6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the Month of May 2024

Commission File Number 001-35948

Kamada Ltd.

(Translation of registrant’s name into English)

2 Holzman Street
Science Park, P.O. Box 4081
Rehovot 7670402
Israel
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒       Form 40-F ☐

This Form 6-K is being incorporated by reference into the Registrant’s Form S-8 Registration Statements, File Nos. 333-192720, 333-207933, 333-215983, 333-222891, 333-233267 and 333-265866.

The following exhibit is attached:

99.1	Kamada Reports Strong First Quarter 2024 Financial Results with Year-Over-Year Top-Line Growth of 23% and a 96% Increase in Profitability; Raises Full-Year Financial Guidance
99.2	Company’s Presentation – May 2024
99.3	Kamada Ltd’s Consolidated Financial Statements as of March 31, 2024 (Unaudited)
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

1

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 8, 2024	KAMADA LTD.
	By:	/s/ Nir Livneh
		Nir Livneh Vice President General Counsel and Corporate Secretary

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EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
99.1	Kamada Reports Strong First Quarter 2024 Financial Results with Year-Over-Year Top-Line Growth of 23% and a 96% Increase in Profitability; Raises Full-Year Financial Guidance
99.2	Company’s Presentation – May 2024
99.3	Kamada Ltd’s Consolidated Financial Statements as of March 31, 2024 (Unaudited)
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

3

EX-99.1

Exhibit 99.1

Kamada Reports Strong First Quarter 2024 Financial Results with Year-Over-Year Top-Line Growth of 23% and a 96% Increase in Profitability; Raises Full-Year Financial Guidance

● Revenues for First Quarter of 2024 were $37.7 Million, Representing a 23% Increase Year-over-Year

● First Quarter 2024 Adjusted EBITDA of $7.5 Million, Representing a 96% Increase Year-over-Year

● Momentum Primarily Driven by U.S. Sales of the Company’s Two Most Significant Catalysts, KEDRAB® and CYTOGAM®

● Strong First Quarter Results and Positive Outlook for Remainder of 2024 Support Increase of Full-Year Revenue Guidance to $158 Million-$162 Million and Adjusted EBITDA to $28 Million-$32 Million

● Conference Call and Live Webcast Today at 8:30 AM ET

REHOVOT, Israel, and Hoboken, NJ – May 8, 2024 -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), 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, today announced financial results for three months ended March 31, 2024.

“We are excited by our strong financial and operational start to 2024, which has us well-positioned for a highly successful year,” said Amir London, Kamada’s Chief Executive Officer. “Total revenues for the first quarter of 2024 were $37.7 million, representing a 23% increase year-over-year, and adjusted EBITDA was $7.5 million, nearly double as compared to the first quarter of last year and representing a 20% margin of revenues. While we benefit from the strength of our entire portfolio, we continue to effectively leverage the two most important growth drivers in our business, KEDRAB® and CYTOGAM®. For CYTOGAM, our active promotion of the product, supported by recently published new clinical data, is driving increased demand, and we are encouraged by the continued growth being demonstrated by KEDRAB.”

“Based on our strong performance in the first quarter and our expectation for the continued momentum in our business throughout 2024, we are raising our full-year 2024 revenue guidance to be between $158 million to $162 million from the previous forecast of $156 million to $160 million. We are also increasing our adjusted EBITDA guidance to $28 million to $32 million from the initial guidance of $27 million to $30 million. Importantly, we continue to pursue compelling new business development opportunities, leveraging our overall financial strength. These opportunities are expected to support continued growth at double-digit rates beyond 2024,” added Mr. London.

“Patient enrollment continues in our ongoing pivotal Phase 3 InnovAATe clinical trial for the inhaled Alpha-1 Antitrypsin therapy for the treatment of AAT Deficiency. Following recent positive feedback from the U.S. Food and Drug Administration (FDA) through which the FDA expressed its willingness to potentially accept a P<0.1 alpha level in evaluating InnovAATe for meeting the efficacy primary endpoint for registration, we recently filed an IND amendment with both a revised Statistical Analysis Plan (SAP) and study protocol, and we expect further FDA feedback during the second half of 2024. If approved, these changes may allow for the acceleration of the program,” concluded Mr. London.

Financial Highlights for the Three Months Ended March 31, 2024

● Total revenues were $37.7 million in the first quarter of 2024, a 23% increase from the prior year period. The increase in revenues was primarily attributable to increased sales of CYTOGAM due to increased demand for the product in the U.S. market, as well as increased sales of KEDRAB to Kedrion due to increased market share in the U.S.

● Gross profit and gross margins were $16.8 million and 44%, respectively, in the first quarter of 2024, compared to $11.9 million and 39%, respectively, reported in the prior year period. Cost of goods sold in the Company’s Proprietary segment for each of the first quarter of 2024 and 2023 included $1.3 million of depreciation expenses associated with intangible assets generated through the IgG products acquisition.

● Operating expenses, including R&D, Sales & Marketing (S&M), G&A and other expenses, totaled $12.7 million in the first quarter of 2024, as compared to $11.6 million in the first quarter of 2023. S&M costs for the first quarter of 2024 and 2023 included $0.4 million of amortization expenses of intangible assets generated through the IgG products acquisition.

● Net income was $2.4 million, or $0.04 per share, in the first quarter of 2024, as compared to a net loss of $1.8 million, or $(0.04) per share, in the first quarter of 2023.

● Adjusted EBITDA, as detailed in the tables below, was $7.5 million in the first quarter of 2024, a 96% increase from the $3.8 million in the first quarter of 2023.

● Cash provided by operating activities was $1.0 million in the first quarter of 2024, as compared to cash used in operating activities of $2.9 million in the first quarter of 2023.

Balance Sheet Highlights

As of March 31, 2024, the Company had cash, cash equivalents, and short-term investments of $48.2 million, as compared to $55.6 million on December 31, 2023. The decrease in cash balance was attributable to capital investments made with respect to the construction of our new plasma collection center in Uvalde, Texas, and payment on account of long-term liabilities associated with the acquisition completed in November 2021.

Recent Corporate Highlights

● During the first quarter of 2024, Kamada completed the successful launch in Israel of BEVACIZUMAB KAMADA, the biosimilar to Avastin®, which is indicated for the treatment of certain types of cancer, including colon cancer and metastatic breast cancer. This represents the first biosimilar product to be launched and distributed by Kamada in Israel. The product is manufactured by mAbxience Research S.L., from Madrid, Spain.

Fiscal Year 2024 Guidance

Based on the Company’s strong performance in the first quarter and its expectation for continued momentum in the business throughout 2024, Kamada is increasing its fiscal year 2024 total revenue guidance from a range of $156 million to $160 million to a range of $158 million to $162 million, and adjusted EBITDA from a range of $27 million to $30 million to a range of $28 million to $32 million, representing double digit top- and bottom-line growth year-over-year.

Conference Call

Kamada management will host an investment community conference call today, Wednesday, May 8, 2024, at 8:30am Eastern Time to present the Company’s results and answer questions. Shareholders and other interested parties may participate in the conference call by dialing 1-888-886-7786 (from within the U.S.) or 1-809-468-221 (from Israel), or 1-416-764-8658 (International) and entering the conference ID 31202863. The call will also be webcast live on the Internet at https://viavid.webcasts.com/starthere.jsp?ei=1665369&tp_key=952bd14ce0

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Non-IFRS financial measures

We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs.

For the projected 2024 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company’s control.  Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company’s accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort.  Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company’s adjusted EBITDA for historical periods.

About Kamada

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: CYTOGAM®, KEDRAB®, WINRHO SDF®, VARIZIG®, 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. During recent years the Company added eleven biosimilar products to its Israeli distribution portfolio, which, subject to the European Medicines Agency (EMA) and the Israeli Ministry of Health 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), KARAB 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. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s controlling shareholder, beneficially owning approximately 38% of the outstanding ordinary shares.

3

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. Forward-looking statements are statements that are not historical facts, including statements regarding: 1) positive outlook for reminder of 2024, 2)  anticipation of continued momentum through 2024 and continued growth at double-digit rates beyond 2024, 3) Full-Year Revenue Guidance to be between $158 Million-$162 Million and Adjusted EBITDA to be between $28 Million-$32 Million, 4) being well-positioned for a highly successful year, 5) continuing to maintain the overall financial strength supporting us in pursuing compelling new business development opportunities which would accelerate the growth and profitability of our existing business beyond 2024, 6) continued enrollment in pivotal phase 3 InnovAATe clinical trial, and 7) our expectations to receive FDA feedback to the IND amendment during the second half of 2024, which, if approved, may allow for the acceleration of the InnovAATe program. Forward-looking statements are based on Kamada’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, continuation of inbound and outbound international delivery routes, continued demand for Kamada’s products, financial conditions of the Company’s customer, suppliers and services providers, Kamada’s ability to integrate the new product portfolio into its current product portfolio, Kamada’s ability to grow the revenues of its new product portfolio, and leverage and expand its international distribution network, ability to reap the benefits of the acquisition of the plasma collection center, including the ability to open additional U.S. plasma centers, and acquisition of the FDA-approved plasma-derived hyperimmune commercial products, the ability to continue enrollment of the pivotal Phase 3 InnovAATe clinical trial, unexpected results of clinical studies, Kamada’s ability to manage operating expenses, additional competition in the markets that Kamada competes, regulatory delays, prevailing market conditions and the impact of general economic, industry or political conditions in the U.S., Israel or otherwise, and other risks detailed in Kamada’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC’s website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.

CONTACTS:

Chaime Orlev

Chief Financial Officer

IR@kamada.com

Brian Ritchie

LifeSci Advisors, LLC

212-915-2578

britchie@LifeSciAdvisors.com

4

CONDENCED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITTION

	As of						As of
	March 31,						December 31,
	2024			2023			2023
	Unaudited						Audited
Assets
Current Assets
Cash and cash equivalents	$	48,194		$	27,121		$	55,641
Trade receivables, net		18,855			20,925			19,877
Other accounts receivables		6,411			3,603			5,965
Inventories		84,348			79,754			88,479
Total Current Assets		157,808			131,403			169,962
Non-Current Assets
Property, plant and equipment, net		30,727			26,496			28,224
Right-of-use assets		7,632			5,836			7,761
Intangible assets, Goodwill and other long-term assets		138,623			145,305			140,465
Contract assets		8,384			7,755			8,495
Total Non-Current Assets		185,366			185,392			184,945
Total Assets	$	343,174		$	316,795		$	354,907
Liabilities
Current Liabilities
Current maturities of bank loans	$	-		$	4,444		$	-
Current maturities of lease liabilities		1,467			1,438			1,384
Current maturities of other long-term liabilities		12,980			29,414			14,996
Trade payables		16,492			26,210			24,804
Other accounts payables		6,210			7,350			8,261
Deferred revenues		26			419			148
Total Current Liabilities		37,175			69,275			49,593
Non-Current Liabilities
Bank loans		-			11,852			-
Lease liabilities		7,278			4,992			7,438
Contingent consideration		16,760			18,115			18,855
Other long-term liabilities		34,842			37,280			34,379
Employee benefit liabilities, net		609			473			621
Total Non-Current Liabilities		59,489			72,712			61,293
Shareholder’s Equity
Ordinary shares		15,022			11,736			15,021
Additional paid in capital  net		266,183			210,665			265,848
Capital reserve due to translation to presentation currency		(3,490	)		(3,490	)		(3,490	)
Capital reserve from hedges		12			(99	)		140
Capital reserve from share-based payments		6,336			5,750			6,427
Capital reserve from employee benefits		282			539			275
Accumulated deficit		(37,835	)		(50,293	)		(40,200	)
Total Shareholder’s Equity		246,510			174,808			244,021
Total Liabilities and Shareholder’s Equity	$	343,174		$	316,795		$	354,907

5

CONDENCED CONSOLIDATED INTERIM OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Three months period ended						Year ended
	March 31,						December 31,
	2024			2023			2023
	Unaudited						Audited
Revenues from proprietary products	$	33,758		$	24,061		$	115,458
Revenues from distribution		3,978			6,649			27,061
Total revenues		37,736			30,710			142,519
Cost of revenues from proprietary products		17,620			13,224			63,342
Cost of revenues from distribution		3,365			5,647			23,687
Total cost of revenues		20,985			18,871			87,029
Gross profit		16,751			11,839			55,490
Research and development expenses		4,295			3,231			13,933
Selling and marketing expenses		4,631			3,922			16,193
General and administrative expenses		3,786			3,418			14,381
Other expenses		-			979			919
Operating income (loss)		4,039			289			10,064
Financial income		280			25			588
Income (expenses) in respect of currency exchange differences and derivatives instruments, net		124			151			55
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.		(1,845	)		(1,761	)		(980	)
Financial expenses		(159	)		(500	)		(1,298	)
Income before tax on income		2,439			(1,796	)		8,429
Taxes on income		74			13			145
Net Income (loss)	$	2,365		$	(1,809	)	$	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) on cash flow hedges		(71	)		(156	)		(186	)
Net amounts transferred to the statement of profit or loss for cash flow hedges		(57	)		145			414
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain (loss) from defined benefit plan		7			191			(73	)
Total comprehensive income (loss)	$	2,244		$	(1,629	)	$	8,439
Earnings per share attributable to equity holders of the Company:
Basic net earnings per share	$	0.04		$	(0.04	)	$	0.17
Diluted net earnings per share	$	0.04		$	(0.04	)	$	0.15

6

CONDENCED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

	Three months period Ended						Year Ended
	March 31,						December 31,
	2024			2023			2023
	Unaudited						Audited
Cash Flows from Operating Activities
Net income (loss)	$	2,365		$	(1,809	)	$	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 amortization		3,237			3,123			12,714
Financial expenses (income), net		1,600			2,085			1,635
Cost of share-based payment		241			415			1,314
Taxes on income		74			13			145
Loss (gain) from sale of property and equipment		-			(22	)		(5	)
Change in employee benefit liabilities, net		(4	)		(8	)		(125	)
		5,148			5,606			15,678
Changes in asset and liability items:
Decrease (increase) in trade receivables, net		610			6,306			7,835
Decrease (increase) in other accounts receivables		(516	)		1,362			(1,150	)
Decrease (increase) in inventories		4,131			(10,970	)		(19,694	)
Decrease (increase) in deferred expenses		112			3,554			2,814
Decrease (increase) in trade payables		(8,785	)		(6,712	)		(8,885	)
Decrease (increase)  in other accounts payables		(2,051	)		(238	)		765
Decrease (increase) in deferred revenues		(122	)		384			113
		(6,621	)		(6,314	)		(18,202	)
Cash received (paid) during the period for:
Interest paid		(129	)		(341	)		(1,228	)
Interest received		280			25			-
Taxes paid		(23	)		(18	)		(217	)
		128			(334	)		(1,445	)
Net cash provided by (used in) operating activities	$	1,020		$	(2,851	)	$	4,315

7

CONDENCED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (continued)

	Three months period Ended						Year Ended
	March 31,						December 31,
	2024			2023			2023
	Unaudited						Audited
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets	$	(2,682	)	$	(1,117	)	$	(5,850	)
Proceeds from sale of property and equipment		-			24			7
Net cash provided by (used in) investing activities		(2,682	)		(1,093	)		(5,843	)
Cash Flows from Financing Activities
Proceeds from exercise of share base payments		1			1			4
Proceeds from issuance of ordinary shares, net		-			-			58,231
Repayment of lease liabilities		(244	)		(271	)		(850	)
Repayment of long-term loans		-			(1,111	)		(17,407	)
Repayment of other long-term liabilities		(5,496	)		(1,500	)		(17,300	)
Net cash provided by (used in) financing activities		(5,739	)		(2,881	)		22,678
Exchange differences on balances of cash and cash equivalent		(46	)		(312	)		233
Increase (decrease) in cash and cash equivalents		(7,447	)		(7,137	)		21,383
Cash and cash equivalents at the beginning of the period		55,641			34,258			34,258
Cash and cash equivalents at the end of the period	$	48,194		$	27,121		$	55,641
Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability	$	306		$	3,580		$	6,546
Purchase of property and equipment and Intangible assets	$	905		$	292		$	646

8

NON-IFRS MEASURES – ADJUSTED EBITDA

	Three months period Ended					Year ended
	March 31,					December 31,
	2024		2023			2023
	U.S. Dollars in thousands
Net (loss) income	$	2,365	$	(1,809	)	$	8,284
Taxes on income		74		13			145
Financial expense (income), net		1,600		2,085			1,635
Depreciation and amortization expense		3,237		3,123			12,714
Non-cash share-based compensation expenses		241		415			1,314
Adjusted EBITDA	$	7,517	$	3,827		$	24,092

9

EX-99.2

Exhibit 99.2

INVESTORS MEETING NASDAQ & TASE: KMDA May 2024 May 8, 2024

May 8, 2024 Forward - Looking Statement This presentation is not intended to provide investment or medical advice. It should be noted that some products under develo pme nt described herein have not been found safe or effective by any regulatory agency and are not approved for any use outside of clinical trials. This presentation contains forward - looking statements, which express the current beliefs and expectations of Kamada’s management . Such statements include the 2024 financial guidance, success of the inhaled AAT clinical study, its benefits and potential market size, success of the U.S. plasma collection expa nsi on and revenue potential, and success in launching new products in the Israeli distribution business segment. These statements involve a number of known and unknown risks and unce rta inties that could cause Kamada's future results, performance or achievements to differ significantly from the prospected results, performances or achievements expressed or im pli ed by such forward - looking statements. Important factors that could cause or contribute to such differences include, but are not limited to, risks relating to Kamada's ability to suc ces sfully develop, manufacture and commercialize its products and product candidates, the progress and results of any clinical trials, the introduction of competing products, the continued ma rke t acceptance of Kamada’s commercial products portfolio, the impact of any changes in regulation and legislation that could affect the pharmaceutical industry, the difficulty of predicti ng, obtaining or maintaining U.S. Food and Drug Administration, European Medicines Agency and other regulatory authority approvals, the regulatory environment, restrains related to third pa rti es’ IP rights and changes in the health policies and structures of various countries, success of M&A strategies, environmental risks, changes in the worldwide pharmaceutical indu str y and other factors that are discussed under the heading “Risk Factors” of Kamada’s 2023 Annual Report on Form 20 - F (filed on March 6, 2024), as well as in Kamada’s recent Forms 6 - K fil ed with the U.S. Securities and Exchange Commission. This presentation includes certain non - IFRS financial information, which is not intended to be considered in isolation or as a s ubstitute for, or superior to, the financial information prepared and presented in accordance with IFRS. The non - IFRS financial measures may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. In accordance with the requirement of the SEC regulations a reconciliation of these non - IFRS financial measures to th e comparable IFRS measures is included in an appendix to this presentation. Management uses these non - IFRS financial measures for financial and operational decision - making and as a mean s to evaluate period - to - period comparisons. Management believes that these non - IFRS financial measures provide meaningful supplemental information regarding Kamada’s perfor mance and liquidity. For additional information regarding use of non - IFRS measures, see “Item 5. Operating and Financial Review and Prospectus – Non - IFRS Financial Measures” of Kamada’s 2023 Annual Report on Form 20 - F filed with the U.S Securities and Exchange Commission on March 6, 2024. Forward - looking statements speak only as of the date they are made, and Kamada undertakes no obligation to update any forward - lo oking statement to reflect the impact of circumstances or events that arise after the date the forward - looking statement was made, except as required by applicable securities laws. Yo u should not place undue reliance on any forward - looking statement and should consider the uncertainties and risks noted above, as well as the risks and uncertainties more fully disc uss ed under the heading “Risk Factors” of Kamada’s 2023 Annual Report on Form 20 - F (filed on March 6, 2024) as well as in Kamada’s recent Forms 6 - K filed with the U.S. Securities and Exchange Commission. 2

May 8, 2024 Strong First Quarter 2024 Financial Results Gross Profit Revenue Q1 - 23 Q1 - 24 Q1 - 23 Q1 - 24 41% $11.9 $ 16.8 23% $30.7 $37.7 Adj. EBITDA Net Income Q1 - 23 Q1 - 24 Q1 - 23 Q1 - 24 96% $3.8 $7.5 n/a $(1.8) $2.4 Leveraging the strength of our entire commercial portfolio and specifically the two most important growth drivers KEDRAB® and CYTOGAM® 3 All amounts are in U.S.$ in millions

May 8, 2024 Financial Growth Trajectory 104 129 143 158 - 162 2021 2022 2023 2024 Revenues US$M 6 18 24 28 - 32 2021 2022 2023 2024 Adjusted EBITDA US$M 2024 represents annual guidance 2024 represents annual guidance Adjusted EBITDA is defined as net income, plus ( i ) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization; and (v) non - cash share - based compensation expenses Strong First Quarter Results & Positive Outlook for Remainder of 2024 Support Increase of Full - Year Revenue Guidance to $ 158 - 162 Million and Adjusted EBITDA to $ 28 - 32 Million 4

May 8, 2024 6 FDA - Approved Specialty Plasma Products Key Focus On Transplantation & Rare Conditions GLASSIA® [Alpha1 - Proteinase Inhibitor (Human)] Augmentation therapy for Alpha - 1 Antitrypsin Deficiency (AATD) WINRHO® [Rho(D) Immune Globulin (Human)] Treatment of ITP & suppression of Rh isoimmunization (HDN) VARIZIG® [Varicella Zoster Immune Globulin (Human)] Post - exposure prophylaxis of varicella in high - risk patients HEPGAM B® [Hepatitis B Immune Globulin (Human)] Prevention of HBV recurrence following liver transplantation CYTOGAM® [Cytomegalovirus Immune Globulin (Human)] Prophylaxis of CMV disease associated with transplantation KEDRAB® [Rabies Immune Globulin (Human)] Post exposure prophylaxis of rabies infection 5

May 8 , 2024 Inhaled AAT Phase 3 Pivotal Study Global, double - blind, randomized, placebo - controlled pivotal Phase 3 clinical trial testing the safety and efficacy of inhaled AAT in patients with AATD. Study design meets FDA and EMA’s requirements • FDA recently reconfirmed overall study design, endorsed positive safety data to date, and expressed willingness to potentially accept a P< 0 . 1 alpha level in evaluating the trial’s efficacy primary endpoint for registration • Following positive feedback from FDA, filed an IND amendment with revised statistical analysis plan and study protocol, expecting FDA feedback during H 2 / 2024 • If approved, these changes may allow for the acceleration of the program Inhaled AAT Targeting a Market of over $1B 6

May 8, 2024 Strategic U.S. Plasma Collection Operation • Kamada Plasma currently collecting hyper - immune plasma for our Anti - D and Anti - R specialty IgG ’ s products • Working to open additional centers in the U.S., collecting hyper - immune plasma as well as normal source plasma (NSP); first center to be opened in Houston, Texas in H 2 - 24 ; signed lease agreement for additional location in San Antonio, Texas • Average annual revenues of a mature collection center ranges between $ 8 M - $ 10 M 7

May 8, 2024 Strong First Quarter 2024 Financial Results Details 2023 Q1/2023 Q1/2024 US $ M Driven by two most important growth drivers, KEDRAB® & CYTOGAM® 115.5 24.1 33.8 PROPRIETARY 27.1 6.6 4.0 DISTRIBUTION 23% YoY increase; almost 70% of Q1 - 24 sales driven in the U.S. market 142.5 30.7 37.7 TOTAL REVENUES 55.5 11.8 16.8 GROSS PROFIT 5 basis point increase YoY 39% 39% 44 % GROSS MARGIN (45.4) (11.6) ( 12.7 ) OPEX 8.3 (1.8) 2.4 NET PROFIT 96% YoY increase 24.1 3.8 7.5 Adjusted EBITDA 55.6 27.1 48.2 CASH Including acquisition related intangible assets ($134M @ March 24) 354.9 316.8 343.2 TOTAL ASSETS 5 - year term loan paid down in full during Q3 - 23 0.0 16.3 0.0 BANK LOAN Acquisition related contingent consideration 68.2 84.8 64.6 CONTINGENT LIABILITIES Increase mainly due to a $60M private placement with FIMI 244.0 174.8 246.5 EQUITY Contingent liabilities net of available cash 12.6 57.7 16.4 NET DEBT Adjusted EBITDA is defined as net income, plus (i) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization ; and (v) non - cash share - based compensation expenses 8

Kamada Highlights • 6 FDA - approved products with global commercial network selling in over 30 countries • Multiple growth drivers, with significant upside potential and limited downside risk • Financially strong to accelerate growth and pursue new business development opportunities • Leading innovative product for AATD in late - stage development; targeting a market of over $1B A growing 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 Projected continued double - digit growth of revenues and profitability beyond 2024 2024 Guidance of $158 - 162 Million of Revenues and $28 - 32 Million of Adjusted EBITDA May 8, 2024 9

THANK YOU www.kamada.com

May 8, 2024 Non - IFRS Measures – Adjusted EBITDA 2023 Q1/2023 Q1/2024 US $ M 8.3 (1.8) 2.4 Net Profit 0.1 0.0 0.1 Taxes on income 1.0 1.8 1.8 Revaluation of acquisition related contingent consideration 0.7 0.3 (0.2) Other financial expense, net 7.1 1.8 1.8 Amortization of acquisition related intangible assets 5.7 1.4 1.5 Other depreciation and amortization expenses 1.3 0.4 0.2 Non - cash share - based compensation expenses 24.1 3.8 7.5 Adjusted EBITDA Adjusted EBITDA is defined as net income, plus (i) tax expense, (ii) financial income (expense), net, (iii) depreciation and amortization ; and (v) non - cash share - based compensation expenses 11

EX-99.3

Exhibit 99.3

KAMADA LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

AS OF MARCH 31, 2024

TABLE OF CONTENTS

	Page
Condensed Consolidated interim Statements of Financial Position	2
Condensed Consolidated interim Statements of Profit or Loss and Other Comprehensive Income	3
Condensed Consolidated interim Statements of Changes in Equity	4-5
Condensed Consolidated interim Statements of Cash Flows	6-7
Notes to the Interim Consolidated Financial Statements	8-13

- - - - - - - - - - -

KAMADA LTD.

Condensed Consolidated Interim Statements of Financial Position

	As of						As of
	March 31,						December 31,
	2024			2023			2023
	Unaudited						Audited
Assets
Current Assets
Cash and cash equivalents	$	48,194		$	27,121		$	55,641
Trade receivables, net		18,855			20,925			19,877
Other accounts  receivables		6,411			3,603			5,965
Inventories		84,348			79,754			88,479
Total Current Assets		157,808			131,403			169,962
Non-Current Assets
Property, plant and equipment, net		30,727			26,496			28,224
Right-of-use assets		7,632			5,836			7,761
Intangible assets, Goodwill and other long-term assets		138,623			145,305			140,465
Contract assets		8,384			7,755			8,495
Total Non-Current Assets		185,366			185,392			184,945
Total Assets	$	343,174		$	316,795		$	354,907
Liabilities
Current Liabilities
Current maturities of bank loans	$	-		$	4,444		$	-
Current maturities of lease liabilities		1,467			1,438			1,384
Current maturities of other long term liabilities		12,980			29,414			14,996
Trade payables		16,492			26,210			24,804
Other accounts payables		6,210			7,350			8,261
Deferred revenues		26			419			148
Total Current Liabilities		37,175			69,275			49,593
Non-Current Liabilities
Bank loans		-			11,852			-
Lease liabilities		7,278			4,992			7,438
Contingent consideration		16,760			18,115			18,855
Other long-term liabilities		34,842			37,280			34,379
Employee benefit liabilities, net		609			473			621
Total Non-Current Liabilities		59,489			72,712			61,293
Shareholder’s Equity
Ordinary shares		15,022			11,736			15,021
Additional paid in capital  net		266,183			210,665			265,848
Capital reserve due to translation to presentation currency		(3,490	)		(3,490	)		(3,490	)
Capital reserve from hedges		12			(99	)		140
Capital reserve from share-based payments		6,336			5,750			6,427
Capital reserve from employee benefits		282			539			275
Accumulated deficit		(37,835	)		(50,293	)		(40,200	)
Total Shareholder’s Equity		246,510			174,808			244,021
Total Liabilities and Shareholder’s Equity	$	343,174		$	316,795		$	354,907

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

2

KAMADA LTD.

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

	Three months period ended						Year ended
	March 31,						December 31,
	2024			2023			2023
	Unaudited						Audited
Revenues from proprietary products	$	33,758		$	24,061		$	115,458
Revenues from distribution		3,978			6,649			27,061
Total revenues		37,736			30,710			142,519
Cost of revenues from proprietary products		17,620			13,224			63,342
Cost of revenues from distribution		3,365			5,647			23,687
Total cost of revenues		20,985			18,871			87,029
Gross profit		16,751			11,839			55,490
Research and development expenses		4,295			3,231			13,933
Selling and marketing expenses		4,631			3,922			16,193
General and administrative expenses		3,786			3,418			14,381
Other expenses		-			979			919
Operating income (loss)		4,039			289			10,064
Financial income		280			25			588
Income (expenses) in respect of currency exchange differences and derivatives instruments, net		124			151			55
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.		(1,845	)		(1,761	)		(980	)
Financial expenses		(159	)		(500	)		(1,298	)
Income before tax on income		2,439			(1,796	)		8,429
Taxes on income		74			13			145
Net Income (loss)	$	2,365		$	(1,809	)	$	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) on cash flow hedges		(71	)		(156	)		(186	)
Net amounts transferred to the statement of profit or loss for cash flow hedges		(57	)		145			414
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain (loss) from defined benefit plan		7			191			(73	)
Total comprehensive income (loss)	$	2,244		$	(1,629	)	$	8,439
Earnings per share attributable to equity holders of the Company:
Basic net earnings per share	$	0.04		$	(0.04	)	$	0.17
Diluted net earnings per share	$	0.04		$	(0.04	)	$	0.15

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

3

KAMADA LTD.

Condensed Consolidated Interim Statements of Changes in Equity

			Additional		Capital reserve due to translation to			Capital reserve			Capital reserve from			Capital reserve from
	Share		paid in		presentation			from			sharebased			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		-		-		-			-			-			-		2,365			2,365
Other comprehensive income (loss)		-		-		-			(128	)		-			7		-			(121	)
Total comprehensive income (loss)		-		-		-			(128	)		-			7		2,365			2,244
Exercise and forfeiture of share-based payment into shares		1		335		-			-			(335	)		-		-			1
Cost of share-based payment		-		-		-			-			244			-		-			244
Balance as of March 31, 2024	$	15,022	$	266,183	$	(3,490	)	$	12		$	6,336		$	282	$	(37,835	)	$	246,510

			Additional		Capital reserve due to translation to			Capital reserve			Capital reserve from share			Capital reserve from
	Share		paid in		presentation			from			based			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		-		-		-			-			-			-		(1,809	)		(1,809	)
Other comprehensive income (loss)		-		-		-			(11	)		-			191		-			180
Total comprehensive income (loss)		-		-		-			(11	)		-			191		(1,809	)		(1,629	)
Exercise and forfeiture of share-based payment into shares		2		170		-			-			(170	)		-		-			2
Cost of share-based payment												415								415
Balance as of March 31, 2023	$	11,736	$	210,665	$	(3,490	)	$	(99	)	$	5,750		$	539	$	(50,293	)	$	174,808

4

KAMADA LTD.

	Share		Additional paid in		Capital reserve due to translation to presentation			Capital reserve from			Capital reserve from share based			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		-		-		-			-			-			-			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.

5

KAMADA LTD.

Condensed consolidated interim statements of cash flows

	Three months period Ended						Year Ended
	March 31,						December 31,
	2024			2023			2023
	Unaudited						Audited
Cash Flows from Operating Activities
Net income (loss)	$	2,365		$	(1,809	)	$	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 amortization		3,237			3,123			12,714
Financial expenses (income), net		1,600			2,085			1,635
Cost of share-based payment		241			415			1,314
Taxes on income		74			13			145
Loss (gain) from sale of property and equipment		-			(22	)		(5	)
Change in employee benefit liabilities, net		(4	)		(8	)		(125	)
		5,148			5,606			15,678
Changes in asset and liability items:
Decrease (increase) in trade receivables, net		610			6,306			7,835
Decrease (increase) in other accounts receivables		(516	)		1,362			(1,150	)
Decrease (increase) in inventories		4,131			(10,970	)		(19,694	)
Decrease (increase) in deferred expenses		112			3,554			2,814
Decrease (increase) in trade payables		(8,785	)		(6,712	)		(8,885	)
Decrease (increase)  in other accounts payables		(2,051	)		(238	)		765
Decrease (increase) in deferred revenues		(122	)		384			113
		(6,621	)		(6,314	)		(18,202	)
Cash received (paid) during the period for:
Interest paid		(129	)		(341	)		(1,228	)
Interest received		280			25			-
Taxes paid		(23	)		(18	)		(217	)
		128			(334	)		(1,445	)
Net cash provided by (used in) operating activities	$	1,020		$	(2,851	)	$	4,315

6

KAMADA LTD.

Condensed consolidated interim statements of cash flows

	Three months period Ended						Year Ended
	March, 31						December 31,
	2024			2023			2023
	Unaudited						Audited
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets	$	(2,682	)	$	(1,117	)	$	(5,850	)
Proceeds from sale of property and equipment		-			24			7
Net cash provided by (used in) investing activities		(2,682	)		(1,093	)		(5,843	)
Cash Flows from Financing Activities
Proceeds from exercise of share base payments		1			1			4
Proceeds from issuance of ordinary shares, net		-			-			58,231
Repayment of lease liabilities		(244	)		(271	)		(850	)
Repayment of long-term loans		-			(1,111	)		(17,407	)
Repayment of other long-term liabilities		(5,496	)		(1,500	)		(17,300	)
Net cash provided by (used in) financing activities		(5,739	)		(2,881	)		22,678
Exchange differences on balances of cash and cash equivalent		(46	)		(312	)		233
Increase (decrease) in cash and cash equivalents		(7,447	)		(7,137	)		21,383
Cash and cash equivalents at the beginning of the period		55,641			34,258			34,258
Cash and cash equivalents at the end of the period	$	48,194		$	27,121		$	55,641
Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability	$	306		$	3,580		$	6,546
Purchase of property and equipment and Intangible assets	$	905		$	292		$	646

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

7

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.

8

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. The amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data.

As of March 31, 2024, the Company does not have impact on its financial statement.

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 was estimated on the date of grant was estimated at $18 thousands.

9

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
Three months period ended March 31, 2024
Revenues	$	33,758	$	3,978	$	37,736
Gross profit	$	16,138	$	613	$	16,751
Unallocated corporate expenses						(12,712	)
Finance expenses, net						(1,600	)
Income before taxes on income					$	2,439

	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Three months period ended March 31, 2023
Revenues	$	24,061	$	6,649	$	30,710
Gross profit	$	10,837	$	1,002	$	11,839
Unallocated corporate expenses						(11,550	)
Finance expenses, net						(2,085	)
Income before taxes on income					$	(1,796	)

10

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:

	Three months period ended March 31, 2024
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	25,849	$	-	$	25,849
Israel		1,832		3,978		5,810
Canada		3,281		-		3,281
Europe		246		-		246
Latin America		1,116		-		1,116
Asia		1,434		-		1,434
	$	33,758	$	3,978	$	37,736

11

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 March 31, 2023
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	13,598	$	-	$	13,598
Israel		994		6,649		7,643
Canada		3,232		-		3,232
Europe		3,334		-		3,334
Latin America		1,316		-		1,316
Asia		1,550		-		1,550
Others		38		-		38
	$	24,061	$	6,649	$	30,710

	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		27,060		31,296
Canada		11,162		-		11,162
Europe		7,088		-		7,088
Latin America		12,928		-		12,928
Asia		6,147		-		6,147
Others		157		-		157
	$	115,459	$	27,060	$	142,519

12

KAMADA LTD.

Notes to the Condensed Consolidated Interim Financial Statements

Note 5:- Financial Instruments

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
March 31, 2024
Derivatives instruments	$	-	$	11		$	-
Contingent consideration	$	-	$	-		$	(19,453	)
March 31, 2023
Derivatives instruments		-	$	(91	)	$	-
Contingent consideration	$	-	$	-		$	(24,115	)
December 31, 2023
Derivatives instruments	$	-	$	149		$	-
Contingent consideration	$	-	$	-		$	(21,855	)

During the three months ended on March 31, 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 May 2, 2024, our U.S. subsidiary Kamada Plasma LLC entered into a lease agreement for a 11,100 square feet premises in San Antonio, Texas to be used as a plasma collection center. The lease is in effect for an initial period of ten years commencing on the rent commencement date which will be the earlier of (a) opening for business in the facility or (b) 180 days following receipt of building permits. The lease agreement may be extended for three consecutive periods of five years each, upon at least 120 days prior written notice.

13

XML

Document And Entity Information	3 Months Ended
	Mar. 31, 2024
Document Information Line Items
Entity Registrant Name	Kamada Ltd.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001567529
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity File Number	001-35948

XML

Condensed Consolidated Interim Statements of Financial Position - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Current Assets
Cash and cash equivalents	$ 48,194	$ 55,641	$ 27,121
Trade receivables, net	18,855	19,877	20,925
Other accounts receivables	6,411	5,965	3,603
Inventories	84,348	88,479	79,754
Total Current Assets	157,808	169,962	131,403
Non-Current Assets
Property, plant and equipment, net	30,727	28,224	26,496
Right-of-use assets	7,632	7,761	5,836
Intangible assets, Goodwill and other long-term assets	138,623	140,465	145,305
Contract assets	8,384	8,495	7,755
Total Non-Current Assets	185,366	184,945	185,392
Total Assets	343,174	354,907	316,795
Current Liabilities
Current maturities of bank loans			4,444
Current maturities of lease liabilities	1,467	1,384	1,438
Current maturities of other long term liabilities	12,980	14,996	29,414
Trade payables	16,492	24,804	26,210
Other accounts payables	6,210	8,261	7,350
Deferred revenues	26	148	419
Total Current Liabilities	37,175	49,593	69,275
Non-Current Liabilities
Bank loans			11,852
Lease liabilities	7,278	7,438	4,992
Contingent consideration	16,760	18,855	18,115
Other long-term liabilities	34,842	34,379	37,280
Employee benefit liabilities, net	609	621	473
Total Non-Current Liabilities	59,489	61,293	72,712
Shareholder’s Equity
Ordinary shares	15,022	15,021	11,736
Additional paid in capital net	266,183	265,848	210,665
Capital reserve due to translation to presentation currency	(3,490)	(3,490)	(3,490)
Capital reserve from hedges	12	140	(99)
Capital reserve from share-based payments	6,336	6,427	5,750
Capital reserve from employee benefits	282	275	539
Accumulated deficit	(37,835)	(40,200)	(50,293)
Total Shareholder’s Equity	246,510	244,021	174,808
Total Liabilities and Shareholder’s Equity	$ 343,174	$ 354,907	$ 316,795

XML

Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Statement [Abstract]
Revenues from proprietary products	$ 33,758	$ 24,061	$ 115,458
Revenues from distribution	3,978	6,649	27,061
Total revenues	37,736	30,710	142,519
Cost of revenues from proprietary products	17,620	13,224	63,342
Cost of revenues from distribution	3,365	5,647	23,687
Total cost of revenues	20,985	18,871	87,029
Gross profit	16,751	11,839	55,490
Research and development expenses	4,295	3,231	13,933
Selling and marketing expenses	4,631	3,922	16,193
General and administrative expenses	3,786	3,418	14,381
Other expenses		979	919
Operating income (loss)	4,039	289	10,064
Financial income	280	25	588
Income (expenses) in respect of currency exchange differences and derivatives instruments, net	124	151	55
Financial Income (expense) in respect of contingent consideration and other long- term liabilities.	(1,845)	(1,761)	(980)
Financial expenses	(159)	(500)	(1,298)
Income before tax on income	2,439	(1,796)	8,429
Taxes on income	74	13	145
Net Income (loss)	2,365	(1,809)	8,284
Other Comprehensive Income (loss):
Gain (loss) on cash flow hedges	(71)	(156)	(186)
Net amounts transferred to the statement of profit or loss for cash flow hedges	(57)	145	414
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain (loss) from defined benefit plan	7	191	(73)
Total comprehensive income (loss)	$ 2,244	$ (1,629)	$ 8,439
Earnings per share attributable to equity holders of the Company:
Basic net earnings per share (in Dollars per share)	$ 0.04	$ (0.04)	$ 0.17
Diluted net earnings per share (in Dollars per share)	$ 0.04	$ (0.04)	$ 0.15

XML

Condensed Consolidated Interim Statements of Changes in Equity - USD ($)	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
Balance at Dec. 31, 2022	$ 11,734	$ 210,495	$ (3,490)	$ (88)	$ 5,505	$ 348	$ (48,484)	$ 176,020
Net income							(1,809)	(1,809)
Other comprehensive income (loss)				(11)		191		180
Total comprehensive income (loss)				(11)		191	(1,809)	(1,629)
Exercise and forfeiture of share-based payment into shares	2	170			(170)			2
Cost of share-based payment					415			415
Balance at Mar. 31, 2023	11,736	210,665	(3,490)	(99)	5,750	539	(50,293)	174,808
Balance at Dec. 31, 2022	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 at Dec. 31, 2023	15,021	265,848	(3,490)	140	6,427	275	(40,200)	244,021
Net income							2,365	2,365
Other comprehensive income (loss)				(128)		7		(121)
Total comprehensive income (loss)				(128)		7	2,365	2,244
Exercise and forfeiture of share-based payment into shares	1	335			(335)			1
Cost of share-based payment					244			244
Balance at Mar. 31, 2024	$ 15,022	$ 266,183	$ (3,490)	$ 12	$ 6,336	$ 282	$ (37,835)	$ 246,510

XML

Condensed Consolidated Interim Statements of Cash Flows - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash Flows from Operating Activities
Net income (loss)	$ 2,365	$ (1,809)	$ 8,284
Adjustments to the profit or loss items:
Depreciation and amortization	3,237	3,123	12,714
Financial expenses (income), net	1,600	2,085	1,635
Cost of share-based payment	241	415	1,314
Taxes on income	74	13	145
Loss (gain) from sale of property and equipment		(22)	(5)
Change in employee benefit liabilities, net	(4)	(8)	(125)
Adjustments to the profit or loss items	5,148	5,606	15,678
Changes in asset and liability items:
Decrease (increase) in trade receivables, net	610	6,306	7,835
Decrease (increase) in other accounts receivables	(516)	1,362	(1,150)
Decrease (increase) in inventories	4,131	(10,970)	(19,694)
Decrease (increase) in deferred expenses	112	3,554	2,814
Decrease (increase) in trade payables	(8,785)	(6,712)	(8,885)
Decrease (increase) in other accounts payables	(2,051)	(238)	765
Decrease (increase) in deferred revenues	(122)	384	113
Total Changes in asset and liability	(6,621)	(6,314)	(18,202)
Cash received (paid) during the period for:
Interest paid	(129)	(341)	(1,228)
Interest received	280	25
Taxes paid	(23)	(18)	(217)
Cash received (paid) during the year	128	(334)	(1,445)
Net cash provided by (used in) operating activities	1,020	(2,851)	4,315
Cash Flows from Investing Activities
Purchase of property and equipment and intangible assets	(2,682)	(1,117)	(5,850)
Proceeds from sale of property and equipment		24	7
Net cash provided by (used in) investing activities	(2,682)	(1,093)	(5,843)
Cash Flows from Financing Activities
Proceeds from exercise of share base payments	1	1	4
Proceeds from issuance of ordinary shares, net			58,231
Repayment of lease liabilities	(244)	(271)	(850)
Repayment of long-term loans		(1,111)	(17,407)
Repayment of other long-term liabilities	(5,496)	(1,500)	(17,300)
Net cash provided by (used in) financing activities	(5,739)	(2,881)	22,678
Exchange differences on balances of cash and cash equivalent	(46)	(312)	233
Increase (decrease) in cash and cash equivalents	(7,447)	(7,137)	21,383
Cash and cash equivalents at the beginning of the period	55,641	34,258	34,258
Cash and cash equivalents at the end of the period	48,194	27,121	55,641
Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability	306	3,580	6,546
Purchase of property and equipment and Intangible assets	$ 905	$ 292	$ 646

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General

3 Months Ended

Mar. 31, 2024

General [Abstract]

General

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.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Significant Accounting Policies [Abstract]

Significant Accounting Policies

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. The amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data.

As of March 31, 2024, the Company does not have impact on its financial statement.

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Significant Events in the Reporting Period

3 Months Ended

Mar. 31, 2024

Significant Events in the Reporting Period [Abstract]

Significant Events in the Reporting Period

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 was estimated on the date of grant was estimated at $18 thousands.

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Operating Segments

3 Months Ended

Mar. 31, 2024

Operating Segments [Abstract]

Operating Segments

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
Three months period ended March 31, 2024
Revenues	$	33,758	$	3,978	$	37,736
Gross profit	$	16,138	$	613	$	16,751
Unallocated corporate expenses						(12,712	)
Finance expenses, net						(1,600	)
Income before taxes on income					$	2,439

	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Three months period ended March 31, 2023
Revenues	$	24,061	$	6,649	$	30,710
Gross profit	$	10,837	$	1,002	$	11,839
Unallocated corporate expenses						(11,550	)
Finance expenses, net						(2,085	)
Income before taxes on income					$	(1,796	)

	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:

	Three months period ended March 31, 2024
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	25,849	$	-	$	25,849
Israel		1,832		3,978		5,810
Canada		3,281		-		3,281
Europe		246		-		246
Latin America		1,116		-		1,116
Asia		1,434		-		1,434
	$	33,758	$	3,978	$	37,736

	Three months period ended March 31, 2023
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	13,598	$	-	$	13,598
Israel		994		6,649		7,643
Canada		3,232		-		3,232
Europe		3,334		-		3,334
Latin America		1,316		-		1,316
Asia		1,550		-		1,550
Others		38		-		38
	$	24,061	$	6,649	$	30,710

	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		27,060		31,296
Canada		11,162		-		11,162
Europe		7,088		-		7,088
Latin America		12,928		-		12,928
Asia		6,147		-		6,147
Others		157		-		157
	$	115,459	$	27,060	$	142,519

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Financial Instruments

3 Months Ended

Mar. 31, 2024

Financial Instruments [Abstract]

Financial Instruments

Note 5:- Financial Instruments

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
March 31, 2024
Derivatives instruments	$	-	$	11		$	-
Contingent consideration	$	-	$	-		$	(19,453	)
March 31, 2023
Derivatives instruments		-	$	(91	)	$	-
Contingent consideration	$	-	$	-		$	(24,115	)
December 31, 2023
Derivatives instruments	$	-	$	149		$	-
Contingent consideration	$	-	$	-		$	(21,855	)

During the three months ended on March 31, 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.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent events [Abstract]

Subsequent events

Note 6:- Subsequent events 

On May 2, 2024, our U.S. subsidiary Kamada Plasma LLC entered into a lease agreement for a 11,100 square feet premises in San Antonio, Texas to be used as a plasma collection center. The lease is in effect for an initial period of ten years commencing on the rent commencement date which will be the earlier of (a) opening for business in the facility or (b) 180 days following receipt of building permits. The lease agreement may be extended for three consecutive periods of five years each, upon at least 120 days prior written notice.

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Accounting Policies, by Policy (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of preparation of the interim consolidated financial statements

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”.

Implementation of new accounting standards

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. The amendment and subsequent amendment are applicable retrospectively, including an amendment to comparative data.

As of March 31, 2024, the Company does not have impact on its financial statement.

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Operating Segments (Tables)

3 Months Ended

Mar. 31, 2024

Operating Segments [Abstract]

Schedule of Reporting on Operating Segments

Reporting on operating segments:

	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Three months period ended March 31, 2024
Revenues	$	33,758	$	3,978	$	37,736
Gross profit	$	16,138	$	613	$	16,751
Unallocated corporate expenses						(12,712	)
Finance expenses, net						(1,600	)
Income before taxes on income					$	2,439

	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Three months period ended March 31, 2023
Revenues	$	24,061	$	6,649	$	30,710
Gross profit	$	10,837	$	1,002	$	11,839
Unallocated corporate expenses						(11,550	)
Finance expenses, net						(2,085	)
Income before taxes on income					$	(1,796	)

	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

Schedule of Reporting on Operating Segments Geographic Region

Reporting on operating segments by geographic region:

	Three months period ended March 31, 2024
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	25,849	$	-	$	25,849
Israel		1,832		3,978		5,810
Canada		3,281		-		3,281
Europe		246		-		246
Latin America		1,116		-		1,116
Asia		1,434		-		1,434
	$	33,758	$	3,978	$	37,736

	Three months period ended March 31, 2023
	Proprietary Products		Distribution		Total
	U.S Dollars in thousands
	Unaudited
Geographical markets
U.S.A	$	13,598	$	-	$	13,598
Israel		994		6,649		7,643
Canada		3,232		-		3,232
Europe		3,334		-		3,334
Latin America		1,316		-		1,316
Asia		1,550		-		1,550
Others		38		-		38
	$	24,061	$	6,649	$	30,710

	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		27,060		31,296
Canada		11,162		-		11,162
Europe		7,088		-		7,088
Latin America		12,928		-		12,928
Asia		6,147		-		6,147
Others		157		-		157
	$	115,459	$	27,060	$	142,519

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Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Financial Instruments [Abstract]

Schedule of Financial Assets (Liabilities) Measured at Fair Value

Financial assets (liabilities) measured at fair value

	Level 1		Level 2			Level 3
	U.S Dollars in thousands
March 31, 2024
Derivatives instruments	$	-	$	11		$	-
Contingent consideration	$	-	$	-		$	(19,453	)
March 31, 2023
Derivatives instruments		-	$	(91	)	$	-
Contingent consideration	$	-	$	-		$	(24,115	)
December 31, 2023
Derivatives instruments	$	-	$	149		$	-
Contingent consideration	$	-	$	-		$	(21,855	)

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General (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
General [Line Items]
Interest rate	12.00%
Annual amount (in Dollars)	$ 5
Percentage of outstanding ordinary shares	38.00%
Takeda Pharmaceuticals Company Limited [Member]
General [Line Items]
Interest rate	6.00%

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Significant Events in the Reporting Period (Details) $ / shares in Units, $ in Thousands	Feb. 29, 2024 USD ($) $ / shares shares	Feb. 29, 2024 USD ($) ₪ / shares shares
Significant Events in the Reporting Period [Line Items]
Option granted	6,668	6,668
Exercise price per share | $ / shares	$ 6.62
Fair value of options (in Dollars) | $	$ 18	$ 18
Board of Directors [Member]
Significant Events in the Reporting Period [Line Items]
Option granted	27,468	27,468
Israeli Share Option Plan [Member]
Significant Events in the Reporting Period [Line Items]
Option granted	20,800	20,800
Exercise price per share | (per share)	$ 6.67	$ 23.91
Fair value of options (in Dollars) | $	$ 48	$ 48

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Operating Segments (Details)	3 Months Ended
	Mar. 31, 2024
Operating Segments [Abstract]
Number of operating segments	2

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Operating Segments (Details) - Schedule of Reporting on Operating Segments - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Reporting on Operating Segments [Line Items]
Revenues	$ 37,736	$ 30,710	$ 142,519
Gross profit	16,751	11,839	55,490
Unallocated corporate expenses	(12,712)	(11,550)	(45,426)
Finance expenses, net	(1,600)	(2,085)	(1,635)
Income before taxes on income	2,439	(1,796)	8,429
Distribution [Member] | Proprietary Products [Member]
Schedule of Reporting on Operating Segments [Line Items]
Revenues	33,758	24,061	115,458
Gross profit	16,138	10,837	52,116
Distribution [Member] | Distribution [Member]
Schedule of Reporting on Operating Segments [Line Items]
Revenues	3,978	6,649	27,061
Gross profit	$ 613	$ 1,002	$ 3,374

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Operating Segments (Details) - Schedule of Reporting on Operating Segments Geographic Region - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	$ 37,736	$ 30,710	$ 142,519
U.S.A and North America [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	25,849	13,598	73,741
Israel [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	5,810	7,643	31,296
Canada [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	3,281	3,232	11,162
Europe [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	246	3,334	7,088
Latin America [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	1,116	1,316	12,928
Asia [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total	1,434	1,550	6,147
Others [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Total		38	157
Proprietary Products [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	33,758	24,061	115,459
Proprietary Products [Member] | U.S.A and North America [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	25,849	13,598	73,741
Proprietary Products [Member] | Israel [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	1,832	994	4,236
Proprietary Products [Member] | Canada [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	3,281	3,232	11,162
Proprietary Products [Member] | Europe [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	246	3,334	7,088
Proprietary Products [Member] | Latin America [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	1,116	1,316	12,928
Proprietary Products [Member] | Asia [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products	1,434	1,550	6,147
Proprietary Products [Member] | Others [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Proprietary Products		38	157
Distribution [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution	3,978	6,649	27,060
Distribution [Member] | U.S.A and North America [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Distribution [Member] | Israel [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution	3,978	6,649	27,060
Distribution [Member] | Canada [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Distribution [Member] | Europe [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Distribution [Member] | Latin America [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Distribution [Member] | Asia [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution
Distribution [Member] | Others [Member]
Schedule of Reporting on Operating Segments Geographic Region [Line Items]
Distribution

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Financial Instruments (Details) - Schedule of Financial Assets (Liabilities) Measured at Fair Value - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Level 1 [Member]
Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments
Contingent consideration
Level 2 [Member]
Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments	11	149	(91)
Contingent consideration
Level 3 [Member]
Schedule of Financial Assets (Liabilities) Measured at Fair Value [Line Items]
Derivatives instruments
Contingent consideration	$ (19,453)	$ (21,855)	$ (24,115)

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Subsequent Events (Details)	May 02, 2024 m²
Subsequent Events [Member]
Subsequent Events (Details) [Line Items]
Square feet premises in San Antonio, Texas	11,100