other comprehensive income (loss) | (11) | 191 | 180 | |||||
Total comprehensive income (loss) | (11) | 191 | (1,809) | (1,629) | ||||
Exercise and forfeiture of share-based payment into shares | 2 | 170 | (170) | 2 | ||||
Cost of share-based payment | 415 | 415 | ||||||
Balance at Mar. 31, 2023 | 11,736 | 210,665 | (3,490) | (99) | 5,750 | 539 | (50,293) | 174,808 |
Balance at Dec. 31, 2022 | 11,734 | 210,495 | (3,490) | (88) | 5,505 | 348 | (48,484) | 176,020 |
Net income | 8,284 | 8,284 | ||||||
Other comprehensive income (loss) | 228 | (73) | 155 | |||||
Total comprehensive income (loss) | 228 | (73) | 8,284 | 8,439 | ||||
Exercise and forfeiture of share-based payment into shares | 4 | 405 | (405) | 4 | ||||
Issuance of shares | 3,283 | 54,948 | 58,231 | |||||
Cost of share-based payment | 1,327 | 1,327 | ||||||
Balance at Dec. 31, 2023 | 15,021 | 265,848 | (3,490) | 140 | 6,427 | 275 | (40,200) | 244,021 |
Net income | 2,365 | 2,365 | ||||||
Other comprehensive income (loss) | (128) | 7 | (121) | |||||
Total comprehensive income (loss) | (128) | 7 | 2,365 | 2,244 | ||||
Exercise and forfeiture of share-based payment into shares | 1 | 335 | (335) | 1 | ||||
Cost of share-based payment | 244 | 244 | ||||||
Balance at Mar. 31, 2024 | $ 15,022 | $ 266,183 | $ (3,490) | $ 12 | $ 6,336 | $ 282 | $ (37,835) | $ 246,510 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 2,365 | $ (1,809) | $ 8,284 |
Adjustments to the profit or loss items: | |||
Depreciation and amortization | 3,237 | 3,123 | 12,714 |
Financial expenses (income), net | 1,600 | 2,085 | 1,635 |
Cost of share-based payment | 241 | 415 | 1,314 |
Taxes on income | 74 | 13 | 145 |
Loss (gain) from sale of property and equipment | (22) | (5) | |
Change in employee benefit liabilities, net | (4) | (8) | (125) |
Adjustments to the profit or loss items | 5,148 | 5,606 | 15,678 |
Changes in asset and liability items: | |||
Decrease (increase) in trade receivables, net | 610 | 6,306 | 7,835 |
Decrease (increase) in other accounts receivables | (516) | 1,362 | (1,150) |
Decrease (increase) in inventories | 4,131 | (10,970) | (19,694) |
Decrease (increase) in deferred expenses | 112 | 3,554 | 2,814 |
Decrease (increase) in trade payables | (8,785) | (6,712) | (8,885) |
Decrease (increase) in other accounts payables | (2,051) | (238) | 765 |
Decrease (increase) in deferred revenues | (122) | 384 | 113 |
Total Changes in asset and liability | (6,621) | (6,314) | (18,202) |
Cash received (paid) during the period for: | |||
Interest paid | (129) | (341) | (1,228) |
Interest received | 280 | 25 | |
Taxes paid | (23) | (18) | (217) |
Cash received (paid) during the year | 128 | (334) | (1,445) |
Net cash provided by (used in) operating activities | 1,020 | (2,851) | 4,315 |
Cash Flows from Investing Activities | |||
Purchase of property and equipment and intangible assets | (2,682) | (1,117) | (5,850) |
Proceeds from sale of property and equipment | 24 | 7 | |
Net cash provided by (used in) investing activities | (2,682) | (1,093) | (5,843) |
Cash Flows from Financing Activities | |||
Proceeds from exercise of share base payments | 1 | 1 | 4 |
Proceeds from issuance of ordinary shares, net | 58,231 | ||
Repayment of lease liabilities | (244) | (271) | (850) |
Repayment of long-term loans | (1,111) | (17,407) | |
Repayment of other long-term liabilities | (5,496) | (1,500) | (17,300) |
Net cash provided by (used in) financing activities | (5,739) | (2,881) | 22,678 |
Exchange differences on balances of cash and cash equivalent | (46) | (312) | 233 |
Increase (decrease) in cash and cash equivalents | (7,447) | (7,137) | 21,383 |
Cash and cash equivalents at the beginning of the period | 55,641 | 34,258 | 34,258 |
Cash and cash equivalents at the end of the period | 48,194 | 27,121 | 55,641 |
Significant non-cash transactions | |||
Right-of-use asset recognized with corresponding lease liability | 306 | 3,580 | 6,546 |
Purchase of property and equipment and Intangible assets | $ 905 | $ 292 | $ 646 |
General
General | 3 Months Ended |
Mar. 31, 2024 | |
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 KEDRAB®, CYTOGAM®, VARIZIG®, WINRHO SDF®, HEPAGAM B® and GLASSIA®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom (ASV) products. The Company distributes its commercial products portfolio directly, and through strategic partners or third-party distributors in more than 30 countries, including the U.S., Canada, Israel, Russia, Argentina, Brazil, India, Australia and other countries in Latin America, Europe, the Middle East and Asia. The Company leverages its expertise and presence in the Israeli market to distribute, for use in Israel, more than 25 pharmaceutical products that are supplied by international manufacturers and in addition have eleven biosimilar products in its Israeli distribution portfolio, which, subject to European Medicines Agency (EMA) and Israeli Ministry of Health (“IL MOH”) approvals, are expected to be launched in Israel through 2028. The Company owns an FDA licensed plasma collection center in Beaumont, Texas, which currently specializes in the collection of hyper-immune plasma used in the manufacture of KAMRHO (D), KAMRAB and KEDRAB. 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. The Company markets GLASSIA in the U.S. through a strategic partnership with Takeda Pharmaceuticals Company Limited (“Takeda”). Historically, the Company generated revenues on sales of GLASSIA, manufactured by the Company, to Takeda for further distribution in the United States. In accordance with the agreement with Takeda, the Company ceased the production and sale of GLASSIA to Takeda during 2021, and during the first quarter of 2022, Takeda began to pay the Company royalties on sales of GLASSIA manufactured by Takeda, at a rate of 12% on net sales through August 2025 and at a rate of 6% thereafter until 2040, with a minimum of $5 million annually for each of the years from 2022 to 2040. Refer to Note 18 in our annual Financial report for further details on the engagement with Takeda. The Company’s ordinary shares are listed for trading on the Tel Aviv Stock Exchange and the NASDAQ Global Select Market. FIMI Opportunity Funds (“FIMI”), the leading private equity firm in Israel beneficially owns approximately 38% of the Company’s outstanding ordinary shares and is a controlling shareholder of the Company; within the meaning of the Israeli Companies Law, 1999. Refer to Note 20 for further details and Item 7 within the Company annual reports on Form 20-F. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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. The amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data. As of March 31, 2024, the Company does not have impact on its financial statement. |
Significant Events in the Repor
Significant Events in the Reporting Period | 3 Months Ended |
Mar. 31, 2024 | |
Significant Events in the Reporting Period [Abstract] | |
Significant Events in the Reporting Period | Note 3:- Significant events in the reporting period On February 29, 2024, the Company’s Board of Directors approved the grant of options to purchase up to 27,468 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: - 20,800 options to purchase the ordinary shares of the Company, at an exercise price of NIS 23.91 (USD 6.67) 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. Under the US Appendix: - 6,668 options to purchase the ordinary shares of the Company, at an exercise price of USD 6.62 per share. The fair value of the options was estimated on the date of grant was estimated at $18 thousands. |
Operating Segments
Operating Segments | 3 Months Ended |
Mar. 31, 2024 | |
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 Three months period ended March 31, 2024 Revenues $ 33,758 $ 3,978 $ 37,736 Gross profit $ 16,138 $ 613 $ 16,751 Unallocated corporate expenses (12,712 ) Finance expenses, net (1,600 ) Income before taxes on income $ 2,439 Proprietary Distribution Total U.S Dollars in thousands Unaudited Three months period ended March 31, 2023 Revenues $ 24,061 $ 6,649 $ 30,710 Gross profit $ 10,837 $ 1,002 $ 11,839 Unallocated corporate expenses (11,550 ) Finance expenses, net (2,085 ) Income before taxes on income $ (1,796 ) Proprietary Distribution Total U.S Dollars in thousands Audited Year Ended December 31, 2023 Revenues $ 115,458 $ 27,061 $ 142,519 Gross profit $ 52,116 $ 3,374 $ 55,490 Unallocated corporate expenses (45,426 ) Finance expenses, net (1,635 ) Income before taxes on income $ 8,429 c. Reporting on operating segments by geographic region: Three months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A $ 25,849 $ - $ 25,849 Israel 1,832 3,978 5,810 Canada 3,281 - 3,281 Europe 246 - 246 Latin America 1,116 - 1,116 Asia 1,434 - 1,434 $ 33,758 $ 3,978 $ 37,736 Three months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A $ 13,598 $ - $ 13,598 Israel 994 6,649 7,643 Canada 3,232 - 3,232 Europe 3,334 - 3,334 Latin America 1,316 - 1,316 Asia 1,550 - 1,550 Others 38 - 38 $ 24,061 $ 6,649 $ 30,710 Year ended December 31, 2023 Proprietary Distribution Total U.S Dollars in thousands Audited Geographical markets U.S.A $ 73,741 $ - $ 73,741 Israel 4,236 27,060 31,296 Canada 11,162 - 11,162 Europe 7,088 - 7,088 Latin America 12,928 - 12,928 Asia 6,147 - 6,147 Others 157 - 157 $ 115,459 $ 27,060 $ 142,519 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Financial Instruments [Abstract] | |
Financial Instruments | Note 5:- Financial Instruments Classification of financial instruments by fair value hierarchy Financial assets (liabilities) measured at fair value Level 1 Level 2 Level 3 U.S Dollars in thousands March 31, 2024 Derivatives instruments $ - $ 11 $ - Contingent consideration $ - $ - $ (19,453 ) March 31, 2023 Derivatives instruments - $ (91 ) $ - Contingent consideration $ - $ - $ (24,115 ) December 31, 2023 Derivatives instruments $ - $ 149 $ - Contingent consideration $ - $ - $ (21,855 ) During the three months ended on March 31, 2024 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent events [Abstract] | |
Subsequent events | Note 6:- Subsequent events On May 2, 2024, our U.S. subsidiary Kamada Plasma LLC entered into a lease agreement for a 11,100 square feet premises in San Antonio, Texas to be used as a plasma collection center. The lease is in effect for an initial period of ten years commencing on the rent commencement date which will be the earlier of (a) opening for business in the facility or (b) 180 days following receipt of building permits. The lease agreement may be extended for three consecutive periods of five years each, upon at least 120 days prior written notice. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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. The amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data. As of March 31, 2024, the Company does not have impact on its financial statement. |
Operating Segments (Tables)
Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Operating Segments [Abstract] | |
Schedule of Reporting on Operating Segments | Reporting on operating segments: Proprietary Distribution Total U.S Dollars in thousands Unaudited Three months period ended March 31, 2024 Revenues $ 33,758 $ 3,978 $ 37,736 Gross profit $ 16,138 $ 613 $ 16,751 Unallocated corporate expenses (12,712 ) Finance expenses, net (1,600 ) Income before taxes on income $ 2,439 Proprietary Distribution Total U.S Dollars in thousands Unaudited Three months period ended March 31, 2023 Revenues $ 24,061 $ 6,649 $ 30,710 Gross profit $ 10,837 $ 1,002 $ 11,839 Unallocated corporate expenses (11,550 ) Finance expenses, net (2,085 ) Income before taxes on income $ (1,796 ) Proprietary Distribution Total U.S Dollars in thousands Audited Year Ended December 31, 2023 Revenues $ 115,458 $ 27,061 $ 142,519 Gross profit $ 52,116 $ 3,374 $ 55,490 Unallocated corporate expenses (45,426 ) Finance expenses, net (1,635 ) Income before taxes on income $ 8,429 |
Schedule of Reporting on Operating Segments Geographic Region | Reporting on operating segments by geographic region: Three months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A $ 25,849 $ - $ 25,849 Israel 1,832 3,978 5,810 Canada 3,281 - 3,281 Europe 246 - 246 Latin America 1,116 - 1,116 Asia 1,434 - 1,434 $ 33,758 $ 3,978 $ 37,736 Three months period ended Proprietary Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A $ 13,598 $ - $ 13,598 Israel 994 6,649 7,643 Canada 3,232 - 3,232 Europe 3,334 - 3,334 Latin America 1,316 - 1,316 Asia 1,550 - 1,550 Others 38 - 38 $ 24,061 $ 6,649 $ 30,710 Year ended December 31, 2023 Proprietary Distribution Total U.S Dollars in thousands Audited Geographical markets U.S.A $ 73,741 $ - $ 73,741 Israel 4,236 27,060 31,296 Canada 11,162 - 11,162 Europe 7,088 - 7,088 Latin America 12,928 - 12,928 Asia 6,147 - 6,147 Others 157 - 157 $ 115,459 $ 27,060 $ 142,519 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024 Derivatives instruments $ - $ 11 $ - Contingent consideration $ - $ - $ (19,453 ) March 31, 2023 Derivatives instruments - $ (91 ) $ - Contingent consideration $ - $ - $ (24,115 ) December 31, 2023 Derivatives instruments $ - $ 149 $ - Contingent consideration $ - $ - $ (21,855 ) |
General (Details)
General (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
General [Line Items] | |
Interest rate | 12% |
Annual amount (in Dollars) | $ 5 |
Percentage of outstanding ordinary shares | 38% |
Takeda Pharmaceuticals Company Limited [Member] | |
General [Line Items] | |
Interest rate | 6% |
Significant Events in the Rep_2
Significant Events in the Reporting Period (Details) $ / shares in Units, $ in Thousands | Feb. 29, 2024 USD ($) $ / shares shares | Feb. 29, 2024 USD ($) ₪ / shares shares |
Significant Events in the Reporting Period [Line Items] | ||
Option granted | 6,668 | 6,668 |
Exercise price per share | $ / shares | $ 6.62 | |
Fair value of options (in Dollars) | $ | $ 18 | $ 18 |
Board of Directors [Member] | ||
Significant Events in the Reporting Period [Line Items] | ||
Option granted | 27,468 | 27,468 |
Israeli Share Option Plan [Member] | ||
Significant Events in the Reporting Period [Line Items] | ||
Option granted | 20,800 | 20,800 |
Exercise price per share | (per share) | $ 6.67 | $ 23.91 |
Fair value of options (in Dollars) | $ | $ 48 | $ 48 |
Operating Segments (Details)
Operating Segments (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Operating Segments [Abstract] | |
Number of operating segments | 2 |
Operating Segments (Details) -
Operating Segments (Details) - Schedule of Reporting on Operating Segments - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Reporting on Operating Segments [Line Items] | |||
Revenues | $ 37,736 | $ 30,710 | $ 142,519 |
Gross profit | 16,751 | 11,839 | 55,490 |
Unallocated corporate expenses | (12,712) | (11,550) | (45,426) |
Finance expenses, net | (1,600) | (2,085) | (1,635) |
Income before taxes on income | 2,439 | (1,796) | 8,429 |
Distribution [Member] | Proprietary Products [Member] | |||
Schedule of Reporting on Operating Segments [Line Items] | |||
Revenues | 33,758 | 24,061 | 115,458 |
Gross profit | 16,138 | 10,837 | 52,116 |
Distribution [Member] | Distribution [Member] | |||
Schedule of Reporting on Operating Segments [Line Items] | |||
Revenues | 3,978 | 6,649 | 27,061 |
Gross profit | $ 613 | $ 1,002 | $ 3,374 |
Operating Segments (Details) _2
Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Total | $ 37,736 | $ 30,710 | $ 142,519 |
U.S.A and North America [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Total | 25,849 | 13,598 | 73,741 |
Israel [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Total | 5,810 | 7,643 | 31,296 |
Canada [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Total | 3,281 | 3,232 | 11,162 |
Europe [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Total | 246 | 3,334 | 7,088 |
Latin America [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Total | 1,116 | 1,316 | 12,928 |
Asia [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Total | 1,434 | 1,550 | 6,147 |
Others [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Total | 38 | 157 | |
Proprietary Products [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Proprietary Products | 33,758 | 24,061 | 115,459 |
Proprietary Products [Member] | U.S.A and North America [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Proprietary Products | 25,849 | 13,598 | 73,741 |
Proprietary Products [Member] | Israel [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Proprietary Products | 1,832 | 994 | 4,236 |
Proprietary Products [Member] | Canada [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Proprietary Products | 3,281 | 3,232 | 11,162 |
Proprietary Products [Member] | Europe [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Proprietary Products | 246 | 3,334 | 7,088 |
Proprietary Products [Member] | Latin America [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Proprietary Products | 1,116 | 1,316 | 12,928 |
Proprietary Products [Member] | Asia [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Proprietary Products | 1,434 | 1,550 | 6,147 |
Proprietary Products [Member] | Others [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Proprietary Products | 38 | 157 | |
Distribution [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Distribution | 3,978 | 6,649 | 27,060 |
Distribution [Member] | U.S.A and North America [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Distribution | |||
Distribution [Member] | Israel [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Distribution | 3,978 | 6,649 | 27,060 |
Distribution [Member] | Canada [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Distribution | |||
Distribution [Member] | Europe [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Distribution | |||
Distribution [Member] | Latin America [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Distribution | |||
Distribution [Member] | Asia [Member] | |||
Schedule of Reporting on Operating Segments Geographic Region [Line Items] | |||
Distribution | |||
Distribution [Member] | Others [Member] | |||
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 ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Level 1 [Member] | |||
Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items] | |||
Derivatives instruments | |||
Contingent consideration | |||
Level 2 [Member] | |||
Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items] | |||
Derivatives instruments | 11 | 149 | (91) |
Contingent consideration | |||
Level 3 [Member] | |||
Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items] | |||
Derivatives instruments | |||
Contingent consideration | $ (19,453) | $ (21,855) | $ (24,115) |
Subsequent Events (Details)
Subsequent Events (Details) | May 02, 2024 m² |
Subsequent Events [Member] | |
Subsequent Events (Details) [Line Items] | |
Square feet premises in San Antonio, Texas | 11,100 |