$ADMA
ADMA BIOLOGICS, INC.

2024 Q4 Form 10-Q Financial Statement

#000114036124045693 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $119.8M $67.27M
YoY Change 78.13% 63.72%
Cost Of Revenue $60.18M $42.62M
YoY Change 41.19% 35.59%
Gross Profit $59.66M $24.65M
YoY Change 142.0% 155.29%
Gross Profit Margin 49.78% 36.64%
Selling, General & Admin $18.56M $14.73M
YoY Change 26.04% 14.21%
% of Gross Profit 31.11% 59.73%
Research & Development $412.0K $595.9K
YoY Change -30.86% -42.81%
% of Gross Profit 0.69% 2.42%
Depreciation & Amortization $1.900M $1.900M
YoY Change 0.0% 11.76%
% of Gross Profit 3.18% 7.71%
Operating Expenses $20.02M $15.97M
YoY Change 25.39% -15.84%
Operating Profit $39.64M $8.685M
YoY Change 356.39% -193.22%
Interest Expense -$2.833M $6.398M
YoY Change -144.28% 14.64%
% of Operating Profit -7.15% 73.66%
Other Income/Expense, Net -$2.889M -$6.120M
YoY Change -52.79% 9.62%
Pretax Income $36.75M $2.570M
YoY Change 1329.92% -117.25%
Income Tax $800.0K $0.00
% Of Pretax Income 2.18% 0.0%
Net Earnings $35.91M $2.565M
YoY Change 1299.93% -117.22%
Net Earnings / Revenue 29.96% 3.81%
Basic Earnings Per Share $0.15 $0.01
Diluted Earnings Per Share $0.15 $0.01
COMMON SHARES
Basic Shares Outstanding 236.4M 233.1M 224.9M
Diluted Shares Outstanding 244.8M 233.8M

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.71M $74.20M
YoY Change 16.86% 112.57%
Cash & Equivalents $86.70M $74.16M
Short-Term Investments
Other Short-Term Assets $9.545M $5.100M
YoY Change 87.16% -5.07%
Inventory $171.8M $163.1M
Prepaid Expenses
Receivables $50.10M $31.32M
Other Receivables $0.00 $0.00
Total Short-Term Assets $318.2M $273.7M
YoY Change 16.26% 22.14%
LONG-TERM ASSETS
Property, Plant & Equipment $53.69M $54.81M
YoY Change -2.04% -3.74%
Goodwill $3.500M $3.500M
YoY Change 0.0% -0.84%
Intangibles $485.0K $476.9K
YoY Change 1.7% -60.0%
Long-Term Investments
YoY Change
Other Assets $5.819M $6.700M
YoY Change -13.15% 50.25%
Total Long-Term Assets $72.43M $75.30M
YoY Change -3.81% -1.52%
TOTAL ASSETS
Total Short-Term Assets $318.2M $273.7M
Total Long-Term Assets $72.43M $75.30M
Total Assets $390.6M $349.0M
YoY Change 11.93% 16.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.02M $10.85M
YoY Change 47.63% -56.93%
Accrued Expenses $25.41M $28.20M
YoY Change -9.88% 65.94%
Deferred Revenue $143.0K $142.8K
YoY Change 0.12% 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.90M $41.84M
YoY Change 7.31% -5.85%
LONG-TERM LIABILITIES
Long-Term Debt $101.3M $142.0M
YoY Change -28.64% 0.45%
Other Long-Term Liabilities $375.0K $434.6K
YoY Change -13.72% 20.01%
Total Long-Term Liabilities $375.0K $434.6K
YoY Change -13.72% 20.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.90M $41.84M
Total Long-Term Liabilities $375.0K $434.6K
Total Liabilities $158.7M $197.6M
YoY Change -19.66% -1.31%
SHAREHOLDERS EQUITY
Retained Earnings -$420.5M -$488.6M
YoY Change -13.94% 4.9%
Common Stock $24.00K $22.60K
YoY Change 6.21% 14.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $231.9M $151.4M
YoY Change
Total Liabilities & Shareholders Equity $390.6M $349.0M
YoY Change 11.93% 16.12%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $35.91M $2.565M
YoY Change 1299.93% -117.22%
Depreciation, Depletion And Amortization $1.900M $1.900M
YoY Change 0.0% 11.76%
Cash From Operating Activities $25.03M $11.98M
YoY Change 108.91% -190.18%
INVESTING ACTIVITIES
Capital Expenditures $1.098M $750.0K
YoY Change 46.4% -122.19%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.098M -$750.0K
YoY Change 46.4% -77.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -25.47M 410.0K
YoY Change -6311.46% -148.59%
NET CHANGE
Cash From Operating Activities 25.03M 11.98M
Cash From Investing Activities -1.098M -750.0K
Cash From Financing Activities -25.47M 410.0K
Net Change In Cash -1.537M 11.64M
YoY Change -113.2% -166.48%
FREE CASH FLOW
Cash From Operating Activities $25.03M $11.98M
Capital Expenditures $1.098M $750.0K
Free Cash Flow $23.93M $11.23M
YoY Change 113.09% -213.39%

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 Share Based Compensation
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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
-107000
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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 Use Of Estimates
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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; color: rgb(0, 0, 0);">During the <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 48px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">second quarter of</span> 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; color: rgb(0, 0, 0);">million for the nine months ended <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">September</span></span> 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 <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 48px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">for the nine months ended September 30, 2024</span> by approximately $12.6 million and $11.9 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>
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q4 us-gaap Inventory Net
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adma Plasma Supply Agreement Term
PlasmaSupplyAgreementTerm
P10Y
CY2019Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
500000
CY2024Q3 adma Number Of Fda Licensed Plasma Collection Facilities
NumberOfFDALicensedPlasmaCollectionFacilities
10
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
119839000
CY2024Q3 us-gaap Cost Of Revenue
CostOfRevenue
60180000
CY2024Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
39638000
CY2024Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2889000
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
36749000
CY2024Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1940000
CY2024Q3 us-gaap Assets
Assets
390618000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
67275000
CY2023Q3 us-gaap Cost Of Revenue
CostOfRevenue
42622000
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
8685000
CY2023Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-6120000
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2565000
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
2093000
CY2023Q3 us-gaap Assets
Assets
348997000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
308905000
us-gaap Cost Of Revenue
CostOfRevenue
152685000
us-gaap Operating Income Loss
OperatingIncomeLoss
100660000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-9659000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
91001000
us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
5469000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6101000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
184311000
us-gaap Cost Of Revenue
CostOfRevenue
126455000
us-gaap Operating Income Loss
OperatingIncomeLoss
7399000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-17993000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-10594000
us-gaap Segment Expenditure Addition To Long Lived Assets
SegmentExpenditureAdditionToLongLivedAssets
3574000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
6223000
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
119839000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
67275000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
308905000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
184311000
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
CY2024Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1800000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
600000
CY2024Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
600000
us-gaap Operating Lease Payments
OperatingLeasePayments
1800000
us-gaap Operating Lease Payments
OperatingLeasePayments
1800000
CY2024Q3 adma Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
10100000
CY2023Q4 adma Operating And Financing Lease Liability
OperatingAndFinancingLeaseLiability
10800000
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
603000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2421000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2157000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2041000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2088000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2109000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4042000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15461000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5403000
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1193000
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8865000
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5200000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.057
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Interest Paid Net
InterestPaidNet
7417000
us-gaap Interest Paid Net
InterestPaidNet
13896000
us-gaap Income Taxes Paid
IncomeTaxesPaid
8895000
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
adma Equipment Acquired Reflected In Accounts Payable And Accrued Liabilities
EquipmentAcquiredReflectedInAccountsPayableAndAccruedLiabilities
452000
adma Equipment Acquired Reflected In Accounts Payable And Accrued Liabilities
EquipmentAcquiredReflectedInAccountsPayableAndAccruedLiabilities
270000
adma Warrants Issued In Connection With Notes Payable
WarrantsIssuedInConnectionWithNotesPayable
0
adma Warrants Issued In Connection With Notes Payable
WarrantsIssuedInConnectionWithNotesPayable
5595000
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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