Exhibit 99.3

 

 

KAMADA LTD.

 

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

 

AS OF June 30, 2024

 

TABLE OF CONTENTS

  

  Page
   
Condensed Consolidated interim Statements of Financial Position F-2
   
Condensed Consolidated interim Statements of Profit or Loss and Other Comprehensive Income F-3
   
Condensed Consolidated interim Statements of Changes in Equity F-4 - F-6
   
Condensed Consolidated interim Statements of Cash Flows F-7 - F-8
   
Notes to the Interim Consolidated Financial Statements F-9 - F-15

  

- - - - - - - - - - -

 

F-1

 

 

KAMADA LTD.

 

Condensed Consolidated Interim Statements of Financial Position

 

 

   As of   As of 
   June 30,   December 31, 
   2024   2023   2023 
   Unaudited   Audited 
             
Assets            
Current Assets            
Cash and cash equivalents  $56,547   $21,788   $55,641 
Trade receivables, net   26,228    24,581    19,877 
Other accounts  receivables   4,940    3,077    5,965 
Inventories   78,713    80,237    88,479 
Total Current Assets   166,428    129,683    169,962 
                
Non-Current Assets               
Property, plant and equipment, net   31,971    26,936    28,224 
Right-of-use assets   7,552    5,517    7,761 
Intangible assets, Goodwill and other long-term assets   136,830    143,986    140,465 
Contract assets   8,257    8,267    8,495 
Total Non-Current Assets   184,610    184,706    184,945 
Total Assets  $351,038   $314,389   $354,907 
Liabilities               
Current Liabilities               
Current maturities of bank loans  $
-
   $4,444   $
-
 
Current maturities of lease liabilities   1,494    1,063    1,384 
Current maturities of other long term liabilities   12,610    25,077    14,996 
Trade payables   19,532    27,969    24,804 
Other accounts payables   7,233    7,235    8,261 
Deferred revenues   27    38    148 
Total Current Liabilities   40,896    65,826    49,593 
                
Non-Current Liabilities               
Bank loans   
-
    10,741    
-
 
Lease liabilities   7,065    4,972    7,438 
Contingent consideration   17,085    19,028    18,855 
Other long-term liabilities   34,238    36,514    34,379 
Employee benefit liabilities, net   602    556    621 
Total Non-Current Liabilities   58,990    71,811    61,293 
                
Shareholder’s Equity               
Ordinary shares   15,023    11,737    15,021 
Additional paid in capital  net   266,313    210,727    265,848 
Capital reserve due to translation to presentation currency   (3,490)   (3,490)   (3,490)
Capital reserve from hedges   (12)   (67)   140 
Capital reserve from share-based payments   6,444    5,902    6,427 
Capital reserve from employee benefits   283    424    275 
Accumulated deficit   (33,409)   (48,481)   (40,200)
Total Shareholder’s Equity   251,152    176,752    244,021 
Total Liabilities and Shareholder’s Equity  $351,038   $314,389   $354,907 

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

F-2

 

 

KAMADA LTD.

 

Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income

 

   Six months period ended   Three months period ended   Year ended 
   June 30,   June 30,   December 31, 
   2024   2023   2024   2023   2023 
   Unaudited   Unaudited   Audited 
                     
Revenues from proprietary products  $72,904   $55,001   $39,146   $30,940   $115,458 
Revenues from distribution   7,304    13,152    3,326    6,503    27,061 
                          
Total revenues   80,208    68,153    42,472    37,443    142,519 
                          
Cost of revenues from proprietary products   38,338    30,416    20,718    17,192    63,342 
Cost of revenues from distribution   6,168    11,462    2,803    5,815    23,687 
                          
Total cost of revenues   44,506    41,878    23,521    23,007    87,029 
                          
Gross profit   35,702    26,275    18,951    14,436    55,490 
                          
Research and development expenses   9,098    7,514    4,803    4,283    13,933 
Selling and marketing expenses   9,361    7,862    4,730    3,940    16,193 
General and administrative expenses   7,564    6,902    3,778    3,484    14,381 
Other expenses   
-
    1,077    
-
    98    919 
Operating income (loss)   9,679    2,920    5,640    2,631    10,064 
                          
Financial income   788    25    508    
-
    588 
Income (expenses) in respect of currency exchange differences and derivatives instruments, net   315    173    191    22    55 
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.   (3,550)   (2,070)   (1,705)   (309)   (980)
Financial expenses   (304)   (939)   (145)   (439)   (1,298)
Income (expense) before tax on income   6,928    109    4,489    1,905    8,429 
Taxes on income   137    106    63    93    145 
                          
Net Income (loss)  $6,791   $3   $4,426   $1,812   $8,284 
                          
Other Comprehensive Income (loss) :                         
Amounts that will be or that have been reclassified to profit or loss when specific conditions are met                         
Gain (loss) from securities measured at fair value through other comprehensive income                         
Gain (loss) on cash flow hedges   (95)   (244)   (24)   (88)   (186)
Net amounts transferred to the statement of profit or loss for cash flow hedges   (57)   265    
-
    120    414 
Items that will not be reclassified to profit or loss in subsequent periods:                         
Remeasurement gain (loss) from defined benefit plan   8    76    1    (115)   (73)
Total comprehensive income (loss)  $6,647   $100   $4,403   $1,729   $8,439
                          
Earnings per share attributable to equity holders of the Company:                         
Basic net earnings per share   0.12   $0.00   $0.08   $0.04   $0.17 
Diluted net earnings per share   0.12   $0.00   $0.08   $0.04   $0.15 

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

F-3

 

 

KAMADA LTD.

 

Condensed Consolidated Interim Statements of Changes in Equity

 

   Share   Additional paid in   Capital
reserve
due to
translation to
presentation
   Capital
reserve
from
   Capital
reserve
from
sharebased
   Capital
reserve
from
employee
   Accumulated   Total 
   capital   capital   currency   hedges   payments   benefits   deficit   equity 
   Unaudited 
   In thousands 
Balance as of January 1, 2024 (audited)  $15,021   $265,848   $(3,490)  $140   $6,427   $275   $(40,200)  $244,021 
Net income   
-
    
-
    
-
    
-
    
-
    
-
    6,791    6,791 
Other comprehensive income (loss)   
-
    
-
    
-
    (152)   
-
    8    
-
    (144)
Total comprehensive income (loss)   
-
    
-
    
-
    (152)   
-
    8    6,791    6,647 
Exercise and forfeiture of share-based payment into shares   2    465    
-
    
-
    (465)   
-
    
-
    2 
Cost of share-based payment   
-
    
-
    
-
    
-
    482    
-
    
-
    482 
Balance as of June 30, 2024  $15,023   $266,313   $(3,490)  $(12)  $6,444   $283   $(33,409)  $251,152 

 

   Share   Additional
paid in
   Capital
reserve
due to
translation to
presentation
   Capital
reserve
from
   Capital reserve
from
sharebased
   Capital
reserve
from employee
   Accumulated   Total 
   capital   capital   currency   hedges   payments   benefits   deficit   equity 
   Unaudited 
   In thousands 
Balance as of January 1, 2023 (audited)  $11,734   $210,495   $(3,490)  $(88)  $5,505   $348   $(48,484)  $176,020 
Net income   
-
    
-
    
-
    
-
    
-
    
-
    3    3 
Other comprehensive income (loss)   
-
    
-
    
-
    21    
-
    76    
-
    97 
Total comprehensive income (loss)   
-
    
-
    
-
    21    
-
    76    3    100 
Exercise and forfeiture of share-based payment into shares   3    232    
-
    
-
    (232)   
-
    
-
    3 
Cost of share-based payment   
-
    
-
    
-
    
-
    629    
-
    
-
    629 
Balance as of June 30, 2023  $11,737   $210,727   $(3,490)  $(67)  $5,902   $424   $(48,481)  $176,752 

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

F-4

 

 

KAMADA LTD.

 

Condensed Consolidated Interim Statements of Changes in Equity

 

   Share   Additional
paid in
   Capital
reserve
due to
translation to
presentation
   Capital
reserve
from
   Capital reserve
from
sharebased
   Capital
reserve
from employee
   Accumulated   Total 
   capital   capital   currency   hedges   payments   benefits   deficit   equity 
   Unaudited 
   In thousands 
Balance as of April 1, 2024 (Audited)  $15,022   $266,183   $(3,490)  $12   $6,336   $282   $(37,835)  $246,510 
Net income   
-
    
-
    
-
    
-
    
-
    
-
    4,426    4,426 
Other comprehensive income (loss)   
-
    
-
    
-
    (24)   
-
    1    
-
    (23)
Total comprehensive income (loss)   
-
    
-
    
-
    (24)   
-
    1    4,426    4,403 
Exercise and forfeiture of share-based payment into shares   1    130    
-
    
-
    (130)   
-
    
-
    1 
Cost of share-based payment   
-
    
-
    
-
    
-
    238    
-
    
-
    238 
Balance as of June 30, 2024  $15,023   $266,313   $(3,490)  $(12)  $6,444   $283   $(33,409)  $251,152 

 

   Share
capital
   Additional
paid in
capital
   Capital
reserve
due to
translation to
presentation currency
   Capital
reserve
from
hedges
   Capital reserve
from
sharebased payments
   Capital reserve
from
employee
benefits
   Accumulated
deficit
   Total
equity
 
   Unaudited 
   In thousands 
Balance as of April 1, 2023(Audited)  $11,736   $210,665   $(3,490)  $(99)  $5,750   $539   $(50,293)  $174,808 
Net income   -    
-
    
-
    
-
    
-
    
-
    1,812    1,812 
Other comprehensive income (loss)   -    
-
    
-
    32    
-
    (115)   
-
    (83)
Total comprehensive income (loss)   -    
-
    
-
    32    
-
    (115)   1,812    1,729 
Exercise and forfeiture of share-based payment into shares   1    62    
-
    
-
    (62)   
-
    
-
    1 
Cost of share-based payment   -    
-
    
-
    
-
    214    
-
    
-
    214 
Balance as of June 30, 2023  $11,737   $210,727   $(3,490)  $(67)  $5,902   $424   $(48,481)  $176,752 

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

F-5

 

 

KAMADA LTD.

 

Condensed Consolidated Interim Statements of Changes in Equity

 

   Share
capital
   Additional
paid in
capital
   Capital reserve
due to
translation to
presentation currency
   Capital
reserve
from
hedges
   Capital
reserve
from
sharebased payments
   Capital
reserve
from
employee
benefits
   Accumulated
deficit
   Total
equity
 
   Audited 
   In thousands 
Balance as of January 1, 2023 (audited)  $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 as of December 31, 2023  $15,021   $265,848   $(3,490)  $140   $6,427   $275   $(40,200)  $244,021 

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

F-6

 

 

KAMADA LTD.

 

Condensed Consolidated Interim Statements of Cash Flows

 

   Six months period Ended   Three months period Ended   Year Ended 
   June, 30   June, 30   December 31, 
   2024   2023   2024   2023   2023 
   Unaudited   Audited 
   U.S Dollars In thousands 
Cash Flows from Operating Activities                    
Net income   $6,791   $3   $4,426   $1,812   $8,284 
                          
Adjustments to reconcile net income to net cash provided by (used in) operating activities:                         
                          
Adjustments to the profit or loss items:                         
                          
Depreciation and impairment   6,466    6,327    3,229    3,204    12,714 
Financial expenses (income), net   2,751    2,811    1,151    726    1,635 
Cost of share-based payment   476    629    235    214    1,314 
Taxes on income   137    106    63    93    145 
Loss (gain) from sale of property and equipment   (1)   (5)   (1)   
-
    (5)
Change in employee benefit liabilities, net   (11)   (40)   (7)   (32)   (125)
    9,818    9,828    4,670    4,205    15,678 
Changes in asset and liability items:                         
                          
Increase (decrease) in trade receivables, net   (6,755)   2,696    (7,365)   (3,610)   7,835 
Decrease (increase) in other accounts receivables   942    1,539    1,458    177    (1,150)
Decrease (increase) in inventories   9,765    (11,452)   5,634    (482)   (19,694)
Decrease (increase) in deferred expenses   239    3,042    127    (512)   2,814 
Increase (decrease) in trade payables   (5,092)   (5,436)   3,693    1,276    (8,885)
Increase (decrease) in other accounts payables   (1,038)   (408)   1,013    (170)   765 
Increase (decrease) in deferred revenues   (121)   3    1    (381)   113 
    (2,060)   (10,016)   4,561    (3,702)   (18,202)
Cash received (paid) during the period for:                         
                          
Interest paid   (266)   (744)   (137)   (403)   (1,228)
Interest received   788    25    508    
-
    
-
 
Taxes paid   (88)   (112)   (65)   (94)   (217)
    434    (831)   306    (497)   (1,445)
                          
Net cash provided by (used in) operating activities  $14,983   $(1,016)  $13,963   $1,818   $4,315 

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

F-7

 

 

KAMADA LTD.

 

Condensed Consolidated Interim Statements of Cash Flows

 

 

   Six months period Ended   Three months period Ended   Year Ended 
   June, 30   June, 30   December 31, 
   2024   2023   2024   2023   2023 
   Unaudited   Audited 
   U.S Dollars In thousands 
Cash Flows from Investing Activities                    
                     
Purchase of property and equipment and intangible assets   (5,692)   (2,147)   (3,010)   (1,030)   (5,850)
Proceeds from sale of property and equipment   1    6    1    (18)   7 
Net cash used in investing activities   (5,691)   (2,141)   (3,009)   (1,048)   (5,843)
                          
Cash Flows from Financing Activities                         
                          
Proceeds from exercise of share base payments   2    3    1    2    4 
Repayment of lease liabilities   (571)   (517)   (327)   (246)   (850)
Repayment of long-term loans   
-
    (2,222)   
-
    (1,111)   (17,407)
Proceeds from issuance of ordinary shares, net   
-
    
-
    
-
    
-
    58,231 
Repayment of other long-term liabilities   (7,848)   (6,000)   (2,352)   (4,500)   (17,300)
Net cash provided by (used in) financing activities   (8,417)   (8,736)   (2,678)   (5,855)   22,678 
                          
Exchange differences on balances of cash and cash equivalent   31    (577)   77    (248)   233 
                          
Increase (decrease) in cash and cash equivalents   906    (12,470)   8,353    (5,333)   21,383 
                          
Cash and cash equivalents at the beginning of the period   55,641    34,258    48,194    27,121    34,258 
                          
Cash and cash equivalents at the end of the period  $56,547   $21,788   $56,547   $21,788   $55,641 
                          
Significant non-cash transactions                         
Right-of-use asset recognized with corresponding lease liability  $521   $3,585   $215   $5   $6,546 
Purchase of property and equipment and Intangible assets  $272   $840   $272   $840   $646 

 

The accompanying Notes are an integral part of the Consolidated Financial Statements.

 

F-8

 

 

KAMADA LTD.

 

Notes to the Condensed Consolidated Interim Financial Statements

 

Note 1:- General

 

General description of the Company and its activity

 

Kamada Ltd. (the “Company”) is a commercial stage global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived field focused on diseases of limited treatment alternatives. The Company is also advancing an innovative development pipeline targeting areas of significant unmet medical need. The Company’s strategy is focused on driving profitable growth from its significant commercial catalysts as well as its manufacturing and development expertise in the plasma-derived and biopharmaceutical fields. The Company’s commercial products portfolio includes six FDA approved plasma-derived biopharmaceutical products 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.

 

F-9

 

 

KAMADA LTD.

 

Notes to the Condensed Consolidated Interim Financial Statements

 

Note 2:- Significant Accounting Policies

 

  a. Basis of preparation of the interim consolidated financial statements:

  

The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, “Interim Financial Reporting”.

 

  b. Implementation of new accounting standards:

 

  Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current and subsequent amendment: Non-Current Liabilities with Covenants

 

The Amendment, together with the subsequent amendment to IAS 1 (see hereunder) replaces certain requirements for classifying liabilities as current or non-current. According to the Amendment, a liability will be classified as non-current when the entity has the right to defer settlement for at least 12 months after the reporting period, and it “has substance” and is in existence at the end of the reporting period. According to the subsequent amendment, as published in October 2022, covenants with which the entity must comply after the reporting date do not affect classification of the liability as current or non-current. Additionally, the subsequent amendment adds disclosure requirements for liabilities subject to covenants within 12 months after the reporting date, such as disclosure regarding the nature of the covenants, the date they need to be complied with and facts and circumstances that indicate the entity may have difficulty complying with the covenants. Furthermore, the Amendment clarifies that the conversion option of a liability will affect its classification as current or non-current, other than when the conversion option is recognized as equity.

 

The Amendment and subsequent amendment are effective for reporting periods beginning on or after January 1, 2024 with earlier application being permitted. The Amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data.

 

As of June 30, 2024, the Company does not have impact on its financial statement.

  

  IFRS 18, Presentation and Disclosure in Financial Statements

 

This standard replaces IAS 1, Presentation of Financial Statements. The purpose of the standard is to provide improved structure and content to the financial statements, particularly the income statement.

 

The standard includes new disclosure and presentation requirements that were taken from IAS 1, Presentation of Financial Statements, with small changes.

 

As part of the new disclosure requirements, companies will be required to present two subtotals in the income statement: operating profit and profit before financing and taxes. Furthermore, for most companies, the results in the income statements will be classified into three categories: operating profit, profit from investments and profit from financing.

 

In addition to the changes in the structure of the income statements, the standard also includes a requirement to provide separate disclosure in the financial statements regarding the use of management-defined performance measures (non-GAAP measures).

 

Furthermore, the standard adds specific guidance for aggregation and disaggregation of items in the financial statements and in the notes. The standard will encourage companies to avoid classifying items as ‘other’ (for example, other expenses), and using this classification will lead to additional disclosure requirements.

 

The standard is effective from annual reporting periods beginning on or after January 1, 2027 with earlier application being permitted.

 

The Company is examining the effects of the standard on its financial statements with no plans for early adoption.

 

F-10

 

 

KAMADA LTD.

 

Notes to the Condensed Consolidated Interim Financial Statements

 

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 calculated on the date of grant using the binomial option valuation model was estimated on the date of grant at $18 thousands.

 

F-11

 

 

KAMADA LTD.

 

Notes to the Condensed Consolidated Interim Financial Statements

 

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
Products
   Distribution   Total 
   U.S Dollars in thousands 
   Unaudited 
Six months period ended June 30, 2024            
Revenues  $72,904   $7,304   $80,208 
Gross profit  $34,566   $1,136   $35,702 
Unallocated corporate expenses             (26,023)
Finance expenses, net             (2,751)
Income before taxes on income            $6,928 

 

   Proprietary
Products
   Distribution   Total 
   U.S Dollars in thousands 
   Unaudited 
Six months period ended June 30, 2023            
Revenues  $55,001   $13,152   $68,153 
Gross profit  $24,585   $1,690   $26,275 
Unallocated corporate expenses             (23,355)
Finance expenses, net             (2,811)
Income before taxes on income            $109 

 

   Proprietary
Products
   Distribution   Total 
   U.S Dollars in thousands 
   Unaudited 
Three  months period ended June 30, 2024            
Revenues  $39,146   $3,326   $42,472 
Gross profit  $18,428   $523   $18,951 
Unallocated corporate expenses             (13,311)
Finance expenses, net             (1,151)
Income before taxes on income            $4,489 

 

   Proprietary
Products
   Distribution   Total 
   U.S Dollars in thousands 
   Unaudited 
Three months period ended June 30, 2023            
Revenues  $30,940   $6,503   $37,443 
Gross profit  $13,748   $688   $14,436 
Unallocated corporate expenses             (11,805)
Finance expenses, net             (726)
Income before taxes on income            $1,905 

 

F-12

 

 

KAMADA LTD.

 

Notes to the Condensed Consolidated Interim Financial Statements

 

Note 4:- Operating Segments (cont.)

 

  b. Reporting on operating segments: (cont.)

 

   Proprietary
Products
   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:

 

   Six months period ended
June 30, 2024
 
   Proprietary
Products
   Distribution   Total 
   U.S Dollars in thousands 
   Unaudited 
Geographical markets            
U.S.A  $55,169   $
-
   $55,169 
Israel   3,557    7,304    10,861 
Canada   5,765    
 
    5,765 
Europe   1,678    
-
    1,678 
Latin America   5,235    
-
    5,235 
Asia   1,500    
-
    1,500 
Others               
   $72,904   $7,304   $80,208 

 

   Six months period ended
June 30, 2023
 
   Proprietary
Products
   Distribution   Total 
   U.S Dollars in thousands 
   Unaudited 
Geographical markets            
U.S.A  $31,288   $
-
   $31,288 
Israel   2,101    13,152    15,252 
Canada   5,568    
 
    5,568 
Europe   3,550    
-
    3,550 
Latin America   9,931    
-
    9,931 
Asia   2,480    
-
    2,480 
Others   83    
-
    83 
   $55,001   $13,152   $68,153 

 

F-13

 

 

KAMADA LTD.

 

Notes to the Condensed Consolidated Interim Financial Statements

 

Note 4:- Operating Segments (cont.)

 

  c. Reporting on operating segments by geographic region: (cont.)

 

   Three months period ended
June 30, 2024
 
   Proprietary
Products
   Distribution   Total 
   U.S Dollars in thousands 
   Unaudited 
Geographical markets            
U.S.A  $29,320   $
-
   $29,320 
Israel   1,725    3,326    5,051 
Canada   2,484    
 
    2,484 
Europe   1432    
-
    1,432 
Latin America   4,119    
-
    4,119 
Asia   66    
-
    66 
Others        
-
      
   $39,146   $3,326   $42,472 

 

   Three months period ended
June 30, 2023
 
   Proprietary
Products
   Distribution   Total 
   U.S Dollars in thousands 
   Unaudited 
Geographical markets            
U.S.A  $17,690   $
-
   $17,690 
Israel   1,107    6,503    7,610 
Canada   2,336    
 
    2,336 
Europe   216    
-
    216 
Latin America   8,615    
-
    8,615 
Asia   930    
-
    930 
Others   46    
-
    46 
   $30,940   $6,503   $37,443 

 

   Year ended December 31, 2023 
   Proprietary
Products
   Distribution   Total 
   U.S Dollars in thousands 
   Audited 
Geographical markets            
U.S.A  $73,741   $
-
   $73,741 
Israel   4,236    27,061    31,296 
Canada   11,162    
-
    11,162 
Europe   7,088    
-
    7,088 
Latin America   12,928    
-
    12,928 
Asia   6,147    
-
    6,147 
Others   156    
-
    157 
   $115,458   $27,061   $142,519 

 

F-14

 

 

KAMADA LTD.

 

Notes to the Condensed Consolidated Interim Financial Statements

 

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 
June 30, 2024            
Derivatives instruments  $
             -
   $(12)  $
-
 
Contingent consideration   
-
    
-
    (19,928)
                
June 30, 2023               
Derivatives instruments   
-
    (72)   
 
 
Contingent consideration  $
-
   $
 
   $(21,712)
                
December 31, 2023               
Derivatives instruments  $
-
   $149   $
-
 
Contingent consideration  $
-
   $
-
   $(21,855)

 

During the three months ended on June 30, 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.

 

Note 6:- Subsequent events 

 

On July 21, 2024, the Company’s Board of Directors approved the grant of 15,081 options to purchase the ordinary shares of the Company , under the 2011 Plan and the US Appendix.

 

Under the Israeli Share Option Plan:

 

  - 9,049 options to purchase the ordinary shares of the Company, at an exercise price of NIS 22.01 (USD 6.06) per share. The fair value of the options was estimated on the date of grant was estimated at $25 thousands

 

Under the US Appendix:

 

  - 6,032 options to purchase the ordinary shares of the Company, at an exercise price of USD 6.07 per share. The fair value of the options was estimated on the date of grant was estimated at $15 thousands

 

 

F-15

 

 

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