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Sep 30, 2021
ADMA Biologics Q3 2021 Earnings Report
ADMA Biologics reported record third quarter revenue and achieved first-time positive gross profit.
Key Takeaways
ADMA Biologics reported a 101% increase in revenue compared to Q3 2020, reaching $20.7 million. The company achieved a positive gross profit for the first time and narrowed net losses quarter-over-quarter. They also strengthened their cash position through a public equity offering.
Achieved record third quarter 2021 total revenues of $20.7 million, a 101% increase over third quarter 2020.
Generated a positive gross profit for the first time in Company history.
Narrowed sequential net quarterly losses.
Closed an underwritten public offering, raising approximately $53.9 million, net of all underwriting discounts and expenses.
ADMA Biologics
ADMA Biologics
Forward Guidance
ADMA anticipates continued commercial execution and remains committed to unlocking the yet-to-be-realized fair value that this asset base now commands.
Positive Outlook
- The company is on track to have 10 or more plasma collection facilities FDA-licensed by year-end 2023.
- The VanRx approval will also enable ADMA to explore potentially accretive contract manufacturing opportunities with third parties not currently contemplated in ADMA’s financial guidance.
- ADMA’s in-house fill-finish capabilities position the Company as the only U.S.-domiciled fractionator of plasma-derived products with complete end-to-end control of its critical manufacturing functions.
- The anticipated yield enhancement resulting from the recent Persona® implementation, in combination with the Company’s growing BioCenters network, has ADMA well-positioned to achieve source plasma self-sufficiency and contribute to quarter-over-quarter revenue and plasma collections growth throughout 2021 and beyond.
- ADMA continues to actively engage prospective debt lenders to potentially raise additional, non-dilutive capital, which if successful, has the potential to fund the Company to profitability.
Challenges Ahead
- There are 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
- The revenue growth for the quarter ended September 30, 2021, compared to the quarter ended September 30, 2020, was favorably impacted by the continued commercial ramp-up of ADMA’s intravenous immune globulin (IVIG) product portfolio and sale of intermediate fractions.
- The improved gross profit year-over-year was primarily attributable to increased sales of ADMA’s higher margin hyperimmune globulin product portfolio, along with a portion of the sales generated from conformance batches.
- The $0.8 million increase in net loss was primarily due to the increased operating loss for the quarter of $0.6 million, as the improved revenues and gross profit were more than offset by increases in plasma center operating expenses and selling, general administrative expenses, and to the increase in interest expense.
- ADMA had cash and cash equivalents of approximately $34.4 million and accounts receivable of approximately $20.4 million, compared to cash and cash equivalents of approximately $55.9 million and accounts receivable of approximately $13.2 million as of December 31, 2020.