Kamada Ltd. (NASDAQ:KMDA) reported fourth-quarter results on Wednesday that came in below analyst expectations.
The company’s stock fell about 2.46% in pre-market trading following the release of the results.
For the fourth quarter, Kamada posted adjusted earnings of $0.06 per share, missing the analyst consensus estimate of $0.10 by $0.04.
Quarterly revenue totaled $44.68 million, slightly below the $45.42 million analysts had forecast, although it still represented a 15% increase from $39.0 million recorded in the same quarter a year earlier. For the full year 2025, the company reported revenue of $180.5 million, up 12% year over year, and net income of $20.2 million, or $0.35 per diluted share, compared with $14.5 million, or $0.25 per diluted share, in 2024.
Despite the weaker fourth-quarter results, Kamada reaffirmed its outlook for 2026. The company expects revenue between $200 million and $205 million and adjusted EBITDA in the range of $50 million to $53 million.
The midpoint of the revenue forecast, $202.5 million, implies about 13% growth compared with 2025 results, while the midpoint of the adjusted EBITDA projection, $51.5 million, suggests roughly 23% growth.
“Our operational and financial performance in 2025 was excellent, with record total revenues of $180.5 million, representing a 12% year-over-year increase, and record adjusted EBITDA of $42.0 million, up 23% year-over-year,” said Amir London, Chief Executive Officer.
The company generated $25.5 million in operating cash flow during 2025 and ended the year with $75.5 million in cash. Kamada also introduced an annual cash dividend policy and announced a dividend of $0.25 per share—about $14.4 million in total—to be paid on April 6, 2026.
Adjusted EBITDA for the full year reached $42.0 million, marking a 23% increase from $34.1 million in 2024.