ADMA Biologics, Inc. reported significant financial growth for the year ended December 31, 2024, achieving a net income of $197.7 million, marking the first time the company has reported a profit on a GAAP basis. This represents a substantial improvement from a net loss of $28.2 million in the previous year. The company generated total revenues of $426.5 million, a 65% increase from $258.2 million in 2023, primarily driven by increased sales of its intravenous immune globulin product, ASCENIV, which has seen growing acceptance among physicians, patients, and payers.
The company's operational metrics also reflect positive changes, with gross profit rising to $219.6 million, resulting in a gross margin of 51.5%, up from 34.4% in 2023. This improvement is attributed to a favorable sales mix towards higher-margin immunoglobulin products and a reduction in manufacturing costs. ADMA's research and development expenses decreased to $1.8 million from $3.3 million, as the company completed certain post-marketing commitments for its products. Additionally, selling, general, and administrative expenses increased to $74.1 million, reflecting higher employee-related costs and stock-based compensation.
Strategically, ADMA has expanded its product offerings and operational capabilities. The company operates ten FDA-licensed plasma collection centers, which are crucial for sourcing the plasma needed for its products. In December 2024, ADMA submitted a Prior Approval Supplement to the FDA for an innovative yield enhancement production process, which, if approved, could increase production yields by approximately 20%. The company anticipates receiving FDA approval by mid-2025, with potential revenue benefits expected in the latter half of that year.
ADMA's workforce has grown to 685 employees, with plans to hire additional staff to support its expanding operations. The company has also made significant strides in its financial management, reducing interest expenses from $25 million in 2023 to $13.9 million in 2024, following a refinancing of its debt. The company’s liquidity position remains strong, with working capital of $275.9 million as of December 31, 2024, bolstered by positive cash flow from operations of $118.7 million.
Looking ahead, ADMA Biologics is optimistic about its growth trajectory, projecting revenues exceeding $490 million in 2025 and $605 million in 2026, driven by continued demand for ASCENIV and potential new product approvals. However, the company acknowledges risks related to market acceptance, regulatory approvals, and reliance on third-party suppliers, which could impact its ability to sustain profitability and growth in the future.
About ADMA BIOLOGICS, INC.
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