ADMA - ADMA Biologics Announces Preliminary Fourth Quarter 2023 Revenue and Provides Business Update | Benzinga
4Q 2023 Preliminary Unaudited Total Revenue of $72-74 Million
FY 2023 Preliminary Unaudited Total Revenue of $256-258 Million
FY 2024 and 2025 Total Revenue Guidance Increased to More than $320 Million and $370 Million, Respectively
FY 2024 Net Income Expected to Exceed $60 Million and Adjusted EBITDA(1) Expected to be $85 Million
Growth Opportunities Targeting Manufacturing and New Pipeline Hyperimmune Globulin to Advance During 2024
RAMSEY, N.J. and BOCA RATON, Fla., Jan. 08, 2024 (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 biologics, today announced its preliminary unaudited fourth quarter and full year 2023 revenues and provided a business update. Based on unaudited financial information, ADMA preliminarily estimates that its total revenue for the quarter- and year-ended December 31, 2023 will be between $72 million and $74 million and $256 million and $258 million, respectively.
"Entering 2024 from a position of strength, we're increasing both top and bottom-line financial guidance due to robust business trends and strong forward-looking product demand indicators. Additionally, we've identified new growth opportunities that we believe have the potential to approximately double currently provided peak revenue and earnings by the end of this decade," said Adam Grossman, President and Chief Executive Officer of ADMA. "These growth opportunities, such as manufacturing yield enhancement and the commencement of pre-clinical development for our new S. pneumonia hyperimmune pipeline program, are expected to be capital-efficient and will not impact the upwardly revised 2024-2025 profitability guidance."
Mr. Grossman continued, "We anticipate 2024 will be defined by continued top tier revenue and earnings growth, commitment to capital allocation strategies that we believe will maximize stockholder value, and further de-risking growth initiatives that have the potential to provide transformative upside to ADMA's currently provided peak revenue and earnings potential. The combination of our continued success with ASCENIV and BIVIGAM, in addition to the potential contribution from new growth opportunities, we believe positions us to continue to make a difference in patients' lives and generate durable top and bottom-line growth for years to come."
2024-2025 Financial Guidance:
- FY 2024-2025 Total Revenue expected to be in the range of $320 Million to $370 Million, respectively, increased from $290 Million and $335 Million previously.
- FY 2024-2025 Net Income expected to exceed $60 Million to $110 Million, respectively, increased from $55 Million and $100 Million previously.
- FY 2024 Adjusted EBITDA anticipated to reach $85 Million or more.
(1) Adjusted EBITDA is a non-GAAP financial measure. The estimated Adjusted EBITDA amounts included herein are preliminary and reconciliations cannot be produced at this time without unreasonable effort. The Company expects to provide a reconciliation of Adjusted EBITDA to the most comparable GAAP measure in its earnings release relating to the fourth quarter and full year 2023 financial results.
New Growth Opportunities: These initiatives, if successful, represent upside to newly provided guidance ranges:
Biologic Production Yield Enhancement: The Company continues to make progress with development scale and laboratory analyses, advancing ADMA's initiative to capture additional IG production yields with the same quantities of starting raw material. 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.
New Pipeline Introduction - S. pneumonia Hyperimmune Globulin:
- S. pneumonia is the predominant cause of community-acquired pneumonia (CAP) in the United States, ranking as the ninth leading cause of overall mortality. We believe the strategic importance and unmet need are evident in both the prophylactic and therapeutic settings where documented anti-infective resistance is ...