99.1
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Press Release: Kamada Reports 2014 Fourth Quarter and Full Year Financial Results
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SIGNATURE
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KAMADA LTD.
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Date: February 11, 2015
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By:
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/s/ Gil Efron | |
Gil Efron
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Chief Financial Officer
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EXHIBIT NO.
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DESCRIPTION
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99.1
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Press Release: Kamada Reports 2014 Fourth Quarter and Full Year Financial Results
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Record total revenues of $25.8 million compared with $24.4 million for the fourth quarter of 2013 and $17.1 million for the third quarter of 2014;
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Gross profit of $8.0 million compared with $8.9 million in the year-ago fourth quarter and $4.4 million for the third quarter of 2014; and
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Adjusted net income of $2.4 million compared with $2.0 in the year-ago fourth quarter and adjusted net loss of $1.9 in the third quarter of 2014.
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Reported additional positive data from the Company’s ongoing open-label Phase 1/2 clinical trial extension study with its intravenous Alpha1-Proteinase Inhibitor–Human (AAT) to treat recently diagnosed type 1 diabetes (T1D) pediatric patients;
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Reported encouraging discussions with the European co-rapporteurs regarding a European filing for the Company’s inhaled AAT to treat alpha-1 antitrypsin deficiency (AATD);
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Reported that interim data from a Phase 1/2 clinical study of the Company’s proprietary AAT for the treatment of graft-versus-host-disease (GvHD) conducted by the Fred Hutchinson Cancer Research Center were highlighted in a poster presentation at the 56th American Society of Hematology Annual Meeting; and
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Granted orphan drug designation by the U.S. Food and Drug Administration (FDA) for the Company’s intravenous AAT to treat GvHD.
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Gil Efron
CFO
ir@kamada.com
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Anne Marie Fields
LHA
212-838-3777
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afields@lhai.com |
As of December 31,
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2014
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2013
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In thousands
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Current Assets
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Cash and cash equivalents
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$ | 14,546 | $ | 59,110 | ||||
Short-term investments
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37,350 | 15,067 | ||||||
Trade receivables
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17,993 | 17,882 | ||||||
Other accounts receivables
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2,359 | 3,694 | ||||||
Inventories
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25,423 | 21,933 | ||||||
97,671 | 117,686 | |||||||
Non-Current Assets
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Long-term inventories
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85 | |||||||
Property, plant and equipment, net
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21,769 | 21,443 | ||||||
Long term assets
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179 | 165 | ||||||
21,948 | 21,693 | |||||||
119,619 | 139,379 | |||||||
Current Liabilities
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||||||||
Short term credit and Current maturities of convertible debentures
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7,492 | 8,718 | ||||||
Trade payables
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16,530 | 14,093 | ||||||
Other accounts payables
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4,045 | 4,313 | ||||||
Deferred revenues
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2,821 | 5,454 | ||||||
30,888 | 32,578 | |||||||
Non-Current Liabilities
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Convertible debentures
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- | 7,498 | ||||||
Employee benefit liabilities, net
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722 | 827 | ||||||
Deferred revenues
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7,015 | 8,506 | ||||||
7,737 | 16,831 | |||||||
Shareholder's Equity
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Kamada Ltd.'s shareholders' equity:
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Ordinary shares of NIS 1 par value:
Authorized - 60,000,000 ordinary shares; Issued and outstanding
– 35,988,563 and 35,959,939 shares at December 31, 2014 and
2013, respectively
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9,208 | 9,201 | ||||||
Additional paid in capital
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158,417 | 157,100 | ||||||
Conversion option in convertible debentures
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1,147 | 2,218 | ||||||
Capital reserve due to translation to presentation currency
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(3,490 | ) | (3,490 | ) | ||||
Capital reserve from hedges
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(116 | ) | 156 | |||||
Available for sale reserve
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10 | (27 | ) | |||||
Capital reserve from share-based payments
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8,783 | 5,189 | ||||||
Capital reserve from employee benefits
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(81 | ) | (129 | ) | ||||
Accumulated deficit
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(92,884 | ) | (80,248 | ) | ||||
80,994 | 89,970 | |||||||
$ | 119,619 | $ | 139,379 |
For the year ended
December 31,
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For the 3 months ended
December 31,
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2014
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2013
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2014
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2013
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In thousands
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Revenues from proprietary products
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$ | 45,249 | $ | 50,658 | $ | 19,964 | $ | 18,635 | ||||||||
Revenues from distribution
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26,676 | 19,965 | 5,827 | 5,797 | ||||||||||||
Total revenues
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71,925 | 70,623 | 25,791 | 24,432 | ||||||||||||
Cost of revenues from proprietary products
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32,900 | 27,104 | 12,455 | 10,587 | ||||||||||||
Cost of revenues from distribution
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23,406 | 17,112 | 5,288 | 4,979 | ||||||||||||
Total cost of revenues
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56,306 | 44,216 | 17,743 | 15,566 | ||||||||||||
Gross profit
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15,619 | 26,407 | 8,048 | 8,866 | ||||||||||||
Research and development expenses
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16,030 | 12,745 | 3,417 | 3,578 | ||||||||||||
Selling and marketing expenses
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2,898 | 2,100 | 857 | 546 | ||||||||||||
General and administrative expenses
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7,593 | 7,862 | 1,582 | 2,344 | ||||||||||||
Operating income (loss)
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(10,902 | ) | 3,700 | 2,192 | 2,398 | |||||||||||
Financial income
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1,611 | 289 | 572 | 44 | ||||||||||||
Expense in respect of currency exchange and translation differences and derivatives instruments, net
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(199 | ) | (369 | ) | (293 | ) | (203 | ) | ||||||||
Financial expense
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(3,094 | ) | (3,153 | ) | (744 | ) | (679 | ) | ||||||||
Income before taxes on income
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(12,583 | ) | 467 | 1,727 | 1,560 | |||||||||||
Taxes on income
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52 | 24 | (18 | ) | 9 | |||||||||||
Net Income (loss)
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(12,636 | ) | 443 | 1,745 | 1,551 | |||||||||||
Other Comprehensive Income:
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Net gain on available for sale
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37 | (27 | ) | (32 | ) | (27 | ) | |||||||||
Actuarial net gain of defined benefit
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48 | 12 | 48 | |||||||||||||
Net gain on cash flow hedge
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(272 | ) | (73 | ) | (61 | ) | ||||||||||
Total comprehensive income ( loss)
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$ | (12,823 | ) | $ | 355 | $ | 1,700 | $ | 1,524 | |||||||
Income per share attributable to equity holders of the Company:
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Basic income (loss) per share
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$ | (0.35 | ) | $ | 0.01 | $ | 0.05 | $ | 0.04 | |||||||
Diluted income (loss) per share
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$ | (0.35 | ) | $ | 0.01 | $ | 0.05 | $ | 0.04 | |||||||
Weighted-average number of ordinary shares used to compute income (loss) per share attributable to equity holders:
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Basic
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35,971,335 | 32,714,631 | 35,984,299 | 35,863,463 | ||||||||||||
Diluted
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35,971,335 | 33,674,337 | 37,324,697 | 36,179,510 |
For the year
ended December 31
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Three months
ended December 31
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2014
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2013
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2014
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2013
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Thousands of US dollar
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Net income (loss)
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$ | (12,636 | ) | $ | 443 | $ | 1,745 | $ | 1,551 | |||||||
Income tax expense (income)
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52 | 24 | (18 | ) | 9 | |||||||||||
Financial expense, net
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1,483 | 2,864 | 172 | 630 | ||||||||||||
Depreciation and amortization expense
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2,788 | 3,001 | 747 | 734 | ||||||||||||
Share-based compensation charges
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3,751 | 1,327 | 676 | 412 | ||||||||||||
Expense in respect of translation differences and derivatives instruments, net
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199 | 369 | 293 | 203 | ||||||||||||
One time management compensation
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1,386 | |||||||||||||||
Adjusted EBITDA
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$ | (4,363 | ) | $ | 9,414 | $ | 3,615 | $ | 3,539 |
For the year
ended December 31
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Three months
ended December 31
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2014
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2013
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2014
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2013
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Thousands of US dollar
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Net income (loss)
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$ | (12,636 | ) | $ | 443 | $ | 1,745 | $ | 1,551 | |||||||
Share-based compensation charges
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3,751 | 1,327 | 676 | 412 | ||||||||||||
One time management compensation
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1,386 | |||||||||||||||
Adjusted net income (loss)
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$ | (8,885 | ) | $ | 3,156 | $ | 2,421 | $ | 1,963 |
For the year ended
December 31,
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For the 3 months ended
December 31,
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2014
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2013
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2014
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2013
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In thousands
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Cash Flows from Operating Activities
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Net Income (loss)
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$ | (12,636 | ) | $ | 443 | $ | 1,745 | $ | 1,551 | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities:
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Adjustments to the profit or loss items:
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Depreciation and amortization
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2,788 | 3,001 | 747 | 734 | ||||||||||||
Financial expenses, net
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1,682 | 3,233 | 465 | 833 | ||||||||||||
Cost of share-based payment
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3,751 | 1,327 | 676 | 412 | ||||||||||||
Income tax expense
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52 | 24 | (18 | ) | 9 | |||||||||||
Loss from sale of property and equipment
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(2 | ) | 73 | (2 | ) | |||||||||||
Change in employee benefit liabilities, net
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(57 | ) | 121 | (120 | ) | (27 | ) | |||||||||
8,214 | 7,779 | 1,748 | 1,961 | |||||||||||||
Changes in asset and liability items:
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Increase in trade receivables
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(1,347 | ) | (3,445 | ) | (3,524 | ) | (462 | ) | ||||||||
Decrease (Increase) in other accounts receivables
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(50 | ) | (911 | ) | (345 | ) | 164 | |||||||||
Decrease (increase) in inventories
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(3,490 | ) | (1,182 | ) | 126 | 511 | ||||||||||
Decrease (increase) in deferred expenses
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1,209 | (1,231 | ) | (17 | ) | (1,387 | ) | |||||||||
Increase in trade payables
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3,261 | 1,579 | 2,151 | 4,868 | ||||||||||||
Increase (decrease) in other accounts payables
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(344 | ) | 731 | 342 | 85 | |||||||||||
Increase (decrease) in deferred revenues
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(4,125 | ) | (6,270 | ) | (1,653 | ) | (3,132 | ) | ||||||||
(4,886 | ) | (10,729 | ) | (2,920 | ) | 647 | ||||||||||
Cash paid during the year for:
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Interest paid
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(1,210 | ) | (1,968 | ) | (247 | ) | (395 | ) | ||||||||
Interest received
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758 | 663 | 373 | 252 | ||||||||||||
Taxes paid
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(158 | ) | (42 | ) | - | (4 | ) | |||||||||
(610 | ) | (1,347 | ) | 126 | (147 | ) | ||||||||||
Net cash provided by (used in)operating activities
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$ | (9,918 | ) | $ | (3,854 | ) | $ | 699 | $ | 4,012 |
For the Year ended
December 31,
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For the 3 months ended
December 31,
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|||||||||||||||
2014
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2013
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2014
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2013
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In thousands
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Cash Flows from Investing Activities
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Short-term investments
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$ | (23,746 | ) | $ | 1,732 | $ | 2,878 | $ | (10,427 | ) | ||||||
Purchase of property and equipment and intangible assets
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(3,076 | ) | (5,643 | ) | (720 | ) | (1,218 | ) | ||||||||
Restricted cash, net
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(3 | ) | ||||||||||||||
Proceeds from sale of property and equipment
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3 | 8 | 3 | 8 | ||||||||||||
Net cash provided by (used in)investing activities
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(26,819 | ) | (3,903 | ) | 2,161 | (11,640 | ) | |||||||||
Proceeds from exercise of warrants and options
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88 | 562 | 23 | 17 | ||||||||||||
Proceeds from issuance of ordinary shares, net
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52,953 | (146 | ) | |||||||||||||
Short term credit from bank and others, net
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(12 | ) | (6 | ) | ||||||||||||
Repayment of convertible debentures
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(7,728 | ) | (4,295 | ) | (7,728 | ) | (4,295 | ) | ||||||||
Net cash provided by (used in) financing activities
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(7,640 | ) | 49,208 | (7,705 | ) | (4,430 | ) | |||||||||
Exch Exchange differences on balances of cash and cash equivalent
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(187 | ) | 793 | 1,320 | (64 | ) | ||||||||||
Increase (Decrease) in cash and cash equivalents
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(44,564 | ) | 42,244 | (3,525 | ) | (12,122 | ) | |||||||||
Cash and cash equivalents at the beginning of the year/period
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59,110 | 16,866 | 18,071 | 71,232 | ||||||||||||
Cash and cash equivalents at the end of the year /period
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$ | 14,546 | $ | 59,110 | $ | 14,546 | $ | 59,110 | ||||||||
Significant non-cash transactions
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Purchase of Property, Plant and equipment and intangible assets on credit
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$ | - | $ | - | $ | - | $ | - | ||||||||
Issuance expenses accrued in other accounts payable
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$ | - | $ | 151 | $ | - | $ | (84 | ) | |||||||
Exercise of warrants presented as liability
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$ | - | $ | 23 | $ | - | $ | - | ||||||||
Exercise of convertible debentures into shares
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$ | 7 | $ | 6,507 | $ | - | $ | 6,472 |
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