March-quarter revenue grew 3% year over year to $45.3 million on a 125% increase in sales of distributed products, partially offset by a 9% decrease in sales of proprietary specialty plasma-based therapeutics. Sales were reduced by $2.4 million due to the delay of a shipment until April as a result of the Iran conflict. The company reported 1Q:26 EPS of $0.07 compared with our $0.10 estimate and 1Q:25 EPS of $0.07. Management reiterated 2026 revenue guidance of $200-$205 million and EBITDA guidance of $50-$53 million. Factoring in 1Q:26 results and now assuming higher revenue in 2Q:26 due to the delayed shipment in the March quarter, we lower our 2026 EPS estimate by $0.01 to $0.43 but maintain our 2027 EPS of $0.52. We still expect revenue to grow 6%-12% in 2026 and 2027 due to increased demand for KMDA's specialty plasma-based therapeutics, higher sales of distributed products, and higher production from the recently opened plasma collection centers. At the end of March, Kamada had $73 million in cash and no debt, or $1.26 per share in net cash. In March, the company adopted a $0.25 per share annual dividend, which represents a 3% annual yield based on the current share price. We maintain our $13 price target, based on 25x our 2027 EPS estimate of $0.52. We also maintain our moderate risk rating, citing KMDA's diverse portfolio of products, strong cash flow, and multiple growth drivers.