- Revenues for First Quarter of 2025 of $44.0 Million, Representing a 17% Year-over-Year Increase
- First Quarter Adjusted EBITDA of $11.6 Million, Up 54% Year-over-Year
- Strong Financial Position to Accelerate Growth Through M&A and/or In-licensing Opportunities
- Announced Expansion of Plasma Collection Operations with Opening of New Site in San Antonio, Texas
- Launched Comprehensive Post-Marketing Research Program of CYTOGAM®
- Reiterating Full Year 2025 Guidance, Representing Double Digit Profitable Growth Year-over-Year
- Conference Call and Live Webcast Today at 8:30am ET
REHOVOT, Israel and HOBOKEN, N.J., May 14, 2025 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a 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 the three months ended March 31, 2025.
"Results for the first quarter of 2025 were in line with our expectations and consistent with the strong operational and commercial performance we generated over the course of the previous year," said Amir London, Kamada's Chief Executive Officer. "Total revenues for the first quarter were $44.0 million, representing an increase of approximately 17% year-over-year, and adjusted EBITDA was $11.6 million, an increase of approximately 54% year-over-year. We continue to generate profitable growth through the diversity of our portfolio and disciplined management of operational expenses. We are reiterating our 2025 annual guidance of $178 million to $182 million in revenues, and $38 million to $42 million of adjusted EBITDA."
"We continue to invest in our four strategic growth pillars, consisting of organic commercial growth, business development and M&A transactions, our plasma collection operations, and advancement of our pivotal Phase 3 Inhaled AAT program. We were pleased to announce last week the initiation of a comprehensive post-marketing research program for CYTOGAM®, which we believe will further demonstrate the various benefits of the product in the prevention and management of cytomegalovirus (CMV) disease in solid organ transplantation. We believe that the data generated by this program will support additional product utilization in the coming years," added Mr. London.
"Based on our ongoing business development initiatives,we expect to securecompelling opportunities to enrich our portfolio of marketed products, complement our existing commercial operations and support our continued profitable growth. During the quarter, we also expanded our plasma collection operations with the opening of our third center located in San Antonio, TX. Once at full collection capacity, we anticipate that each of our Houston and San-Antonio collection centers will contribute annual revenues of $8 million to $10 million throughsales of normal source plasma. Lastly, we continue to advance our ongoing pivotal Phase 3 InnovAATe clinical trial for our inhaled Alpha-1 Antitrypsin therapy.Enrollment is progressing, and we are on track to conduct an interim futility analysis by the end of 2025," concluded Mr. London.
Financial Highlights for the Three Months Ended March 31, 2025
- Total revenues were $44.0 million in the first quarter of 2025, up 17% compared to $37.7 million in the first quarter of 2024. The increase in revenues was driven by the diversity of our portfolio, primarily attributable to increased sales of GLASSIA® and KAMRAB® in ex U.S. markets, as well as sales of VARIZIG® and royalty income from GLASSIA.
- Gross profit and gross margins were $20.7 million and 47%, respectively, in the first quarter of 2025, compared to $16.8 million and 44%, respectively, in the first quarter of 2024. The increase in both metrics is attributable to improved product sales mix.
- Operating expenses, including R&D, S&M, G&A and other expenses, totaled $13.0 million in the first quarter of 2025, as compared to $12.7 million in the first quarter of 2024. The marginal increase in operating expenses is indicative of the Company's ability to adequately manage its operational spend while continuing to generate meaningful revenue growth.
- Net income was $4.0 million, or $0.07 per diluted share, in the first quarter of 2025, as compared to $2.4 million, or $0.04 per diluted share, in the first quarter of 2024.
- Adjusted EBITDA, as detailed in the tables below, was $11.6 million in the first quarter of 2025, up 54% from the $7.5 million reported in the first quarter of 2024.
- Cash used in operating activities was $0.5 million in the first quarter of 2025, as compared to cash provided by operating activities of $1.0 million in the first quarter of 2024. Cash used in operating activities during the first quarter of 2025 was affected by an increase in working capital in support of continued growth.
Balance Sheet Highlights
As of March 31, 2025, the Company had cash and cash equivalents of $76.3 million, as compared to $78.4 million as of December 31, 2024.
Recent Corporate Highlights
- Announced the launch of a new post-marketing research program aimed at generating key data in support of the benefits of CYTOGAM® in the management of cytomegalovirus (CMV) in solid organ transplantation. The research program, developed in collaboration with multiple leading Key Opinion Leaders (KOLs), is directed at advancing CMV disease management through novel strategies focused on late-onset CMV prevention and mitigation of active CMV disease, exploring alternative dosing strategies, and investigating potential new applications of CYTOGAM.
- Announced the expansion of the Company's plasma collection operations with the opening of a third plasma collection center. The new 11,100 square foot center in San Antonio, TX, is operated by Kamada's wholly owned subsidiary, Kamada Plasma, and is planned to support once fully operational close to 50 donor beds with an estimated total collection capacity of approximately 50,000 liters annually. The new center is expected to contribute annual revenues of $8 million to $10 million through sales of normal source plasma at its full capacity.
- Announced the award of a contract with an international organization for the supply of KAMRAB and VARIZIG in Latin America for 2025-2027. Total expected revenue under the three-year contract for both products is estimated to be approximately $25 million. The expected portion for the calendar year 2025 is incorporated into the Company's 2025 revenue guidance.
Fiscal 2025 Guidance
Kamada continues to expect to generate fiscal year 2025 total revenues in the range of $178 million to $182 million, and adjusted EBITDA in the range of $38 million to $42 million, representing a year-over-year increase of approximately 12% in revenues and 17% in adjusted EBITDA based on the mid-point of the 2025 guidance.
Conference Call Details
Kamada management will host an investment community conference call on Wednesday, May 14 at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-407-0792 (from within the U.S.), 1-809-406-247 (from Israel), or 1-201-689-8263 (International) using conference I.D. 1375314. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1715006&tp_key=c9896a4811.
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 2025 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 global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. The Company's strategy is focused on driving profitable growth through four primary growth pillars: First: organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB®, CYTOGAM®, GLASSIA®, WINRHO SDF®, VARIZIG® and HEPAGAM B®, as well as KAMRAB®, KAMRHO (D)® and two types of equine-based anti-snake venom products, and the products in the distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second: the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company's marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third: the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont Texas, Houston, Texas, and San Antonio, Texas. Lastly, the Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need, with the lead product candidate Inhaled AAT, for which the Company 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 outstanding ordinary shares.
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding: 1) double digit growth in fiscal year 2025, 2) reiteration of 2025 full-year revenue guidance of $178 million to $182 million and adjusted EBITDA of $38 million to $42 million, 3) expectation to continue investing in the Company's four strategic growth pillars, consisting of organic commercial growth, business development and M&A transactions, our plasma collection operations, and advancement of our pivotal Phase 3 Inhaled AAT program, 4) the ability of the post-marketing research program for CYTOGAM to generate key data in support of the benefits of CYTOGAM in the prevention and management of CMV in solid organ transplantation, 5) increased utilization of CYTOGAM as a result of positive results from the program or otherwise, 6) expectation to secure compelling opportunities to enrich our portfolio of marketed products, complement our existing commercial operations and support our continued profitable growth, 7) new plasma collection center in San Antonio is planned to support close to 50 donor beds and has planned annual collection capacity of approximately 50,000 liters, 8) expected annual revenues contribution from sales of normal source plasma collected in each of the Houston and the San-Antonio collection centers at $8 million to $10 million at full capacity, 9) continued progress of the InnovAATe clinical trial and conducting an interim futility analysis by the end of 2025, 10) estimation that total revenue under the three-year contract for sales of KAMRAB and VARIZIG in Latin America for 2025-2027 be approximately $25 million; and 11) strong financial position to accelerate growth through M&A and/or in-licensing opportunities. 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, effect of potential imposed tariff on overall international trade and specifically on Kamada's ability to continue maintaining expected sales and profit levels in light of such potential tariff, the effect on establishment and timing of business initiatives, Kamada's ability to leverage new business opportunities, including M&A and in-license opportunities and integrate it with its existing product portfolio, operational capabilities of Kamada's plasma centers, unexpected results of clinical and development programs, regulatory delays, 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
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As of | As of | |||||||||||
| March 31, | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | ||||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash and cash equivalents | $ | 76,250 | $ | 48,194 | $ | 78,435 | ||||||
| Trade receivables, net | 27,876 | 18,855 | 21,547 | |||||||||
| Other accounts receivables | 6,016 | 6,411 | 5,546 | |||||||||
| Inventories | 78,358 | 84,348 | 78,819 | |||||||||
| Total Current Assets | 188,500 | 157,808 | 184,347 | |||||||||
| Non-Current Assets | ||||||||||||
| Property, plant and equipment, net | 37,406 | 30,727 | 36,245 | |||||||||
| Right-of-use assets | 9,539 | 7,632 | 9,617 | |||||||||
| Intangible assets and other long-term assets | 101,422 | 108,310 | 103,226 | |||||||||
| Goodwill | 30,313 | 30,313 | 30,313 | |||||||||
| Contract assets | 7,925 | 8,384 | 8,019 | |||||||||
| Deferred taxes | - | - | 488 | |||||||||
| Total Non-Current Assets | 186,605 | 185,366 | 187,908 | |||||||||
| Total Assets | $ | 375,105 | $ | 343,174 | $ | 372,255 | ||||||
| Liabilities | ||||||||||||
| Current Liabilities | ||||||||||||
| Current maturities of lease liabilities | $ | 1,780 | $ | 1,467 | $ | 1,631 | ||||||
| Current maturities of other long term liabilities | 10,889 | 12,980 | 10,181 | |||||||||
| Trade payables | 24,854 | 16,492 | 27,735 | |||||||||
| Other accounts payables | 19,319 | 6,210 | 9,671 | |||||||||
| Deferred revenues | 205 | 26 | 171 | |||||||||
| Total Current Liabilities | 57,047 | 37,175 | 49,389 | |||||||||
| Non-Current Liabilities | ||||||||||||
| Lease liabilities | 9,318 | 7,278 | 9,431 | |||||||||
| Contingent consideration | 21,216 | 16,760 | 20,646 | |||||||||
| Other long-term liabilities | 32,990 | 34,842 | 32,816 | |||||||||
| Deferred taxes | 2,061 | - | - | |||||||||
| Employee benefit liabilities, net | 516 | 609 | 509 | |||||||||
| Total Non-Current Liabilities | 66,101 | 59,489 | 63,402 | |||||||||
| Shareholder's Equity | ||||||||||||
| Ordinary shares | 15,074 | 15,022 | 15,028 | |||||||||
| Additional paid in capital net | 268,160 | 266,183 | 266,933 | |||||||||
| Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
| Capital reserve from hedges | (117 | ) | 12 | 51 | ||||||||
| Capital reserve from share-based payments | 5,266 | 6,336 | 6,316 | |||||||||
| Capital reserve from employee benefits | 372 | 282 | 364 | |||||||||
| Accumulated deficit | (33,308 | ) | (37,835 | ) | (25,738 | ) | ||||||
| Total Shareholder's Equity | 251,957 | 246,510 | 259,464 | |||||||||
| Total Liabilities and Shareholder's Equity | $ | 375,105 | $ | 343,174 | $ | 372,255 | ||||||
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| Three months period ended | Year ended | |||||||||||
| March 31, | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | ||||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Revenues from proprietary products | $ | 40,017 | $ | 33,758 | $ | 141,447 | ||||||
| Revenues from distribution | 4,001 | 3,978 | 19,506 | |||||||||
| Total revenues | 44,018 | 37,736 | 160,953 | |||||||||
| Cost of revenues from proprietary products | 19,738 | 17,620 | 73,708 | |||||||||
| Cost of revenues from distribution | 3,531 | 3,365 | 17,278 | |||||||||
| Total cost of revenues | 23,269 | 20,985 | 90,986 | |||||||||
| Gross profit | 20,749 | 16,751 | 69,967 | |||||||||
| Research and development expenses | 4,246 | 4,295 | 15,185 | |||||||||
| Selling and marketing expenses | 4,510 | 4,631 | 18,428 | |||||||||
| General and administrative expenses | 4,198 | 3,786 | 15,702 | |||||||||
| Other expenses | - | - | 601 | |||||||||
| Operating income (loss) | 7,795 | 4,039 | 20,051 | |||||||||
| Financial income | 534 | 280 | 2,118 | |||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | 251 | 124 | (94 | ) | ||||||||
| Financial Income (expense) in respect of contingent consideration and other long- term liabilities. | (1,775 | ) | (1,845 | ) | (8,081 | ) | ||||||
| Financial expenses | (192 | ) | (159 | ) | (660 | ) | ||||||
| Income before tax on income | 6,613 | 2,439 | 13,334 | |||||||||
| Taxes on income | (2,649 | ) | (74 | ) | 1,128 | |||||||
| Net Income (loss) | $ | 3,964 | $ | 2,365 | $ | 14,462 | ||||||
| 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 | (114 | ) | (71 | ) | (30 | ) | ||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | (54 | ) | (57 | ) | (59 | ) | ||||||
| Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||
| Remeasurement gain (loss) from defined benefit plan | 8 | 7 | 89 | |||||||||
| Total comprehensive income (loss) | $ | 3,804 | $ | 2,244 | $ | 14,462 | ||||||
| Earnings per share attributable to equity holders of the Company: | ||||||||||||
| Basic net earnings per share | $ | 0.07 | $ | 0.04 | $ | 0.25 | ||||||
| Diluted net earnings per share | $ | 0.07 | $ | 0.04 | $ | 0.25 | ||||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
| Three months period Ended | Year Ended | |||||||||||
| March 31, | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | Unaudited | |||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Cash Flows from Operating Activities | ||||||||||||
| Net income (loss) | $ | 3,964 | $ | 2,365 | $ | 14,462 | ||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
| Adjustments to the profit or loss items: | ||||||||||||
| Depreciation and amortization | 3,611 | 3,237 | 13,808 | |||||||||
| Financial expenses, net | 1,182 | 1,600 | 6,717 | |||||||||
| Cost of share-based payment | 175 | 241 | 874 | |||||||||
| Taxes on income | 2,649 | 74 | (1,128 | ) | ||||||||
| Loss (gain) from sale of property and equipment | (8 | ) | - | 11 | ||||||||
| Change in employee benefit liabilities, net | 16 | (4 | ) | 52 | ||||||||
| 7,625 | 5,148 | 20,334 | ||||||||||
| Changes in asset and liability items: | ||||||||||||
| Decrease (increase) in trade receivables, net | (6,557 | ) | 610 | (1,977 | ) | |||||||
| Decrease (increase) in other accounts receivables | (671 | ) | (516 | ) | 593 | |||||||
| Decrease in inventories | 461 | 4,131 | 9,659 | |||||||||
| Decrease in deferred expenses | 94 | 112 | 476 | |||||||||
| Increase (decrease) in trade payables | (3,748 | ) | (8,785 | ) | 1,226 | |||||||
| Increase (decrease) in other accounts payables | (2,044 | ) | (2,051 | ) | 1,413 | |||||||
| Increase (decrease) in deferred revenues | 34 | (122 | ) | 23 | ||||||||
| (12,431 | ) | (6,621 | ) | 11,413 | ||||||||
| Cash received (paid) during the period for: | ||||||||||||
| Interest paid | (176 | ) | (129 | ) | (594 | ) | ||||||
| Interest received | 534 | 280 | 2,118 | |||||||||
| Taxes paid | (29 | ) | (23 | ) | (139 | ) | ||||||
| 329 | 128 | 1,385 | ||||||||||
| Net cash provided by (used in) operating activities | $ | (513 | ) | $ | 1,020 | $ | 47,594 | |||||
CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (continued)
| Three months period Ended | Year Ended | |||||||||||
| March, 31 | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | Unaudited | |||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Cash Flows from Investing Activities | ||||||||||||
| Purchase of property and equipment and intangible assets | $ | (1,468 | ) | $ | (2,682 | ) | $ | (10,740 | ) | |||
| Proceeds from sale of property and equipment | 8 | - | 1 | |||||||||
| Net cash used in investing activities | (1,460 | ) | (2,682 | ) | (10,739 | ) | ||||||
| Cash Flows from Financing Activities | ||||||||||||
| Proceeds from exercise of share base payments | 46 | 1 | 7 | |||||||||
| Proceeds from issuance of ordinary shares, net | - | - | - | |||||||||
| Repayment of lease liabilities | (14 | ) | (244 | ) | (1,251 | ) | ||||||
| Repayment of long-term loans | - | - | - | |||||||||
| Repayment of other long-term liabilities | (325 | ) | (5,496 | ) | (12,667 | ) | ||||||
| Net cash used in financing activities | (293 | ) | (5,739 | ) | (13,911 | ) | ||||||
| Exchange differences on balances of cash and cash equivalent | 81 | (46 | ) | (150 | ) | |||||||
| Increase (decrease) in cash and cash equivalents | (2,185 | ) | (7,447 | ) | 22,794 | |||||||
| Cash and cash equivalents at the beginning of the period | 78,435 | 55,641 | 55,641 | |||||||||
| Cash and cash equivalents at the end of the period | $ | 76,250 | $ | 48,194 | $ | 78,435 | ||||||
| Significant non-cash transactions | ||||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | 352 | $ | 306 | $ | 3,304 | ||||||
| Purchase of property and equipment and Intangible assets | $ | 1,103 | $ | 905 | $ | 1,955 | ||||||
NON-IFRS MEASURES
| Three months period Ended | Year Ended | |||||||||||
| March, 31 | December 31, | |||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Unaudited | Unaudited | |||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Net income | $ | 3,964 | $ | 2,365 | $ | 14,462 | ||||||
| Taxes on income | 2,649 | 74 | (1,128 | ) | ||||||||
| Financial expense, net | 1,182 | 1,600 | 6,717 | |||||||||
| Depreciation and amortization expense | 3,611 | 3,237 | 13,218 | |||||||||
| Non-cash share-based compensation expenses | 175 | 241 | 867 | |||||||||
| Adjusted EBITDA | $ | 11,581 | $ | 7,517 | $ | 34,136 | ||||||
