Kamada Posts Q1 Loss

Kamada Ltd KMDA reported a loss for the first quarter on Tuesday. The Ness Ziona, Israel-based company reported a quarterly loss of $5.3 million, or $0.15 per share, versus a year-ago net loss of $3.1 million or $0.09 per share. The company's adjusted net loss widened to $4.8 million from $2.0 million. Its revenue slipped to $8.9 million from $13.2 million. Analysts were expecting a loss of $0.03 per share on revenue of $16.12 million. Its revenue from the Proprietary Products segment declined to $3.2 million from $7.4 million, while revenue from its Distributed Product segment came in steady at $5.8 million in the first quarter. Adjusted EBITDA was a loss of $4.5 million for the first quarter, versus a year-earlier loss of $1.0 million. Its gross profit dropped to $0.4 million in the first quarter, versus $3.3 million, in the year-earlier quarter. Research and development expenses climbed to $3.6 million in the first quarter from $3.4 million, while selling, general and administrative expenses slipped to $2.5 million from $2.6 million. As of March 31, 2015, the company had $49,7 million in cash, cash equivalents and short-term investments, versus $51.9 million as of December 31, 2014. "We look forward to achieving a number of important milestones throughout the balance of 2015. We expect strong second quarter revenue along with continued clinical progress in various programs to strengthen our Company and enhance shareholder value," said David Tsur, co-founder and Chief Executive Officer of Kamada. For the full year, Kamada projects revenue of $70 million to $73 million. Kamada shares fell 2.05 percent to $4.31 in pre-market trading.