ADMA Biologics Announces Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

 

FY 2024 Total Revenue of $426.5 Million, a 65% YoY Increase

 

FY 2024 GAAP Net Income of $197.7 Million, Including an $84.3 Million Valuation Allowance Tax Benefit

 

FY 2024 Adjusted EBITDA⁽¹⁾ of $164.6 Million, a 309% YoY Increase

 

FY 2024 Adjusted Net Income⁽²⁾ of $119.2 Million, Compared to $0.7 Million in FY 2023, a 16,810% YoY Increase

 

YE 2024 Total Cash Grew to More than $103 Million, Including $60 Million of Debt Organically Discharged During 2H 2024

 

High-Titer Plasma Supply Contracts Expected to Provide Foundation for Durable ASCENIV Revenue Growth Through Late 2030s

 

FDA Approval of Yield Enhancement Production Process Anticipated by Mid-2025

 

FY 2025 and 2026 Total Revenue Guidance Increased to More than $490 Million and $605 Million, Respectively

 

FY 2025 and 2026 Adjusted Net Income Guidance Increased to More Than $175 Million and $235 Million, Respectively

 

FY 2025 and 2026 Adjusted EBITDA Guidance Increased to More Than $225 Million and $305 Million, Respectively

 

ADMA Anticipates Generating Greater Than $1 Billion in Total Annual Revenue Prior to 2030, More Than Doubling the Current 2025 Revenue Forecast

 

 

“ADMA delivered exceptional operating and financial results in 2024, with total revenues and Adjusted EBITDA growing 65% and 309% year-over-year, respectively. These results reflect our commitment to operational and financial excellence, as well as the meaningful impact our therapies continue to have on immunocompromised patients,” said Adam Grossman, President and Chief Executive Officer of ADMA. “We believe our recently secured long-term high-titer plasma supply agreements mark a transformative milestone, as they significantly expanded our plasma sourcing capacity and are expected to further de-risk both our near-term and long-term growth trajectories. Coupled with record internal high-titer plasma collections, these third-party agreements should provide the critical supply foundation to support our continued commercial expansion. These benefits are anticipated to be favorably compounded with the potential mid-2025 regulatory approval of our enhanced yield production process, which would provide for approximately 20% more finished IG from the same starting plasma.”

 

(1)

Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, see the reconciliation included in the financial tables.

(2)

Adjusted Net Income is a non-GAAP financial measure. For a reconciliation of Adjusted Net Income to the most comparable GAAP measure, see the reconciliation included in the financial tables. All non-GAAP adjustments are presented pre-tax.

Mr. Grossman concluded, “Looking ahead, these strengthened supply commitments are expected to position us to scale new ASCENIV patient starts, deepen penetration into the complex and refractive PI target market, and advance our R&D pipeline with confidence. We believe our strong balance sheet, growing net cash position, and robust intellectual property estate provides a solid foundation for long-term value creation. With a durable and diversified plasma supply, proprietary innovation, and a steadfast commitment to patient care, we are confident in our ability to drive sustained success, accelerating revenue and earnings growth while maintaining an uninterrupted drug supply for those who rely on our biologic therapies.”

 

Financial Guidance:

 

 

 

 

 

Recent Business Updates & 2025 Objectives:

 

 

Fourth Quarter 2024 Financial Results:

 

Total revenue was $117.5 million for the quarter ended December 31, 2024, as compared to $73.9 million for the quarter ended December 31, 2023, an increase of $43.6 million, or 59%. The increase is primarily related to increased sales of our immunoglobulin products, partially offset by a planned decrease in sales of plasma to third parties due to the increasing retention of plasma for internal intravenous immune globulin (IVIG) production.

 

Gross profit was $63.3 million for the quarter ended December 31, 2024, as compared to $31.1 million for the prior year, which represents a gross margin for the fourth quarter 2024 of 54.0%, as compared to 42.1% for the fourth quarter 2023. The improvement in gross margin is primarily driven by a significantly more favorable mix of higher margin IG sales in 2024 as compared to 2023, along with the reduction in other manufacturing costs.

 

GAAP Net Income was $111.9 million for the quarter ended December 31, 2024, compared to a net loss of $17.6 million for the quarter ended December 31, 2023.  The increase was primarily due to the increase in operating income, lower interest expense, a reduced loss on the extinguishment of debt and the income tax benefit.

 

Adjusted EBITDA was $48.3 million for the quarter ended December 31, 2024, as compared to Adjusted EBITDA of $18.6 million for the quarter ended December 31, 2023. Adjusted EBITDA for the quarter includes all non-GAAP reconciliation items, including stock-based compensation, depreciation, amortization, interest expense and loss on debt extinguishment.

 

Adjusted Net Income was $33.4 million for the quarter ended December 31, 2024, as compared to an Adjusted Net Income of $8.5 million for the quarter ended December 31, 2023.

 

Full Year 2024 Financial Results:

 

Total revenue was $426.5 million for the year ended December 31, 2024, as compared to $258.2 million for the year ended December 31, 2023, an increase of $168.2 million, or 65%. This increase is primarily related to increased sales of ASCENIV, as we continue to experience increased physician, payer and patient acceptance and utilization of this product.

 

Gross profit was $219.6 million for the year ended December 31, 2024, as compared to $88.9 million for the prior year, which represents a gross margin for fiscal 2024 of 51.5%, as compared to 34.4% for fiscal 2023. The improvement in gross margin is primarily driven by a significantly more favorable mix of higher margin IG sales in 2024 as compared to 2023, along with the reduction in other manufacturing costs as well as efficiencies in our operations.

 

GAAP net income was $197.7 million for the year ended December 31, 2024, as compared to a net loss of $28.2 million for the year ended December 31, 2023, an increase of $225.9 million. The increase was primarily due to the increase in operating income, lower interest expense, a reduced loss on the extinguishment of debt and the income tax benefit as compared to fiscal 2023.

 

Adjusted Net Income was $119.2 million for the year ended December 31, 2024, as compared to Adjusted Net Income of $0.7 million for the year ended December 31, 2023, an increase of $118.5 million.

 

Adjusted EBITDA was $164.6 million for the year ended December 31, 2024 as compared to Adjusted EBITDA of $40.2 million for the year ended December 31, 2023, an improvement of $124.4 million.  The increase is primarily due to the substantial increase in operating income.

 

At December 31, 2024, ADMA had working capital of $275.9 million, primarily consisting of $170.2 million of inventory, cash and cash equivalents of $103.1 million and $50.0 million of accounts receivable, partially offset by current liabilities of $55.5 million, as compared to working capital at December 31, 2023 of $207.2 million, primarily consisting of $172.9 million of inventory, cash and cash equivalents of $51.4 million and accounts receivable of $27.4 million, partially offset by current liabilities of $49.8 million.

 

Conference Call Information:

To access the conference call, please dial (888) 596-4144 and refer to conference ID 5201334. It is recommended that you join approximately 10 minutes prior to the event start (although you may dial in at any time during the call). Attendees who will not be asking a question during the call are encouraged to listen in to the live webcast here. An archived replay of the event will be available located under “Events & Webcasts” in the investor section of the Company’s website at https://ir.admabiologics.com/events-webcasts.

About ADMA Biologics, Inc. (ADMA)

 

ADMA Biologics is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. ADMA currently manufactures and markets three United States Food and Drug Administration (FDA)-approved plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases: ASCENIV™ (immune globulin intravenous, human – slra 10% liquid) for the treatment of primary humoral immunodeficiency (PI); BIVIGAM® (immune globulin intravenous, human) for the treatment of PI; and NABI-HB® (hepatitis B immune globulin, human) to provide enhanced immunity against the hepatitis B virus. ADMA manufactures its immune globulin products at its FDA-licensed plasma fractionation and purification facility located in Boca Raton, Florida. Through its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved source plasma collector in the U.S., which provides its blood plasma for the manufacture of its products. ADMA’s mission is to manufacture, market and develop specialty plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases and management of immune compromised patient populations who suffer from an underlying immune deficiency, or who may be immune compromised for other medical reasons. ADMA holds numerous U.S. and foreign patents related to and encompassing various aspects of its products and product candidates. For more information, please visit www.admabiologics.com.

 

Use of Non-GAAP Financial Measures

 

This press release includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company believes Adjusted EBITDA and Adjusted Net Income are useful to investors in evaluating the Company’s financial performance. The Company uses Adjusted EBITDA and Adjusted Net Income as key performance measures because we believe that they facilitate operating performance comparisons from period to period that exclude potential differences driven by the impact of variations of non-cash items such as depreciation and amortization, as well as, in the case of Adjusted EBITDA, stock-based compensation or certain non-recurring items, and in the case of Adjusted Net Income, certain non-recurring items. The Company believes that investors should have access to the same set of tools used by our management and board of directors to assess our operating performance. Adjusted EBITDA and Adjusted Net Income should not be considered as measures of financial performance under GAAP, and the items excluded from Adjusted EBITDA and Adjusted Net Income are significant components in understanding and assessing the Company’s financial performance. Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income/loss, cash flows from operations, or any other performance measures derived in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Please refer to the tables below for the reconciliation of GAAP measures to these non-GAAP measures for applicable periods.

 

Cautionary Note Regarding Forward-Looking Statements

 

This press release contains “forward-looking statements” pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, about ADMA Biologics, Inc. (“we,” “our” or the “Company”). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain such words as “confident,” “estimate,” “project,” “intend,” “forecast,” “target,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “is likely,” “will likely,” “position us,” “should,” “could,” “would,” “may,” “potential,” “opportunity” or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements include, but are not limited to, statements about the Company’s financial performance; revenue, GAAP net income, Adjusted EBITDA, Adjusted Net Income and margins guidance in future periods and related timing in connection therewith; ASCENIV’s total revenue share and growth; our balance sheet; the benefits of newly executed high-titer plasma supply agreements and impact on ASCENIV growth and financial performance; the status of the yield enhancement production process submission and the anticipated impact of potential FDA approval on production yields and financial targets and related timing; ASCENIV revenue share and growth; ability to deliver stockholder value; our intention to file a Form 12b-25 with the SEC and file the Form 10-K within the 15-day extension period provided by Rule 12b-25 under the Exchange Act; statements regarding SG-001 and revenue potential; and ASCENIV’s intellectual property estate. Actual events or results may differ materially from those described in this press release due to a number of important factors. Current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this press release will prove to be accurate. Except to the extent required by applicable laws or rules, ADMA does not undertake any obligation to update any forward-looking statements or to announce revisions to any of the forward-looking statements. Forward-looking statements are subject to many risks, uncertainties and other factors that could cause our actual results, and the timing of certain events, to differ materially from any future results expressed or implied by the forward-looking statements, including, but not limited to, the risks and uncertainties described in our filings with the SEC, including our most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.

 

INVESTOR RELATIONS CONTACT:

Argot Partners | 212-600-1902 | ADMA@argotpartners.com

		December 31, 2024				December 31, 2023
		(In thousands, except share data)
		(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents		$	103,147			$	51,352
Accounts receivable, net			49,999				27,421
Inventories			170,235				172,906
Prepaid expenses and other current assets			8,029				5,334
Total current assets			331,410				257,013
Property and equipment, net			54,707				53,835
Intangible assets, net			460				499
Goodwill			3,530				3,530
Deferred tax assets			84,280				-
Right-of-use assets			8,634				9,635
Deposits and other assets			5,657				4,670
TOTAL ASSETS		$	488,678			$	329,182
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	20,219			$	15,660
Accrued expenses and other current liabilities			33,962				32,919
Current portion of deferred revenue			143				182
Current portion of lease obligations			1,218				1,045
Total current liabilities			55,542				49,806
Senior notes payable, net of discount			72,337				130,594
Deferred revenue, net of current portion			1,547				1,690
End of term fee			1,313				1,688
Lease obligations, net of current portion			8,561				9,779
Other non-current liabilities			360				419
TOTAL LIABILITIES			139,660				193,976
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized,
no shares issued and outstanding			-				-
Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized,
236,620,545 and 226,063,032 shares issued and outstanding at December 31, 2024 and December 31, 2023			24				23
Additional paid-in capital			657,577				641,439
Accumulated deficit			(308,583	)			(506,256	)
TOTAL STOCKHOLDERS' EQUITY			349,018				135,206
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	488,678			$	329,182

CONSOLIDATED STATEMENTS OF OPERATIONS