ADMA BIOLOGICS, INC. Q3 FY2024 earnings call

• Strong Q3 performance with revenue, adjusted EBITDA, and net income growth.
• Revising financial guidance upward for 2024 and 2025.
• ASCENIV is a key growth driver with revenue shift, production schedule adjusted, plasma donor retention programs implemented, and third-party plasma partnerships.
• Progress on SG-001 pipeline with pilot-scale batch produced and animal model studies planned.
• ASCENIV pediatric study completed, efficacy supplement filing expected, and potential label expansion in 2026.
• Immunoglobulin yield enhancement initiative progressing, expected commercial sales in H2 2025.
• Auditor transition to KPMG completed.

Total revenues for the third quarter of 2024 were $119.8 million, an increase of 78% year-over-year compared to $67.3 million in Q3 2023. Gross profits were $59.7 million in Q3 2024, up from $24.7 million in Q3 2023. Adjusted EBITDA was $45.4 million in Q3 2024, a significant increase of 256% from $12.7 million in Q3 2023. GAAP net income was $35.9 million in Q3 2024, up 1300% from $2.6 million in Q3 2023. Corporate gross margin was 50% in Q3 2024 compared to 37% in Q3 2023, though impacted by an outsized spot sale of low margin normal source plasma.

• Revised 2024 total revenues to exceed $415 million, adjusted EBITDA to surpass $160 million, and GAAP net income to more than $120 million.
• Revised 2025 total revenues to $465 million, adjusted EBITDA to $215 million, and GAAP net income to $165 million.
• Yield enhancement benefit not included in 2025 guidance as FDA approval not yet obtained, with conservative approach to guidance.

Q: Congrats on a great quarter and asked about VIP donor program, footprint, and metrics.

A: The VIP donor program is in all 10 centers, donors are seeing more frequent and longer donations, collecting more plasma.

Q: Asked about donor churn, plasma supply, and FDA administration impact.

A: Donors naturally fall off but efforts to retain, plasma supply work in progress, and administration impact not yet visible with unknown personnel.

Q: Asked about Q4 guidance, yield enhancement, SG-001 timeline, and KPMG engagement.

A: Q4 may have sequential down due to one-time plasma sale and stopped 1 ml NABI-HB production; yield enhancement not in 2025 guidance yet; SG-001 data expected in back half of next year; KPMG engaged for ongoing audits.