ADMA Biologics(ADMA) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $134.2 million, a 12% increase from $119.8 million in Q3 2024[8] - GAAP net income for Q3 2025 was $36.4 million, a 1% increase from $35.9 million in Q3 2024[10] - Adjusted EBITDA for Q3 2025 rose to $58.7 million, reflecting a 29% increase from $45.4 million in the same period of 2024[10] - Gross profit increased to $75.6 million, with gross margin improving to 56.3% from 49.8% year-over-year[9] - Total revenue for the three months ended September 30, 2025, was $134,224,000, representing a 12% increase from $119,839,000 in the same period of 2024[30] - Gross profit for the nine months ended September 30, 2025, was $203,949,000, up from $156,220,000 in 2024, indicating a significant growth[30] - Adjusted EBITDA for the three months ended September 30, 2025, was $58,740,000, compared to $45,367,000 in 2024, reflecting a 29% increase[32] - Net income for the three months ended September 30, 2025, was $36,428,000, slightly up from $35,909,000 in 2024[30] - The company reported a basic earnings per share of $0.15 for both the three months ended September 30, 2025, and 2024[30] Guidance and Projections - FY 2025 total revenue guidance raised to at least $510 million, and FY 2026 guidance raised to at least $630 million[6] - Adjusted net income for FY 2025 revised to approximately $158 million due to a higher effective tax rate, while FY 2026 adjusted net income guidance increased to more than $255 million[6] Product and Market Developments - ASCENIV utilization achieved record levels, driven by strong prescriber adoption and growing patient demand[6] - Positive real-world outcomes for ASCENIV demonstrated a reduction in infection rates by more than 50% compared to prior IVIG therapy[7] - The FDA lot release of yield-enhanced production batches is expected to drive gross margin expansion beginning in Q4 2025[2] - SG-001 program is advancing with potential for a $300–500 million annual high-margin opportunity if successfully brought to market[7] Asset and Liability Management - Cash and cash equivalents decreased to $61,385,000 as of September 30, 2025, from $103,147,000 at the end of 2024[26] - Total current assets increased to $402,655,000 as of September 30, 2025, compared to $331,410,000 at the end of 2024[26] - Total liabilities decreased to $137,501,000 as of September 30, 2025, from $139,660,000 at the end of 2024[27] Operational Strategy - The company anticipates revenue and earnings growth driven by FDA approval of the yield enhancement process and operational momentum[23] - The company plans to optimize operations and streamline its plasma network to enhance efficiency and production output[23]