Business
ADMA Biologics Announces First Quarter 2023 Financial Results and Provides Business Update
1Q2023 Total Revenues of $57 Million, a 96% Y-o-Y Increase 1Q2023 Net Loss of $6.8 Million, a 73% Y-o-Y Improvement Achieved Milestone First-Time Positive
About this update from Adma Biologics Inc
[{"type":"text","content":"1Q2023 Total Revenues of $57 Million, a 96% Y-o-Y Increase 1Q2023 Net Loss of $6.8 Million, a 73% Y-o-Y Improvement Achieved Milestone First-Time Positive Adjusted EBITDA (1), Totaling $2.5 Million, Earlier Than Forecasted FY2023 Total Revenue Now Expected to Exceed $220 Million, Increased from $210 Million Adjusted EBITDA Growth Expected Over the Remainder of 2023 Conference Call Scheduled for Today at 4:30 p.m. ET RAMSEY, N.J. and BOCA RATON, Fla., May 10, 2023 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing, and developing specialty plasma-derived biologics, today announced its first quarter 2023 financial results and provided a business update. “ADMA generated first-time Adjusted EBITDA profitability, totaling $2.5 million, during the first quarter of 2023. In addition to continued gross profit growth and realization of operating efficiencies, this breakthrough achievement was propelled by an impressive 96% year-over-year increase in total revenues, which reached $57 million in the quarter,” said Adam Grossman, President and Chief Executive Officer of ADMA. “Based on these results, we have increased our 2023 total revenue guidance, now expected to exceed $220 million, and we anticipate continuing to grow EBITDA from the newly established baseline throughout the remainder of 2023.” Mr. Grossman continued, “With the recent reduction in interest expense resulting from the Hayfin credit amendment announced last week, as well as overall increased operating efficiencies, we believe an opportunity to accelerate net income profitability earlier than previously anticipated is now likely. Lastly, during the first quarter, we made progress in advancing new growth initiatives that could allow ADMA to potentially exceed 2024 and 2025 financial targets, setting the foundation for a highly profitable growth cycle over the near and longer term. We look forward to building on the momentum of early 2023 to drive further success.” 2023 Milestones & Objectives: Accelerated Adjusted EBITDA Profitability. Driven by 96% year-over-year revenue growth, which reached $57 million during the first quarter, and the resulting operating efficiencies, ADMA achieved first-time Adjusted EBITDA profitability, totaling $2.5 million and ah...