ADMA Biologics, Inc. reported significant financial growth for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Revenues surged to $119.8 million for Q3 2024, a 78% increase from $67.3 million in Q3 2023. For the nine months, revenues reached $308.9 million, up 68% from $184.3 million in the prior year. This growth was primarily driven by increased sales of the ASCENIV immunoglobulin product and a $6 million rise in third-party plasma sales.

Gross profit for Q3 2024 was $59.7 million, compared to $24.7 million in Q3 2023, reflecting a gross margin improvement from 36.6% to 49.8%. For the nine-month period, gross profit increased to $156.2 million from $57.9 million, resulting in a gross margin of 50.6%, up from 31.4% in 2023. The company reported income from operations of $39.6 million for Q3 2024, a substantial increase from $8.7 million in Q3 2023, and $100.7 million for the nine months, compared to $7.4 million in the previous year.

Net income for Q3 2024 was $35.9 million, a significant rise from $2.6 million in Q3 2023. For the nine months, net income reached $85.8 million, compared to a net loss of $10.6 million in the same period last year. The company’s basic earnings per share improved to $0.15 for Q3 2024 from $0.01 in Q3 2023, and to $0.37 for the nine months, compared to a loss of $0.05 in 2023.

ADMA Biologics also noted a $12.6 million increase in net revenues due to a reduction in the accrual for U.S. Medicaid rebates, which positively impacted both income from operations and net income. The adjustment was based on a reevaluation of the historical payer mix for its products.

In terms of strategic developments, the company entered into a credit agreement with Ares Capital Corporation in December 2023, securing $135 million in senior secured credit facilities. As of September 30, 2024, the outstanding balance on the revolving credit facility was $42.5 million after a repayment of $30 million in August 2024. The company reported compliance with all covenants in the Ares Credit Agreement.

ADMA Biologics continues to focus on its core business of manufacturing and marketing specialty biologics for immunodeficient patients, with a strong outlook for future revenue growth driven by its FDA-approved products, ASCENIV, BIVIGAM, and Nabi-HB. The company anticipates sufficient cash flow to fund operations through the end of Q4 2025, contingent on effective commercialization and operational initiatives.