• Total Revenue (Q4 2024): $117.5 million, up 59% from Q4 2023.
• Total Revenue (FY 2024): $426.5 million, up 65% from FY 2023.
• Gross Profit (FY 2024): $219.6 million.
• Gross Margin (FY 2024): 51.5%, up from 34.4% in FY 2023.
• Adjusted EBITDA (Q4 2024): $48.3 million, up from $18.6 million in Q4 2023.
• Adjusted EBITDA (FY 2024): $164.6 million, up from $40.2 million in FY 2023.
• GAAP Net Income (Q4 2024): $111.9 million, compared to a net loss of $17.6 million in Q4 2023.
• GAAP Net Income (FY 2024): $197.7 million, compared to a net loss of $28.2 million in FY 2023.
• Adjusted Net Income (Q4 2024): $33.4 million, up from $8.5 million in Q4 2023.
• Adjusted Net Income (FY 2024): $119.2 million, up from $0.7 million in FY 2023.
• Total Cash Holdings (End of 2024): Exceeded $103 million.
• Total Debt: $75 million with Aries Capital.

• Warning! GuruFocus has detected 1 Warning Sign with ADMA.

Release Date: March 03, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• ADMA Biologics Inc (NASDAQ:ADMA) reported a significant revenue increase of 65% year-over-year, reaching $426.5 million in 2024.
• The company achieved a 309% growth in adjusted EBITDA, reaching $164.6 million, showcasing strong operational performance.
• ADMA Biologics Inc (NASDAQ:ADMA) raised its financial guidance, expecting total revenue to exceed $490 million in 2025 and $605 million in 2026.
• The company has secured long-term third-party plasma supply contracts, increasing its collection capacity fivefold, which supports future growth.
• ADMA Biologics Inc (NASDAQ:ADMA) anticipates a potential mid-year regulatory approval for its enhanced yield production process, which could increase production output by 20%.

Negative Points

• The company faces risks and uncertainties related to forward-looking statements, which could impact actual results.
• There is a growing queue of new patients waiting to start treatment with incentives, indicating potential supply constraints.
• The company is reliant on regulatory approval for its enhanced yield production process, which is not guaranteed.
• ADMA Biologics Inc (NASDAQ:ADMA) has a net cash surplus but still carries $75 million in total debt, which could impact financial flexibility.
• The company is experiencing a delay in filing its Form 10K due to the need for additional time to test and document controls, which may raise concerns about internal processes.

Q & A Highlights

Q: Can you give us a sense of how many third-party supply contracts are currently up and running and the expected cadence for 2025? A: We are advancing rapidly, with more than 50% of the centers we aimed to add already operational. Our scientific and technical operations team is working hard to increase testing throughput, which allows us to onboard more collection centers. If current trends hold, there could be upsides to guidance for 2026, as more plasma allows us to produce more drugs. (Respondent: Unidentified_7)

Q: Is there a waiting list of patients qualified for treatment with incentives, and how might this change with increased supply? A: The queue of prospective patients is growing, and we are onboarding more patients than before. As we collect more plasma, we can increase production, which will allow us to accelerate new patient starts. Demand KPIs are growing, and we feel positive about the continuity of supply for the duration of treatment. (Respondent: Unidentified_7)

Q: How does a new doctor's experience with incentive affect their recommendation to other patients? A: Typically, about 10% of a doctor's patient population meets the criteria for incentive. Once doctors see the benefits firsthand, they tend to recommend the therapy to more patients. We expect the depth and breadth of patient recommendations to grow, as demand indicators are strong. (Respondent: Unidentified_7)

Q: Regarding long-term guidance, does it include yield enhancement, and how does it relate to the extended supply agreements? A: The guidance for 2025 excludes yield enhancement, but there could be some accretion in the back half of the year if mid-year approval is achieved. For 2026, yield enhancement is heavily risk-adjusted, and there could be significant upside if current collection volumes continue. (Respondent: Unidentified_7)

Q: Can you elaborate on the yield enhancement opportunity and its potential impact on production? A: The yield enhancement process is expected to increase production output by approximately 20% from the same starting plasma volume. This could significantly increase financial guidance if approved. The FDA dialogue has been constructive, and we are prepared to implement the new process enhancements swiftly upon approval. (Respondent: Unidentified_7)

For the complete transcript of the earnings call, please refer to the full earnings call transcript.