Jim Sidoti's questions to KAMADA (KMDA) leadership • Q2 2025
Question
Jim Sidoti asked whether the growth in the distributed revenue segment was due to one-time sales, questioned the sustainability of lower SG&A expenses, and sought clarity on the future tax rate after NOLs are utilized.
Answer
CEO Amir London confirmed that the distributed revenue growth from biosimilar launches is sustainable and not a one-time event. He attributed lower SG&A to disciplined expense management, noting H2 expenses might be slightly higher but the focus remains on improving EBITDA margins. CFO Chaime Orlev addressed the tax question, explaining the Q2 tax credit was due to currency fluctuations and projecting a future effective tax rate of 20% to 25% once NOLs are fully used in 2025.