ADMA Biologics ( NASDAQ: ADMA ), a biotech focused on plasma-derived biologics, added ~27% on Thursday to reach a new 52-week high after the company posted its Q3 2022 financials with a solid revenue beat.
Revenue for the quarter reached $41.1M with a ~99% YoY growth to beat Street forecasts by as much as $6.6M, the second-best quarterly beat posted by ADMA ( ADMA ) over the past 12 quarters.
Citing strong YTD performance, the company also raised its revenue outlook for 2022 to ~$145M, up from ~$130M in the previous forecast, but maintained the guidance for 2024 and beyond at ~$250M or more and ~$300M or more, respectively.
Meanwhile, ADMA’s ( ADMA ) consolidated net loss for the quarter narrowed ~16% YoY to $14.9M, mainly driven by $9.3M of gross profit.
“The pieces are in place for ADMA to sustain its best-in-class revenue growth profile and deliver on our longstanding commitment of reaching profitability as rapidly as possible,” Chief Executive Adam Grossman remarked.
In reaction to the revenue beat and guidance raise, Mizuho Securities, with a Buy rating on the stock, raised ADMA ( ADMA ) price target to a Street-high $6 from $5 per share, implying a ~26% increase to the current average price target on Wall Street.
For further details see:
ADMA Biologics hits 52-week high after strong Q3 beat