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Jun 30, 2023
ADMA Biologics Q2 2023 Earnings Report
ADMA Biologics achieved impressive revenue growth and Adjusted EBITDA improvement in Q2 2023.
Key Takeaways
ADMA Biologics reported a 77% year-over-year increase in total revenues, reaching $60.1 million in Q2 2023. The company's Adjusted EBITDA grew to $6.4 million, representing a 160% increase compared to the first quarter of 2023. ADMA increased its total revenue guidance for FY 2023, 2024 and 2025.
Total revenues for Q2 2023 were $60.1 million, a 77% increase year-over-year.
Adjusted EBITDA for Q2 2023 was $6.4 million, a 160% improvement quarter-over-quarter.
Adjusted Net Loss for Q2 2023 was $3.6 million, a 74% improvement year-over-year.
FY2023 total revenue is now expected to exceed $240 million.
ADMA Biologics
ADMA Biologics
Forward Guidance
ADMA Biologics anticipates full year 2023 total revenues to meet or exceed $240 million, increased from $220 million previously. Further, ADMA anticipates continued growth in Adjusted EBITDA profitability over the remainder of 2023. The Company increased its intermediate term financial guidance, and now anticipates FY 2024 and 2025 total revenues to reach at least $275 million and $325 million, respectively, raised from at least $250 million and $300 million, respectively, previously.
Positive Outlook
- Full year 2023 total revenues are expected to exceed $240 million.
- Continued growth in Adjusted EBITDA profitability is anticipated for the remainder of 2023.
- FY 2024 total revenues are expected to reach at least $275 million.
- FY 2025 total revenues are expected to reach at least $325 million.
- Potential annual gross profit and net income in the range of $110-160 million and $55-100 million, respectively, during the 2024-2025 time period and beyond.
Challenges Ahead
- Guidance framework considers several macroeconomic uncertainties.
- Net loss was $6.4 million for the second quarter of 2023.
- The growth in product revenues during the second quarter was partially offset by a $1.4 million decrease in third-party plasma sales by ADMA’s BioCenters business segment.
- Accounting for an estimated $2.1 million impact on second quarter cost of goods sold pertaining to an IT disruption, ADMA estimates second quarter consolidated gross margin would have been 31-32% on a normalized basis.
- 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.