September-quarter revenue grew 13% year over year to $47 million on a 6% increase in sales of proprietary specialty plasma-based therapeutics and a 62% increase in sales of distributed products. The company reported 3Q:25 EPS of $0.09, compared with our $0.08 estimate and 3Q:24 EPS of $0.07, due to the growing revenue and tight expense control. Management reiterated its 2025 revenue guidance of $178-$182 million and increased its 2025 EBITDA guidance to $40-44 million. Factoring in the 3Q:25 beat, we raise our 2025 EPS estimate to $0.35 (from $0.33). We maintain our 2026 and 2027 EPS estimates of $0.36 and $0.42, respectively. Earlier this year, the company opened its third center in San Antonio, TX, to collect specialty plasma for its anti-rabies therapeutic and source plasma to sell to other firms. Kamada is also conducting clinical trials for a new treatment for antitrypsin deficiency (AATD) and expects approval sometime after 2029. The company is in discussions with potential distribution partners. We think a deal could include upfront payments to offset a portion of the trial costs. We maintain our $13 price target, based on 30x our 2027 EPS estimate of $0.42.