Business
ADMA Biologics Reports Record Third Quarter 2021 Financial Results and Highlights Recent Progress and Accomplishments
Generated Record Total Revenues of $20.7 Million in the Third Quarter 2021, a 101% Increase Over Third Quarter 2020 Achieved First-Time Positive Gross Profit
About this update from Adma Biologics Inc
[{"type":"text","content":"Generated Record Total Revenues of $20.7 Million in the Third Quarter 2021, a 101% Increase Over Third Quarter 2020 Achieved First-Time Positive Gross Profit Narrowed Net Losses Quarter-Over-Quarter Management to Host Conference Call and Webcast Today at 4:30 p.m. ET RAMSEY, N.J. and BOCA RATON, Fla., Nov. 10, 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 the three months ended September 30, 2021, its fiscal third quarter, and provided an overview of recent progress and accomplishments. “Achieving a positive gross profit and 101% year-over-year revenue growth represents a key inflection point for the Company as we continue our ongoing commercial and production ramp up. These financial milestones and accomplishments would not have been possible without the dedication and focus of ADMA’s staff, leadership and advisors. We commend the entire team for their extraordinary efforts focused on improving healthcare for U.S. patients,” said Adam Grossman, President and Chief Executive Officer of ADMA. “The investments we have made into our manufacturing facility and our ADMA BioCenters plasma collection operations are yielding positive results and we are encouraged by the contributions from each segment to our overall operations. Additionally, we strengthened our balance sheet with the recent closing of an underwritten public equity offering of $57.5 million in gross proceeds which, in combination with our active engagement with prospective debt lenders to raise additional non-dilutive capital has the potential to substantially fund our business to profitability no later than the first quarter of 2024.” Mr. Grossman continued, “During the third quarter, our inventory and property and equipment balances continued to grow, which will support the significant revenue growth we anticipate over the coming quarters. We believe our organization, through its operational execution, has clearly demonstrated strength and resilience, and is well-positioned to meet or exceed all previously disclosed financial targets and unlock significant value for stockholders in the periods ahead. The ADMA BioCenters segment continues to excel and rem...