Full Press Release Details
Reports Fourth Quarter and Full Year 2020 Financial Results
Full Year 2020 Total Revenues of $42.2 Million, a 44% Increase Over Full Year 2019
Accelerated ADMA BioCenters Plasma Collection
Network Expansion Guidance; Anticipates Having 10 or More Plasma Collection Centers in Operation by 2024
Management to Host Conference Call and Webcast
Today at 4:30 p.m. ET
RAMSEY, NJ and BOCA RATON, FL - March 25, 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
fourth quarter and year ended December 31, 2020 and provided an overview of recent progress and accomplishments.
"In a year full of unprecedented
health and economic challenges due to the pandemic, the ADMA team's unwavering commitment produced remarkable achievements across
all our business segments," said Adam Grossman, President and Chief Executive
Officer of ADMA Biologics. "Operationally, while enacting all the medically recommended COVID-19 safeguards to protect our patients,
employees and customers, we successfully expanded our plasma collection center network ahead of schedule and delivered on all of
our manufacturing and regulatory objectives as a part of our supply chain enhancement initiatives. We generated record revenues of $42.2
million despite COVID-19 headwinds, and because of our strong commercial execution, we confidently provided first-time peak annual revenue
guidance of $250 million or greater expected to be achieved in 2024 and additionally committed to reaching profitability no later than
the first quarter of 2024."
"On the financial front, we substantially strengthened our balance
sheet with year-end 2020 assets totaling $207.7 million, significantly growing inventories to a year-end balance of $81.5 million as well
as increasing accounts receivable and investments in property, plant and equipment. We look forward
to continuing to deliver quarter-over-quarter revenue growth and execute on our strategy during 2021, building on the momentum created
by 2020's achievements across all of our business segments," concluded Mr. Grossman.
Select 2020 Achievements & Recent Corporate Developments:
Fourth Quarter 2020 Financial Results
Total revenues for the quarter ended December 31, 2020 were $14.0 million,
compared to $12.0 million for the quarter ended December 31, 2019, representing an increase of approximately $2.0 million, or approximately
16%. The revenue growth for the fourth quarter of 2020, compared to the fourth quarter of 2019, was favorably impacted by the continued
commercial ramp up of our IVIG product portfolio.
Consolidated net loss for the quarter ended December 31, 2020 was $19.4
million, or $(0.20) per basic and diluted share, compared to a consolidated net loss of $10.6 million, or $(0.18) per basic and diluted
share, for the quarter ended December 31, 2019. The $8.8 million increase in net loss compared to the prior year period was primarily
attributable to increased cost of product revenue of $7.4 million; increases in selling, general and administrative expenses of $2.3 million
related to employee compensation, new hires along with other costs to support the commercialization efforts for BIVIGAM and ASCENIV
and a $0.5 million increase in research and development expenses mainly related to increased costs associated with clinical studies. The
increased net loss additionally includes $1.1 million in higher plasma center operating expenses due to the opening of additional plasma
centers during 2020. Included in the net loss for the fourth quarter of 2020 were non-cash expenses of approximately $2.4 million for
stock-based compensation, depreciation and amortization, and non-cash interest expense.
Full Year 2020 Financial Results
Total revenues for the year ended December 31, 2020 were $42.2 million,
compared to $29.3 million for the year ended December 31, 2019, representing an increase of $12.9 million, or 44%. The increase in revenues
was primarily attributable to increased sales of our IVIG products portfolio offset by lower plasma collection revenues.
Consolidated net loss for the year ended December 31, 2020 was approximately
$75.7 million, or $(0.88) per basic and diluted share, compared to a consolidated net loss of $48.3 million, or $(0.89) per basic and
diluted share, for the year ended December 31, 2019. The increase in net loss of approximately $27.4 million was primarily attributable
to a $21.8 million increase in cost of product revenue, which reflects the increase in sales volume as well as $7.5 million of non-recurring
production charges incurred for the manufacturing of BIVIGAM conformance lots at an increased plasma pool production scale in connection
with our planned capacity expansion. The increase in net loss in 2020 was also attributable to increased selling, general administrative
expenses of approximately $9.1 million related to the overall growth in the size and scope of the Company's operations, including
the commercialization efforts of BIVIGAM and ASCENIV ; a $3.6 million increase in research and development expenses associated
with the validation for a capacity expansion of a new filling line and increases in various clinical research activities, some of which
are required by the FDA. Included in the net loss for the year ended 2020 were non-cash expenses of $8.6 million for stock-based compensation,
depreciation and amortization and non-cash interest expense.
At December 31, 2020, ADMA had cash and cash equivalents of $55.9 million
and accounts receivable of $13.2 million, compared to cash and cash equivalents of $26.8 million and accounts receivable of $3.5 million
at December 31, 2019. ADMA's net working capital as of December 31, 2020 was $133.8 million, compared to $71.8 million as of December
Conference Call Information
ADMA will host a conference call today, March 25, 2021, at 4:30 p.m.
Eastern Time, to discuss the fiscal fourth quarter and full year 2020 financial results and recent corporate updates. To access the conference
call, please dial (855) 884-8773 or (615) 622-8043 (international) at least 10 minutes prior to the start time and refer to conference
ID 5109699. 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 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 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 is an FDA licensed facility 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 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