 Second Quarter Revenues were 33.1 million, Compared to 35.3 million in 2019, First Half 2020 Revenues were 66.4 million, up 7 from 2019 Net Income for the Second Quarter and for the First Half of 2020 was 3.5 million and 8.7 million, Respectively, Compared to 6.1 million and 11.1 million in 2019 Respectively Significant Progress Achieved in Development of a Plasma-Derived Immunoglobulin IgG Product as a Potential Treatment for Coronavirus Disease COVID-19 Approximately 100 million of Available Net Cash as of June 30, 2020 Exploring Business Development Initiatives Targeted to Mitigate the Effect of the Planned Transition of GLASSIA Manufacturing to Takeda During 2021 Company Reiterates Full-Year 2020 Total Revenue Guidance of 132 Million to 137 MillionREHOVOT, Israel, Aug. 12, 2020 GLOBE NEWSWIRE -- Kamada Ltd. NASDAQ: KMDA; TASE: KMDA.TA, a plasma-derived biopharmaceutical company, today announced financial results for the three and six months ended June 30, 2020.Kamada presented solid financial and operational performance during the first six months of 2020, said Amir London, Kamadas Chief Executive Officer. While the global COVID-19 pandemic persists, we generated total revenues of 66.4 million during the first half of the year, representing an increase of 7 year-over-year. Importantly, our manufacturing plant continues to be operational and we do not anticipate any meaningful changes in the foreseeable future due to COVID-19 pandemic. Based on our results in the first six months of 2020 and our current outlook for the remainder of the year, we are reiterating our guidance of total revenues of between 132 million and 137 million for full-year 2020.We continue to expeditiously advance the development of our plasma-derived immunoglobulin IgG product as a potential treatment for coronavirus disease COVID-19, continued Mr. London. We have completed manufacturing of the initial batches of our product and earlier this week we announced first-patient-in our Phase 12 open label clinical trial in Israel. We are also working with the support of our partner, Kedrion Biopharma, toward obtaining FDAs acceptance of the proposed clinical development program and we expect to hold a pre-IND meeting with the FDA during this quarter.We are intensively exploring business development opportunities to mitigate the effects of the planned transition of GLASSIA manufacturing to Takeda during 2021. I am optimistic that these opportunities, funded by our strong cash position, along with our organic commercial growth, our investigational COVID-19 IgG product, the expected future royalty payments from Takeda together with the contract manufacturing of an FDA approved and commercialized specialty IgG product will contribute to our future growth, concluded Mr. London.Financial Highlights for the Three Months Ended June 30, 2020 Total revenues were 33.1 million in the second quarter of 2020, a 6 decrease from the 35.3 million recorded in the second quarter of 2019 - Proprietary Products segment revenues in the second quarter of 2020 were 22.6 million, a 17 decrease from the second quarter of 2019. The decrease this quarter is due to expediting shipments in the first quarter in anticipation of global transportation instability in the wake of COVID-19. Overall six months revenues from the Proprietary Products segment are up 1. - Distribution segment revenues were 10.5 million in the second quarter of 2020, a 31 increase from the second quarter of 2019 Gross profit was 11.1 million in the second quarter of 2020, compared to 13.6 million reported in the second quarter of 2019 - Proprietary Product segment gross margins in the second quarter were 43, down three percentage points from the second quarter of 2019, in line with previous guidance expecting three to five percentage points annual decrease which is attributable to a change in sales product mix and reduced plant utilization. Operating expenses, including Research and Development, Sales and Marketing, General and Administrative, and Other expenses, totaled 7.1 million in the second quarter of 2020, as compared to 7.2 million in the second quarter of 2019 - 2020 Research and Development expenses guidance was for an expected 20-25 annual increase. Given COVID-19-related delays, we currently expect a 15-17 increase for full year 2020 as compared to 2019. Net income was 3.5 million, or 0.08 per share, in the second quarter of 2020, as compared to net income of 6.1 million, or 0.15 per share, in the second quarter of 2019 Adjusted EBITDA, as detailed in the tables below, was 5.5 million in the second quarter of 2020, as compared to 7.8 million in the second quarter of 2019 Cash provided by operating activities was 10.7 million in the second quarter of 2020, as compared to cash provided by operating activities of 6.8 million in the second quarter of 2019 Financial Highlights for the Six Months Ended June 30, 2020 Total revenues were 66.4 million in the first six months of 2020, a 7 increase from the 62.1 million recorded in the first six months of 2019 - Revenues from the Proprietary Products segment for the first six months of 2020 were 47.9 million, a 1 increase from the 47.7 million reported in the first six months of 2019 - Revenues from the Distribution segment were 18.4 million in the first six months 2020, a 28 increase from the 14.4 million recorded in the first six months of 2019 Gross profit was 22.6 million in the first six months 2020, a 9 decrease from the 24.8 million reported in the first six months 2019, primarily due to changes in the product mix Operating expenses, including Research and Development, Sales Marketing, General and Administrative, and Other expenses, totaled 13.7 million in the first six months 2020, as compared to 13.2 million in the first six months 2019 Net income was 8.7 million, or 0.20 per share, in the first six months of 2020, as compared to net income of 11.1 million, or 0.27 per share, in the first six months of 2019 Adjusted EBITDA, as detailed in the tables below, was 11.8 million in the first six months of 2020, as compared to 14.5 million in the first six months of 2019 Cash provided by operating activities was 8.7 million in the first six months of 2020, as compared to cash provided by operating activities of 12.8 million in the first six months of 2019 Balance Sheet Highlights As of June 30, 2020, the Company had cash, cash equivalents, and short-term investments of 104.7 million, as compared to 73.9 million at December 31, 2019. Conference Call Kamada management will host an investment community conference call on Wednesday, August 12, 2020, at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the conference call by dialing 855-327-6837 from within the U.S., 1-809-458-327 from Israel, or 631-891-4304 International and entering the conference identification number: 10010379. The call will also be webcast live on the Internet on the Companys website at Kamada Kamada Ltd. the Company is a commercial stage plasma-derived biopharmaceutical company focused on orphan indications, with an existing marketed product portfolio and a late-stage product pipeline. The Company uses its proprietary platform technology and know-how for the extraction and purification of proteins from human plasma to produce Alpha-1 Antitrypsin AAT in a highly-purified, liquid form, as well as other plasma-derived immune globulins. The Companys flagship product is GLASSIA, the first liquid, ready-to-use, intravenous plasma-derived AAT product approved by the U.S. FDA. The Company markets GLASSIA in the U.S. through a strategic partnership with Takeda Pharmaceuticals Company Limited and in other countries through local distributors. The Companys second leading product is KamRab, a rabies immune globulin Human for post-exposure prophylaxis against rabies infection. KamRab is FDA approved and is being marketed in the U.S. under the brand name KEDRAB through a strategic partnership with Kedrion S.p.A. In addition to Glassia and KEDRAB, the Company has a product line of four other plasma-derived pharmaceutical products administered by injection or infusion, that are marketed through distributors in more than 15 countries, including Israel, Russia, Brazil, India and other countries in Latin America and Asia. The Company has late-stage products in development, including an inhaled formulation of AAT for the treatment of AAT deficiency. In addition, the Companys intravenous AAT is in development for other indications, such as GvHD and prevention of lung transplant rejection, and during 2020, the Company initiated the development of a plasma derived immunoglobulin IgG product as a potential treatment for coronavirus disease COVID-19. The Company leverages its expertise and presence in the plasma-derived protein therapeutics market by distributing more than 20 complementary products in Israel that are manufactured by third parties. FIMI Opportunity Fund, the leading private equity investor in Israel, is the Companys lead shareholder, beneficially owning approximately 21 of the outstanding ordinary shares.Cautionary Note Regarding Forward-Looking Statements This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. 