ADMA Biologics, Inc. Q3 FY2025 earnings call

• ADMA delivered record sequential and year-over-year growth, with total revenue, GAAP net income, and adjusted EBITDA all showing growth.
• ASCENIV had record utilization, driven by prescriber adoption and patient demand, with payer negotiations progressing positively for expanded coverage.
• A retrospective study showed significant infection reduction with ASCENIV; data to be published and presented at conferences.
• FDA lot release of yield enhanced production batches is a major milestone, expected to drive gross margin expansion.
• SG-001 program progressing, with a CNPV voucher application submitted to the FDA, potential to address unmet medical needs.
• Disciplined capital deployment, including share repurchases and focus on creating stockholder value.

Total revenue for the third quarter was $134.2 million, a 10% quarter-over-quarter increase and 12% year-over-year growth. GAAP net income was $36.4 million, up 6% quarter-over-quarter and 1% year-over-year. Adjusted EBITDA grew to $58.7 million, 16% quarter-over-quarter and 29% year-over-year growth. ASCENIV delivered record utilization, with a retrospective cohort analysis showing a greater than 50% reduction in infections vs. standard IG therapy. The FDA's lot release of first yield enhanced production batches is a major inflection point, expected to improve per batch output by 20% or more.

• 2025 total revenue now expected at $510 million (up from over $500 million), adjusted net income modestly adjusted to $158 million, adjusted EBITDA still expected at $235 million.
• 2026 total revenue at least $630 million (up from $625 million+), adjusted net income over $255 million (up from $245 million+), adjusted EBITDA over $355 million (up from $340 million+).
• Long-term, fiscal year 2029 total annual revenue expected to exceed $1.1 billion, supported by yield enhancement, ASCENIV demand, and gross margin gains.

• Forward-looking statements are subject to factors, risks, and uncertainties detailed in press releases and SEC filings, which may cause actual results to differ materially from forward-looking statements.
• Non-GAAP financial measures like adjusted EBITDA and adjusted net income are used, and actual results may differ from these metrics.

Q: Can the 5% RSV hit rate in new centers improve over time with partnerships?

A: The hit rate is consistent, but third-party suppliers' collection of high titer plasma is expected to grow, with symbiotic relationships and incentives driving increased plasma collection.