The bottleneck is inside and being paid away

Kamada Ltd. (KMDA) — this company's answers

The model's full reasoning — Q2 2023 call → NOWe need to answer YES or NO based solely on the transcript. The question asks: does management convey that the main thing standing between the company and meaningfully more business right now is the company's own capability (capacity, people, facilities, throughput, delivery), rather than a shortage of demand, and that the company is already spending real money and effort to remove that internal limit, with the business waiting on the other side already visible today? Need all three: (1) live demand pressing in, (2) the limit is company's own capability, (3) removal already underway. Look at the transcript. Management discusses strong results, KEDRAB sales increase, demand for product in U.S. They mention they have a distribution agreement with Kedrion, and they are increasing supply. But is there any indication that demand exceeds their capacity? They mention "significant increase in demand for the product in the U.S., and we anticipate even further momentum in the second half." But no mention of being unable to meet demand, no capacity constraints. They mention expanding plasma collection: "We are successfully expanding the high premium plasma collection capacity at our first center, and we tend on opening our second collection center in Houston, Texas in early 2024." That is expansion but is it in response to pressing demand? They mention "enrollment is ramping" in clinical trial, but that's R&D. They mention technology transfer for CYTOGAM to Israeli facility, and they expect to initiate sell early Q4. That's about manufacturing capability but not about demand exceeding supply. The question specifically asks if management conveys that the main thing standing between company and meaningfully more business is its own capability. I see no such statement. They talk about growth drivers, but not that they are turning away business due to capacity. They do have expansion planned for plasma center but that's for future plasma collection, not directly tied to current unserved demand. They also mention "we remain in active discussion with Kedrion to potentially further expand the scope of our collaboration" but that's about potential expansion, not current demand pressing. There is no mention of waiting buyers, stretched lead times, allocated output, or work queued. So it's likely NO.

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