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 June 30, 2021, its fiscal second quarter, and provided an
overview of recent progress and accomplishments.
“ADMA continues to achieve milestones and execute on its
commercial and operational strategies as evidenced by the strong
second quarter financial results and regulatory successes. The
totality of the year-to-date accomplishments across business
segments has the Company well-positioned to sustain
quarter-over-quarter revenue growth with improving margins for the
foreseeable future,” said Adam Grossman, President and Chief
Executive Officer of ADMA.
“Less than two years into ADMA’s commercial launch of its
intravenous immune globulin (“IVIG”) product portfolio, the Company
generated record quarterly revenues of $17.8 million, representing
an increase of 129% year-over-year. This top-line growth is
particularly impressive in light of the pandemic-related headwinds
that continue to persist throughout the product launch period,
which impacted industry supply chains and limited engagement with
physicians and providers. Additionally, these results do not
reflect the substantial benefits anticipated from the recently
approved BIVIGAM® expanded production scale, increasing our
facility’s total annual peak production capacity from 400,000
liters to 600,000 liters, as well as the expected approval of the
VanRx SA25 Workcell aseptic fill-finish machine (“VanRx”) in the
second half of 2021. We are confident that our underlying business
trends have demonstrated strength and resilience year-to-date and
can continue improving in the second half of 2021 and beyond as
operating efficiencies materialize and production ramp-up further
progresses.
“ADMA has also seen a substantial strengthening of its supply
chain in the first half of the year. The recent receipt of zero
Form 483 observations as a part of the pre-approval inspection
(“PAI”) for the VanRx machine paves the way for an anticipated
approval over the coming months. When approved, it will cap a
multi-year remediation and end-to-end supply chain initiative at
the Boca Raton, FL manufacturing facility, and will propel ADMA
into an elite group of U.S.-based drug manufacturers with
comprehensive in-house control of a majority of its critical
manufacturing functions.
“The ADMA BioCenters team, through its year-to-date
accomplishments, has made significant strides towards ensuring
uninterrupted raw material plasma supply. The enhanced yield
anticipated from the recent implementation of Haemonetics’ Persona®
technology, the extension of the Company’s primary third-party
plasma supply contract to the end of 2022 and the continued
expansion of the BioCenters plasma collection network establishes a
solid foundation for ADMA to ensure continuity of product supply
into an increasingly supply-constrained immune globulin market.
With the current industry-wide pressures on plasma collection
operations, ADMA’s strategic emphasis on building an internal
collection network and solidifying third-party supplemental supply
should yield significant returns in the periods ahead and largely
insulate the Company from supply and pricing fluctuations.
“Over the past 4 years, ADMA has also been diligently building a
vertically integrated commercial biologics manufacturing
organization since acquiring its manufacturing facility and assets
in June 2017 and is now successfully emerging from its multi-year
investment, regulatory and remediation phase. The majority of
substantive investments are now in the rearview, the wholly owned
manufacturing plant is now fully remediated and collectively,
positions the Company to meet or exceed all longer-term financial
targets. These accomplishments could not have been realized 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,” concluded Mr.
Grossman.
Select Second Quarter 2021 Achievements & Recent
Corporate Developments:
- Continued Commercial Execution: Achieved
second quarter 2021 total revenues of $17.8 million, compared to
$7.8 million for the second quarter of 2020, reflecting a 129%
increase.
- Successful PAI Paves the Way for Second Half 2021 VanRx
Approval. We anticipate the successfully completed PAI,
during which the U.S. Food and Drug Administration (FDA) issued no
Form 483 observations, will facilitate a VanRx approval over the
coming months. In addition to the significant operating
efficiencies expected to result from the expected VanRx approval,
the fill-finish capabilities will propel ADMA into an elite class
of U.S. drug manufacturers with complete end-to-end control of
critical manufacturing functions. As previously stated, we are
actively evaluating new business opportunities with these
fill-finish capabilities and intend to update the market as
appropriate.
- On Track BioCenters Network Expansion. ADMA
currently has eight plasma collection facilities under its
corporate umbrella at various stages of approval and development,
including five facilities that are currently operational and
collecting plasma. The Company remains on track to achieve its
stated goal of operating 10 or more plasma collection centers by
2024. Over the remainder of 2021, ADMA anticipates receiving
approval for one facility presently pending a Biologics License
Application (“BLA”) and expects to file BLAs for two additional
plasma collection centers.
- Expanded Suite of IG Product Offerings with
Introduction of Additional Vial Sizes. The availability of
the additional NABI-HB® and BIVIGAM® vial sizes meaningfully
enhance ADMA’s go-to-market offering for its immunoglobulin product
portfolio and allows for more versatile utilization by providers
and patients.
Second Quarter 2021 Financial Results
Total revenues for the quarter ended June 30, 2021, were
approximately $17.8 million, compared to approximately $7.8 million
for the quarter ended June 30, 2020, representing an increase of
approximately $10.0 million, or 129%. The revenue growth for the
quarter ended June 30, 2021, compared to the quarter ended June 30,
2020, was favorably impacted by the continued commercial ramp-up of
ADMA’s IVIG product portfolio.
Consolidated net loss for the quarter ended June 30, 2021 was
approximately $18.9 million, or $(0.15) per basic and diluted
share, compared to a consolidated net loss of approximately $20.2
million, or $(0.23) per basic and diluted share, for the quarter
ended June 30, 2020. The $1.3 million narrowing in net loss
compared to the prior year period was primarily attributable to
increased revenues and improved gross margins. The net loss
incurred during the second quarter of 2021 includes a one-time,
non-recurring charge related to a separation and transition
agreement in the amount of approximately $0.8 million.
At June 30, 2021, ADMA had cash and cash equivalents of
approximately $42.4 million and accounts receivable of
approximately $23.5 million, compared to cash and cash equivalents
of approximately $75.8 million and accounts receivable of
approximately $6.5 million as of June 30, 2020. ADMA’s net working
capital as of June 30, 2021 was approximately $153.2 million,
compared to approximately $130.1 million as of June 30, 2020.
Conference Call Information
ADMA will host a conference call today, August 11, 2021, at 4:30
p.m. Eastern Time, to discuss the fiscal second quarter 2021
financial results and recent corporate updates. To access the
conference call, please dial (855) 884-8773 (local) or (615)
622-8043 (international) at least 10 minutes prior to the start
time and refer to conference ID 8992329. A live audio webcast of
the call will be available under "Events & Webcasts" in the
Investor section of the Company's website,
https://ir.admabiologics.com/events-webcasts. An
archived webcast will be available on the Company's website
approximately two hours after the event.
About BIVIGAM®
BIVIGAM® (immune globulin intravenous, human –
10% liquid) is a plasma-derived, polyclonal, intravenous immune
globulin (IVIG). BIVIGAM® was approved by the FDA in May 2019 and
is indicated for the treatment of primary humoral immunodeficiency
(PI), including, but not limited to the following group of genetic
disorders: X-linked and congenital agammaglobulinemia, common
variable immunodeficiency, Wiskott-Aldrich syndrome and severe
combined immunodeficiency. BIVIGAM® contains a broad range of
antibodies similar to those found in normal human plasma. These
antibodies are directed against bacteria and viruses and help to
protect PI patients against serious infections. BIVIGAM® is a
purified, sterile, ready-to-use preparation of concentrated human
Immunoglobulin antibodies. Certain data and other
information about BIVIGAM® or ADMA and its products can be found on
the Company’s website at www.admabiologics.com.
About Nabi-HB®
Nabi-HB® is a hyperimmune globulin that is rich
in antibodies to the Hepatitis B virus. Nabi-HB® is a purified
human polyclonal antibody product collected from plasma donors who
have been previously vaccinated with a Hepatitis B vaccine.
Nabi-HB® is indicated for the treatment of acute exposure to blood
containing Hepatitis B surface antigen (HBsAg), prenatal exposure
to infants born to HBsAg-positive mothers, sexual exposure to
HBsAg-positive persons and household exposure to persons with acute
Hepatitis B virus infection. Hepatitis B is a potentially
life-threatening liver infection caused by the Hepatitis B virus.
It is a major global health problem and can cause chronic infection
and put people at high risk of death from cirrhosis and liver
cancer. Nabi-HB® has a well-documented record of long-term safety
and effectiveness since its initial market introduction. Certain
data and other information about Nabi-HB® or ADMA and its products
can be found on the Company’s website at www.admabiologics.com.
About ADMA BioCenters
ADMA BioCenters operates FDA-licensed facilities
specializing in the collection of human plasma used to make special
medications for the treatment and prevention of diseases. Managed
by a team of experts who have decades of experience in the
specialized field of plasma collection, ADMA BioCenters provides a
safe, professional and pleasant donation environment. ADMA
BioCenters strictly follows FDA regulations and guidance and
enforces current good manufacturing practices (cGMP) in all of its
facilities. For more information about ADMA BioCenters, please
visit www.admabiocenters.com.
About ADMA Biologics, Inc.
(ADMA)
ADMA is an end-to-end American commercial
biopharmaceutical company dedicated to manufacturing, marketing and
developing specialty plasma-derived biologics for the treatment of
immunodeficient patients at risk for infection and others at risk
for certain infectious diseases. ADMA currently manufactures and
markets three FDA-approved plasma-derived biologics for the
treatment of immune deficiencies and the prevention of certain
infectious diseases: BIVIGAM® (immune globulin intravenous, human)
for the treatment of primary humoral immunodeficiency (PI);
ASCENIV™ (immune globulin intravenous, human – slra 10% liquid) for
the treatment of PI; and NABI-HB® (hepatitis B immune globulin,
human) to provide enhanced immunity against the Hepatitis B virus.
ADMA manufactures its immune globulin products at its FDA-licensed
plasma fractionation and purification facility located in Boca
Raton, Florida. Through its ADMA BioCenters subsidiary, ADMA also
operates as an FDA-approved source plasma collector in the U.S.,
which provides a portion of its blood plasma for the manufacture of
its products. ADMA’s mission is to manufacture, market and develop
specialty plasma-derived, human immune globulins targeted to niche
patient populations for the treatment and prevention of certain
infectious diseases and management of immune compromised patient
populations who suffer from an underlying immune deficiency, or who
may be immune compromised for other medical reasons. ADMA has
received U.S. Patents 9,107,906, 9,714,283, 9,815,886, 9,969,793
and 10,259,865 related to certain aspects of its products and
product candidates. For more information, please visit
www.admabiologics.com.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 about ADMA Biologics, Inc.
and its subsidiaries (collectively, “we,” “our” or the “Company”).
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate, or imply future
results, performance or achievements, and may contain such words as
“estimate,” “project,” “intend,” “forecast,” “target,”
“anticipate,” “plan,” “planning,” “expect,” “believe,” “will,”
“should,” “could,” “would,” “may,” or, in each case, their
negative, or words or expressions of similar meaning. These
forward-looking statements also include, but are not limited to,
statements about ADMA’s future results of operations, including our
anticipated timing for reaching profitability and our expected
revenue run rates, meaningful gross margin improvement and
operating efficiencies; the impact of COVID-19 on the Company’s
financial results and business operations; expected benefits from
the VanRx aseptic fill-finish machine, including cost efficiencies
and contract manufacturing opportunities; the anticipated benefits
from the recent implementation of Haemonetics’ Persona® technology
combined with our plasma collection network; BIVIGAM®’s production
capacity; the goal of building and opening new plasma collection
centers by 2024; the Company’s plasma collections and production;
our ability to maintain plasma supply; the outcome and timing of
our BLA application for our new plasma centers and for FDA approval
of our VanRx aseptic fill-finish machine; and the expected benefits
of additional NABI-HB® and BIVIGAM® vial sizes. Actual events or
results may differ materially from those described in this press
release due to a number of important factors. Current and
prospective security holders are cautioned that there also can be
no assurance that the forward-looking statements included in this
press release will prove to be accurate. Except to the extent
required by applicable laws or rules, ADMA does not undertake any
obligation to update any forward-looking statements or to announce
revisions to any of the forward-looking statements. Forward-looking
statements are subject to many risks, uncertainties and other
factors that could cause our actual results, and the timing of
certain events, to differ materially from any future results
expressed or implied by the forward-looking statements, including,
but not limited to, the risks and uncertainties described in our
filings with the U.S. Securities and Exchange Commission, including
our most recent reports on Form 10-K, 10-Q and 8-K, and any
amendments thereto.
COMPANY CONTACT: Skyler Bloom Director,
Investor Relations and Corporate Strategy | 201-478-5552
|sbloom@admabio.com
INVESTOR RELATIONS CONTACT:Michelle Pappanastos
Senior Managing Director, Argot Partners | 212-600-1902 |
michelle@argotpartners.com
ADMA BIOLOGICS, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS(Unaudited)
|
|
Three Months Ended June 30, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
Product revenue |
|
$ |
17,794,881 |
|
|
$ |
7,751,885 |
|
|
License revenue |
|
|
35,709 |
|
|
|
35,709 |
|
|
Total revenues |
|
|
17,830,590 |
|
|
|
7,787,594 |
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
Cost of product revenue (exclusive of amortization expense shown
below) |
|
|
18,832,624 |
|
|
|
13,495,629 |
|
|
Research and development |
|
|
1,158,866 |
|
|
|
1,656,420 |
|
|
Plasma center operating expenses |
|
|
2,803,326 |
|
|
|
877,902 |
|
|
Amortization of intangible assets |
|
|
178,838 |
|
|
|
178,838 |
|
|
Selling, general and administrative |
|
|
10,438,168 |
|
|
|
8,702,630 |
|
|
Total operating expenses |
|
|
33,411,822 |
|
|
|
24,911,419 |
|
|
|
|
|
|
|
|
LOSS
FROM OPERATIONS |
|
|
(15,581,232 |
) |
|
|
(17,123,825 |
) |
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
Interest income |
|
|
5,926 |
|
|
|
19,411 |
|
|
Interest expense |
|
|
(3,246,680 |
) |
|
|
(3,067,306 |
) |
|
Other expense |
|
|
(83,317 |
) |
|
|
(6,371 |
) |
|
Other expense, net |
|
|
(3,324,071 |
) |
|
|
(3,054,266 |
) |
|
|
|
|
|
|
|
NET
LOSS |
|
$ |
(18,905,303 |
) |
|
$ |
(20,178,091 |
) |
|
|
|
|
|
|
|
BASIC AND DILUTED LOSS PER COMMON SHARE |
|
$ |
(0.15 |
) |
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
Basic and Diluted |
|
|
127,416,126 |
|
|
|
86,347,467 |
|
|
|
|
|
|
|
|
ADMA BIOLOGICS, INC. AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
|
June
30, |
|
December
31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and cash equivalents |
$ |
42,408,958 |
|
|
$ |
55,921,152 |
|
|
Accounts receivable, net |
|
23,544,594 |
|
|
|
13,237,290 |
|
|
Inventories |
|
99,699,743 |
|
|
|
81,535,599 |
|
|
Prepaid expenses and other current assets |
|
5,701,863 |
|
|
|
3,046,466 |
|
|
Total current assets |
|
171,355,158 |
|
|
|
153,740,507 |
|
|
Property and
equipment, net |
|
46,486,980 |
|
|
|
41,593,090 |
|
|
Intangible
assets, net |
|
2,086,445 |
|
|
|
2,444,121 |
|
|
Goodwill |
|
3,529,509 |
|
|
|
3,529,509 |
|
|
Right to use
assets |
|
6,829,040 |
|
|
|
4,259,191 |
|
|
Deposits and
other assets |
|
2,526,660 |
|
|
|
2,106,976 |
|
|
TOTAL ASSETS |
$ |
232,813,792 |
|
|
$ |
207,673,394 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts payable |
$ |
6,167,465 |
|
|
$ |
11,073,708 |
|
|
Accrued expenses and other current liabilities |
|
11,490,239 |
|
|
|
8,365,143 |
|
|
Current portion of deferred revenue |
|
142,834 |
|
|
|
142,834 |
|
|
Current portion of lease obligations |
|
385,858 |
|
|
|
365,682 |
|
|
Total current liabilities |
|
18,186,396 |
|
|
|
19,947,367 |
|
|
Senior notes
payable, net of discount |
|
93,877,017 |
|
|
|
92,968,866 |
|
|
Deferred
revenue, net of current portion |
|
2,047,281 |
|
|
|
2,118,698 |
|
|
Lease
obligations, net of current portion |
|
7,073,415 |
|
|
|
4,334,151 |
|
|
Other
non-current liabilities |
|
36,151 |
|
|
|
54,886 |
|
|
TOTAL LIABILITIES |
|
121,220,260 |
|
|
|
119,423,968 |
|
|
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
Preferred
Stock, $0.0001 par value, 10,000,000 shares authorized, |
|
|
|
|
no shares issued and outstanding |
|
- |
|
|
|
- |
|
|
Common Stock
- voting, $0.0001 par value, 300,000,000 and 150,000,000 shares
authorized, |
|
|
|
|
131,872,026 and 104,902,888 shares issued and outstanding |
|
13,187 |
|
|
|
10,490 |
|
|
Additional
paid-in capital |
|
489,330,692 |
|
|
|
428,704,039 |
|
|
Accumulated
deficit |
|
(377,750,347 |
) |
|
|
(340,465,103 |
) |
|
TOTAL STOCKHOLDERS' EQUITY |
|
111,593,532 |
|
|
|
88,249,426 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
232,813,792 |
|
|
$ |
207,673,394 |
|
|
|
|
|
|
|
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