Business
ADMA Biologics Announces Third Quarter 2023 Financial Results and Provides Business Update
3Q2023 Total Revenues of $67.3 Million, a 64% Y-o-Y Increase First-Time Positive GAAP Net Income of $2.6 Million First-Time Positive Operating Cash Flow of
About this update from Adma Biologics Inc
[{"type":"text","content":"3Q2023 Total Revenues of $67.3 Million, a 64% Y-o-Y Increase First-Time Positive GAAP Net Income of $2.6 Million First-Time Positive Operating Cash Flow of $12.0 Million, Growing Total Cash Balance to $74.2 Million 3Q2023 Adjusted EBITDA(1) Grew to $12.7 Million, a 98% Q-o-Q Increase FY2023 Total Revenue Now Expected to Exceed $250 Million, Increased from $240 Million Adjusted EBITDA and Net Income Growth Expected Over the Remainder of 2023 and Beyond FY2024 and 2025 Total Revenue Guidance Increased to More than $290 Million and $335 Million, Respectively Conference Call Scheduled for Today at 4:30 p.m. ET RAMSEY, N.J. and BOCA RATON, Fla., Nov. 08, 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 third quarter 2023 financial results and provided a business update. \"ADMA advanced its position during the third quarter to become one of the fastest growing, profitable BioPharma companies in the United States. We achieved remarkable results, increasing Adjusted EBITDA by 98% quarter-over-quarter to reach $12.7 million, and realizing two significant milestones: first-time net income profitability, which reached $2.6 million, and first-time positive operating cash flow, which reached $12.0 million,” said Adam Grossman, President and Chief Executive Officer of ADMA. “We believe ADMA’s success is deeply rooted in our innovative business model and unwavering focus on the underserved immune deficient patient populations. While our penetration in this patient segment is encouraging and continues to strengthen, we believe that we are only in the very early stages relative to the potential size of this addressable market.” Mr. Grossman continued, “The momentum we have established in 2023 has given us the confidence to raise our total revenue guidance again, for full years 2023, 2024, and 2025. With ADMA’s cash holdings growing to $74.2 million during the third quarter and Adjusted EBITDA annualizing at more than $50.0 million, we have established a strong foundation from which we anticipate continuous growth in both revenues and profits at a compounding rate. Further, our ongoing and progressing corporate initiatives, particularly those focused...