| Over a week ago | ||||
From the newly… From the newly established $2.5M adjusted EBITDA base, ADMA anticipates continued growth in adjusted EBITDA profitability over the course of 2023. While the guidance framework considers several macroeconomic uncertainties, should ADMA's current demand trends and margin dynamics sustain, accelerated net income profitability timelines may be achievable. | ||||
Reports Q1 revenue… Reports Q1 revenue $56.9M, consensus $53.41M. At March 31, ADMA had working capital of $227.4M, primarily consisting of $164.0M of inventory, cash and cash equivalents of $69.2M and $26.5M of accounts receivable, partially offset by current liabilities of $36.7M. "ADMA generated first-time adjusted EBITDA profitability, totaling $2.5M, during the first quarter of 2023. In addition to continued gross profit growth and realization of operating efficiencies, this breakthrough achievement was propelled by an impressive 96% year-over-year increase in total revenues, which reached $57M in the quarter," said CEO Adam Grossman. "Based on these results, we have increased our 2023 total revenue guidance, now expected to exceed $220M, and we anticipate continuing to grow EBITDA from the newly established baseline throughout the remainder of 2023." | ||||
| Over a month ago | ||||
ADMA Biologics announced… ADMA Biologics announced the Company has amended the terms of its existing senior credit facility with Hayfin Capital Management, which matures in March 2027. The amended credit agreement provides for multiple favorable changes. First, there will be a reduction of 1% in the nominal interest expense on ADMA's current note. This will result in a lowered borrowing rate of SOFR + 8.50%. Included in this base rate, and consistent with the existing terms of the Hayfin facility, the Company may elect to pay up to 2.50% of the interest in kind, with the remaining portion of the interest payable in cash. Secondly, within the first 24 months after the amendment closing date, among other provisions, there will be a newly structured 50% waiver of the prepayment fee in connection with an acquisition of the Company or other strategic transactions. Taken together, we believe these changes will reduce ADMA's cost of capital and provide for added financial flexibility over the near term and on an ongoing basis. The debt financing terms disclosed in this press release are not all inclusive and, as such, the statements in this press release are qualified in their entirety by reference to the description of the debt financing further detailed in a Securities and Exchange Commission filing on Form 8-K which will be filed concurrently with this press release. | ||||
| Over a quarter ago | ||||
ADMA Biologics announced… ADMA Biologics announced that it has received U.S. Food and Drug Administration, FDA, approval for its eighth ADMA BioCenters plasma collection facility located in Hammond, Louisiana. This plasma collection facility commenced operations and initiated source plasma collection in the second quarter of 2022. With the FDA approval announced today, this facility is now licensed to collect, and introduce into interstate commerce, human source plasma for further manufacturing in the U.S. "The successful expansion of ADMA's plasma collection network supports the Company's goal of plasma supply self-sufficiency, ongoing revenue growth objectives, and further supports the pathway towards profitability. The approval is a testament to the BioCenters team's tireless commitment, and we thank the FDA for its efforts and expeditious review of the Hammond, LA Biologics License Application, which came in advance of ADMA's anticipated approval date," said Adam Grossman, President and Chief Executive Officer of ADMA. | ||||
Meeting to be held in New… Meeting to be held in New York on February 1 hosted by Mizuho. | ||||
Meeting to be held in New… Meeting to be held in New York on February 1 hosted by Mizuho. | ||||
Full Year 2022… Full Year 2022 Preliminary Unaudited Total Revenues of Approximately $153-$154 Million, an 90% Increase Over Full Year 2021 | ||||
Fourth Quarter 2022… Fourth Quarter 2022 Preliminary Unaudited Total Revenues of Approximately $49-$50 Million, an 89% Year-Over-Year Increase | ||||
ADMA currently… ADMA currently anticipates full year 2023 total revenues of $210M or more. This outlook is based on our expectations that the U.S. immune globulin market will continue to grow and there will be further share gains for ADMA's commercial products within this end-market landscape. A favorably evolving product mix coupled with the realization of supply chain and manufacturing efficiencies are anticipated to drive further margin improvements throughout the year. As a result, ADMA anticipates generating first-time positive EBITDA during the second half of 2023. During 2023, ADMA expects to complete the buildout and open its tenth plasma collection center and obtain United States Food and Drug Administration licensure for three additional plasma collection centers. Longer term, the Company comprehensively reiterates all previously provided financial targets; however, ADMA notes current business trends are tracking at the upper bound of Company expectations. ADMA plans to provide further details related to its 2023 financial expectations on the fourth quarter and full year 2022 earnings call. | ||||
H.C. Wainwright analyst… H.C. Wainwright analyst Raghuram Selvaraju raised the firm's price target on ADMA Biologics to $4.50 from $4 and keeps a Buy rating on the shares after the company increased 2022 revenue guidance. | ||||
