This morning, Kamada provided 2026 guidance for $200-$205 million in revenue and $50-$53 million of adjusted EBITDA. The company also reiterated its 2025 revenue and adjusted EBITDA guidance of $178-$182 million and $40-$44 million, respectively. Based on the 2026 guidance, we increase our 2026 revenue estimate to $201.8 million (from $198.3 million) and our EPS estimate to $0.44 (from $0.41). For 2027, we increase our revenue estimate to $214.3 million (from $210.3 million) and our EPS estimate to $0.52 (from $0.49). In 2025, 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. We expect sales of our source plasma to ramp to $8-$10 million per center over the next three years. At the end of September, Kamada had $72 million in cash and no debt, or $1.24 per share in net cash. We think acquisitions could lead to upside to our estimates. We maintain our $13 price target, now based on 25x our 2027 EPS estimate of $0.52. (Previously, our price target was based on 25x our prior 2027 EPS estimate of $0.49.)