In March, the company announced the opening of 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 2028. 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. For 2027, we introduce our estimates for 6% revenue growth to $210 million and forecast EPS to advance 17% to $0.42. We maintain our $13 price target, now based on 30x our 2027 EPS estimate of $0.42. (Previously, our target was based on 35x our 2026 EPS estimate of $0.36.)