Business
ADMA Biologics Announces Third Quarter 2022 Financial Results and Provides Business Update
3Q2022 Total Revenues Were $41.1 Million, a 99% Y-o-Y Increase Grew 3Q2022 Gross Profit to $9.7 Million, a $9.3 Million Y-o-Y Increase Raising FY 2022 Total
About this update from Adma Biologics Inc
[{"type":"text","content":"3Q2022 Total Revenues Were $41.1 Million, a 99% Y-o-Y Increase Grew 3Q2022 Gross Profit to $9.7 Million, a $9.3 Million Y-o-Y Increase Raising FY 2022 Total Revenue Guidance to $145 Million From $130 Million Previously Gross Profit Growth and Narrowing Net Losses Expected into 2023 Conference Call Scheduled for Today at 4:30 p.m. ET RAMSEY, N.J. and BOCA RATON, Fla., Nov. 09, 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 third quarter 2022 financial results and provided a business update. “We are pleased to again be raising revenue guidance for full-year 2022; the Company now expects to generate total revenue of approximately $145 million, increased from $130 million as previously provided. We believe that the third quarter revenue growth of 99% year-over-year establishes a strong foundation from which ADMA will continue to generate substantial revenue growth and improve margins as we accelerate towards corporate profitability,” said Adam Grossman, President and Chief Executive Officer of ADMA. Mr. Grossman continued, “Enabled by this continued revenue growth, we opportunistically undertook several investments during the quarter which we believe will strengthen commercial initiatives, advance growth opportunities and enhance margins moving forward. Research and development expenditures increased due to accelerated enrollment of the post-marketing clinical study for BIVIGAM. We believe the rapid pace of enrollment and investigator excitement speaks to the reputation ADMA and its products have established in the market. Additionally, during the quarter, we mobilized a robust medical education and conference symposia strategy which is anticipated to solidify ASCENIV’s growth outlook and further expand the product’s growing customer base to areas not yet penetrated.” \"While we are pleased with our reported gross profit expansion, it is important to note that a substantial portion of BIVIGAM revenues during the third quarter consisted of legacy 2,200-liter scale product, which yields a significantly lower margin compared to the current 4,400-liter batch production scale,” said Brian Lenz, ADMA’s Chief Financial Officer, and General M...