Kamada Ltd. (NASDAQ:KMDA) Q1 2020 Earnings Conference Call - Final Transcript

May 18, 2020 • 08:30 am ET

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Kamada Ltd. (NASDAQ:KMDA) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Greetings, welcome to Kamada Limited First Quarter 2020 Earnings Conference Call. At this time, all participants will be in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] Please note that this conference is being recorded. At this time, I will turn the conference over to Bob Yedid with LifeSci Advisors. Bob, you may begin.

Executive
Bob Yedid

Thank you. Good morning, this is Bob Yedid with LifeSci Advisors. Thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer; and Chaime Orlev, Chief Financial Officer.

Earlier this morning, Kamada announced financial results for the first quarter ended March 31, 2020. If you've not received this news release, then please check the company's website www.kamada.com and go to the Investors section.

Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Kamada. I encourage you to review the company's filings with the Securities and Exchange Commission, including without limitation the company's forms 20-F and 6-K, which identifies specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of this live broadcast May 18, 2020. Kamada undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call.

With that said, it's my pleasure to turn the call over to Amir London, Chief Executive Officer. Amir?

Executive
Amir London

Thank you, Bob. And thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. I hope you all are keeping safe and healthy in these challenging times. As you know well, the ongoing COVID-19 global health pandemic continues to cause meaningful complications to daily life and business operations. We are focused on the safety and well-being of our employees. We continue to find innovative solutions to support our patients and partners. We are grateful to the healthcare professionals around the world who are selflessly caring for patients on the front lines of this pandemic. And our thoughts go out to all those who have been affected.

Let's now move on to our strong overall results in the first quarter of 2020. I am pleased to report that we delivered robust financial and operational results during the first three months of the year. In the first quarter, total revenues were $33.3 million compared to $26.8 million for the first quarter of 2019, representing an increase of 24%. This result was driven by 24% year-over-year increase in sales of both our Proprietary and Distributed products. From a profitability standpoint, our total gross profit for the first quarter of 2020 was $11.5 million and gross margins were 34%. This compares to $11.2 million of total gross profit and 42% margin in the first