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Dec 31, 2022
ADMA Biologics Q4 2022 Earnings Report
ADMA Biologics reported a 90% year-over-year revenue increase in Q4 2022, with a gross profit increase of $11 million compared to Q4 2021. The company's net loss decreased by $4.4 million compared to the same period last year, driven by higher gross profit from ASCENIV sales.
Key Takeaways
ADMA Biologics announced strong Q4 2022 results, with a 90% increase in total revenues to $50.0 million compared to Q4 2021. Gross profit increased to $14.2 million, driven by ASCENIV sales. The company anticipates full year 2023 total revenues to exceed $210 million and expects first-time positive EBITDA no later than the second half of 2023.
Total revenues for Q4 2022 were $50.0 million, a 90% increase year-over-year.
Gross profit for Q4 2022 was $14.2 million, compared to $3.5 million in Q4 2021.
Net loss for Q4 2022 was $12.2 million, an improvement from the $16.6 million net loss in Q4 2021.
ADMA anticipates full year 2023 total revenues to exceed $210 million and expects first-time positive EBITDA no later than the second half of 2023.
Forward Guidance
ADMA Biologics anticipates full year 2023 total revenues to exceed $210 million and expects first-time positive EBITDA no later than the second half of 2023.
Positive Outlook
- ADMA has identified several growth opportunities that can potentially increase revenue and improve margins beyond previously provided financial targets.
- In 2023, ADMA will commence manufacturing of ASCENIV at the 4,400 Liter production scale for the first time in corporate history, which should improve the product’s margin profile and increase plant production capacity.
- The Company is pursuing new initiatives to capture additional IG production yields, which could meaningfully increase both peak revenues as well as margin potential if successful.
- Ongoing post-marketing clinical studies may provide for label expansion opportunities for both BIVIGAM and ASCENIV.
- ADMA remains on track to have all ten BioCenters FDA-licensed by year-end 2023 and forecasts raw material plasma supply self-sufficiency in the same period.
Challenges Ahead
- The guidance framework considers several macroeconomic uncertainties.
- ADMA’s estimated fourth quarter 2022 corporate gross margins would have been approximately 200-300 basis points higher if the impact of selling lower margin, 2,200-liter scale BIVIGAM were excluded.
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