$ADMA
ADMA Biologics Inc

2024 Q3 Form 10-Q Financial Statement

#000114036124036432 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $107.2M $60.12M
YoY Change 78.29% 77.33%
Cost Of Revenue $49.74M $43.43M
YoY Change 14.52% 66.18%
Gross Profit $57.45M $16.69M
YoY Change 244.24% 114.82%
Gross Profit Margin 53.6% 27.76%
Selling, General & Admin $16.61M $14.25M
YoY Change 16.57% 19.02%
% of Gross Profit 28.91% 85.37%
Research & Development $560.0K $1.403M
YoY Change -60.09% 60.67%
% of Gross Profit 0.97% 8.41%
Depreciation & Amortization $1.900M $1.900M
YoY Change 0.0% 26.67%
% of Gross Profit 3.31% 11.38%
Operating Expenses $18.25M $17.16M
YoY Change 6.34% 1.29%
Operating Profit $39.20M -$473.1K
YoY Change -8386.39% -94.84%
Interest Expense -$3.334M $6.299M
YoY Change -152.93% 37.75%
% of Operating Profit -8.5%
Other Income/Expense, Net -$3.350M -$5.898M
YoY Change -43.2% 28.48%
Pretax Income $35.85M -$6.371M
YoY Change -662.75% -53.72%
Income Tax $3.800M $0.00
% Of Pretax Income 10.6%
Net Earnings $32.06M -$6.371M
YoY Change -603.27% -53.72%
Net Earnings / Revenue 29.91% -10.6%
Basic Earnings Per Share $0.14 -$0.03
Diluted Earnings Per Share $0.13 -$0.03
COMMON SHARES
Basic Shares Outstanding 233.1M 231.8M 222.3M
Diluted Shares Outstanding 242.2M 222.7M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.24M $62.51M
YoY Change 41.16% 19.27%
Cash & Equivalents $88.20M $62.51M
Short-Term Investments
Other Short-Term Assets $5.524M $5.219M
YoY Change 5.85% -3.36%
Inventory $179.8M $161.8M
Prepaid Expenses
Receivables $30.10M $36.73M
Other Receivables $0.00 $0.00
Total Short-Term Assets $303.7M $266.2M
YoY Change 14.07% 19.51%
LONG-TERM ASSETS
Property, Plant & Equipment $54.33M $56.31M
YoY Change -3.52% 2.46%
Goodwill $3.500M $3.500M
YoY Change 0.0% -0.84%
Intangibles $479.0K $655.7K
YoY Change -26.95% -52.17%
Long-Term Investments
YoY Change
Other Assets $5.221M $6.289M
YoY Change -16.98% 67.44%
Total Long-Term Assets $72.71M $76.78M
YoY Change -5.31% 3.54%
TOTAL ASSETS
Total Short-Term Assets $303.7M $266.2M
Total Long-Term Assets $72.71M $76.78M
Total Assets $376.4M $343.0M
YoY Change 9.73% 15.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.18M $12.08M
YoY Change 17.33% 6.12%
Accrued Expenses $26.58M $27.53M
YoY Change -3.46% 103.75%
Deferred Revenue $1.130M $142.8K
YoY Change 691.13% 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.20M $41.95M
YoY Change 5.36% 49.45%
LONG-TERM LIABILITIES
Long-Term Debt $131.1M $140.3M
YoY Change -6.58% 0.36%
Other Long-Term Liabilities $390.0K $449.5K
YoY Change -13.24% 20.22%
Total Long-Term Liabilities $390.0K $449.5K
YoY Change -13.24% 20.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.20M $41.95M
Total Long-Term Liabilities $390.0K $449.5K
Total Liabilities $188.1M $196.3M
YoY Change -4.14% 7.52%
SHAREHOLDERS EQUITY
Retained Earnings -$456.4M -$491.2M
YoY Change -7.08% 8.94%
Common Stock $23.00K $22.45K
YoY Change 2.44% 14.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $188.3M $146.8M
YoY Change
Total Liabilities & Shareholders Equity $376.4M $343.0M
YoY Change 9.73% 15.52%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $32.06M -$6.371M
YoY Change -603.27% -53.72%
Depreciation, Depletion And Amortization $1.900M $1.900M
YoY Change 0.0% 26.67%
Cash From Operating Activities $45.65M -$6.059M
YoY Change -853.39% -52.78%
INVESTING ACTIVITIES
Capital Expenditures $2.365M $872.6K
YoY Change 171.02% -122.15%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.365M -$872.6K
YoY Change 171.02% -77.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -362.0K 240.1K
YoY Change -250.76% -175.26%
NET CHANGE
Cash From Operating Activities 45.65M -6.059M
Cash From Investing Activities -2.365M -872.6K
Cash From Financing Activities -362.0K 240.1K
Net Change In Cash 42.92M -6.691M
YoY Change -741.42% -60.85%
FREE CASH FLOW
Cash From Operating Activities $45.65M -$6.059M
Capital Expenditures $2.365M $872.6K
Free Cash Flow $43.28M -$6.931M
YoY Change -724.42% -22.04%

Facts In Submission

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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Finance Lease Principal Payments
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us-gaap Research And Development Expense
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us-gaap Amortization Of Debt Discount Premium
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us-gaap Amortization Of Debt Discount Premium
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adma Amortization Of License Revenue
AmortizationOfLicenseRevenue
-71000
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-style: italic; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><span style="text-decoration: underline;">Use of Estimates</span></div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="font-style: italic;"> <span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><br/> </span> </div> <div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div> <div style="display:none;"><br/></div> <div style="text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: left; text-indent: 48px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include rebates and chargebacks deducted from gross revenues, valuation of inventory, assumptions used in the fair value of awards granted under the Company’s equity incentive plans and warrants issued in connection with the issuance of notes payable and estimates related to the valuation allowance for the Company’s deferred tax assets and its effective tax rate.</span></div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-indent: 36pt; text-transform: none;"><br/> </div> <div style="display:none;"><br/></div> <div style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-indent: 36pt; text-transform: none;"><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none; font-size: 10pt;">During the three and six months ended June 30, 2024, the Company engaged a third-party specialist to assist in the evaluation of the Company’s accrual for U.S. Medicaid rebates related to the sale of the Company’s immunoglobulin products. As a result of this evaluation, the Company recognized a reduction in this accrual and a corresponding increase to net revenues of $12.6 </span><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">million for the three months ended June 30, 2024. This change in estimate was applied on a prospective basis as of June 30, 2024 and increased income from operations and net income by approximately $12.6 million and $11.6 million, respectively, and increased basic and diluted earnings per share by $0.05. Because there was little to no historical data to rely upon at the time BIVIGAM and ASCENIV were launched, the Company had considered several qualitative factors when evaluating the initial rate to accrue for rebates, such as the absence of a statutory limitation on the rebate amounts drug manufacturers pay to state Medicaid programs and general uncertainty that pharmaceutical manufacturers have historically seen with government payors often submitting lagged claims many periods after the initial dispensing of a product to an end patient. The Company additionally considered that estimates may change over the lifetime of these products due to changes in utilization and payor mixes. There was additional new information that arose during the three months ended June 30, 2024 that suggested the need to reevaluate the underlying assumption of historical payer mix for BIVIGAM and ASCENIV, which resulted in the $12.6 million adjustment to the accrual for U.S. Medicaid rebates at June 30, 2024.</span></div>
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SegmentExpenditureAdditionToLongLivedAssets
2817000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
4131000
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
107191000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
60123000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
189066000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
117037000
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1200000
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
600000
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
600000
us-gaap Operating Lease Payments
OperatingLeasePayments
1200000
us-gaap Operating Lease Payments
OperatingLeasePayments
1100000
CY2024Q2 adma Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
10300000
CY2023Q4 adma Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
10800000
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y2M12D
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1204000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2421000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2157000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2041000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2088000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2109000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4041000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
16061000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5737000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1142000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9182000
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3800000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4400000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.081
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Interest Paid Net
InterestPaidNet
3843000
us-gaap Interest Paid Net
InterestPaidNet
9274000
us-gaap Income Taxes Paid
IncomeTaxesPaid
1550000
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
adma Equipment Acquired Reflected In Accounts Payable And Accrued Liabilities
EquipmentAcquiredReflectedInAccountsPayableAndAccruedLiabilities
207000
adma Equipment Acquired Reflected In Accounts Payable And Accrued Liabilities
EquipmentAcquiredReflectedInAccountsPayableAndAccruedLiabilities
511000
adma Warrants Issued In Connection With Notes Payable
WarrantsIssuedInConnectionWithNotesPayable
0
adma Warrants Issued In Connection With Notes Payable
WarrantsIssuedInConnectionWithNotesPayable
5595000
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

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0001140361-24-036432-index-headers.html Edgar Link pending
0001140361-24-036432-index.html Edgar Link pending
0001140361-24-036432.txt Edgar Link pending
0001140361-24-036432-xbrl.zip Edgar Link pending
adma-20240630.xsd Edgar Link pending
ef20029669_10q.htm Edgar Link pending
ef20029669_ex31-1.htm Edgar Link pending
ef20029669_ex31-2.htm Edgar Link pending
ef20029669_ex32-1.htm Edgar Link pending
ef20029669_ex32-2.htm Edgar Link pending
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adma-20240630_def.xml Edgar Link unprocessable
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FilingSummary.xml Edgar Link unprocessable
ef20029669_10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
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adma-20240630_cal.xml Edgar Link unprocessable