ADMA Biologics (ADMA) Q4 2024 earnings summary

Executive summary

• FY 2024 revenue reached $426.5 million, up 65% year-over-year, driven by strong ASCENIV demand and expanded plasma supply contracts.

• Adjusted EBITDA for 2024 was $164.6 million, up 309% year-over-year.

• FY 2024 GAAP net income was $197.7 million, including an $84.3 million valuation allowance tax benefit.

• Adjusted Net Income for FY 2024 was $119.2 million, a dramatic increase from $0.7 million in FY 2023.

• Long-term high-titer plasma supply contracts and anticipated FDA approval of a yield enhancement process are expected to support durable growth and potential to exceed $1 billion in annual revenue before 2030.

Financial highlights

• Q4 2024 revenue was $117.5 million, up 59% from Q4 2023; full-year 2024 revenue was $426.5 million, up 65% from 2023.

• FY 2024 gross profit was $219.6 million, with gross margin improving to 51.5% from 34.4% in 2023.

• FY 2024 Adjusted EBITDA was $164.6 million, up from $40.2 million in FY 2023; Q4 Adjusted EBITDA was $48.3 million.

• FY 2024 Adjusted Net Income was $119.2 million, compared to $0.7 million in FY 2023.

• Working capital at year-end was $275.9 million, with $170.2 million in inventory and $103.1 million in cash.

Outlook and guidance

• FY 2025 and 2026 revenue guidance raised to over $490 million and $605 million, respectively.

• FY 2025 and 2026 Adjusted EBITDA guidance increased to over $225 million and $305 million, respectively.

• FY 2025 and 2026 Adjusted Net Income guidance increased to over $175 million and $235 million, respectively.

• Guidance excludes potential upside from yield enhancement process, which could add further growth if approved mid-2025.

• Total annual revenue expected to exceed $1 billion prior to 2030, with outsized earnings growth anticipated.