Business
ADMA Biologics Reports Fourth Quarter and Full Year 2020 Financial Results
Achieved Full Year 2020 Total Revenues of $42.2 Million, a 44% Increase Over Full Year 2019 Accelerated ADMA BioCenters Plasma Collection Network Expansion
About this update from Adma Biologics Inc
[{"type":"text","content":"Achieved Full Year 2020 Total Revenues of $42.2 Million, a 44% Increase Over Full Year 2019 Accelerated ADMA BioCenters Plasma Collection Network Expansion Guidance; Anticipates Having 10 or More Plasma Collection Centers in Operation by 2024 Management to Host Conference Call and Webcast Today at 4:30 p.m. ET RAMSEY, N.J. and BOCA RATON, Fla., March 25, 2021 (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 reported financial results for its fiscal fourth quarter and year ended December 31, 2020 and provided an overview of recent progress and accomplishments. “In a year full of unprecedented health and economic challenges due to the pandemic, the ADMA team’s unwavering commitment produced remarkable achievements across all our business segments,” said Adam Grossman, President and Chief Executive Officer of ADMA Biologics. “Operationally, while enacting all the medically recommended COVID-19 safeguards to protect our patients, employees and customers, we successfully expanded our plasma collection center network ahead of schedule and delivered on all of our manufacturing and regulatory objectives as a part of our supply chain enhancement initiatives. We generated record revenues of $42.2 million despite COVID-19 headwinds, and because of our strong commercial execution, we confidently provided first-time peak annual revenue guidance of $250 million or greater expected to be achieved in 2024 and additionally committed to reaching profitability no later than the first quarter of 2024.” “On the financial front, we substantially strengthened our balance sheet with year-end 2020 assets totaling $207.7 million, significantly growing inventories to a year-end balance of $81.5 million as well as increasing accounts receivable and investments in property, plant and equipment. We look forward to continuing to deliver quarter-over-quarter revenue growth and execute on our strategy during 2021, building on the momentum created by 2020’s achievements across all of our business segments,” concluded Mr. Grossman. Select 2020 Achievements & Recent Corporate Developments: Executed Commercially with Significant Year-Over-Year Revenue Growth. Achieved full year 2020 total...