ADMA Biologics Reports Second Quarter 2018 Financial Results

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RAMSEY, N.J. and BOCA RATON, Fla., Aug. 10, 2018 (GLOBE NEWSWIRE) -- ADMA Biologics, Inc. (NASDAQ: ADMA) (“ADMA” or the “Company”) today announced its financial results for the quarter ended June 30, 2018 and provided an update on its operations and corporate objectives.

“During the quarter we strengthened our balance sheet by completing a $46 million financing with well-known healthcare institutions and insider participation. This financing, coupled with our previously existing cash balance, provides funding for ADMA through several key regulatory and commercial milestones. We are pleased with our quarter-over-quarter revenue growth attributed to the commercial assets that we received as part of the Biotest Therapy Business Unit (“BTBU”) transaction in June 2017,” stated Adam Grossman, President and Chief Executive Officer of ADMA. 

“Since announcing the successful close-out of our April 2018 U.S. Food and Drug Administration (“FDA”) compliance inspection, we are now preparing for the resubmission of our Biologics License Application (“BLA”) for RI-002 in the near term. During the first half of 2018, we achieved an important corporate objective of submitting our Prior Approval Supplement (“PAS”) for BIVIGAM®, which is currently under review by the FDA, with a target action date of October 25, 2018 under the Prescription Drug User Fee Act (“PDUFA”). We look forward to what the second half of 2018 can bring to ADMA and its stockholders with several meaningful value-creating regulatory and commercial milestones anticipated, as well as the potential FDA approval of our third plasma center by year-end,” concluded Mr. Grossman. 

ADMA reported total revenues of $4.7 million for the quarter ended June 30, 2018, as compared to $3.4 million for the quarter ended June 30, 2017, representing an increase of $1.3 million, or approximately 37%. The increase in revenues was primarily due to the accretive nature of assets and commercial product rights acquired in the BTBU transaction, which was completed in June 2017. 

The consolidated net loss for the quarter ended June 30, 2018 was $14.7 million, or $(0.35) per basic and diluted share, as compared to a consolidated net loss of $9.0 million, or $(0.55) per basic and diluted share, for the quarter ended June 30, 2017. The increase in net loss of $5.7 million was primarily attributable to increased cost of product revenue of $5.3 million, which reflected an increase in unabsorbed manufacturing costs at our plasma fractionation facility acquired in the BTBU transaction (the “Boca Facility”), and an increase in cost of product revenue related to the sales and production of Nabi-HB®, among other product revenue related costs. Other costs attributable to the increased net loss include higher employee related costs of approximately $1.5 million as part of the BTBU transaction, an increase in interest expense of $0.7 million and an increase in insurance expense of $0.4 million, partially offset by $1.2 million of non-recurring BTBU transaction costs in 2017 and the increase in revenues in 2018. Included in the net loss for the quarter ended June 30, 2018 were non-cash expenses of approximately $1.6 million for stock-based compensation, depreciation and amortization, and non-cash interest expense.

ADMA reported total revenues of $8.7 million for the six months ended June 30, 2018, as compared to $6.0 million for the six months ended June 30, 2017, representing an increase of $2.7 million, or approximately 44%. The increase in revenues was attributable to the assets acquired in the BTBU transaction, partially offset by lower revenues from our ADMA BioCenters plasma collection business segment due to increased competition from other plasma centers.

The consolidated net loss for the six months ended June 30, 2018 was $32.6 million, or $(0.74) per basic and diluted share, as compared to a consolidated net loss of $15.6 million, or $(1.06) per basic and diluted share, for the six months ended June 30, 2017. The increase in net loss of $17.0 million was primarily attributable to increased product revenue costs of $15.9 million, primarily comprised of an increase in unabsorbed manufacturing costs at the Boca Facility and conformance lot production of RI-002 and BIVIGAM®, among other product revenue related costs. Other costs attributable to the increased net loss include higher employee related costs of approximately $3.2 million as part of the BTBU transaction, increases in other expenses associated with the Boca Facility of $1.8 million and an increase in interest expense of $1.4 million, partially offset by $3.8 million of non-recurring BTBU transaction costs in 2017 and the increase in revenues in 2018. Included in the net loss for the quarter ended June 30, 2018 were non-cash expenses of $3.2 million for stock-based compensation, depreciation and amortization, and non-cash interest expense.

At June 30, 2018, ADMA had cash and cash equivalents of $55.2 million, as compared to $43.1 million at December 31, 2017. ADMA’s net working capital as of June 30, 2018 was $66.7 million, as compared to $53.7 million as of December 31, 2017. In the second quarter of 2018, the Company completed an underwritten public offering of its common stock and received net proceeds of $42.9 million.

COMPANY CONTACT: Brian Lenz Executive Vice President and Chief Financial Officer | 201-478-5552 |

INVESTOR RELATIONS CONTACT: Jeremy FefferManaging Director, LifeSci Advisors, LLC | 212-915-2568 |

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Globe Newswire: 12:08 GMT Friday 10th August 2018

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