ADMA Biologics Reports Q1 2024 Financials and Offers Business Update

RAMSEY, N.J. and BOCA RATON, Fla., May 09, 2024 – ADMA Biologics, Inc. (Nasdaq: ADMA), a biopharmaceutical company committed to developing and marketing specialty biologics, has reported impressive financial results for the first quarter of 2024. The company has significantly surpassed its previous financial expectations and has revised its revenue and earnings projections for the fiscal years 2024 and 2025 upward.

Robust Financial Performance in 1Q 2024

ADMA Biologics experienced a 44% increase in total revenue year-over-year, reaching $81.9 million in the first quarter of 2024. This growth is attributed primarily to increased sales of immunoglobulin products. The company’s gross profit increased to $39.1 million, up from $16.5 million in the same quarter of the previous year. Consequently, the gross margin improved to 48% from 29%.

The company posted a GAAP net income of $17.8 million for 1Q 2024, a significant turnaround from a net loss of $6.8 million in 1Q 2023. Adjusted EBITDA for the quarter soared to $26.4 million, marking a 970% increase compared to $2.5 million in the first quarter of the previous year.

Strengthened Financial Outlook

Based on the strong financial performance in the first quarter, ADMA has revised its financial guidance upwards for the fiscal years 2024 and 2025. Total revenue for 2024 is now expected to exceed $355 million, up from the previous projection of over $330 million. For 2025, the revenue target has been increased to more than $410 million from the earlier estimate of $380 million.

Net income for 2024 is now anticipated to surpass $85 million, and Adjusted EBITDA is expected to exceed $110 million. For 2025, ADMA projects net income to be more than $135 million and Adjusted EBITDA to exceed $160 million.

Key Drivers of Growth

Adam Grossman, President, CEO, and Interim CFO of ADMA, attributes the company’s success to the strong performance of its products, ASCENIV™ and BIVIGAM®, in the U.S. immunoglobulin (IG) market. Grossman emphasized the company’s commitment to serving immune-deficient patients and expressed confidence in sustained growth.

ADMA is advancing its growth initiatives, which include enhancing biologics production processes and yields, and progressing its preclinical pipeline program. The company aims to continue to exceed expectations and deliver value to stakeholders while mitigating risks associated with long-term growth initiatives.

Innovations and Future Prospects

In the first quarter of 2024, ADMA published a white paper on ADMAlytics™, an AI platform designed to enhance plasma pool efficiency and donor and inventory management. The rollout of ADMAlytics is expected to provide operational and financial benefits, including increased production efficiency and optimized commercial planning.

ADMA is also working on biologic production yield enhancements and a new pipeline product, S. pneumonia Hyperimmune Globulin. This product addresses a significant medical need, as S. pneumonia is a leading cause of community-acquired pneumonia in the U.S. If successful, the new product could generate annual revenue of $300-500 million.

Furthermore, ADMA is conducting post-marketing clinical studies that may expand the label indications for ASCENIV, potentially strengthening the company’s product portfolio.

1Q 2024 Financial Results

ADMA’s total revenues for the quarter ending March 31, 2024, were $81.9 million, a notable increase from $56.9 million in the same quarter of the previous year. Gross profits rose to $39.1 million from $16.5 million, and the company achieved a gross margin of 48%.

Adjusted EBITDA surged to $26.4 million in 1Q 2024, compared to $2.5 million in 1Q 2023. The company also reported a GAAP net income of $17.8 million, a significant improvement from a net loss of $6.8 million in the first quarter of the previous year.

Conclusion

ADMA Biologics’ robust financial performance in the first quarter of 2024 and the upward revision of its financial guidance for the next two years highlight the company’s strong market position and growth potential. With a focus on innovative biologics production and new product development, ADMA is well-positioned to continue delivering value to its stakeholders and expanding its footprint in the biopharmaceutical industry.

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