ADMA Biologics Announces Second Quarter 2025 Financial Results and Provides Business Update
ADMA Biologics (Nasdaq: ADMA) reported strong Q2 2025 financial results with total revenue of $122.0 million, up 14% year-over-year (29% excluding prior year non-recurring item). The company achieved GAAP net income of $34.2 million and Adjusted EBITDA of $50.8 million.
Key developments include initiating commercial-scale manufacturing with an FDA-approved yield enhancement process delivering 20%+ increase in finished IG output, securing a $300 million syndicated debt refinancing led by J.P. Morgan, and expanding operations with a new Boca Raton facility acquisition that could increase cGMP manufacturing space by up to 30%.
ADMA reaffirmed its guidance, projecting FY 2025 revenue over $500 million and FY 2026 revenue of $625+ million. The company expects to reach $1.1+ billion in annual revenue before 2030.
ADMA Biologics (Nasdaq: ADMA) ha riportato risultati finanziari solidi per il secondo trimestre 2025 con un ricavo totale di 122,0 milioni di dollari, in crescita del 14% rispetto all'anno precedente (29% escludendo voci non ricorrenti dell'anno precedente). L'azienda ha registrato un utile netto GAAP di 34,2 milioni di dollari e un EBITDA rettificato di 50,8 milioni di dollari.
Tra gli sviluppi chiave, l'avvio della produzione su scala commerciale con un processo di miglioramento del rendimento approvato dalla FDA che ha portato a un aumento superiore al 20% della produzione finale di IG, la conclusione di un rifinanziamento del debito sindacato da 300 milioni di dollari guidato da J.P. Morgan, e l'espansione delle operazioni con l'acquisizione di una nuova struttura a Boca Raton che potrebbe aumentare lo spazio produttivo cGMP fino al 30%.
ADMA ha confermato le sue previsioni, prevedendo un ricavo per l'anno fiscale 2025 superiore a 500 milioni di dollari e un ricavo per l'anno fiscale 2026 superiore a 625 milioni di dollari. L'azienda si aspetta di raggiungere un fatturato annuo superiore a 1,1 miliardi di dollari prima del 2030.
ADMA Biologics (Nasdaq: ADMA) reportó sólidos resultados financieros en el segundo trimestre de 2025 con ingresos totales de 122,0 millones de dólares, un aumento del 14% interanual (29% excluyendo partidas no recurrentes del año anterior). La compañía logró un ingreso neto GAAP de 34,2 millones de dólares y un EBITDA ajustado de 50,8 millones de dólares.
Los desarrollos clave incluyen el inicio de la fabricación a escala comercial con un proceso aprobado por la FDA que mejora el rendimiento, logrando un aumento del 20% o más en la producción final de IG, la obtención de un refinanciamiento de deuda sindicada por 300 millones de dólares liderado por J.P. Morgan, y la expansión de operaciones con la adquisición de una nueva instalación en Boca Raton que podría aumentar el espacio de fabricación cGMP hasta en un 30%.
ADMA reafirmó sus previsiones, proyectando ingresos para el año fiscal 2025 superiores a 500 millones de dólares y ingresos para el año fiscal 2026 superiores a 625 millones de dólares. La compañía espera alcanzar más de 1,1 mil millones de dólares en ingresos anuales antes de 2030.
ADMA Biologics (나스닥: ADMA)는 2025년 2분기 강력한 재무 실적을 보고했으며, 총 매출 1억 2,200만 달러로 전년 대비 14% 증가(전년 비반복 항목 제외 시 29% 증가)를 기록했습니다. 회사는 GAAP 순이익 3,420만 달러와 조정 EBITDA 5,080만 달러를 달성했습니다.
주요 발전 사항으로는 FDA 승인 수율 향상 공정을 통한 상업적 규모 제조 개시로 완제품 면역글로불린(IG) 생산량 20% 이상 증가, J.P. Morgan이 주도하는 3억 달러 규모의 신디케이트 부채 재융자 확보, 그리고 보카 레이턴 신규 시설 인수를 통한 cGMP 제조 공간 최대 30% 확장 가능성이 포함됩니다.
ADMA는 가이던스를 재확인하며 2025 회계연도 매출 5억 달러 이상과 2026 회계연도 매출 6억 2,500만 달러 이상을 전망했습니다. 회사는 2030년 이전에 연간 매출 11억 달러 이상 달성을 기대하고 있습니다.
ADMA Biologics (Nasdaq : ADMA) a annoncé de solides résultats financiers pour le deuxième trimestre 2025 avec un chiffre d'affaires total de 122,0 millions de dollars, en hausse de 14 % par rapport à l'année précédente (29 % hors éléments non récurrents de l'année précédente). La société a réalisé un résultat net GAAP de 34,2 millions de dollars et un EBITDA ajusté de 50,8 millions de dollars.
Parmi les faits marquants, le démarrage de la production à l'échelle commerciale avec un procédé d'amélioration des rendements approuvé par la FDA, entraînant une augmentation de plus de 20 % de la production finale d'IG, la sécurisation d'un refinancement de dette syndiquée de 300 millions de dollars mené par J.P. Morgan, ainsi que l'expansion des opérations grâce à l'acquisition d'une nouvelle installation à Boca Raton pouvant accroître la surface de production cGMP jusqu'à 30 %.
ADMA a confirmé ses prévisions, anticipant un chiffre d'affaires pour l'exercice 2025 supérieur à 500 millions de dollars et un chiffre d'affaires pour l'exercice 2026 supérieur à 625 millions de dollars. La société prévoit d'atteindre un chiffre d'affaires annuel supérieur à 1,1 milliard de dollars avant 2030.
ADMA Biologics (Nasdaq: ADMA) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Gesamtumsatz von 122,0 Millionen US-Dollar, was einem Anstieg von 14 % im Jahresvergleich entspricht (29 % ohne einmalige Posten des Vorjahres). Das Unternehmen erzielte einen GAAP-Nettogewinn von 34,2 Millionen US-Dollar und ein bereinigtes EBITDA von 50,8 Millionen US-Dollar.
Wichtige Entwicklungen umfassen die Aufnahme der kommerziellen Produktion mit einem von der FDA genehmigten Ertragssteigerungsprozess, der eine Steigerung der fertigen IG-Produktion um über 20 % ermöglicht, die Sicherung einer 300 Millionen US-Dollar Syndikatsfinanzierung unter Führung von J.P. Morgan sowie die Erweiterung der Betriebsstätten durch den Erwerb einer neuen Anlage in Boca Raton, die den cGMP-Herstellungsraum um bis zu 30 % vergrößern könnte.
ADMA bestätigte seine Prognose und erwartet einen Umsatz für das Geschäftsjahr 2025 von über 500 Millionen US-Dollar sowie einen Umsatz für das Geschäftsjahr 2026 von über 625 Millionen US-Dollar. Das Unternehmen rechnet damit, vor 2030 einen Jahresumsatz von über 1,1 Milliarden US-Dollar zu erreichen.
- Revenue increased 29% YoY to $122.0M (excluding prior year non-recurring item)
- GAAP Net Income grew 7% YoY to $34.2M
- Adjusted EBITDA increased 59% YoY to $50.8M
- FDA-approved yield enhancement process delivering 20%+ increase in IG output
- Secured $300M debt refinancing with lower borrowing costs
- New facility acquisition enables 30% potential expansion in manufacturing capacity
- Gross margin improved to 55.1% from 53.6% YoY
- Strong cash position with $90.3M in cash and $109.7M in accounts receivable
- $15M spent on share buybacks reduces available cash for operations
- New $12.5M facility purchase requires additional capital expenditure
- Guidance excludes potential benefits from yield enhancement process for 2025
Insights
ADMA shows strong Q2 results with 29% underlying revenue growth, margin expansion, and significant operational milestones positioning for accelerated future growth.
ADMA Biologics delivered $122 million in Q2 2025 revenue, representing
The significant margin expansion is particularly noteworthy, with gross margin improving to
Two key operational developments deserve investor attention: First, ADMA has begun commercial-scale manufacturing with its FDA-approved yield enhancement process, which is already delivering the targeted
The company's infrastructure expansion via a
Management has confidently reaffirmed its ambitious financial guidance: over
2Q 2025 Total Revenue of
2Q 2025 GAAP Net Income of
2Q 2025 Adjusted EBITDA(1) of
2Q 2025 Adjusted Net Income(2) of
Initiated Commercial-Scale Manufacturing with FDA-Approved Yield Enhancement Process; Initial Batches Delivering
Secured
Expanded Production Operations Infrastructure with the Acquisition of a New Boca Raton Operating Site to Strengthen Vertically Integrated U.S. Supply Chain, with Potential to Expand cGMP Manufacturing Space by up to
Reaffirmed FY 2025–2026 Total Revenue, Adjusted EBITDA, and Adjusted Net Income Guidance, with Accelerated Growth Expected in Second Half of 2025 and Beyond
Projected Total Annual Revenue to Reach
RAMSEY, N.J. and BOCA RATON, Fla., Aug. 06, 2025 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), a U.S. based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics, today announced its second quarter 2025 financial results and provided a business update.
“The second quarter was another highly productive period for ADMA, highlighted by strong year-over-year underlying revenue and earnings growth, adjusting for a prior-year non-recurring item,” said Adam Grossman, President and CEO. “We are confidently reaffirming all previously issued financial guidance, with growth rates anticipated to accelerate significantly in the second half of 2025 and beyond. Importantly, we commenced commercial-scale manufacturing with our FDA-approved yield enhancement process, and initial production batches are delivering the anticipated
“ASCENIV utilization reached new highs in the second quarter and continues to expand across all key demand metrics. With robust high-titer plasma collections and yield-enhanced production batches now progressing through the supply chain, we believe we are well positioned to meet or exceed all forward-looking financial projections.”
Mr. Grossman concluded, “In parallel, and following completion of the second quarter, we further optimized our capital structure through a syndicated debt refinancing led by J.P. Morgan, which should meaningfully reduce our borrowing costs while enhancing liquidity and strategic optionality through a new
Financial Guidance:
Potential upside from the FDA-approved yield enhancement process remains excluded from 2025 guidance and is conservatively reflected in 2026 projections. Commercial contributions from SG-001 and potential efficiencies resulting from the new building acquisition are also not yet factored into the
- FY 2025 and 2026 total revenue reaffirmed to be more than
$500 million and$625 million or more, respectively - FY 2025 and 2026 Adjusted Net Income reaffirmed to be more than
$175 million and$245 million or more, respectively - FY 2025 and 2026 Adjusted EBITDA reaffirmed to be more than
$235 million and$340 million or more, respectively - Pre-2030 total annual revenue guidance expected to reach
$1.1 billion or more, with anticipated outsized earnings growth from current margin levels. SG-001 and potential capacity expansion are excluded from this guidance and represent upside opportunities to ADMA’s terminal revenue and earnings power.
Recent Business Updates & 2H 2025+ Objectives:
- Commercial Production Underway Utilizing FDA-Approved Yield Enhancement Process. ADMA has successfully commenced commercial-scale manufacturing utilizing its FDA-approved yield enhancement process, with early batches realizing the anticipated
20% + IG output gains. These advancements are expected to contribute to gross margin expansion and improved production throughput beginning in early 2026 and beyond. - ASCENIV Utilization Trending to Record Highs. ASCENIV continued to set new records across all demand metrics through the second quarter and into the current period. With high-titer plasma supply meaningfully increased, ADMA is well-positioned to accelerate new patient starts and extend market penetration.
- Boca Raton Campus Infrastructure Expansion Enhances U.S.-Based Supply Chain and Future Capacity. In July, ADMA completed the purchase of a
$12.5 million facility on five acres of land, proximate to its Boca Raton manufacturing campus. This investment strengthens the Company’s U.S.-based, vertically integrated supply chain and potentially provides for up to30% in future cGMP capacity expansion. The site is expected to provide the Company with additional operating flexibility to build on its growth trajectory by adding critical infrastructure, including increased cold storage capabilities, warehousing and inventory management, in-house testing, as well as added manufacturing capacity and potential new distribution opportunities. ADMA anticipates modest capital expenditure requirements to support the expansion and ultimately expects to realize a compelling Return on Investment (ROI) from enhanced operations and potential capacity expansion.
- Florida Secretary of Commerce, J. Alex Kelly stated: “Making bold investments in our world-class life sciences research institutions continues to pay off in a big way. Florida is leading the way in the life sciences sector—ranking #2 nationally in both pharmaceutical and medical device manufacturing. This announcement is not only a testament to the strength of our workforce and the dynamic economic environment shaped by Governor DeSantis’ leadership—it is also a powerful signal to job-seekers and healthcare professionals that Florida is a national leader in innovation, opportunity and the future of the life sciences industry.”
- ADMA’s completely U.S.-based, end-to-end operations should substantially insulate the Company from global trade disruptions and tariffs while enhancing supply chain resilience and regulatory compliance. This domestic footprint aligns with rising demand for U.S.-made healthcare products and is expected to provide the Company with long-term supply chain stability.
- Approximately
$15 Million in Common Stock Repurchased Under Share Buyback Program. During the second quarter, ADMA executed share repurchases of approximately$15 million of common stock under its$500 million share repurchase program. These repurchases ultimately settled in July 2025. The Company continues to view share buybacks as a compelling and value-enhancing capital allocation strategy considering ADMA’s strengthening growth trajectory and earnings outlook. - Debt Refinancing Lowers Borrowing Costs and Enhances Financial Flexibility. Completed a syndicated debt refinancing led by J.P. Morgan in August 2025, replacing the Company’s prior term loan and reducing borrowing costs. The new credit agreement includes a
$225 million revolving credit facility and$75 million term loan and features leverage-based pricing tiers with ABR spreads ranging from1.50% to2.00% and Term Benchmark/RFR spreads from2.50% to3.00% . The refinancing lowers ADMA’s weighted average cost of debt and provides enhanced liquidity and financial flexibility to support strategic growth initiatives. - Strong Free Cash Flow Notwithstanding Strategic Inventory Build. Including a
$19.3 million inventory step-up to support anticipated ASCENIV demand, ADMA generated robust free cash flow during the second quarter, ending the period with$90.3 million in cash and$109.7 million in accounts receivable. Continued Adjusted EBITDA growth and sustained cash generation are expected to further strengthen ADMA’s financial position in the second half of 2025. - Record High-Titer Plasma Collections Support Long-Term Growth. ADMA’s external plasma collections reached new highs, complementing its strong internal plasma collections. This trend supports the Company’s goal of exceeding
$1.1 + billion in total annual revenues prior to 2030. - SG-001 Program on Track for Initial Data Readout in 2025. ADMA initiated studies in a first-of-its-kind animal model designed to evaluate Streptococcus pneumoniae infection in both normal and immunocompromised hosts. In initial pilot testing, SG-001-treated animals exhibited no clinical signs of pneumonia 24 hours post-bacterial challenge, while placebo-treated animals developed observable symptoms. Establishing this proprietary animal model is expected to accelerate ADMA’s preclinical research and development of SG-001. If successful, SG-001 could potentially contribute
$300 –500 million or more in high-margin annual revenue, with patent protection through at least 2037.
Second Quarter 2025 Financial Results:
Total revenue for the quarter ended June 30, 2025 was
Gross profit rose to
GAAP net income was
Adjusted EBITDA rose to
Conference Call Information:
To access the conference call seamlessly, participants are required to register for the call here to receive the dial-in numbers and unique PIN. It is recommended that you join approximately 10 minutes prior to the event start (although you may dial in at any time during the call). Attendees who will not be asking a question during the call are encouraged to listen in to the live webcast here. An archived replay of the event will be available, located under “Events & Webcasts” in the investor section of the Company’s website at https://ir.admabiologics.com/events-webcasts.
About ADMA Biologics, Inc. (ADMA)
ADMA Biologics is a U.S.-based, end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases. ADMA currently manufactures and markets three United States Food and Drug Administration (FDA)-approved plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases: ASCENIV™ (immune globulin intravenous, human – slra
Use of Non-GAAP Financial Measures
This press release includes certain non-GAAP financial measures that are not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The Company believes Adjusted EBITDA and Adjusted Net Income are useful to investors in evaluating the Company’s financial performance. The Company uses Adjusted EBITDA and Adjusted Net Income as key performance measures because we believe that they facilitate operating performance comparisons from period to period that exclude potential differences driven by the impact of variations of non-cash items such as depreciation and amortization, as well as, in the case of Adjusted EBITDA, stock-based compensation or certain non-recurring items, and in the case of Adjusted Net Income, certain non-recurring items. The Company believes that investors should have access to the same set of tools used by our management and board of directors to assess our operating performance. Adjusted EBITDA and Adjusted Net Income should not be considered as measures of financial performance under GAAP, and the items excluded from Adjusted EBITDA and Adjusted Net Income are significant components in understanding and assessing the Company’s financial performance. Accordingly, these key business metrics have limitations as an analytical tool. They should not be considered as an alternative to net income/loss, cash flows from operations, or any other performance measures derived in accordance with GAAP and may be different from similarly titled non-GAAP measures used by other companies. Please refer to the tables below for the reconciliation of GAAP measures to these non-GAAP measures for applicable periods.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, about ADMA Biologics, Inc. (“we,” “our” or the “Company”). Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance or achievements, and may contain such words as “confident,” “estimate,” “project,” “intend,” “forecast,” “target,” “anticipate,” “plan,” “planning,” “expect,” “believe,” “will,” “is likely,” “will likely,” “position us,” “should,” “could,” “would,” “may,” “potential,” “opportunity” or, in each case, their negative, or words or expressions of similar meaning. These forward-looking statements include, but are not limited to, statements about the Company’s financial performance; total revenue, GAAP Net Income, Adjusted EBITDA, Adjusted Net Income, cash and margins guidance in future periods and related timing in connection therewith, as well as certain potential upside to such guidance; revenue and earnings growth, gross margin expansion and increased production output as a result of FDA approval of the yield enhancement process, and timing related thereto; the Company’s new senior credit facility with J.P. Morgan and benefits thereof; the Company’s insulation from global trade disruptions and tariffs and supply chain stability; our newly acquired site in Boca Raton, FL, potential expansion of cGMP manufacturing space as a result of such expansion, potential efficiencies and operating flexibility and other benefits from such site, and required capital expenditure requirements; ASCENIV’s market penetration and new patient growth; and statements regarding SG-001 and its development and revenue potential. Actual events or results may differ materially from those described in this press release due to a number of important factors. Current and prospective security holders are cautioned that there also can be no assurance that the forward-looking statements included in this press release will prove to be accurate. Except to the extent required by applicable laws or rules, ADMA does not undertake any obligation to update any forward-looking statements or to announce revisions to any of the forward-looking statements. Forward-looking statements are subject to many risks, uncertainties and other factors that could cause our actual results, and the timing of certain events, to differ materially from any future results expressed or implied by the forward-looking statements, including, but not limited to, the risks and uncertainties described in our filings with the SEC, including our most recent reports on Form 10-K, 10-Q and 8-K, and any amendments thereto.
(1) Adjusted EBITDA is a non-GAAP financial measure. For a reconciliation of Adjusted EBITDA to the most comparable GAAP measure, see the reconciliation included in the financial tables.
(2) Adjusted Net Income is a non-GAAP financial measure. For a reconciliation of Adjusted Net Income to the most comparable GAAP measure, see the reconciliation included in the financial tables. All non-GAAP adjustments are presented pre-tax.
INVESTOR RELATIONS CONTACT:
Argot Partners | 212-600-1902 | ADMA@argotpartners.com
| ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS | |||||||
| June 30, | December 31, | ||||||
| 2025 | 2024 | ||||||
| (Unaudited) | |||||||
| (In thousands, except share data) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 90,285 | $ | 103,147 | |||
| Accounts receivable, net | 109,726 | 49,999 | |||||
| Inventories | 191,464 | 170,235 | |||||
| Prepaid expenses and other current assets | 8,088 | 8,029 | |||||
| Total current assets | 399,563 | 331,410 | |||||
| Property and equipment, net | 57,501 | 54,707 | |||||
| Intangible assets, net | 527 | 460 | |||||
| Goodwill | 3,530 | 3,530 | |||||
| Deferred tax assets, net | 79,235 | 84,280 | |||||
| Right-to-use assets | 8,961 | 8,634 | |||||
| Deposits and other assets | 9,063 | 5,657 | |||||
| TOTAL ASSETS | $ | 558,380 | $ | 488,678 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 29,769 | $ | 20,219 | |||
| Accrued expenses and other current liabilities | 43,902 | 33,962 | |||||
| Current portion of deferred revenue | 143 | 143 | |||||
| Current portion of lease obligations | 1,127 | 1,218 | |||||
| Total current liabilities | 74,941 | 55,542 | |||||
| Senior notes payable, net of discount | 73,397 | 72,337 | |||||
| Deferred revenue, net of current portion | 1,476 | 1,547 | |||||
| End of term fee | 938 | 1,313 | |||||
| Lease obligations, net of current portion | 9,301 | 8,561 | |||||
| Other non-current liabilities | 2 | 360 | |||||
| TOTAL LIABILITIES | 160,055 | 139,660 | |||||
| COMMITMENTS AND CONTINGENCIES | |||||||
| STOCKHOLDERS' EQUITY | |||||||
| Preferred Stock, | |||||||
| no shares issued and outstanding | - | - | |||||
| Common Stock - voting, | |||||||
| June 30, 2025: 239,383,545 issued and 238,567,308 outstanding; December 31, 2024: 236,620,545 issued and outstanding | 24 | 24 | |||||
| Treasury stock, at cost, 816,237 and 0 shares as of June 30, 2025 and December 31, 2024, respectively | (15,148 | ) | - | ||||
| Additional paid-in capital | 660,909 | 657,577 | |||||
| Accumulated deficit | (247,460 | ) | (308,583 | ) | |||
| TOTAL STOCKHOLDERS' EQUITY | 398,325 | 349,018 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 558,380 | $ | 488,678 | |||
| ADMA BIOLOGICS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| REVENUES | $ | 121,984 | $ | 107,191 | $ | 236,786 | $ | 189,066 | ||||||||
| Cost of product revenue | 54,757 | 49,738 | 108,463 | 92,505 | ||||||||||||
| Gross profit | 67,227 | 57,453 | 128,323 | 96,561 | ||||||||||||
| OPERATING EXPENSES: | ||||||||||||||||
| Research and development | 1,031 | 560 | 1,858 | 1,010 | ||||||||||||
| Plasma center operating expenses | 1,152 | 942 | 2,438 | 1,947 | ||||||||||||
| Amortization of intangible assets | 32 | 142 | 57 | 335 | ||||||||||||
| Selling, general and administrative | 22,214 | 16,608 | 46,292 | 32,247 | ||||||||||||
| Total operating expenses | 24,429 | 18,252 | 50,645 | 35,539 | ||||||||||||
| INCOME FROM OPERATIONS | 42,798 | 39,201 | 77,678 | 61,022 | ||||||||||||
| OTHER INCOME (EXPENSE): | ||||||||||||||||
| Interest income | 400 | 449 | 1,008 | 833 | ||||||||||||
| Interest expense | (1,834 | ) | (3,783 | ) | (3,809 | ) | (7,552 | ) | ||||||||
| Loss on extinguishment of debt | (1,159 | ) | - | (1,159 | ) | - | ||||||||||
| Other expense | (108 | ) | (16 | ) | (172 | ) | (51 | ) | ||||||||
| Other expense, net | (2,701 | ) | (3,350 | ) | (4,132 | ) | (6,770 | ) | ||||||||
| INCOME BEFORE INCOME TAXES | 40,097 | 35,851 | 73,546 | 54,252 | ||||||||||||
| Provision for income taxes | 5,878 | 3,789 | 12,424 | 4,384 | ||||||||||||
| NET INCOME | $ | 34,219 | $ | 32,062 | $ | 61,122 | $ | 49,868 | ||||||||
| BASIC EARNINGS PER COMMON SHARE | $ | 0.14 | $ | 0.14 | $ | 0.26 | $ | 0.22 | ||||||||
| DILUTED EARNINGS PER COMMON SHARE | $ | 0.14 | $ | 0.13 | $ | 0.25 | $ | 0.21 | ||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||||
| Basic | 241,490,715 | 232,417,645 | 238,309,156 | 230,646,246 | ||||||||||||
| Diluted | 248,608,460 | 242,167,072 | 245,750,155 | 239,645,940 | ||||||||||||
| NON-GAAP RECONCILIATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (1) | ||||||||||||||||
| Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (In thousands) | ||||||||||||||||
| Net income | $ | 34,219 | $ | 32,062 | $ | 61,122 | $ | 49,868 | ||||||||
| Depreciation | 2,027 | 1,906 | 3,970 | 3,826 | ||||||||||||
| Amortization | 32 | 142 | 57 | 335 | ||||||||||||
| Income taxes | 5,878 | 3,789 | 12,424 | 4,384 | ||||||||||||
| Interest expense | 1,834 | 3,783 | 3,809 | 7,552 | ||||||||||||
| EBITDA | 43,990 | 41,682 | 81,382 | 65,965 | ||||||||||||
| Stock-based compensation | 4,963 | 2,863 | 9,587 | 5,004 | ||||||||||||
| Customer credits related to the Voluntary Withdrawal | 164 | - | 4,001 | - | ||||||||||||
| Yield enhancement | 493 | - | 1,395 | - | ||||||||||||
| Loss on extinguishment of debt | 1,159 | - | 1,159 | - | ||||||||||||
| Non-recurring professional fees(a) | - | - | 1,182 | - | ||||||||||||
| Adjusted EBITDA | $ | 50,769 | $ | 44,545 | $ | 98,706 | $ | 70,969 | ||||||||
| NON-GAAP RECONCILIATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (2) | ||||||||||||||||
| Three Months ended June 30, | Six Months ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Net income (loss) | $ | 34,219 | $ | 32,062 | $ | 61,122 | $ | 49,868 | ||||||||
| Stock-based compensation modifications (pre-tax) | - | - | 474 | - | ||||||||||||
| Customer credits related to the Voluntary Withdrawal (pre-tax) | 164 | - | 4,001 | - | ||||||||||||
| Loss on extinguishment of debt (pre-tax) | 1,159 | - | 1,159 | - | ||||||||||||
| Yield Enhancement (pre-tax) | 493 | - | 1,395 | - | ||||||||||||
| Non-recurring professional fees (pre-tax)(a) | - | - | 1,182 | - | ||||||||||||
| Adjusted net income(b) | $ | 36,035 | $ | 32,062 | $ | 69,333 | $ | 49,868 | ||||||||
| (a) Non-recurring professional fees represent incremental costs associated with a vendor change that we do not expect to incur in future periods. | ||||||||||||||||
| (b) Excludes estimated tax effect of the add-backs of | ||||||||||||||||
FAQ
What were ADMA Biologics' Q2 2025 earnings results?
What is ADMA's revenue guidance for 2025 and 2026?
How will ADMA's new FDA-approved yield enhancement process impact production?
What does ADMA's new $300M debt refinancing include?
How will ADMA's new Boca Raton facility acquisition impact operations?
