UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 8, 2023


ADMA BIOLOGICS, INC.

(Exact name of registrant as specified in its charter)

Delaware
001-36728
56-2590442
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)

465 State Route 17, Ramsey, New Jersey
 
07446
(Address of principal executive offices)
 
(Zip Code)

Registrant’s telephone number, including area code: (201) 478-5552


(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
ADMA
Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02
Results of Operations and Financial Condition

On November 8, 2023, ADMA Biologics, Inc. issued a press release announcing its financial results for the three months ended September 30, 2023 and providing a business update. A copy of the press release is furnished herewith as Exhibit 99.1.*

Item 9.01
Exhibits.

(d) Exhibits

Exhibit No.
Description
ADMA Biologics, Inc. Press Release, dated November 8, 2023
104
Cover Page Interactive Data File (embedded with the Inline XBRL document)

* The information in Item 2.02 of this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

November 8, 2023
ADMA Biologics, Inc.
   
 
By:
/s/ Brian Lenz
   
Name:
Brian Lenz
   
Title:
Executive Vice President and Chief Financial Officer


3


Exhibit 99.1
 


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 $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., November 8, 2023 -- 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 on manufacturing yield enhancement, hold the potential to further accelerate ADMA’s growth outlook and peak earnings. We look forward to advancing what we believe will become one of the most durable earnings outlooks in the BioPharma industry.”


(1) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to the most comparable GAAP measures, please see the reconciliation included in the financial tables.
 
Third Quarter 2023 Milestones & Objectives:
 

Increased Revenue Guidance for Full Years (FY) 2023, 2024, and 2025.  Enabled by strong year-to-date momentum, ADMA increased its revenue outlook for FY 2023, 2024, and 2025. The Company now anticipates exceeding total revenues of $250 million in 2023 and generating more than $290 million and $335 million for 2024 and 2025, respectively.
 

Significant Growth in Underlying Profitability. Driven by 64% year-over-year revenue growth and an expansion of gross margins to 36.6%, ADMA grew Adjusted EBITDA to $12.7 million during the third quarter.  Additionally, ADMA achieved first-time net income profitability, totaling $2.6 million, and generated first-time positive operating cash flow of $12.0 million. The Company anticipates maintaining this momentum throughout the remainder of 2023 and beyond.
 

Strengthened Balance Sheet.  Based on ADMA’s third quarter Adjusted EBITDA growth and cash generation, the Company’s current net leverage ratio has organically improved to an impressive 1.6x.  The balance sheet is anticipated to further strengthen over the coming periods, enabled by forecasted operating cash flow and growing Adjusted EBITDA.
 

Meaningful Presence at Medical Congress.   At the Annual 2023 IDWeek International Conference, ADMA sponsored a symposium with two national clinical experts.
 

o
Dr. Aliyah Baluch, MD, MSc discussed the heightened severity of respiratory viral infections (RVIs) in immunocompromised patients, with up to 80% mortality risk in some cases. She emphasized the lack of a standard RVI management approach, leading to an unmet need. Dr. Baluch also touched on emerging therapies.
 

o
Dr. Jolan Walter, MD, PhD highlighted the evolving approach to managing infectious diseases in immunocompromised patients, focusing on RVI management. She introduced ASCENIV, a unique intravenous immune globulin with increased titers against respiratory pathogens. Dr. Walter presented a case where ASCENIV effectively managed recurrent respiratory infections that were unresponsive to standard immunoglobulin therapy, and shared her own real-world experience, demonstrating its clinical impact.
 

o
Dr. Jolan Walter stated, “Given the unique plasma composition and antibody titers of ASCENIV™, the product is well equipped to manage at-risk immunocompromised patients in both the preventive and treatment settings.”
 

Mix Continues to Favorably Evolve. ASCENIV’s prescriber and patient base continued to expand during the third quarter of 2023, which drove record utilization and pull-through for the product. ADMA currently expects that the product’s rapid growth will continue for the foreseeable future. Continued product mix shift towards ADMA’s higher margin product beyond current levels represents potential upside to the newly increased revenue guidance, should it occur.
 

Advanced Growth Initiatives. During the third quarter of 2023, the Company made progress advancing its identified growth opportunities.  These initiatives, if successful, may provide potential upside to the FY 2024 and 2025 revenue and earnings guidance.



o
Expanded ASCENIV Production Scale: During the third quarter, ADMA successfully advanced production and filling of multiple ASCENIV batches produced at the expanded, 4,400 liter production scale. The Company expects that this expansion will meaningfully improve the product’s margin profile and increase plant production capacity as fewer batches will be needed to support revenue goals. We believe these benefits could be realized beginning in late 2023 and more materially in 2024 and beyond.

o
Yield Enhancement Opportunities: The Company continued to make progress during the third quarter of 2023 with development scale and laboratory analyses, advancing ADMA’s initiative to capture additional IG production yields. These initiatives are subject to further evaluation, validation of commercial-scale production and requisite regulatory review. If proven successful, these yield enhancements will potentially provide significant upside to the Company’s peak financial targets.
 

o
Label Expansion: The ongoing post-marketing clinical studies are progressing and may provide label expansion opportunities, further strengthening ADMA’s product portfolio compared to peers, if successful.


On-Track BioCenters Expansion. The Company’s BioCenters segment now has nine U.S. Food and Drug Administration (FDA)-licensed collection centers with one additional center operational, collecting plasma and pending FDA licensure. The Company remains on track to have all ten BioCenters FDA-licensed by year-end 2023 and, in the same period, forecasts raw material plasma supply self-sufficiency. ADMA anticipates its strong plasma supply position will support its upwardly revised production and revenue forecasts.
 

Ongoing Strategic Review. ADMA continues to evaluate a variety of strategic alternatives. The exploration of value-creating opportunities remains a top corporate priority.

2023 & Long-Term Financial Guidance:
 

Updated 2023 Financial Guidance: ADMA now anticipates FY 2023 total revenues to exceed $250 million, increased from $240 million previously. Further, ADMA anticipates continued growth in Net Income and Adjusted EBITDA over the remainder of 2023.
 

Updated 2024-2025 Financial Guidance:  The Company increased its intermediate term financial guidance, and now anticipates FY 2024 and 2025 total revenues to exceed $290 million and $335 million, respectively, raised from at least $275 million and $320 million, respectively, previously. Importantly, continued product mix shifts as well as optionality from identified growth initiatives, notably yield enhancement, represent potential upside to these newly provided ranges.  At these revenue levels, ADMA continues to forecast achieving consolidated gross margins in the range of 40-50% and net income margins in the range of 20-30%. These assumptions translate to potential annual gross profit and net income in excess of $110-$160 million and $55-$100 million, respectively, during the 2024-2025 time periods.

Third Quarter 2023 Financial Results:

Total revenues for the three months ended September 30, 2023 were $67.3 million, as compared to $41.1 million during the three months ended September 30, 2022, an increase of $26.2 million, or approximately 64%. The increase is due to increased sales of ADMA’s immunoglobulin products, primarily ASCENIV and BIVIGAM, as the Company continues to experience increased physician, payer and patient acceptance and utilization of ASCENIV and expand its customer base for BIVIGAM. The growth in product revenues during the third quarter was partially offset by a $3.1 million decrease in third-party plasma sales by ADMA’s BioCenters business segment.

Gross profit for the three months ended September 30, 2023 was $24.7 million, as compared to $9.7 million for the same period of a year ago, which represents an increase of $15.0 million. As a result, ADMA achieved a gross margin of 36.6% in the third quarter of 2023 as compared to 23.5% in the third quarter of 2022.


Consolidated GAAP Net Income was $2.6 million for the third quarter of 2023, as compared to a GAAP Net Loss of $14.9 million for the third quarter of 2022. This $17.5 million improvement in ADMA’s results of operations is primarily due to the increase in operating income of $18.0 million.

ADMA grew Adjusted EBITDA to $12.7 million for the three months ended September 30, 2023, as compared to an Adjusted EBITDA loss of $6.1 million the same period of a year ago. The improvement is driven primarily by increased sales and gross profit.

At September 30, 2023, ADMA had working capital of $231.9 million, primarily consisting of $163.1 million of inventory, cash and cash equivalents of $74.2 million and $31.3 million of accounts receivable, partially offset by current liabilities of $41.8 million.

Conference Call Information
To attend the conference call seamlessly on November 8, 2023 at 4:30 p.m. ET, participants may register for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join 10 minutes prior to the event starting (although you may register and dial in at any time during the call). 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 ASCENIV™
 
ASCENIV (immune globulin intravenous, human – slra 10% liquid) is a plasma-derived, polyclonal, intravenous immune globulin (IVIG). ASCENIV was approved by the FDA in April 2019 and is indicated for the treatment of primary humoral immunodeficiency (PI), also known as primary immune deficiency disease (PIDD), in adults and adolescents (12 to 17 years of age). ASCENIV is manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma and respiratory syncytial virus (RSV) plasma obtained from donors tested using the Company’s proprietary microneutralization assay. ASCENIV contains naturally occurring polyclonal antibodies, which are proteins that are used by the body’s immune system to neutralize microbes, such as bacteria and viruses and prevent against infection and disease. ASCENIV is protected by U.S. Patents: 9,107,906, 9,714,283 and 9,815,886. Certain data and other information about ASCENIV™ or ADMA Biologics and its products can be found on the Company’s website at www.admabiologics.com.
 
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 Biologics 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 cGMP (current good manufacturing practices) in all of its facilities. For more information about ADMA BioCenters, please visit www.admabiocenters.com.


About ADMA Biologics, Inc.
 
ADMA Biologics is an end-to-end 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 United States Food and Drug Administration (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 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 and European Patent No. 3375789, among others, related to certain aspects of its products and product candidates. For more information, please visit www.admabiologics.com.
 
Use of Non-GAAP Financial Measures
 
This press release includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company believes EBITDA and Adjusted EBITDA are useful to investors in evaluating the Company’s financial performance. The Company uses EBITDA and Adjusted EBITDA as key performance measures because we believe that they facilitate operating performance comparisons from period to period that exclude potential differences driven by the impact of variations of non-cash items such as depreciation and amortization, as well as, in the case of Adjusted EBITDA, stock-based compensation or certain non-recurring items. The Company believes that investors should have access to the same set of tools used by our management and board of directors to assess our operating performance. EBITDA and Adjusted EBITDA should not be considered as measures of financial performance under U.S. GAAP, and the items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing the Company’s financial performance. Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income/loss or any other performance measures derived in accordance with U.S. GAAP and may be different from similarly titled non-GAAP measures used by other companies. Please refer to the tables below for the reconciliation of GAAP measures to these non-GAAP measures for applicable periods.
 

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, “our”, “ADMA” 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 “anticipates,” “believes,” “could,” “can,” “estimates,” “expects,” “forecasts,” “intends,” “may,” “plans,” “predicts,” “projects,” “should,” “targets,” “will,” “would,” 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 and certain non-GAAP reconciliations and financial condition, as well as certain underlying assumptions in connection therewith; the success of ASCENIV™ in future periods and its impact on future results of operations; yield enhancement and label expansion opportunities for the Company’s product portfolio; the higher production scale of ASCENIV and the timing for realizing related benefits; the impact of growth initiatives on our financial outlook; the ability to obtain FDA approval of our tenth plasma collection center and the associated timing in connection therewith; and the ability to achieve source plasma self-sufficiency and the associated timing in connection therewith, as well as benefits thereof. 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 SEC, including our most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.

COMPANY CONTACT:
Skyler Bloom
Senior Director, Business Development and Corporate Strategy | 201-478-5552 | sbloom@admabio.com

INVESTOR RELATIONS CONTACT:
Sam Martin
Managing Director, Argot Partners | 212-600-1902 | sam@argotpartners.com


ADMA BIOLOGICS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2023
   
2022
   
2023
   
2022
 
                         
REVENUES
 
$
67,274,598
   
$
41,090,137
   
$
184,311,323
   
$
104,098,237
 
Cost of product revenue
   
42,622,013
     
31,433,496
     
126,455,745
     
83,010,156
 
Gross profit
   
24,652,585
     
9,656,641
     
57,855,578
     
21,088,081
 
                                 
OPERATING EXPENSES:
                               
Research and development
   
595,903
     
1,041,947
     
2,854,514
     
2,539,444
 
Plasma center operating expenses
   
466,898
     
4,859,450
     
3,580,785
     
12,755,525
 
Amortization of intangible assets
   
178,838
     
178,838
     
536,514
     
536,514
 
Selling, general and administrative
   
14,725,787
     
12,893,139
     
43,485,001
     
38,563,136
 
Total operating expenses
   
15,967,426
     
18,973,374
     
50,456,814
     
54,394,619
 
                                 
INCOME (LOSS) FROM OPERATIONS
   
8,685,159
     
(9,316,733
)
   
7,398,764
     
(33,306,538
)
                                 
OTHER INCOME (EXPENSE):
                               
Interest income
   
423,276
     
7,236
     
1,004,551
     
42,573
 
Interest expense
   
(6,397,553
)
   
(5,580,366
)
   
(18,812,144
)
   
(13,542,419
)
Loss on extinguishment of debt
   
-
     
-
     
-
     
(6,669,941
)
Other expense
   
(145,827
)
   
(9,641
)
   
(185,638
)
   
(195,942
)
Other expense, net
   
(6,120,104
)
   
(5,582,771
)
   
(17,993,231
)
   
(20,365,729
)
                                 
NET INCOME (LOSS)
 
$
2,565,055
   
$
(14,899,504
)
 
$
(10,594,467
)
 
$
(53,672,267
)
                                 
BASIC INCOME (LOSS) PER COMMON SHARE
 
$
0.01
   
$
(0.08
)
 
$
(0.05
)
 
$
(0.27
)
DILUTED INCOME (LOSS) PER COMMON SHARE
 
$
0.01
   
$
(0.08
)
 
$
(0.05
)
 
$
(0.27
)
                                 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
                               
Basic
   
225,276,980
     
196,383,935
     
223,306,331
     
196,204,893
 
Diluted
   
233,761,262
     
196,383,935
     
223,306,331
     
196,204,893
 

ADMA BIOLOGICS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

   
September 30,
   
December 31,
 
   
2023
   
2022
 
ASSETS
 
(Unaudited)
       
Current assets:
           
Cash and cash equivalents
 
$
74,156,765
   
$
86,521,542
 
Accounts receivable, net
   
31,318,680
     
15,505,048
 
Inventories
   
163,116,105
     
163,280,047
 
Prepaid expenses and other current assets
   
5,107,455
     
5,095,146
 
Total current assets
   
273,699,005
     
270,401,783
 
Property and equipment, net
   
54,814,607
     
58,261,481
 
Intangible assets, net
   
476,902
     
1,013,415
 
Goodwill
   
3,529,509
     
3,529,509
 
Right to use assets
   
9,753,725
     
10,485,447
 
Deposits and other assets
   
6,722,817
     
4,770,246
 
TOTAL ASSETS
 
$
348,996,565
   
$
348,461,881
 
                 
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Current liabilities:
               
Accounts payable
 
$
10,851,446
   
$
13,229,390
 
Accrued expenses and other current liabilities
   
29,863,726
     
24,989,349
 
Current portion of deferred revenue
   
142,834
     
142,834
 
Current portion of lease obligations
   
982,891
     
905,369
 
Total current liabilities
   
41,840,897
     
39,266,942
 
Senior notes payable, net of discount
   
142,025,542
     
142,833,063
 
Deferred revenue, net of current portion
   
1,725,906
     
1,833,031
 
End of term fee
   
1,567,139
     
1,500,000
 
Lease obligations, net of current portion
   
9,965,088
     
10,704,176
 
Other non-current liabilities
   
434,647
     
350,454
 
TOTAL LIABILITIES
   
197,559,219
     
196,487,666
 
                 
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 shares authorized, 225,958,084 and 221,816,930 shares issued and outstanding
   
22,596
     
22,182
 
Additional paid-in capital
   
640,025,888
     
629,968,704
 
Accumulated deficit
   
(488,611,138
)
   
(478,016,671
)
TOTAL STOCKHOLDERS' EQUITY
   
151,437,346
     
151,974,215
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
$
348,996,565
   
$
348,461,881
 


NON-GAAP RECONCILIATIONS

   
Three Months Ended September 30,
   
Nine Months Ended September 30,
 
   
2023
   
2022
   
2023
   
2022
 
Net income (loss)
 
$
2,565,055
   
$
(14,899,504
)
 
$
(10,594,467
)
 
$
(53,672,267
)
Depreciation
   
1,913,669
     
1,683,154
     
5,686,536
     
4,639,978
 
Amortization
   
178,838
     
178,838
     
536,514
     
536,514
 
Interest expense
   
6,397,553
     
5,580,366
     
18,812,144
     
13,542,419
 
EBITDA
   
11,055,115
     
(7,457,146
)
   
14,440,727
     
(34,953,356
)
Stock-based compensation
   
1,694,641
     
1,313,494
     
4,441,845
     
4,145,929
 
IT systems disruption
   
-
     
-
     
2,769,972
     
-
 
Loss on extinguishment of debt
   
-
     
-
     
-
     
6,669,941
 
Adjusted EBITDA
 
$
12,749,756
   
$
(6,143,652
)
 
$
21,652,544
   
$
(24,137,486
)



v3.23.3
Document and Entity Information
Nov. 08, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 08, 2023
Entity File Number 001-36728
Entity Registrant Name ADMA BIOLOGICS, INC.
Entity Central Index Key 0001368514
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 56-2590442
Entity Address, Address Line One 465 State Route 17
Entity Address, City or Town Ramsey
Entity Address, State or Province NJ
Entity Address, Postal Zip Code 07446
City Area Code 201
Local Phone Number 478-5552
Title of 12(b) Security Common Stock
Trading Symbol ADMA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false

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