ADMA Biologics Reports 40% Revenue Growth to $114.8 Million in Q1 2025

ADMA Biologics, Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching $114.8 million for the three months ended March 31, 2025, compared to $81.9 million for the same period in 2024, marking an increase of approximately 40%. The company's net income also rose to $26.9 million, up from $17.8 million year-over-year. This growth is primarily attributed to increased sales of its intravenous immune globulin product, ASCENIV, which has seen heightened acceptance among physicians, patients, and payers. However, the company faced a $3.8 million revenue reduction due to the voluntary withdrawal of three lots of its BIVIGAM product, which partially offset the overall revenue increase.

In terms of operational metrics, ADMA's gross profit for the first quarter of 2025 was $61.1 million, resulting in a gross margin of 53.2%, an improvement from 47.8% in the previous year. The increase in gross margin is attributed to a favorable product mix and operational efficiencies. The company’s research and development expenses increased slightly to $0.8 million, reflecting ongoing efforts related to clinical studies, particularly for ASCENIV's pediatric application. Selling, general, and administrative expenses also rose to $24.1 million, driven by higher employee-related costs and professional fees.

ADMA continues to expand its operational footprint, operating ten FDA-licensed plasma collection centers across the United States. The company is also focused on enhancing its manufacturing capabilities at its Boca Raton facility, which has a peak processing capacity of up to 600,000 liters. In April 2025, ADMA received FDA approval for a yield enhancement production process that is expected to increase production yields for both ASCENIV and BIVIGAM by approximately 20%, with anticipated revenue benefits beginning in the second half of 2025.

The company reported a working capital of $298.3 million as of March 31, 2025, which includes $71.6 million in cash and cash equivalents and $99.4 million in accounts receivable. However, cash used in operating activities increased to $19.7 million, primarily due to timing issues related to sales. ADMA's debt obligations include a senior secured credit facility with Ares Capital Corporation, which has a total of $135 million in loans, of which $75 million is currently outstanding. The company is in compliance with all covenants under this agreement.

Looking ahead, ADMA Biologics remains optimistic about its growth trajectory, driven by the continued commercialization of ASCENIV and the anticipated benefits from its new production processes. The company is also exploring strategic alternatives to enhance shareholder value, including a recently authorized share repurchase program of up to $500 million. However, management acknowledges the potential risks associated with market conditions, regulatory approvals, and the competitive landscape, which could impact future performance.