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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Adma Biologics Inc | NASDAQ:ADMA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.58 | 6.49 | 6.75 | 0 | 12:06:08 |
“The second quarter of 2022 was another banner period of execution for ADMA Biologics, with total revenue growth of 90% year-over-year, significantly improved gross margins quarter-over-quarter, and meaningfully narrowed net losses compared to prior periods. We believe this significant revenue growth coupled with disciplined expense management establish a strong foundation for the Company to accelerate towards profitability,” said Adam Grossman, President and Chief Executive Officer of ADMA.
“We are particularly pleased with the utilization and growth of our higher margin immune globulin product, ASCENIV™. Drawing from the robust underlying product demand trends, we expect that the product and margin mix will continue to favorably evolve over the coming periods. In this context, we anticipate the Company’s pathway to profitability will become increasingly visible as the year progresses and our anticipated margin expansion continues to unfold. We believe we are well-positioned to deliver 2022 total revenues exceeding $130 million, driven by both Intravenous Immunoglobulin (“IVIG”) end-market growth as well as anticipated share gains for our product portfolio. Additionally, our strategic alternatives process remains a top corporate priority and is ongoing. We will update the market as developments materialize.”
“The investments made in the Boca Raton production facility, as well as our end-to-end supply chain, have enabled ADMA to successfully navigate historically challenging macroeconomic conditions,” said Brian Lenz, ADMA’s Chief Financial Officer, and General Manager, ADMA BioCenters. “We are encouraged by the continued operational efficiencies being unlocked and look forward to expanding on these trends as we accelerate towards profitability. The Company remains well-capitalized, holding approximately $52 million in cash and cash equivalents at the end of the second quarter, while having access to an additional $25 million in non-dilutive funds from the Hayfin credit facility.”
Second Quarter 2022 and Recent Achievements:
2022 & Long-Term Financial Guidance:
Second Quarter 2022 Financial Results:
Total revenues for the second quarter ended June 30, 2022 were $33.9 million, as compared to $17.8 million during the second quarter of 2021, an increase of $16.1 million, or approximately 90%. The revenue growth for the second quarter of 2022, compared to the second quarter of 2021, was favorably impacted by the continued commercial ramp-up of the Company’s IVIG product portfolio and expanding the customer base for BIVIGAM and ASCENIV.
Gross profit for the second quarter of 2022 was $7.8 million, compared to a gross loss of $1.0 million for the second quarter of 2021. Gross profit growth during the second quarter was driven by a favorable contribution from higher margin products, notably ASCENIV.
Consolidated net loss for the quarter ended June 30, 2022 was $13.8 million, or $(0.07) per basic and diluted share, compared to a consolidated net loss of $18.9 million, or $(0.15) per basic and diluted share, for the quarter ended June 30, 2021. Net loss decreased by approximately $5.1 million, primarily attributed to higher gross margins of $8.8 million offset by a $1.3 million increase in interest expense as a result of additional debt principal as well as rising interest rates. Additional offsets during the quarter included increased plasma center operating expenses of $1.1 million attributed to having eight plasma centers in operation compared to four operating centers during the period last year, as well as increased general and administrative expenses of $1.5 million resulting in increased headcount, commercialization, and marketing expenditures.
As of June 30, 2022, ADMA had working capital of $194.7 million, primarily consisting of $146.1 million of inventory, cash, and cash equivalents of $52.4 million and net accounts receivable of $18.9 million, partially offset by an aggregate of $27.3 million of accounts payable and accrued expenses, as compared to working capital of $153.2 million as of June 30, 2021.
Conference Call InformationTo access the conference call on August 10, 2022 at 4:30 PM ET, participants may register for the call here to receive the dial-in numbers and unique PIN to access the call seamlessly. It is recommended that you join 10 minutes prior to the event starting (although you may register and dial in at any time during the call). A live audio webcast of the call will be available under “Events & Webcasts” in the investor section of the Company’s website, https://ir.admabiologics.com/events-webcasts. An archived webcast will be available on the Company’s website approximately two hours after the event.
About ASCENIV™
ASCENIV (immune globulin intravenous, human – slra 10% liquid) is a plasma-derived, polyclonal, intravenous immune globulin (IVIG). ASCENIV was approved by the FDA in April 2019 and is indicated for the treatment of primary humoral immunodeficiency (PI), also known as primary immune deficiency disease (PIDD), in adults and adolescents (12 to 17 years of age). ASCENIV is manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma and respiratory syncytial virus (RSV) plasma obtained from donors tested using the Company’s proprietary microneutralization assay. ASCENIV contains naturally occurring polyclonal antibodies, which are proteins that are used by the body’s immune system to neutralize microbes, such as bacteria and viruses and prevent against infection and disease. ASCENIV is protected by U.S. Patents: 9,107,906, 9,714,283 and 9,815,886. Certain data and other information about ASCENIV™ or ADMA Biologics and its products can be found on the Company’s website at www.admabiologics.com.
About BIVIGAM®
BIVIGAM (immune globulin intravenous, human – 10% liquid) is a plasma-derived, polyclonal, intravenous immune globulin (IVIG). BIVIGAM was approved by the FDA in May 2019 and is indicated for the treatment of primary humoral immunodeficiency (PI), including, but not limited to the following group of genetic disorders: X-linked and congenital agammaglobulinemia, common variable immunodeficiency, Wiskott-Aldrich syndrome, and severe combined immunodeficiency. BIVIGAM contains a broad range of antibodies similar to those found in normal human plasma. These antibodies are directed against bacteria and viruses and help to protect PI patients against serious infections. BIVIGAM is a purified, sterile, ready-to-use preparation of concentrated human Immunoglobulin antibodies. Certain data and other information about BIVIGAM® or ADMA Biologics and its products can be found on the Company’s website at www.admabiologics.com.
About ADMA BioCenters
ADMA BioCenters operates FDA-licensed facilities specializing in the collection of human plasma used to make special medications for the treatment and prevention of diseases. Managed by a team of experts who have decades of experience in the specialized field of plasma collection, ADMA BioCenters provides a safe, professional, and pleasant donation environment. ADMA BioCenters strictly follows FDA regulations and guidance and enforces cGMP (current good manufacturing practices) in all of its facilities. For more information about ADMA BioCenters, please visit www.admabiocenters.com.
About ADMA Biologics, Inc. (ADMA)
ADMA Biologics is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty plasma-derived biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. ADMA currently manufactures and markets three United States Food and Drug Administration (FDA)-approved plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases: BIVIGAM® (immune globulin intravenous, human) for the treatment of primary humoral immunodeficiency (PI); ASCENIV™ (immune globulin intravenous, human – slra 10% liquid) for the treatment of PI; and NABI-HB® (hepatitis B immune globulin, human) to provide enhanced immunity against the hepatitis B virus. ADMA manufactures its immune globulin products at its FDA-licensed plasma fractionation and purification facility located in Boca Raton, Florida. Through its ADMA BioCenters subsidiary, ADMA also operates as an FDA-approved source plasma collector in the U.S., which provides a portion of its blood plasma for the manufacture of its products. ADMA’s mission is to manufacture, market and develop specialty plasma-derived, human immune globulins targeted to niche patient populations for the treatment and prevention of certain infectious diseases and management of immune compromised patient populations who suffer from an underlying immune deficiency, or who may be immune compromised for other medical reasons. ADMA has received U.S. Patents: 9,107,906, 9,714,283, 9,815,886, 9,969,793 and 10,259,865 and European Patent No. 3375789, among others, related to certain aspects of its products and product candidates. For more information, please visit www.admabiologics.com.
Forward-Looking Statements
This press release contains “forward-looking statements” pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, about ADMA Biologics, Inc., and its subsidiaries (collectively, “our”, “ADMA” or the “Company”). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “intends,” “may,” “plans,” “predicts,” “projects,” “should,” “targets,” “will,” “would,” or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements also include, but are not limited to, statements about ADMA’s future results of operations and pro forma results; the success of ASCENIV™ in future periods, and market share of the Company’s product portfolio; the timeline associated with profitability; the ability to obtain FDA approval of its plasma collection centers and the associated timing in connection therewith; the ability to achieve source plasma self-sufficiency and the associated timing in connection therewith, as well as benefits thereof; and the Company’s ongoing discussions with Morgan Stanley regarding the evaluation of strategic alternatives. Actual events or results may differ materially from those described in this press release due to a number of important factors. Current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this press release will prove to be accurate. Except to the extent required by applicable laws or rules, ADMA does not undertake any obligation to update any forward-looking statements or to announce revisions to any of the forward-looking statements. 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, including, but not limited to, the risks and uncertainties described in our filings with the SEC, including our most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.
COMPANY CONTACT:Skyler BloomSenior Director, Business Development and Corporate Strategy | 201-478-5552 | sbloom@admabio.com
INVESTOR RELATIONS CONTACT:Michelle PappanastosSenior Managing Director, Argot Partners | 212-600-1902 | michelle@argotpartners.com
ADMA BIOLOGICS, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
REVENUES: | ||||||||||||||||
Product revenue | $ | 33,869,298 | $ | 17,794,881 | $ | 62,936,683 | $ | 33,807,791 | ||||||||
License revenue | 35,709 | 35,709 | 71,417 | 71,417 | ||||||||||||
Total revenues | 33,905,007 | 17,830,590 | 63,008,100 | 33,879,208 | ||||||||||||
Cost of product revenue | 26,135,614 | 18,832,624 | 51,576,660 | 36,602,746 | ||||||||||||
Gross profit (loss) | 7,769,393 | (1,002,034 | ) | 11,431,440 | (2,723,538 | ) | ||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Research and development | 873,386 | 1,158,866 | 1,497,497 | 2,146,515 | ||||||||||||
Plasma center operating expenses | 3,921,486 | 2,803,326 | 7,896,075 | 5,045,669 | ||||||||||||
Amortization of intangible assets | 178,838 | 178,838 | 357,676 | 357,676 | ||||||||||||
Selling, general and administrative | 11,970,422 | 10,438,168 | 25,669,997 | 20,472,083 | ||||||||||||
Total operating expenses | 16,944,132 | 14,579,198 | 35,421,245 | 28,021,943 | ||||||||||||
LOSS FROM OPERATIONS | (9,174,739 | ) | (15,581,232 | ) | (23,989,805 | ) | (30,745,481 | ) | ||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||
Interest income | 2,269 | 5,926 | 35,337 | 27,985 | ||||||||||||
Interest expense | (4,573,015 | ) | (3,246,680 | ) | (7,962,053 | ) | (6,442,430 | ) | ||||||||
Loss on extinguishment of debt | - | - | (6,669,941 | ) | - | |||||||||||
Other expense | (19,421 | ) | (83,317 | ) | (186,301 | ) | (125,318 | ) | ||||||||
Other expense, net | (4,590,167 | ) | (3,324,071 | ) | (14,782,958 | ) | (6,539,763 | ) | ||||||||
NET LOSS | $ | (13,764,906 | ) | $ | (18,905,303 | ) | $ | (38,772,763 | ) | $ | (37,285,244 | ) | ||||
BASIC AND DILUTED LOSS PER COMMON SHARE | $ | (0.07 | ) | $ | (0.15 | ) | $ | (0.20 | ) | $ | (0.31 | ) | ||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||
Basic and Diluted | 196,353,185 | 127,416,126 | 196,113,888 | 121,571,501 | ||||||||||||
ADMA BIOLOGICS, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS
June 30, | December 31, | ||||||
2022 | 2021 | ||||||
ASSETS | (Unaudited) | ||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 52,415,053 | $ | 51,089,118 | |||
Accounts receivable, net | 18,883,847 | 28,576,857 | |||||
Inventories | 146,075,459 | 124,724,091 | |||||
Prepaid expenses and other current assets | 5,399,928 | 4,339,245 | |||||
Total current assets | 222,774,287 | 208,729,311 | |||||
Property and equipment, net | 54,951,267 | 50,935,074 | |||||
Intangible assets, net | 1,371,092 | 1,728,768 | |||||
Goodwill | 3,529,509 | 3,529,509 | |||||
Right to use assets | 10,550,236 | 7,262,658 | |||||
Deposits and other assets | 3,755,938 | 4,067,404 | |||||
TOTAL ASSETS | $ | 296,932,329 | $ | 276,252,724 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 11,388,048 | $ | 12,429,409 | |||
Accrued expenses and other current liabilities | 15,961,070 | 17,214,988 | |||||
Current portion of deferred revenue | 142,834 | 142,834 | |||||
Current portion of lease obligations | 579,661 | 591,084 | |||||
Total current liabilities | 28,071,613 | 30,378,315 | |||||
Senior notes payable, net of discount | 139,810,931 | 94,866,239 | |||||
Deferred revenue, net of current portion | 1,904,448 | 1,975,865 | |||||
End of term fee | 1,500,000 | - | |||||
Lease obligations, net of current portion | 10,870,907 | 7,462,388 | |||||
Other non-current liabilities | 373,903 | 397,351 | |||||
TOTAL LIABILITIES | 182,531,802 | 135,080,158 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
STOCKHOLDERS' EQUITY | |||||||
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, | |||||||
no shares issued and outstanding | - | - | |||||
Common Stock - voting, $0.0001 par value, 300,000,000 shares authorized, | |||||||
196,356,232 and 195,813,817 shares issued and outstanding | 19,636 | 19,581 | |||||
Additional paid-in capital | 565,266,375 | 553,265,706 | |||||
Accumulated deficit | (450,885,484 | ) | (412,112,721 | ) | |||
TOTAL STOCKHOLDERS' EQUITY | 114,400,527 | 141,172,566 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 296,932,329 | $ | 276,252,724 | |||
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