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Mar 31, 2022
ADMA Biologics Q1 2022 Earnings Report
ADMA Biologics' Q1 2022 financial results were announced, showing significant revenue growth and strategic progress.
Key Takeaways
ADMA Biologics reported an 81% increase in total revenues for Q1 2022, reaching $29.1 million compared to $16.0 million in Q1 2021. The company is increasing full year 2022 total revenue guidance to $130 million or more from $125 million. The company's net loss for the quarter was $25.0 million, which includes $6.7 million in non-recurring charges.
Total revenues for Q1 2022 reached $29.1 million, an 81% increase compared to Q1 2021.
Gross margin was approximately 13% in Q1 2022, driven by a favorable product mix and supply chain efficiencies.
ADMA is particularly encouraged with the continued physician adoption and utilization of its proprietary immune globulin product ASCENIV.
The FDA approved extending the expiration dating from 24 to 36 months for both ASCENIV and BIVIGAM drug products.
Forward Guidance
ADMA Biologics increased its 2022 total revenue guidance to $130 million or more, upwardly revised from $125 million. The company reiterates expectations to grow revenues and gross profits and narrow net losses as 2022 progresses.
Positive Outlook
- Increased 2022 total revenue guidance to $130 million or more.
- Expects to grow revenues and gross profits as 2022 progresses.
- Anticipates narrowing net losses as 2022 progresses.
- Company is on track to potentially generate $250 million in topline revenue in 2024, and $300 million thereafter.
- Anticipates potentially achieving 40-50% corporate gross margins and 20-30% net income margins in 2024-2025.
Challenges Ahead
- Net loss for the quarter ended March 31, 2022 was $25.0 million.
- Net loss includes non-recurring charges from the extinguishment of debt related to the Hayfin debt transaction of $6.7 million.
- Net loss includes professional services fees of $1.3 million related to the strategic review process.
Historical Earnings Impact
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