Full Press Release Details
ADMA Biologics Reports Fourth Quarter
and Full Year 2019 Financial Results and Highlights Recent Company Progress
Achieved Fourth Quarter 2019 Total Revenues
of $12.0 Million, a 197% Increase Over Fourth Quarter 2018
Achieved Full Year 2019 Total Revenues
of $29.3 Million, a 73% Increase Over Full Year 2018
Strengthened Balance Sheet Through Successful
Completion of Underwritten Public Offering Resulting in Gross Proceeds of $94.6 Million
Management to Host Conference Call and
Webcast Today at 4:30 p.m. ET
RAMSEY, NJ and BOCA RATON, FL -- March 12, 2020 -- ADMA
Biologics, Inc. (NASDAQ: ADMA) ("ADMA"), 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 for the prevention of certain infectious diseases, today reported financial results for the fourth quarter and full year ended
December 31, 2019 and provided an overview of recent progress and accomplishments.
"In 2019, ADMA embarked on the commercial rollout of
BIVIGAM and ASCENIV , our two lead intravenous immune globulin (IVIG) products for the treatment of patients
with primary humoral immunodeficiency," said Adam Grossman, ADMA's President and Chief Executive Officer. "We
are pleased with the commercial launch thus far and we look forward to continuing an upward production ramp throughout 2020. On
the financial front, we recently strengthened our balance sheet and enhanced our working capital position by securing gross proceeds
of $94.6 million in an underwritten public offering of our common stock. Collectively, we believe all of these achievements leave
us well positioned for continued growth in 2020 and beyond."
2019 and Recent Highlights
Fourth Quarter 2019 Financial Results
Total revenues for the quarter ended December 31, 2019 were
$12.0 million, compared to $4.1 million for the quarter ended December 31, 2018, representing an increase of approximately $7.9
million, or 197%. The increase in revenues was primarily due to the first commercial sales of ASCENIV in October 2019, the commercial
relaunch of BIVIGAM in August 2019, intermediate fraction sales as well as contract manufacturing revenue, all generated by our
Boca Raton, FL manufacturing operations, partially offset by a decrease in plasma center revenues due to the transfer of two of
our plasma centers on January 1, 2019 as part of the purchase price for the Florida operations.
Consolidated net loss for the fourth quarter 2019 was $10.6
million, or $(0.18) per basic and diluted share, compared to a consolidated net loss of $18.0 million, or $(0.39) per basic and
diluted share, for the fourth quarter 2018. The decrease in net loss of $7.4 million was primarily due to the increase in higher
revenues of approximately $7.9 million and a reduction in total operating expenses of $0.7 million during the fourth quarter 2019
compared to the fourth quarter 2018, partially offset by increased interest expense. Included in the net loss for the fourth quarter
2019 were non-cash expenses of approximately $1.9 million for stock-based compensation, depreciation and amortization, and non-cash
Full Year 2019 Financial Results
Total revenues for the full year 2019 were $29.3 million, compared
to $17.0 million for the full year 2018, representing an increase of approximately $12.3 million, or 73%. The increase in revenues
was primarily due to the first commercial sales of ASCENIV and commercial relaunch of BIVIGAM, as well as intermediate fraction
sales and contract manufacturing revenue, none of which were present in 2018, partially offset by a decrease in plasma center revenues.
Consolidated net loss for the full year 2019 was $48.3 million,
or $(0.89) per basic and diluted share, compared to a consolidated net loss of $65.7 million, or $(1.45) per basic and diluted
share, for the full year 2018. The decrease in net loss of $17.4 million was primarily due to the increased revenues of $12.3 million
as well as lower total operating expenses of $6.5 million for the year ended 2019 compared to 2018, partially offset by increased
interest expense. Included in the net loss for the full year 2019 were non-cash expenses of approximately $7.1 million for stock-based
compensation, depreciation and amortization, and non-cash interest expense.
At December 31, 2019, ADMA had cash and cash equivalents of
$26.8 million and accounts receivable of $3.5 million, compared to cash and cash equivalents and accounts receivable of $22.8 million
and $1.4 million, respectively, at December 31, 2018. ADMA's net working capital as of December 31, 2019 was $71.8 million,
compared to $34.9 million as of December 31, 2018.
In February 2020, ADMA completed an underwritten public offering
of 27,025,000 shares of its common stock at a public offering price of $3.50 per share, resulting in gross proceeds of $94.6 million.
Net proceeds to ADMA, after deducting underwriting discounts and commissions and other offering expenses, were approximately $88.5
Conference Call Information
ADMA will host a conference call today, Thursday, March 12,
2020, at 4:30 p.m. Eastern Time, to discuss the fourth quarter and full year 2019 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 9365775. 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 Primary Humoral Immunodeficiency
Primary humoral immunodeficiency (PI), also known as primary
immune deficiency disease (PIDD), is a class of inherited genetic disorders that causes an individual to have a deficient or absent
immune system. According to the World Health Organization, there are approximately 350 different genetic mutations encompassing
PI. Some disorders are present at birth or in early childhood and the disorders can affect anyone regardless of age or gender.
Some affect a single part of the immune system, others may affect one or more components of the system. PI patients are vulnerable
to infections and are more likely to suffer complications from these infections compared to individuals with a normal functioning
immune system. Because patients suffering from PI lack a properly functioning immune system, they typically receive monthly treatment
with polyclonal immune globulin products. Without this exogenous antibody replacement, these patients would remain vulnerable to
persistent and chronic infections. Initially thought to be very rare, it is now estimated that the prevalence of PI in the U.S.
is 1 in 1,200, which translates to approximately 250,000 people.
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 (IgG) antibodies.
About ASCENIV (Formerly RI-002)
ASCENIV (immune globulin intravenous, human - slra 10%
liquid) is a plasma-derived, polyclonal, intravenous immune globulin (IVIG). ASCENIV was approved by the FDA on April 1, 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 plasma 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.
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: ASCENIV (immune globulin intravenous, human - slra 10% liquid) for
the treatment of primary humoral immunodeficiency (PI); BIVIGAM (immune globulin intravenous, human) for the treatment
of PI; and NABI-HB (hepatitis B immune globulin, human) to provide enhanced immunity against the hepatitis B virus.
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 related to certain aspects of its products