Business
ADMA Biologics Announces Fourth Quarter and Full Year 2021 Financial Results and Provides Business Update, Including $175M Debt Refinance with Hayfin Capital Management
Full Year 2021 Total Revenues of Approximately $81 Million, a 92% Increase Over Full Year 2020 Gross Profitability for Full Year 2021 Driven by Greater Market
About this update from Adma Biologics Inc
[{"type":"text","content":"Full Year 2021 Total Revenues of Approximately $81 Million, a 92% Increase Over Full Year 2020 Gross Profitability for Full Year 2021 Driven by Greater Market Penetration of Higher-Margin Product Mix Completed $175 Million Debt Refinancing with Hayfin Capital Management, Extending Interest-Only Period to March 2027 & Substantially Improving Company’s Cash Position Hayfin’s Partnership Supports ADMA’s Going-Forward Operations and Business Plan and Continued Exploration of Strategic Alternatives Full Year 2022 Total Revenues are Expected to Exceed $125 Million, Representing More Than a 50% Year-Over-Year Growth Rate RAMSEY, N.J. and BOCA RATON, Fla., March 24, 2022 (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 fourth quarter and full year 2021 financial results. Additionally, ADMA today announced the closing of a debt refinancing with Hayfin Capital Management (“Hayfin”) of $150 million, and up to an additional $25 million tied to the achievement of certain revenue targets during 2022. The first tranche of the newly issued loan from Hayfin was fully drawn and used to completely repay the obligations under the Perceptive Advisors (“Perceptive”) senior secured notes, including all associated prepayment fees. “The 2021 financial results of 92% revenue growth and positive gross margin signify that our investments are yielding returns for the Company. As evidenced by the improving gross profits and narrowing net losses, we are particularly encouraged by the recent uptick in ASCENIV™ utilization by prescribers. We believe ASCENIV™’s product composition and unique antibody profile are beginning to resonate as our marketing, sales and medical education initiatives are being well-received. We are encouraged by the early 2022 growth trends, and accordingly, anticipate revenues to exceed $125 million for the full year 2022. From a margin perspective, we anticipate the improved uptake of ASCENIV™ in our overall product mix will be further bolstered by tailwinds resulting from the 4,400-liter expanded production scale and in-house fill finishing capabilities. All told, our foundation is well established for the Company to advance towards profitabilit...