ADMA Biologics Announces Third Quarter 2024 Financial Results and Provides Business Update
ADMA Biologics reported outstanding third quarter 2024 results with total revenue of $119.8 million, up 78% year-over-year. The company achieved GAAP Net Income of $35.9 million, a 1,300% increase, and Adjusted EBITDA of $45.4 million, up 256%. Gross profits reached $59.7 million with a 50% margin. ADMA increased its guidance for FY 2024, expecting revenue over $415 million and GAAP net income exceeding $120 million. The company's higher-margin product ASCENIV now accounts for over 50% of total revenue. ADMA also joined the S&P SmallCap 600 Index and appointed KPMG LLP as its new independent auditor.
ADMA Biologics ha riportato risultati eccezionali per il terzo trimestre del 2024, con un fatturato totale di 119,8 milioni di dollari, in aumento del 78% rispetto all’anno precedente. L'azienda ha raggiunto un utile netto GAAP di 35,9 milioni di dollari, un incremento del 1.300%, e un EBITDA rettificato di 45,4 milioni di dollari, in crescita del 256%. I profitti lordi hanno toccato i 59,7 milioni di dollari con un margine del 50%. ADMA ha alzato le sue previsioni per l'anno fiscale 2024, prevedendo un fatturato superiore a 415 milioni di dollari e un utile netto GAAP che supererà i 120 milioni di dollari. Il prodotto a margine più elevato, ASCENIV, ora rappresenta oltre il 50% del fatturato totale. ADMA è entrata anche nell'indice S&P SmallCap 600 e ha nominato KPMG LLP come nuovo revisore indipendente.
ADMA Biologics informó resultados sobresalientes en el tercer trimestre de 2024, con unos ingresos totales de 119.8 millones de dólares, un aumento del 78% en comparación con el año anterior. La compañía alcanzó un ingreso neto GAAP de 35.9 millones de dólares, un incremento del 1,300%, y un EBITDA ajustado de 45.4 millones de dólares, que representa un crecimiento del 256%. Las ganancias brutas alcanzaron los 59.7 millones de dólares con un margen del 50%. ADMA incrementó su guía para el año fiscal 2024, esperando ingresos de más de 415 millones de dólares y un ingreso neto GAAP que supere los 120 millones de dólares. El producto de mayor margen, ASCENIV, ahora representa más del 50% de los ingresos totales. ADMA también se unió al índice S&P SmallCap 600 y designó a KPMG LLP como su nuevo auditor independiente.
ADMA Biologics는 2024년 3분기에 뛰어난 실적을 발표했으며, 총 매출이 1억 1천 9백 8십만 달러로, 전년 대비 78% 증가했습니다. 회사는 GAAP 순이익 3천 5백 9십만 달러를 달성하여 1,300% 증가하였고, 조정된 EBITDA는 4천 5백 4십만 달러로 256% 증가했습니다. 총 이익은 5천 9백 7십만 달러에 이르며, 마진은 50%입니다. ADMA는 2024 회계연도에 대한 예상치를 상향 조정하여, 4억 1천 5백만 달러 이상의 매출과 1억 2천만 달러 이상의 GAAP 순이익을 기대하고 있습니다. 회사의 고수익성 제품인 ASCENIV는 이제 총 매출의 50% 이상을 차지합니다. ADMA는 또한 S&P SmallCap 600 지수에 포함되었으며, KPMG LLP를 새로운 독립 감사인으로 임명했습니다.
ADMA Biologics a annoncé des résultats exceptionnels pour le troisième trimestre 2024, avec un chiffre d'affaires total de 119,8 millions de dollars, en hausse de 78% par rapport à l'année précédente. L'entreprise a réalisé un bénéfice net GAAP de 35,9 millions de dollars, une augmentation de 1.300%, et un EBITDA ajusté de 45,4 millions de dollars, en hausse de 256%. Le bénéfice brut a atteint 59,7 millions de dollars avec une marge de 50%. ADMA a révisé à la hausse ses prévisions pour l'exercice 2024, s'attendant à un chiffre d'affaires supérieur à 415 millions de dollars et à un bénéfice net GAAP dépassant 120 millions de dollars. Le produit à plus forte marge, ASCENIV, représente désormais plus de 50% du chiffre d'affaires total. ADMA a également rejoint l'indice S&P SmallCap 600 et a nommé KPMG LLP comme son nouvel auditeur indépendant.
ADMA Biologics hat im dritten Quartal 2024 hervorragende Ergebnisse gemeldet, mit einem Gesamtumsatz von 119,8 Millionen Dollar, was einem Anstieg von 78% im Vergleich zum Vorjahr entspricht. Das Unternehmen erzielte einen GAAP-Nettoeinkommen von 35,9 Millionen Dollar, was einem Anstieg von 1.300% entspricht, sowie ein bereinigtes EBITDA von 45,4 Millionen Dollar, was einer Steigerung von 256% entspricht. Der Bruttogewinn erreichte 59,7 Millionen Dollar bei einer Marge von 50%. ADMA erhöhte ihre Prognose für das Geschäftsjahr 2024 und erwartet einen Umsatz von über 415 Millionen Dollar und ein GAAP-Nettoeinkommen von über 120 Millionen Dollar. Das margenstärkste Produkt, ASCENIV, macht mittlerweile über 50% des Gesamtumsatzes aus. ADMA trat auch dem S&P SmallCap 600 Index bei und ernannte KPMG LLP zu ihrem neuen unabhängigen Prüfer.
- Revenue grew 78% Y-o-Y to $119.8 million in Q3 2024
- GAAP Net Income increased 1,300% to $35.9 million
- Adjusted EBITDA grew 256% to $45.4 million
- Gross margin improved to 50% from 37% in Q3 2023
- ASCENIV now represents over 50% of total revenue
- Increased FY 2024 revenue guidance to over $415 million
- Strong balance sheet with $86.7 million cash and $273.3 million working capital
- Q3 2024 corporate gross margins were negatively impacted by normal source plasma sales at negative margin
Insights
The Q3 results showcase exceptional financial performance with
Key financial metrics show robust operational efficiency with
The successful pilot-scale batch production of SG-001, targeting S. pneumoniae infections, represents a significant pipeline advancement. This program addresses a critical medical need, targeting community-acquired pneumonia which affects 1 million adults annually with 400,000 hospitalizations. The potential
The
3Q 2024 Total Revenue of
3Q 2024 GAAP Net Income of
3Q 2024 Adjusted EBITDA(1) of
KPMG LLP Engaged as New Independent Registered Public Accounting Firm
FY 2024 and 2025 Total Revenue Guidance Increased to More Than
FY 2024 and 2025 GAAP Net Income Guidance Increased to More Than
FY 2024 and 2025 Adjusted EBITDA Guidance Increased to More than
Conference Call Scheduled for Today at 4:30 p.m. ET
RAMSEY, N.J. and BOCA RATON, Fla., Nov. 07, 2024 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA,” the “Company,” or “we”), an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics, today announced its third quarter 2024 financial results and provided a business update.
“ADMA delivered an outstanding third quarter, building on the momentum from the prior period with realized growth on both the top and bottom lines,” said Adam Grossman, President and Chief Executive Officer of ADMA. “As we enter the fourth quarter of 2024, we anticipate increasing gross margins, driven by a continued revenue mix shift toward ASCENIV. With increasing clarity around a potential billion-dollar revenue opportunity, ADMA’s growth prospects over both the near- and longer-term periods continues to strengthen. As a result of our ongoing operational success, we have yet again raised our top and bottom-line guidance for both 2024 and 2025.”
Mr. Grossman continued, “With this forecasted growth, we anticipate organically achieving a net leverage-neutral position in the fourth quarter of 2024, which would provide substantial balance sheet flexibility as we focus on maximizing stockholder value and lowering ADMA’s cost of capital. Throughout the third quarter, we advanced our intermediate-term growth initiatives, including enhancements to production yield processes and the successful production of a pilot-scale batch of our S. pneumoniae hyperimmune globulin pipeline program, SG-001. Additionally, we are pleased to announce the appointment of KPMG LLP (KPMG) as our new independent auditor effective as of today. We thank CohnReznick for their 17 years of service and look forward to this next chapter with KPMG. We believe ADMA is well-positioned to close 2024 on a high note and to sustain our rapid growth trajectory into 2025 and beyond.”
Third Quarter 2024 Milestones and Objectives:
- Compounding Growth. Total revenue grew to
$119.8 million , or78% year-over-year. As a result, GAAP Net Income grew by 1,300% to$35.9 million and Adjusted EBITDA grew by256% year-over-year to$45.4 million . The Company anticipates building on this momentum throughout the remainder of 2024 and into 2025. - Favorably Evolving Mix Shift. The higher-margin product portfolio is expanding as a percentage of ADMA’s total revenue, with ASCENIV accounting for over
50% of the Company’s revenue. ADMA is actively taking steps to increase ASCENIV supply availability, which, if successful, could allow ASCENIV to become a significant majority of ADMA's total revenue in the future, driving further margin expansion and earnings growth. - Strengthened Balance Sheet. Based on ADMA’s third quarter operating cash flow of
$25.0 million and Adjusted EBITDA growth, the Company’s current net leverage ratio has organically improved to approximately 0.1x. The Company anticipates continued strengthening of the balance sheet driven by forecasted Adjusted EBITDA growth and ongoing cash generation in the fourth quarter of 2024 and beyond. - Strengthened Governance. ADMA has successfully engaged and onboarded KPMG as its new independent registered public accounting firm. This auditor transition to a “Big 4” firm is a testament to the Company’s rapidly improving financial profile and market cap valuation.
- Added to the S&P SmallCap 600 Index. During the third quarter, ADMA joined the S&P SmallCap 600 Index. The Company expects this inclusion will increase its visibility within the investment community and the liquidity of its shares as it continues to execute on its top-tier growth strategy. The S&P SmallCap 600 Index is a stock market index established by Standard & Poor's that is designed to measure the performance of the small-cap segment of the market and is composed of 600 constituent companies in the U.S. equities market. The index is designed to track companies that meet specific inclusion criteria to ensure that they are liquid and financially viable. For more information on the S&P SmallCap 600 and S&P Dow Jones Indices, please visit www.spdji.com.
- Expanded ADMAlytics™ Implementation. ADMA successfully expanded implementation of ADMAlytics, the Company’s artificial intelligence and machine learning platform, to the commercial arm of the organization during the third quarter. When fully implemented, ADMAlytics is expected to further optimize the Company’s commercial growth strategy. Initiated in February 2024, the staggered implementation of ADMAlytics continues to yield impressive results across multiple areas of ADMA’s operations. These benefits include increased production efficiency, enhanced visibility into the 7–12-month manufacturing process, optimized commercial planning, streamlined plasma pooling, and reduced variability and FTE hours. These efficiencies are expected to further benefit ADMA’s rapid earnings growth outlook.
Upwardly Revised 2024-2025 Financial Guidance:
- FY 2024 and 2025 total revenue is now expected to be more than
$415 million and$465 million , respectively, increased from prior guidance of more than$400 million and$445 million , respectively. - FY 2024 and 2025 GAAP net income is now expected to exceed
$120 million and$165 million , respectively, increased from prior guidance of$105 million and$155 million , respectively. - FY 2024 and 2025 Adjusted EBITDA is now expected to exceed
$160 million and$215 million , respectively, increased from prior guidance of$150 million and$200 million , respectively.
Advancing Innovative Growth Opportunities: Below are the Company’s ongoing R&D initiatives which, if successful, we believe represent the potential for upside to our current forecasted guidance:
- Biologic Production Yield Enhancement. During the third quarter and recent periods, commercial-scale production of ADMA's innovative biologics manufacturing process demonstrated a potential enhancement of yields by approximately
20% from the same starting plasma. If successful, we believe these yield improvements could significantly increase the Company’s peak financial targets, with potential revenue and earnings accretion expected to commence in the second half of 2025 and further inflect into 2026 and beyond. - R&D Program - S. pneumoniae Hyperimmune Globulin, SG-001. ADMA has successfully completed production of a pilot-scale batch, and we have identified a prospective laboratory partner and are engaged in discussions for their services conducting animal model studies for our S. pneumoniae hyperimmune globulin program, SG-001. We expect to establish research protocols for forthcoming animal studies, with a focus on capital efficiency. Streptococcus pneumoniae, the leading cause of community-acquired pneumonia in the United States, affects one million adults annually, leading to 400,000 hospitalizations and a 5
-7% mortality rate. Despite existing vaccines, vaccine-naive and immunocompromised individuals remain vulnerable. SG-001, if approved, could offer immediate antibody protection, potentially generating$300 -500 million or more in high margin revenue annually. ADMA holds several U.S. and foreign patents covering its proprietary pneumococcal hyperimmune technology, including product preparation and usage for S. pneumoniae infections.
- ASCENIV Label Expansion: All pediatric patients in ASCENIV’s post-marketing pediatric study have now successfully completed their treatment schedule and the clinical trial database is on track to be locked in the fourth quarter of 2024. ADMA now anticipates filing its supplemental Biologics License Application (sBLA) over the coming quarters, with potential label-expanding approval in the first half of 2026. ASCENIV’s pediatric label expansion, if approved, may further strengthen ADMA’s product portfolio.
Third Quarter 2024 Financial Results:
Total revenues were
Gross profits were
Adjusted EBITDA was
GAAP net income was
As of September 30, 2024, ADMA had working capital of approximately
Conference Call Information
To access the conference call, please dial (888) 596-4144 and refer to conference ID 2959956. It is recommended that you join approximately 10 minutes prior to the event start (although you may dial in at any time during the call). Attendees who will not be asking a question during the call are encouraged to listen in to the live webcast here. An archived replay of the event will be available located under “Events & Webcasts” in the investor section of the Company’s website at https://ir.admabiologics.com/events-webcasts.
About ASCENIV™
ASCENIV (immune globulin intravenous, human – slra
Additional Important Safety Information About ASCENIV™
WARNING: THROMBOSIS, RENAL DYSFUNCTION AND ACUTE RENAL FAILURE Thrombosis may occur with immune globulin intravenous (IGIV) products, including ASCENIV. Risk factors may include: advanced age, prolonged immobilization, hypercoagulable conditions, history of venous or arterial thrombosis, use of estrogens, indwelling vascular catheters, hyperviscosity, and cardiovascular risk factors. Renal dysfunction, acute renal failure, osmotic nephrosis, and death may occur with the administration of IGIV products in predisposed patients. Renal dysfunction and acute renal failure occur more commonly in patients receiving IGIV products containing sucrose. ASCENIV does not contain sucrose. For patients at risk of thrombosis, renal dysfunction or renal failure, administer ASCENIV at the minimum dose and infusion rate practicable. Ensure adequate hydration in patients before administration. Monitor for signs and symptoms of thrombosis and assess blood viscosity in patients at risk for hyperviscosity. |
ASCENIV™ Contraindications:
History of anaphylactic or severe systemic reactions to human immunoglobulin.
IgA deficient patients with antibodies to IgA and a history of hypersensitivity.
ASCENIV™ Warnings and Precautions:
IgA-deficient patients with antibodies against IgA are at greater risk of developing severe hypersensitivity and anaphylactic reactions. Have medications such as epinephrine available to treat any acute severe hypersensitivity reactions. [4, 5.1]
Thrombotic events have occurred in patients receiving IGIV treatments. Monitor patients with known risk factors for thrombotic events; consider baseline assessment of blood viscosity for patients at risk of hyperviscosity. [5.2, 5.4]
In patients at risk of developing acute renal failure. monitor renal function, including blood urea nitrogen (BUN), serum creatinine, and urine output. [5.3, 5.9]
Hyperproteinemia, increased serum viscosity, and hyponatremia or pseudohyponatremia can occur in patients receiving IGIV treatment.
Aseptic meningitis syndrome (AMS) has been reported with IGIV treatments, especially with high doses or rapid infusion. [5.5]
Hemolytic anemia can develop subsequent to IGIV treatment. Monitor patients for hemolysis and hemolytic anemia. [5.6]
Monitor patients for pulmonary adverse reactions (Transfusion-related acute lung injury [TRALI]). If transfusion related acute lung injury is suspected, test the product and patient for antineutrophil antibodies. [5.7]
Because this product is made from human blood, it may carry a risk of transmitting infectious agents, e.g., viruses, and theoretically, the Creutzfeldt-Jakob disease (CJD) agent.
ASCENIV™ Adverse Reactions:
The most common adverse reactions to ASCENIV (≥
To report SUSPECTED ADVERSE REACTIONS, contact ADMA Biologics at (800) 458-4244 or the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch.
About ADMA Biologics, Inc. (ADMA)
ADMA Biologics is an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty 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
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company believes Adjusted EBITDA is useful to investors in evaluating the Company’s financial performance. The Company uses Adjusted EBITDA as a key performance measure because we believe that it facilitates operating performance comparisons from period to period that exclude potential differences driven by the impact of variations of non-cash items such as depreciation and amortization, as well as stock-based compensation or certain non-recurring items. The Company believes that investors should have access to the same set of tools used by our management and board of directors to assess our operating performance. Adjusted EBITDA should not be considered as a measure of financial performance under GAAP, and the items excluded from Adjusted EBITDA are significant components in understanding and assessing the Company’s financial performance. Accordingly, this key business metric has limitations as an analytical tool. It should not be considered as an alternative to net income/loss or any other performance measures derived in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Please refer to the tables below for the reconciliation of GAAP measures to non-GAAP measures for applicable periods.
Cautionary Note Regarding 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. (“we,” “our” 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 “confident,” “estimate,” “project,” “intend,” “prospective,” “forecast,” “target,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “is likely,” “will likely,” “should,” “could,” “would,” “may,” “potential,” or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements include, but are not limited to, statements about the Company’s financial health, standing and future results of operations, including, but not limited to, total revenue, GAAP net income and Adjusted EBITDA guidance in future periods, and certain assumptions in connection therewith; timing to achieve a net leverage-neutral position; the market for ASCENIV, its supply availability, its potential impact on revenues, margin expansion and a mix shift towards ASCENIV; the benefits of joining the S&P SmallCap 600 Index; the appointment of KPMG as the Company’s new independent auditor; the utility of ADMAlytics and its impact on the Company’s earnings growth outlook; and additional growth opportunities, including but not limited to, the Company’s yield enhancement initiative and the timing related thereto, and SG-001, including the benefits thereof and revenue potential, and ASCENIV label expansion. 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 U.S. Securities and Exchange Commission, including our most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.
INVESTOR RELATIONS CONTACT:
Michelle Pappanastos
Senior Managing Director, Argot Partners | 212-600-1902 | michelle@argotpartners.com
ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
September 30, | December 31, | ||||||
2024 | 2023 | ||||||
(Unaudited) | |||||||
(In thousands, except share data) | |||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 86,707 | $ | 51,352 | |||
Accounts receivable, net | 50,140 | 27,421 | |||||
Inventories | 171,801 | 172,906 | |||||
Prepaid expenses and other current assets | 9,545 | 5,334 | |||||
Total current assets | 318,193 | 257,013 | |||||
Property and equipment, net | 53,694 | 53,835 | |||||
Intangible assets, net | 485 | 499 | |||||
Goodwill | 3,530 | 3,530 | |||||
Right-to-use assets | 8,897 | 9,635 | |||||
Deposits and other assets | 5,819 | 4,670 | |||||
TOTAL ASSETS | $ | 390,618 | $ | 329,182 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 16,020 | $ | 15,660 | |||
Accrued expenses and other current liabilities | 27,535 | 32,919 | |||||
Current portion of deferred revenue | 143 | 182 | |||||
Current portion of lease obligations | 1,193 | 1,045 | |||||
Total current liabilities | 44,891 | 49,806 | |||||
Senior notes payable, net of discount | 101,326 | 130,594 | |||||
Deferred revenue, net of current portion | 1,583 | 1,690 | |||||
End of term fee | 1,688 | 1,688 | |||||
Lease obligations, net of current portion | 8,865 | 9,779 | |||||
Other non-current liabilities | 375 | 419 | |||||
TOTAL LIABILITIES | 158,728 | 193,976 | |||||
COMMITMENTS AND CONTINGENCIES | |||||||
STOCKHOLDERS' EQUITY | |||||||
Preferred Stock, | - | - | |||||
Common Stock - voting, | 24 | 23 | |||||
Additional paid-in capital | 652,345 | 641,439 | |||||
Accumulated deficit | (420,479 | ) | (506,256 | ) | |||
TOTAL STOCKHOLDERS' EQUITY | 231,890 | 135,206 | |||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 390,618 | $ | 329,182 | |||
ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||
Three Months ended September 30, | Nine Months ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
REVENUES | $ | 119,839 | $ | 67,275 | $ | 308,905 | $ | 184,311 | ||||||||
Cost of product revenue | 60,180 | 42,622 | 152,685 | 126,455 | ||||||||||||
Gross profit | 59,659 | 24,653 | 156,220 | 57,856 | ||||||||||||
OPERATING EXPENSES: | ||||||||||||||||
Research and development | 412 | 596 | 1,422 | 2,854 | ||||||||||||
Plasma center operating expenses | 1,021 | 467 | 2,968 | 3,581 | ||||||||||||
Amortization of intangible assets | 28 | 179 | 363 | 537 | ||||||||||||
Selling, general and administrative | 18,560 | 14,726 | 50,807 | 43,485 | ||||||||||||
Total operating expenses | 20,021 | 15,968 | 55,560 | 50,457 | ||||||||||||
INCOME (LOSS) FROM OPERATIONS | 39,638 | 8,685 | 100,660 | 7,399 | ||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||
Interest income | 666 | 423 | 1,499 | 1,005 | ||||||||||||
Interest expense | (3,499 | ) | (6,398 | ) | (11,051 | ) | (18,812 | ) | ||||||||
Other expense | (56 | ) | (145 | ) | (107 | ) | (186 | ) | ||||||||
Other expense, net | (2,889 | ) | (6,120 | ) | (9,659 | ) | (17,993 | ) | ||||||||
INCOME (LOSS) BEFORE INCOME TAXES | 36,749 | 2,565 | 91,001 | (10,594 | ) | |||||||||||
Provision for income taxes | 840 | - | 5,224 | - | ||||||||||||
NET INCOME (LOSS) | $ | 35,909 | $ | 2,565 | $ | 85,777 | $ | (10,594 | ) | |||||||
BASIC EARNINGS (LOSS) PER COMMON SHARE | $ | 0.15 | $ | 0.01 | $ | 0.37 | $ | (0.05 | ) | |||||||
DILUTED EARNINGS (LOSS) PER COMMON SHARE | $ | 0.15 | $ | 0.01 | $ | 0.35 | $ | (0.05 | ) | |||||||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||
Basic | 234,571,376 | 225,276,980 | 231,959,579 | 223,306,331 | ||||||||||||
Diluted | 244,804,065 | 233,761,262 | 241,772,162 | 223,306,331 | ||||||||||||
NON-GAAP RECONCILIATION RECONCILIATION OF GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA | ||||||||||||||||
Three Months ended September 30, | Nine Months ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||||
Net income (loss) | $ | 35,909 | $ | 2,565 | $ | 85,777 | $ | (10,594 | ) | |||||||
Depreciation | 1,912 | 1,913 | 5,738 | 5,686 | ||||||||||||
Amortization | 28 | 179 | 363 | 537 | ||||||||||||
Income taxes | 840 | - | 5,224 | - | ||||||||||||
Interest expense | 3,499 | 6,398 | 11,051 | 18,812 | ||||||||||||
EBITDA | 42,188 | 11,055 | 108,153 | 14,441 | ||||||||||||
Stock-based compensation | 3,179 | 1,695 | 8,183 | 4,442 | ||||||||||||
IT systems disruption | - | - | 2,770 | |||||||||||||
Adjusted EBITDA | $ | 45,367 | $ | 12,750 | $ | 116,336 | $ | 21,653 | ||||||||
FAQ
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