{"id":492406,"date":"2021-05-12T16:11:12","date_gmt":"2021-05-12T20:11:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/adma-biologics-reports-first-quarter-2021-financial-results-and-highlights-recent-company-progress-and-accomplishments\/"},"modified":"2021-05-12T16:11:12","modified_gmt":"2021-05-12T20:11:12","slug":"adma-biologics-reports-first-quarter-2021-financial-results-and-highlights-recent-company-progress-and-accomplishments","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/adma-biologics-reports-first-quarter-2021-financial-results-and-highlights-recent-company-progress-and-accomplishments\/","title":{"rendered":"ADMA Biologics Reports First Quarter 2021 Financial Results and Highlights Recent Company Progress and Accomplishments"},"content":{"rendered":"
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\n Achieved First Quarter 2021 Total Revenues of $16.0 Million, a 57% Increase Over First Quarter 2020<\/em>
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\n Significantly Expanded Total Asset Value to $235.7 Million, Including $94.1 Million in Inventories <\/em>\n <\/p>\n

\n Management to Host Conference Call and Webcast Today at 4:30 p.m. ET<\/em>\n <\/p>\n

RAMSEY, N.J. and BOCA RATON, Fla., May 12, 2021 (GLOBE NEWSWIRE) — ADMA Biologics, Inc. (Nasdaq: ADMA) (\u201cADMA\u201d or the \u201cCompany\u201d), 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.<\/p>\n

\u201cADMA 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\u2019s path to profitability,\u201d said\u00a0Adam Grossman, President and Chief Executive Officer of ADMA Biologics. \u201cWe 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 2022.\u201d<\/p>\n

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\u2019s 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.<\/p>\n

Mr. Grossman continued, \u201cADMA 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 (\u201cFDA\u201d) approval of the Company\u2019s Intravenous Immune Globulin (\u201cIVIG\u201d) production scale expansion is expected to increase total manufacturing production capacity by up to 50% compared to the Company\u2019s 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\u2019s existing third-party plasma supply commitment to year-end 2022 is expected to further supplement ADMA\u2019s growing internal plasma collections and support the Company in meeting all ongoing, as well as the forecasted, peak IVIG production requirements.\u201d<\/p>\n

\u201cThe milestones achieved during the first quarter of 2021 establish a strong foundation for ADMA\u2019s 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\u2019s achievements during the first quarter. These achievements could not have been completed without the dedication and focus of ADMA\u2019s staff and we commend the entire team for their extraordinary efforts,\u201d concluded Mr. Grossman.<\/p>\n

\n Select First Quarter 2021 Achievements & Recent Corporate Developments:<\/strong>\n <\/p>\n