ADMA News & Events

Reports Q1 revenue $114.49M, consensus $139.97M. "During the first quarter, the market for U.S. plasma derived therapies and immunoglobulin experienced increased competitive dynamics which, along with variability in distributor ordering patterns, created near-term topline pressures, particularly impacting BIVIGAM," said Adam Grossman, President and Chief Executive Officer of ADMA. "Importantly, these dynamics were limited to distribution and inventory behavior and we believe do not reflect any deterioration in underlying ASCENIV demand, where fundamentals remained strong and continue to improve - with record utilization growth throughout the quarter, as illustrated by ASCENIV's 28% year-over-year revenue growth. We continue to see strength across key ASCENIV demand metrics, including record new patient starts, growing prescriber breadth, product pull-through and patient adherence, and we are encouraged that the second quarter run rate based on April demand is in-line with the level of first quarter direct sales."

Sees FY26 adjusted EBITDA $265M-$300M. Grossman continued, "We believe the first quarter results likely represent a trough revenue baseline driven by what we anticipate is a temporary market dislocation, and we expect to drive growth over the coming quarters. Despite this backdrop, in the quarter ADMA delivered 22% year-over-year Adjusted Net Income growth, 24% Adjusted EBITDA growth, expanded gross margins to 71% and generated $58 million of operating cash flow on revenue that was essentially flat - underscoring the resilience of our business model in a challenging PDT and IG landscape. We believe the current pricing environment and inventory dislocation in the U.S. IG and PDT market will prove temporary, and ADMA has remained disciplined in its pricing strategy. With ASCENIV demand at record levels, supported by durable and enduring fundamentals, and still forecasted to be early in its penetration curve, we remain confident in our ability to drive growth from this baseline through expanding margins and increasing cash generation. We also see meaningful long-term opportunity in SG-001, where our capital-efficient development approach and existing platform position us to leverage our commercial infrastructure, if approved, for a potentially rapid commercial ramp toward what we believe is a $300 to $500 million annual market opportunity."