Full Press Release Details
ADMA Biologics Reports First Quarter 2021 Financial
Results and Highlights Recent Company Progress and Accomplishments
First Quarter 2021 Total Revenues of $16.0 Million, a 57% Increase Over First Quarter 2020
Significantly Expanded Total Asset Value to
$235.7 Million, Including $94.1 Million in Inventories
Management to Host Conference Call and Webcast
Today at 4:30 p.m. ET
RAMSEY, NJ and BOCA RATON, FL - May 12, 2021 - 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 reported financial results for its fiscal first quarter
2021 and provided an overview of recent progress and accomplishments.
"ADMA has successfully
transformed its business in the early months of 2021 and in doing so set the stage for what the Company expects to be a strong year of
growth and achievements. We remain on track to deliver on several strategic and financial objectives over the near term, and visibility
is improving on the Company's path to profitability," said Adam Grossman, President
and Chief Executive Officer of ADMA Biologics. "We achieved multiple milestones across business segments during the quarter, while
at the same time delivered on operating commitments to shareholders, specifically, generating record quarterly revenues of $16.0 million,
a 57% increase over the same period last year. Also on the financial front, ADMA successfully narrowed both gross losses as well as net
losses compared to the prior quarter, an encouraging trend the Company will strive to continue in the coming quarters and accelerate throughout
ADMA additionally grew its total
asset value to a quarter-end balance of $235.7 million, up approximately 13% compared to the year-end 2020 total asset value of $207.7
million. The growth in asset value notably includes approximately $94.1 million in inventories recorded at the Company's cost, which
ADMA expects will support continued production ramp-up as well as quarter-over-quarter revenue growth throughout 2021, and to ensure continuity
of product supply into an increasingly supply-constrained immune globulin market.
Mr. Grossman continued, "ADMA
substantially strengthened its supply chain during the first quarter of 2021, making significant progress towards its objective to establish
end-to-end control of its production operations. Of note, the recent U.S. Food and Drug Administration ("FDA") approval of
the Company's Intravenous Immune Globulin ("IVIG") production scale expansion is expected to increase total manufacturing
production capacity by up to 50% compared to the Company's prior expectations, ADMA BioCenters remains on track to have 10 or more
plasma collection facilities in operation by 2024, and the two fiscal quarter extension of ADMA's existing third-party plasma supply
commitment to year-end 2022 is expected to further supplement ADMA's growing internal plasma collections and support the Company
in meeting all ongoing, as well as the forecasted, peak IVIG production requirements."
"The milestones achieved during the first quarter of 2021 establish
a strong foundation for ADMA's continued execution as the year progresses. We believe the multi-year remediation and production
enhancement objectives will enable ADMA to yield significant returns in the way of margin improvements, and to generate anticipated quarter-over-quarter
revenue growth which we expect should continue throughout 2021 and beyond. The pathway to profitability is clearly in focus. We believe
that we have executed on all stated commitments to our shareholders and to a large extent de-risked future growth prospects as a result
of the Company's achievements during the first quarter. These achievements could not have
been completed without the dedication and focus of ADMA's staff and we commend the entire team for their extraordinary efforts,"
concluded Mr. Grossman.
Select First Quarter 2021 Achievements & Recent Corporate Developments:
First Quarter 2021 Financial Results
Total revenues for the quarter ended March 31, 2021 were $16.0 million,
compared to $10.2 million for the quarter ended March 31, 2020, representing an increase of approximately $5.8 million, or 57%. The revenue
growth for the first quarter of 2021, compared to the first quarter of 2020, was favorably impacted by the continued commercial ramp up
of our IVIG product portfolio.
Consolidated net loss for the quarter ended March 31, 2021 was $18.4
million, or $(0.16) per basic and diluted share, compared to a consolidated net loss of $19.2 million, or $(0.26) per basic and diluted
share, for the quarter ended March 31, 2020. The $0.8 million narrowing in net loss compared to the prior year period was primarily attributable
increased revenues and improved gross margins.
At March 31, 2021, ADMA had cash and cash equivalents of approximately
$62.0 million and accounts receivable of $15.4 million, compared to cash and cash equivalents of $55.9 million and accounts receivable
of $13.2 million as of December 31, 2020. ADMA's net working capital as of March 31, 2021 was $156.1 million, compared to $133.8
million as of December 31, 2020.
Conference Call Information
ADMA will host a conference call today, May 12, 2021, at 4:30 p.m.
Eastern Time, to discuss the fiscal first quarter 2021 financial results and recent corporate updates. To access the conference call,
please dial (855) 884-8773 (local) or (615) 622-8043 (international) at least 10 minutes prior to the start time and refer to conference
ID 1063675. 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.
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.
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.
Nabi-HB is a hyperimmune globulin that is rich in antibodies to
the Hepatitis B virus. Nabi-HB is a purified human polyclonal antibody product collected from plasma donors who have been previously
vaccinated with a Hepatitis B vaccine. Nabi-HB is indicated for the treatment of acute exposure to blood containing Hepatitis B surface
antigen (HBsAg), prenatal exposure to infants born to HBsAg-positive mothers, sexual exposure to HBsAg-positive persons and household
exposure to persons with acute Hepatitis B virus infection. Hepatitis B is a potentially life-threatening liver infection caused by the
Hepatitis B virus. It is a major global health problem and can cause chronic infection and put people at high risk of death from cirrhosis
and liver cancer. Nabi-HB has a well-documented record of long-term safety and effectiveness since its initial market introduction.
Certain data and other information about Nabi-HB or ADMA Biologics and its products can be found on the Company's website at
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 safe, professional and pleasant
donation environment. ADMA BioCenters strictly follows FDA regulations and guidance and enforces current good manufacturing practices
(cGMP) 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 American 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 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