Financial Performance - For the year ended December 31, 2024, ADMA Biologics achieved a net income of $197.7 million, marking the first time in its history that it reported net income on a GAAP basis [337]. - Total revenues for the year ended December 31, 2024, were $426.5 million, an increase of $168.2 million or 65% compared to $258.2 million in 2023 [355]. - Gross profit for 2024 was $219.6 million, representing a gross margin of 51.5%, up from 34.4% in 2023 [357]. - Net income for the year ended December 31, 2024, was $197.7 million, an improvement of $225.9 million compared to a net loss of $28.2 million in 2023 [367]. - Adjusted EBITDA for 2024 was $164.6 million, compared to $40.3 million in 2023, reflecting significant operational improvements [354]. - The company expects Adjusted Net Income to exceed $175 million and $235 million in fiscal years 2025 and 2026, respectively [333]. - The company reported pre-tax income and GAAP net income of $125.7 million and $197.7 million for the year ended December 31, 2024, respectively [389]. Revenue Growth - The increase in revenues was primarily driven by higher sales of ASCENIV and other immunoglobulin products, along with a $2.2 million increase in plasma sales [355]. - ASCENIV's prescriber and patient base expanded during 2024, leading to record utilization and sustained demand trends into 2025 [339]. - The company expects further shifts in revenue mix toward higher margin IVIG products in fiscal 2025 [357]. - Total revenues for the year ended December 31, 2023, were $258.2 million, an increase of $104.1 million or approximately 68% compared to $154.1 million in 2022 [369]. Operational Efficiency - The company generated positive cash flow from operations of $118.7 million, primarily driven by substantial revenue growth and acceptance of ASCENIV [337]. - Positive cash flow from operations was $118.7 million for the year ended December 31, 2024, compared to $8.8 million for the year ended December 31, 2023 [387]. - Research and development expenses decreased to $1.8 million in 2024 from $3.3 million in 2023, primarily due to the absence of expenditures related to BIVIGAM [358]. - Plasma center operating expenses significantly decreased from $17.8 million in 2022 to $4.3 million in 2023, attributed to increased plasma collection efficiency [373]. Debt and Financing - The company entered into a senior secured credit facility with Ares Capital Corporation, providing $135.0 million in total, including a term loan of $62.5 million and a revolving credit facility of $72.5 million [391]. - As of December 31, 2024, the outstanding balance on the revolving credit facility was $42.5 million, and the term loan balance was $32.5 million [392]. - The interest rate on the term loan was approximately 10.9% and on the revolving facility was approximately 8.3% as of December 31, 2024 [393]. - The company incurred a loss on the extinguishment of the Hayfin Credit Facility amounting to $26.2 million in the year ended December 31, 2023 [391]. - Net cash used in financing activities for 2024 was $58.3 million, primarily due to $60.0 million in debt principal payments [409]. Future Outlook - The company anticipates filing a supplemental Biologics License Application for ASCENIV in mid-2025, with potential FDA approval in the first half of 2026 for pediatric use [340]. - The company expects total capital expenditures for fiscal 2025 to be between $12.0 million and $18.0 million [408]. - The company anticipates that its current cash, cash equivalents, and accounts receivable will be sufficient to fund operations through the end of the first quarter of fiscal 2026 [389]. Strategic Initiatives - The company is exploring various strategic alternatives and value-creating opportunities as a top corporate priority [390]. - ADMA's Boca Facility has a peak annual processing capability of up to 600,000 liters, with projected annual revenues exceeding $490 million in 2025 and $605 million in 2026 [333]. - The innovative yield enhancement production process, submitted for FDA approval in December 2024, is expected to increase production yields by approximately 20% if approved [334]. Cost Management - Selling, general and administrative expenses increased to $74.1 million in 2024, reflecting a $6.4 million rise in stock-based compensation [361]. - Interest expense decreased to $13.9 million in 2024 from $25.0 million in 2023, due to a reduction in debt principal and lower interest rates [363]. - Inflation has impacted various aspects of the business, leading to increased costs for raw materials, labor, and transportation, with expectations for some relief in 2025 [411]. - The company does not currently utilize derivative financial instruments to mitigate interest rate risk associated with its senior credit facility [412]. - A hypothetical 100 basis points increase in interest rates would have an approximate $0.8 million annualized negative impact on the company's earnings and cash flows [412].

Group 1 - Adma Biologics closed at $18.67, with a +1.3% increase, outperforming the S&P 500's gain of 0.64% [1] - The stock has gained 15.91% over the past month, contrasting with the Medical sector's loss of 0.88% and the S&P 500's loss of 7.69% [1] Group 2 - The upcoming earnings release is expected to show an EPS of $0.16, representing a 100% increase from the prior-year quarter, with quarterly revenue projected at $119.1 million, up 45.46% year-over-year [2] - For the full year, analysts expect earnings of $0.70 per share and revenue of $495.8 million, indicating changes of +42.86% and +16.26% respectively from last year [3] Group 3 - Recent modifications to analyst estimates for Adma Biologics reflect short-term business trends, with positive revisions indicating a favorable business outlook [4] - The Zacks Rank system, which incorporates estimate changes, currently ranks Adma Biologics as 2 (Buy), with a 1.46% rise in the Zacks Consensus EPS estimate over the past month [5][6] Group 4 - Adma Biologics has a Forward P/E ratio of 26.52, which is a premium compared to the industry's average Forward P/E of 19.99 [7] - The Medical - Biomedical and Genetics industry holds a Zacks Industry Rank of 73, placing it in the top 30% of over 250 industries [7][8]

Core Viewpoint - ADMA Biologics has demonstrated strong performance in 2024, with continued growth expected in 2025, driven by its lead product Asceniv and new supply contracts [1][8]. Financial Performance - In Q4 2024, ADMA reported adjusted earnings per share of 14 cents, slightly missing the Zacks Consensus Estimate by one cent, while revenues reached $118 million, surpassing the consensus estimate of $112 million [1]. - The company has revised its financial targets, now expecting revenues of over $490 million in 2025 and $605 million in 2026, with net income projected to exceed $175 million in 2025 and $235 million in 2026 [9]. Product and Market Analysis - ADMA Biologics specializes in plasma-derived biologics for treating immune deficiencies and preventing infectious diseases, with three FDA-approved products: Bivigam, Asceniv, and Nabi-HB [3][4]. - Asceniv, the lead product, is a plasma-derived IVIG designed for treating primary immunodeficiency disease (PIDD) and is manufactured using a patented plasma donor screening methodology [5][6]. - Strong demand for Asceniv is anticipated to continue into 2025, with expectations for increased patient starts and market penetration [7]. Supply Chain and Growth Potential - ADMA has entered into long-term high-titer plasma supply contracts, significantly increasing its access to raw material plasma, with a five-fold increase in total collection capacity from approximately 250 collection centers [8]. - Management projects that these supply agreements could position ADMA to achieve $1 billion in total annual revenues before 2030, indicating substantial growth potential in the 2030s [8]. Competitive Landscape - ADMA Biologics competes with Takeda and Grifols in the U.S. market for plasma-derived products, with a targeted market that shows significant growth potential [10].

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on Adma Biologics (ADMA), and emphasizes the importance of using these recommendations in conjunction with other analytical tools for making investment decisions [1][4]. Group 1: Brokerage Recommendations - Adma Biologics has an average brokerage recommendation (ABR) of 1.00, indicating a Strong Buy, based on recommendations from three brokerage firms, all of which are Strong Buy [2]. - The article highlights that brokerage recommendations may not be reliable indicators of stock performance, as studies show they often fail to guide investors effectively [4][5]. - Analysts from brokerage firms tend to exhibit a positive bias in their ratings due to vested interests, leading to a disproportionate number of favorable recommendations compared to negative ones [5][9]. Group 2: Zacks Rank vs. ABR - The Zacks Rank is presented as a more reliable tool for predicting stock price movements, based on earnings estimate revisions, and is classified into five groups from Strong Buy to Strong Sell [7][10]. - Unlike the ABR, which may not be up-to-date, the Zacks Rank reflects timely changes in earnings estimates, making it a more effective indicator for near-term stock performance [11]. - Adma Biologics currently holds a Zacks Rank 2 (Buy), supported by a 1.5% increase in the Zacks Consensus Estimate for the current year, indicating positive sentiment among analysts regarding the company's earnings prospects [12][13].

Core Viewpoint - ADMA Biologics (ADMA) shows potential for significant upside, with a mean price target of $26 indicating a 52.9% increase from the current price of $17.01 [1] Price Targets - The average price target consists of three estimates ranging from $25 to $28, with a standard deviation of $1.73, suggesting a consensus among analysts [2] - The lowest estimate indicates a 47% increase, while the highest suggests a 64.6% upside [2] - A low standard deviation indicates strong agreement among analysts regarding the stock's price movement [7] Analyst Sentiment - Analysts have shown increasing optimism about ADMA's earnings prospects, as evidenced by upward revisions in EPS estimates [9] - The Zacks Consensus Estimate for the current year has increased by 1.5% due to one upward revision and no negative revisions in the last 30 days [10] - ADMA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [11] Caution on Price Targets - Solely relying on price targets for investment decisions may not be wise, as they can often mislead investors [3][5][8] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [6]

Core Viewpoint - ADMA Biologics, Inc. is under investigation by Block & Leviton for potential securities law violations following a significant drop in its stock price due to a delay in filing its Form 10-K related to an ongoing audit by KPMG [1][2][4]. Group 1: Company Situation - Shares of ADMA Biologics fell over 8% in intraday trading on March 4, 2025, after the company announced a delay in filing its Form 10-K [2]. - The delay is attributed to an ongoing audit by KPMG that is focused on evaluating internal controls [2]. Group 2: Investor Actions - Investors who have lost money in ADMA Biologics are encouraged to contact Block & Leviton to explore options for recovering their losses [1][5]. - Eligibility for potential recovery includes anyone who purchased ADMA Biologics common stock and has experienced a decline in share value, regardless of whether they have sold their investment [3]. Group 3: Legal and Whistleblower Information - Block & Leviton is investigating the company for possible securities law violations and may file an action to recover losses for affected investors [4]. - Whistleblowers with non-public information about ADMA Biologics are encouraged to assist in the investigation, with potential rewards of up to 30% of any successful recovery from the SEC [6]. Group 4: Firm Background - Block & Leviton is recognized as a leading securities class action firm, having recovered billions for defrauded investors and representing many top institutional investors [7].

Financial Data and Key Metrics Changes - Total revenues for 2024 reached $426.5 million, reflecting a 65% year-over-year increase [9][26] - Adjusted EBITDA grew to $164.6 million, representing a 309% increase from the previous year [10][29] - GAAP net income for Q4 2024 was $111.9 million, compared to a net loss of $17.6 million in Q4 2023 [30] - Adjusted net income for the year was $119.2 million, up from $0.7 million in 2023, marking an increase of $118.5 million [31] Business Line Data and Key Metrics Changes - The increase in total revenue was primarily driven by higher sales of ASCENIV, which saw increased acceptance and utilization [26][27] - Gross profit for 2024 was $219.6 million, with a gross margin of 51.5%, up from 34.4% in 2023, due to a favorable mix of higher-margin immunoglobulin sales [27] Market Data and Key Metrics Changes - ASCENIV's forward-looking demand metrics are at all-time highs, with the company currently penetrating just over 3% of the targeted market for primary immunodeficiency (PI) [13][14] - The company has secured long-term agreements for high-titer plasma supply from approximately 250 US-based collection centers, increasing collection capacity fivefold [14] Company Strategy and Development Direction - The company anticipates regulatory approval for an enhanced yield production process by mid-2025, which could increase production output by approximately 20% [15][16] - The strategic focus includes expanding ASCENIV's market penetration and addressing unmet needs within the PI patient population [13][18] - The company aims to achieve over $1 billion in total annual revenue by 2030, with additional upside potential from the SG-001 program targeting strep pneumonia [19][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue generating strong financial results and expanding margins, supported by a solid balance sheet and increasing net cash position [20][36] - The anticipated increase in high-titer plasma supply is expected to meet growing demand and accelerate revenue and earnings growth [17][37] Other Important Information - The company is undergoing an audit process with KPMG, which is expected to enhance the accuracy and quality of financial statements [22][33] - The company has a net cash position exceeding $103 million against $75 million in total debt, providing a strong foundation for strategic initiatives [20][32] Q&A Session Summary Question: Update on third-party supply contracts and expected cadence in 2025 - Management indicated that they are more than 50% of the way to onboarding additional collection centers and are seeing increased plasma collection [42][44] Question: Characterization of the waiting list for new ASCENIV patients - Management confirmed that the queue of prospective patients is growing, and they are onboarding more patients than before [46][48] Question: Long-term guidance and yield enhancement impact - Management clarified that the 2025 guidance does not include yield enhancement, which could provide significant upside in 2026 [59][61] Question: Gross margins expectations for ASCENIV - Management expects ASCENIV's gross margins to remain above 80%, with yield enhancement further improving margins [90][92] Question: FDA review process for enhanced yield - Management expressed confidence that no preapproval inspection is required for the enhanced yield process and anticipates timely approval [94][96] Question: Timeline for SG-001 animal data and clinical entry - Management is optimistic about the rapid progress of SG-001 and expects to have animal data later this year, with potential clinical entry before 2030 [98][100]

Revenue and Financial Performance - ADMA Biologics, Inc. announced preliminary unaudited full year 2024 revenue[6] - Future guidance and performance outlook will be provided in subsequent reports[6] Market Strategy - The company is focused on expanding its market presence and enhancing product offerings[6]

Financial Performance - Total revenue for FY 2024 reached $426.5 million, marking a 65% year-over-year increase from $258.2 million in FY 2023 [14][16] - GAAP net income for FY 2024 was $197.7 million, a significant turnaround from a net loss of $28.2 million in FY 2023 [16] - Adjusted EBITDA for FY 2024 was $164.6 million, reflecting a 309% increase compared to $40.2 million in FY 2023 [17] - Adjusted net income for FY 2024 was $119.2 million, a dramatic rise from $0.7 million in FY 2023, representing a 16,810% increase [17] Cash Flow and Balance Sheet - Year-end 2024 total cash grew to over $103 million, including $60 million of debt that was organically discharged during the second half of 2024 [18] - The company generated approximately $48 million in operating cash flow in Q4 2024, contributing to a strong cash position [7] Future Guidance - Total revenue guidance for FY 2025 and 2026 has been increased to more than $490 million and $605 million, respectively [4] - Adjusted net income guidance for FY 2025 and 2026 has been raised to more than $175 million and $235 million, respectively [4] - Adjusted EBITDA guidance for FY 2025 and 2026 has been increased to more than $225 million and $305 million, respectively [7] Strategic Developments - The company anticipates generating over $1 billion in total annual revenue prior to 2030, more than doubling the current 2025 revenue forecast [2] - Long-term high-titer plasma supply contracts are expected to provide a foundation for durable ASCENIV revenue growth through the late 2030s [3][7] - FDA approval of a yield enhancement production process is anticipated by mid-2025, which could increase production yields by approximately 20% [3][7] Market Position and Product Demand - ASCENIV demand is projected to drive record highs into 2025, with expectations for increased penetration in the complex and refractive primary immunodeficiency (PI) target market [7] - The company has executed long-term high-titer plasma supply contracts, significantly increasing access to raw material plasma used for ASCENIV production [7]

Group 1 - Adma Biologics has an average brokerage recommendation (ABR) of 1.00, indicating a Strong Buy based on recommendations from three brokerage firms, all of which are Strong Buy [2][4] - The ABR is calculated solely from brokerage recommendations, which may not always align with actual stock performance due to potential biases from the firms [5][9] - The Zacks Rank, a separate quantitative model based on earnings estimate revisions, provides a more reliable indicator of near-term stock price performance compared to the ABR [7][10] Group 2 - The Zacks Consensus Estimate for Adma Biologics remains unchanged at $0.51, suggesting analysts have steady views on the company's earnings prospects [12] - Due to the unchanged consensus estimate and other factors, Adma Biologics holds a Zacks Rank 3 (Hold), indicating a cautious approach despite the Strong Buy ABR [13]