ADMA Biologics, Inc. (Nasdaq: ADMA) (“ADMA” or the “Company”), an
end-to-end commercial biopharmaceutical company dedicated to
manufacturing, marketing, and developing specialty plasma-derived
biologics, today announced its second quarter 2023 financial
results and provided a business update.
“We achieved an impressive 77% YoY revenue growth rate, reaching
$60.1 million during the second quarter of 2023, driven by our
expanding penetration into the immune deficient patient population,
our core market segment. With effective expense management, ADMA
grew Adjusted EBITDA to $6.4 million during the second quarter,
representing a 160% growth rate compared to the first quarter of
2023,” said Adam Grossman, President and Chief Executive Officer of
ADMA. “We believe the successful and prudent business management of
our operating expenses in the second quarter, which declined
compared to the first quarter, validates that ADMA’s cost structure
continues to be optimized. Going forward, we anticipate compounding
operating leverage driven by projected revenue and gross profit
growth.”
Mr. Grossman continued, “The strong momentum achieved in 2023
has given us the confidence to increase our total revenue guidance
for FY 2023, 2024 and 2025. Our innovative business model has
enabled ADMA to successfully establish inroads into the
substantially underpenetrated immune deficient patient population.
We are confident that identified growth opportunities within this
targeted patient segment will enable us to meet or exceed the newly
increased financial guidance."
(1) Adjusted EBITDA is a non-GAAP financial measure. For a
reconciliation of Adjusted EBITDA to the most comparable GAAP
measure, please see the reconciliation included in the financial
tables.(2) Adjusted Net Loss is a non-GAAP financial measure. For a
reconciliation of Adjusted Net Loss to the most comparable GAAP
measure, please see the reconciliation included in the financial
tables.
Second Quarter 2023 Milestones &
Objectives:
- Increased Revenue Guidance
for FY 2023, 2024 and 2025. Enabled by strong year-to-date
momentum, ADMA increased its revenue outlook for FY 2023, 2024 and
2025. The Company now anticipates exceeding total revenues of $240
million in 2023, and generating at least $275 million and $325
million for 2024 and 2025, respectively.
- Significant Growth in
Underlying Profitability. Driven by 77% year-over-year
revenue growth, which reached $60.1 million during the second
quarter of 2023, ADMA grew Adjusted EBITDA to $6.4 million. The
rapid growth in Adjusted EBITDA excludes approximately $2.8 million
in nonrecurring charges related to an IT disruption that took place
during the second quarter of 2023, which impacted certain ADMA
systems. The Company took responsive steps to the IT disruption and
normal course production has resumed. Most of this nonrecurring
charge was included in the cost of goods sold for the second
quarter; normalizing for this impact, ADMA’s estimated consolidated
gross margins would have been 31-32% for the second quarter. The
Company anticipates maintaining this momentum throughout the
remainder of 2023 by focusing on increasing gross profits, managing
expenses, and building on the nascent Adjusted EBITDA
baseline.
- Clinically Meaningful Data
Presented at Medical Symposia. At the Annual 2023 Clinical
Immunology Society (CIS) Meeting, ADMA sponsored a symposium in
conjunction with a national clinical expert, “Challenges Associated
with Respiratory Viral Infections (RVI) in Patients with Primary
Immunodeficiency: An Expert Discussion & Real-World
Experience.” Despite traditional standard of care and standard
immunoglobulin (IG) therapy, the expert presenter noted that
>90% of patients with primary immunodeficiency (PI) continue to
suffer from recurrent infections and associated complications.
Clinical data presented highlighted that more than one-third of
this patient population continues to experience bronchiectasis,
along with a rapid decline in lung function, adversely impacting
outcomes and quality of life. Of particular significance, certain
patients with PI exhibit T-cell defects and thus typically
experience prolonged RVIs that present risk for bacterial
superinfections and poor outcomes. The expert presented
a clinical case report in which patients at risk were successfully
treated with ADMA’s unique Immune Globulin Intravenous (IVIG)
intervention, ASCENIV™.
- Mix Continues to Favorably
Evolve. ASCENIV’s prescriber and patient base continued to
expand during the second quarter of 2023, which drove record
utilization and pull-through for the product. ADMA currently
expects that the product’s rapid growth will continue throughout
2023 and beyond. Continued product mix shift towards ADMA’s higher
margin product beyond current levels represents potential upside to
the newly increased revenue guidance, should it occur.
- Advanced Growth Initiatives. During the second
quarter of 2023, the Company made progress advancing its identified
growth opportunities. These initiatives, if successful, may provide
potential upside to the FY 2024 and 2025 revenue and earnings
guidance.
- Expanded ASCENIV Production Scale: During the
second quarter, ADMA successfully advanced production of multiple
batches of ASCENIV at the expanded, 4,400 Liter production scale.
The Company expects that this expansion will meaningfully improve
the product’s margin profile and increase plant production capacity
as fewer batches will be needed to support revenue goals. We
believe these benefits could be realized in earnest beginning in
late 2023.
- Yield Enhancement
Opportunities: The Company continued to make progress
during the second quarter of 2023 with development scale and
laboratory analyses, advancing ADMA’s initiative to capture
additional IG production yields, from the same quantities of
starting plasma. These initiatives are subject to further
evaluation, validation of commercial-scale production as well as
requisite regulatory review. Should they prove successful, these
yield enhancements will potentially provide significant upside to
the Company’s peak financial targets.
- Label Expansion: The ongoing post-marketing
clinical studies are progressing and may provide label expansion
opportunities, further strengthening ADMA’s product portfolio
compared to peers, if successful.
- On-Track BioCenters
Expansion. The Company’s BioCenters segment now has nine
U.S. Food and Drug Administration (FDA)-licensed collection centers
with one additional center operational, collecting plasma and
pending FDA licensure. The Company remains on track to have all ten
BioCenters FDA-licensed by year-end 2023 and, in the same period,
forecasts raw material plasma supply self-sufficiency. ADMA
anticipates its strong plasma supply position will support its
upwardly revised production and revenue forecasts.
- Ongoing Strategic Review. ADMA continues to
evaluate a variety of strategic alternatives. While the exploration
of value-creating opportunities remains a top corporate priority
for ADMA, ADMA has terminated its financial advisory agreement with
Morgan Stanley.
2023 & Long-Term Financial Guidance:
- Updated 2023 Financial
Guidance: ADMA now anticipates full year 2023 total
revenues to meet or exceed $240 million, increased from $220
million previously. Further, ADMA anticipates continued growth in
Adjusted EBITDA profitability over the remainder of 2023. While the
guidance framework considers several macroeconomic uncertainties,
should ADMA’s current demand trends and margin dynamics sustain,
accelerated net income profitability timelines may be
achievable.
- Updated 2024-2025 Financial Guidance: The
Company increased its intermediate term financial guidance, and now
anticipates FY 2024 and 2025 total revenues to reach at least $275
million and $325 million, respectively, raised from at least $250
million and $300 million, respectively, previously. Importantly,
continued product mix shifts as well as optionality from identified
growth initiatives, notably yield enhancement, represent upside to
these newly provided ranges. At these revenue levels, ADMA
continues to forecast achieving consolidated gross margins in the
range of 40-50% and net income margins in the range of 20-30%.
These assumptions translate to potential annual gross profit and
net income in the range of $110-160 million and $55-100 million,
respectively, during the 2024-2025 time period and
beyond.
Second Quarter 2023 Financial Results:
Total revenues for the three months ended June 30, 2023 were
$60.1 million, as compared to $33.9 million during the three months
ended June 30, 2022, an increase of $26.2 million, or approximately
77%. The increase is due to increased sales of ADMA’s
immunoglobulin products, primarily ASCENIV and BIVIGAM, as we
continue to experience increased physician, payer and patient
acceptance and utilization of ASCENIV and expand our customer base
for BIVIGAM. The growth in product revenues during the second
quarter was partially offset by a $1.4 million decrease in
third-party plasma sales by ADMA’s BioCenters business segment.
Gross profit for the three months ended June 30, 2023 was $16.7
million, as compared to $7.8 million for the same period of a year
ago, which represents an increase of $8.9 million. As a result,
ADMA achieved a gross margin of 27.8% in the second quarter of 2023
as compared to 22.9% in the second quarter of 2022. Accounting for
an estimated $2.1 million impact on second quarter cost of goods
sold pertaining to an IT disruption, ADMA estimates second quarter
consolidated gross margin would have been 31-32% on a normalized
basis.
Consolidated net loss was $6.4 million for the second quarter of
2023, as compared to $13.8 million for the second quarter of 2022.
The $7.4 million decrease in net loss was mainly due to the
narrowed operating loss of $8.7 million attributable to the
increased revenues and gross profit and the increase in interest
income of $0.4 million, partially offset by the $1.7 million
increase in interest expense. Adjusting for $2.8 million in
nonrecurring charges related to an IT disruption, Adjusted Net Loss
was $3.6 million for the second quarter of 2023.
ADMA grew Adjusted EBITDA to $6.4 million for the three months
ended June 30, 2023, as compared to an Adjusted EBITDA loss of $6.3
million the same period of a year ago. The improvement is driven
primarily by increased sales and gross profit.
At June 30, 2023, ADMA had working capital of $224.3 million,
primarily consisting of $161.8 million of inventory, cash and cash
equivalents of $62.5 million and $36.7 million of accounts
receivable, partially offset by current liabilities of $42.0
million.
Conference Call Information
To attend the conference call on August 9, 2023 at 4:30 PM ET,
participants may register for the call here to receive the dial-in
numbers and unique PIN to access the call seamlessly. It is
recommended that you join 10 minutes prior to the event starting
(although you may register and dial in at any time during the
call). A live audio webcast of the call will be available under
“Events & Webcasts” in the investor section of the Company’s
website, https://ir.admabiologics.com/events-webcasts. An archived
webcast will be available on the Company’s website approximately
two hours after the event.
About ASCENIV™
ASCENIV (immune globulin intravenous, human – slra 10% liquid)
is a plasma-derived, polyclonal, intravenous immune globulin
(IVIG). ASCENIV was approved by the FDA in April 2019 and is
indicated for the treatment of primary humoral immunodeficiency
(PI), also known as primary immune deficiency disease (PIDD), in
adults and adolescents (12 to 17 years of age). ASCENIV is
manufactured using ADMA’s unique, patented plasma donor screening
methodology and tailored plasma pooling design, which blends normal
source plasma and respiratory syncytial virus (RSV) plasma obtained
from donors tested using the Company’s proprietary
microneutralization assay. ASCENIV contains naturally occurring
polyclonal antibodies, which are proteins that are used by the
body’s immune system to neutralize microbes, such as bacteria and
viruses and prevent against infection and disease. ASCENIV is
protected by U.S. Patents: 9,107,906, 9,714,283 and 9,815,886.
Certain data and other information about ASCENIV™ or ADMA Biologics
and its products can be found on the Company’s website at
www.admabiologics.com.
About BIVIGAM®
BIVIGAM (immune globulin intravenous, human – 10% liquid) is a
plasma-derived, polyclonal, intravenous immune globulin (IVIG).
BIVIGAM was approved by the FDA in May 2019 and is indicated for
the treatment of primary humoral immunodeficiency (PI), including,
but not limited to the following group of genetic disorders:
X-linked and congenital agammaglobulinemia, common variable
immunodeficiency, Wiskott-Aldrich syndrome, and severe combined
immunodeficiency. BIVIGAM contains a broad range of antibodies
similar to those found in normal human plasma. These antibodies are
directed against bacteria and viruses and help to protect PI
patients against serious infections. BIVIGAM is a purified,
sterile, ready-to-use preparation of concentrated human
Immunoglobulin antibodies. Certain data and other information about
BIVIGAM® or ADMA Biologics and its products can be found on the
Company’s website at www.admabiologics.com.
About ADMA BioCenters
ADMA BioCenters operates FDA-licensed facilities specializing in
the collection of human plasma used to make special medications for
the treatment and prevention of diseases. Managed by a team of
experts who have decades of experience in the specialized field of
plasma collection, ADMA BioCenters provides a safe, professional,
and pleasant donation environment. ADMA BioCenters strictly follows
FDA regulations and guidance and enforces cGMP (current good
manufacturing practices) in all of its facilities. For more
information about ADMA BioCenters, please visit
www.admabiocenters.com.
About ADMA Biologics, Inc.
(ADMA)
ADMA Biologics is an end-to-end commercial
biopharmaceutical company dedicated to manufacturing, marketing and
developing specialty plasma-derived 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:
BIVIGAM® (immune globulin intravenous, human) for the treatment of
primary humoral immunodeficiency (PI); ASCENIV™ (immune globulin
intravenous, human – slra 10% liquid) for the treatment of PI; and
NABI-HB® (hepatitis B immune globulin, human) to provide enhanced
immunity against the hepatitis B virus. ADMA manufactures its
immune globulin products at its FDA-licensed plasma fractionation
and purification facility located in Boca Raton, Florida. Through
its ADMA BioCenters subsidiary, ADMA also operates as an
FDA-approved source plasma collector in the U.S., which provides a
portion of its blood plasma for the manufacture of its products.
ADMA’s mission is to manufacture, market and develop specialty
plasma-derived, human immune globulins targeted to niche patient
populations for the treatment and prevention of certain infectious
diseases and management of immune compromised patient populations
who suffer from an underlying immune deficiency, or who may be
immune compromised for other medical reasons. ADMA has received
U.S. Patents: 9,107,906, 9,714,283, 9,815,886, 9,969,793 and
10,259,865 and European Patent No. 3375789, among others, related
to certain aspects of its products and product candidates. For more
information, please visit www.admabiologics.com.
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 EBITDA, Adjusted EBITDA and Adjusted
Net Loss are useful to investors in evaluating the Company’s
financial performance. The Company uses EBITDA, Adjusted EBITDA and
Adjusted Net Loss 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 and
Adjusted Net Loss, stock-based compensation or 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. EBITDA,
Adjusted EBITDA and Adjusted Net Loss should not be considered as
measures of financial performance under U.S. GAAP, and the items
excluded from EBITDA, Adjusted EBITDA and Adjusted Net Loss 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 or any other performance measures
derived in accordance with U.S. 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.
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., and its
subsidiaries (collectively, “our”, “ADMA” 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
“anticipates,” “believes,” “could,” “can,” “estimates,” “expects,”
“forecasts,” “intends,” “may,” “plans,” “predicts,” “projects,”
“should,” “targets,” “will,” “would,” or, in each case, their
negative, or words or expressions of similar meaning. These
forward-looking statements also include, but are not limited to,
statements about ADMA’s future results of operations and certain
non-GAAP reconciliations, expense management, financial condition
and pro forma results, as well as certain underlying assumptions in
connection therewith; the success of ASCENIV™ in future periods and
its impact on future results of operations; yield enhancement and
label expansion opportunities for the Company’s product portfolio;
the higher production scale of ASCENIV and the timing for realizing
related benefits; the impact of growth initiatives on our financial
outlook; the timeline associated with net income profitability; the
ability to obtain FDA approval of our tenth plasma collection
center and the associated timing in connection therewith; and the
ability to achieve source plasma self-sufficiency and the
associated timing in connection therewith, as well as benefits
thereof. 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.
COMPANY CONTACT:Skyler BloomSenior Director,
Business Development and Corporate Strategy | 201-478-5552 |
sbloom@admabio.com
INVESTOR RELATIONS CONTACT:Jason
FinkelsteinManaging Director, Argot Partners | 212-600-1902 |
jason@argotpartners.com
ADMA BIOLOGICS, INC. AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
OPERATIONS
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
REVENUES |
$ |
60,123,191 |
|
|
$ |
33,905,007 |
|
|
$ |
117,036,725 |
$ |
63,008,100 |
|
Cost of
product revenue |
|
43,433,188 |
|
|
|
26,135,614 |
|
|
|
83,833,732 |
|
|
|
51,576,660 |
|
Gross profit |
|
16,690,003 |
|
|
|
7,769,393 |
|
|
|
33,202,993 |
|
|
|
11,431,440 |
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Research and development |
|
1,403,260 |
|
|
|
873,386 |
|
|
|
2,258,611 |
|
|
|
1,497,497 |
|
Plasma center operating expenses |
|
1,333,424 |
|
|
|
3,921,486 |
|
|
|
3,113,887 |
|
|
|
7,896,075 |
|
Amortization of intangible assets |
|
178,838 |
|
|
|
178,838 |
|
|
|
357,676 |
|
|
|
357,676 |
|
Selling, general and administrative |
|
14,247,558 |
|
|
|
11,970,422 |
|
|
|
28,759,214 |
|
|
|
25,669,997 |
|
Total operating expenses |
|
17,163,080 |
|
|
|
16,944,132 |
|
|
|
34,489,388 |
|
|
|
35,421,245 |
|
|
|
|
|
|
|
|
|
LOSS
FROM OPERATIONS |
|
(473,077 |
) |
|
|
(9,174,739 |
) |
|
|
(1,286,395 |
) |
|
|
(23,989,805 |
) |
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSE): |
|
|
|
|
|
|
|
Interest income |
|
414,304 |
|
|
|
2,269 |
|
|
|
581,275 |
|
|
|
35,337 |
|
Interest expense |
|
(6,299,107 |
) |
|
|
(4,573,015 |
) |
|
|
(12,414,591 |
) |
|
|
(7,962,053 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6,669,941 |
) |
Other expense |
|
(12,827 |
) |
|
|
(19,421 |
) |
|
|
(39,811 |
) |
|
|
(186,301 |
) |
Other expense, net |
|
(5,897,630 |
) |
|
|
(4,590,167 |
) |
|
|
(11,873,127 |
) |
|
|
(14,782,958 |
) |
|
|
|
|
|
|
|
|
NET
LOSS |
$ |
(6,370,707 |
) |
|
$ |
(13,764,906 |
) |
|
$ |
(13,159,522 |
) |
|
$ |
(38,772,763 |
) |
|
|
|
|
|
|
|
|
BASIC AND DILUTED LOSS PER COMMON SHARE |
$ |
(0.03 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.20 |
) |
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
|
|
|
Basic and Diluted |
|
222,683,393 |
|
|
|
196,353,185 |
|
|
|
222,304,676 |
|
|
|
196,113,888 |
|
|
|
|
|
|
|
|
|
ADMA BIOLOGICS, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS
|
June
30, |
|
December
31, |
|
|
2023 |
|
|
|
2022 |
|
ASSETS |
(Unaudited) |
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
62,512,889 |
|
|
$ |
86,521,542 |
|
Accounts receivable, net |
|
36,731,612 |
|
|
|
15,505,048 |
|
Inventories |
|
161,780,063 |
|
|
|
163,280,047 |
|
Prepaid expenses and other current assets |
|
5,218,735 |
|
|
|
5,095,146 |
|
Total current assets |
|
266,243,299 |
|
|
|
270,401,783 |
|
Property and
equipment, net |
|
56,305,620 |
|
|
|
58,261,481 |
|
Intangible
assets, net |
|
655,740 |
|
|
|
1,013,415 |
|
Goodwill |
|
3,529,509 |
|
|
|
3,529,509 |
|
Right to use
assets |
|
10,003,826 |
|
|
|
10,485,447 |
|
Deposits and
other assets |
|
6,289,048 |
|
|
|
4,770,246 |
|
TOTAL ASSETS |
$ |
343,027,042 |
|
|
$ |
348,461,881 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
12,084,529 |
|
|
$ |
13,229,390 |
|
Accrued expenses and other current liabilities |
|
28,745,598 |
|
|
|
24,989,349 |
|
Current portion of deferred revenue |
|
142,834 |
|
|
|
142,834 |
|
Current portion of lease obligations |
|
979,536 |
|
|
|
905,369 |
|
Total current liabilities |
|
41,952,497 |
|
|
|
39,266,942 |
|
Senior notes
payable, net of discount |
|
140,312,070 |
|
|
|
142,833,063 |
|
Deferred
revenue, net of current portion |
|
1,761,614 |
|
|
|
1,833,031 |
|
End of term
fee |
|
1,567,139 |
|
|
|
1,500,000 |
|
Lease
obligations, net of current portion |
|
10,221,914 |
|
|
|
10,704,176 |
|
Other
non-current liabilities |
|
449,513 |
|
|
|
350,454 |
|
TOTAL LIABILITIES |
|
196,264,747 |
|
|
|
196,487,666 |
|
|
|
|
|
COMMITMENTS AND CONTINGENCIES |
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
Preferred
Stock, $0.0001 par value, 10,000,000 shares authorized, |
|
|
|
no shares issued and outstanding |
|
- |
|
|
|
- |
|
Common Stock
- voting, $0.0001 par value, 300,000,000 shares authorized, |
|
|
|
224,526,748 and 221,816,930 shares issued and outstanding |
|
22,453 |
|
|
|
22,182 |
|
Additional
paid-in capital |
|
637,916,035 |
|
|
|
629,968,704 |
|
Accumulated
deficit |
|
(491,176,193 |
) |
|
|
(478,016,671 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
146,762,295 |
|
|
|
151,974,215 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
343,027,042 |
|
|
$ |
348,461,881 |
|
|
|
|
|
NON-GAAP RECONCILIATIONS
RECONCILIATION OF GAAP NET LOSS TO EBITDA
AND ADJUSTED EBITDA
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net
loss |
$ |
(6,370,707 |
) |
|
$ |
(13,764,906 |
) |
|
$ |
(13,159,522 |
) |
|
$ |
(38,772,763 |
) |
Depreciation |
|
1,918,739 |
|
|
|
1,545,444 |
|
|
|
3,772,866 |
|
|
|
2,956,824 |
|
Amortization |
|
178,838 |
|
|
|
178,838 |
|
|
|
357,676 |
|
|
|
357,676 |
|
Interest
expense |
|
6,299,107 |
|
|
|
4,573,015 |
|
|
|
12,414,591 |
|
|
|
7,962,053 |
|
EBITDA |
|
2,025,977 |
|
|
|
(7,467,609 |
) |
|
|
3,385,611 |
|
|
|
(27,496,210 |
) |
Stock-based
compensation |
|
1,637,038 |
|
|
|
1,191,047 |
|
|
|
2,747,204 |
|
|
|
2,832,435 |
|
IT systems
disruption |
|
2,769,972 |
|
|
|
- |
|
|
|
2,769,972 |
|
|
|
- |
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
6,669,941 |
|
Adjusted EBITDA |
$ |
6,432,987 |
|
|
$ |
(6,276,562 |
) |
|
$ |
8,902,787 |
|
|
$ |
(17,993,834 |
) |
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP NET LOSS TO
ADJUSTED NET LOSS
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net
loss |
$ |
(6,370,707 |
) |
|
$ |
(13,764,906 |
) |
|
$ |
(13,159,522 |
) |
|
$ |
(38,772,763 |
) |
IT systems
disruption |
|
2,769,972 |
|
|
|
- |
|
|
|
2,769,972 |
|
|
|
- |
|
Adjusted Net Loss |
$ |
(3,600,735 |
) |
|
$ |
(13,764,906 |
) |
|
$ |
(10,389,550 |
) |
|
$ |
(38,772,763 |
) |
Adma Biologics (NASDAQ:ADMA)
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