Executive Summary

Q1 2025 revenue was $114.8M (+40% YoY) with gross margin at 53.2%; adjusted revenue would have been $118.6M excluding $3.8M voluntary product withdrawal credits .
Guidance raised: FY25 revenue to >$500M (from >$490M) and FY26 to >$625M (from >$605M); FY25/FY26 adjusted EBITDA to >$235M/>$340M; FY26 adjusted net income raised to ≥$245M while FY25 maintained at ≥$175M .
FDA approved an IG yield enhancement process expected to lift output ~20% from the same plasma volume, supporting revenue growth and margin expansion beginning late 2025 and more materially in 2026 .
Capital actions: $500M share repurchase authorization (~8% of market cap) and debt reorganization lowering cost of debt by ~1.1% nominally; revolver $72.5M and term loan $2.5M outstanding post-reorg .
Street comparison: reported revenue and EPS missed consensus due to one-time product withdrawal credits and front-loaded OpEx; adjusted revenue aligns more closely with expectations . Values retrieved from S&P Global.*

What Went Well and What Went Wrong

What Went Well

“Transformational” quarter with FDA approval of yield enhancement process; management expects 20% finished IG output increase and meaningful margin expansion .
Strong operational and financial execution: Adjusted EBITDA +81% YoY to $47.9M; adjusted net income +87% YoY to $33.3M; robust ASCENIV demand and favorable mix drove margin gains .
Balance sheet flexibility and shareholder returns: $171M in cash + receivables; $500M buyback authorization; reorg reduced cost of debt by ~1.1% .

What Went Wrong

One-time voluntary product withdrawals reduced reported revenue by $3.8M and pressured near-term optics; adjusted revenue points to underlying strength .
Street misses: reported revenue ($114.8M) below consensus ($118.65M*) and EPS ($0.11) below $0.165* as OpEx was elevated by promotional and yield-related investments . Values retrieved from S&P Global.*
Sequential revenue down vs Q3/Q4, reflecting timing (lot releases, inventory normalization) and the withdrawal credits, though management expects OpEx to normalize from Q2 onward .

Financial Results

Core P&L (oldest → newest)

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD Millions)	$119.839	$117.549	$114.802
Gross Profit ($USD Millions)	$59.659	$63.333	$61.097
Gross Margin %	50.0%	54.0%	53.2%
GAAP Net Income ($USD Millions)	$35.909	$111.896	$26.904
Diluted EPS ($USD)	$0.15	$0.46	$0.11
Adjusted EBITDA ($USD Millions)	$45.367	$48.276	$47.939

Notes: Q1 2025 adjusted total revenue was $118.639M (adds back $3.837M withdrawal credits) .

KPIs and Balance Sheet (oldest → newest)

Metric	Q3 2024	Q4 2024	Q1 2025
Cash And Equivalents ($USD Millions)	$86.707	$103.147	$71.625
Accounts Receivable, net ($USD Millions)	$50.140	$49.999	$99.412
Inventory ($USD Millions)	$171.801	$170.235	$172.188
Senior Notes Payable ($USD Millions)	$101.326	$72.337	$72.527

Operational detail: Post-reorg, $72.5M revolver and $2.5M term loan outstanding with Ares .

Street vs Actuals (Q1 2025)

Metric	Q1 2025 Actual	Q1 2025 Consensus Mean*
Revenue ($USD Millions)	$114.802	$118.650*
Diluted EPS ($USD)	$0.11	$0.165*
EBITDA ($USD Millions)	$37.393	$51.200*
Gross Margin (%)	53.2%	55.0%*
Target Price (USD)	$27.25*	$27.25*
# of EPS Estimates	—	2.0*
# of Revenue Estimates	—	2.0*

Values retrieved from S&P Global.*

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenue	FY 2025	>$490M	>$500M	Raised
Total Revenue	FY 2026	>$605M	>$625M	Raised
Adjusted Net Income	FY 2025	≥$175M	≥$175M	Maintained
Adjusted Net Income	FY 2026	≥$235M	≥$245M	Raised
Adjusted EBITDA	FY 2025	>$225M	>$235M	Raised
Adjusted EBITDA	FY 2026	>$305M	>$340M	Raised
Pre-2030 Annual Revenue	Pre-2030	>$1.0B	>$1.1B	Raised

Management states 2025 guidance excludes potential yield-enhancement accretion; 2026 conservatively contemplates it .

Earnings Call Themes & Trends

Topic	Q3 2024 (Nov-2024)	Q4 2024 (Mar-2025)	Q1 2025 (May-2025)	Trend
AI/Technology (ADMAlytics)	Expanded ADMAlytics to commercial; efficiency gains expected	Continued leverage of analytics in ops	Focused on operational scalability; tech-enabled plasma screening	Ongoing deployment, supports efficiency
Supply Chain	Shift to ASCENIV throughput; spot plasma sales; donor retention programs	High-titer plasma contracts (~250 centers) accelerating onboarding	“Insulated” U.S.-based supply chain; robust third-party and internal collections	Improving supply visibility
Tariffs/Macro	—	U.S.-domiciled ops highlighted	Tariffs expected to have no impact due to fully U.S. operations	Limited macro exposure
Product Performance	ASCENIV >50% revenue; margin accretion	Queue of new ASCENIV patients; strong payer access	ASCENIV demand at record highs; majority of revenue mix; mid-80% gross margins commentary	Strengthening demand/mix
Regulatory	Yield enhancement expected mid-2025 approval	Reinforced confidence in approval	FDA approved yield enhancement (20% output)	Positive milestone achieved
R&D Execution	SG-001 pilot batch; animal study planning	SG-001 progressing; animal data targeted before YE 2025	SG-001 animal data targeted 2025; potential $300–$500M revenue	Advancing
Legal/Quality	—	Auditor transition to KPMG (Big 4)	Voluntary product withdrawals (one-time credits)	Governance strengthened; quality proactively managed

Management Commentary

“FDA approval of our yield enhancement production process… expected to increase finished IG output by 20% from the same starting plasma volume… de-risk our growth outlook and enhance our ability to expand new patient starts” — Adam Grossman, CEO .
“We are increasing total revenue guidance to $500 million or more [2025]… and $625 million or more [2026]… upwardly revised 2025 guidance excludes potential accretion from the monetization of products sold using the now approved enhanced yield process” .
“Cash on hand and accounts receivable grew to a combined $171 million… debt reorganization… provides for a 1.1% nominal reduction in… cost of debt… $500 million stock repurchase program (~8% of market cap)” .
“ASCENIV’s robust intellectual property… brand protection through at least 2035… confident regulatory barriers and proprietary know-how further safeguard ASCENIV’s branded growth” .
“Adjusted EBITDA was $47.9 million… 81% year-over-year growth… primarily due to substantial increase in operating income” — Brad Tade, CFO .

Q&A Highlights

Yield enhancement timing and impact: Management manufactured 3 conformance lots (2 BIVIGAM, 1 ASCENIV), excluded 2025 accretion; aim to sell down legacy process inventory first; expect 100% of 2026 output at enhanced yield scale .
ASCENIV backlog and demand generation: Robust patient queue; sequential growth expected; OpEx to normalize from Q2 after front-loaded education/promotion .
Plasma supply ramp: Substantially all targeted centers onboarded and sending samples; collections exceeding forecasts; derisks growth trajectory .
Donor retention strategy: VIP-like programs yielding frequent, longer donor participation; ASCENIV gross margins mid-80% even with increased donor fees; yield enhancement drives further expansion in 2026 .
Voluntary product withdrawals: Known IG adverse events; proactive safety-first withdrawal; ~$3.8M credits issued; no ongoing impact expected .

Estimates Context

Q1 2025 reported revenue ($114.8M) missed consensus ($118.65M*) largely due to the one-time withdrawal credits of ~$3.837M; adjusted revenue ($118.639M) aligns closely with consensus . Values retrieved from S&P Global.*
EPS ($0.11) below $0.165* driven by elevated OpEx for demand generation and non-recurring items tied to yield enhancement and vendor changes; adjusted metrics show underlying operating leverage . Values retrieved from S&P Global.*
Consensus gross margin (55.0%) vs actual (53.2%) reflects timing and the voluntary withdrawal; margins remain structurally supported by ASCENIV mix and expected yield enhancement . Values retrieved from S&P Global.

Key Takeaways for Investors

FDA yield enhancement approval is a structural catalyst; expect margin and revenue inflection beginning late 2025 with broader impact in 2026; positioning for durable upside .
ASCENIV is the core growth engine with record demand, robust payer access, and high gross margins; mix shift continues to drive profitability .
Near-term optical headwinds (Q1 miss) were driven by one-time withdrawal credits and front-loaded OpEx; normalized run-rate should improve from Q2 .
Guidance raised across revenue and EBITDA (FY25/FY26) and long-term target lifted to >$1.1B pre-2030; 2025 excludes yield accretion, providing potential upside .
Shareholder-friendly capital allocation: $500M buyback plus debt reorg lowering cost of capital; balance sheet supported by $171M cash + receivables and strong cash generation .
Watch execution on plasma supply ramp (third-party centers) and donor retention; both are key to scaling ASCENIV and achieving targets .
Medium-term thesis: a vertically integrated, U.S.-domiciled IG producer with proprietary IP and process innovation that reduces macro/regulatory risk and sustains earnings growth through 2035+ .

ADMA BIOLOGICS, INC. (ADMA)·Q1 2025 Earnings Summary