ADMA Biologics (NASDAQ:ADMA) shares tumbled 5.72% in after-hours trading on Wednesday, despite reporting better-than-expected third-quarter results and raising its full-year guidance. The sharp decline suggests investors may be focusing on other factors beyond the headline numbers.

The company reported Q3 revenue of $134.2 million, surpassing analyst estimates of $130.5 million and representing a 12% year-over-year increase. Earnings per share came in at $0.15, meeting consensus expectations. ADMA also posted strong profitability metrics, with adjusted EBITDA of $58.7 million and adjusted net income of $38.9 million for the quarter.

In a positive development, ADMA raised its full-year 2025 revenue guidance to at least $510 million, up from its previous forecast of more than $500 million. The company also reported record demand for its ASCENIV product and anticipates expanded payer coverage in 2026, which could support sustained growth. Despite these encouraging factors, the after-hours stock plunge suggests investors may be concerned about other aspects of the report, such as potential challenges in the standard IVIG market or the impact of a higher effective tax rate on future earnings.