Adma Biologics — Income Statement, Cash Flows & Balance Sheet
Is ADMA Biologics profitable?
ADMA Biologics swung from losses to substantial profitability in 2024, driven by explosive revenue growth.
| Metric | 2022 | 2023 | 2024 | Change (2023→2024) |
|---|---|---|---|---|
| Revenue ($M) | $154.1 | $258.2 | $426.5 | +65% |
| Gross Profit ($M) | $35.3 | $88.9 | $219.6 | +147% |
| Gross Margin | 23% | 34% | 52% | +18 pts |
| Operating Income (Loss) ($M) | $(39.4) | $21.6 | $139.0 | +543% |
| Net Income (Loss) ($M) | $(65.9) | $(28.2) | $197.7 | — |
Revenue nearly tripled in two years, and margins expanded dramatically as fixed manufacturing costs were spread over a much larger sales base — a classic sign of operating leverage in a biologics business.
A large one-time tax benefit inflated reported net income significantly.
| Item | 2024 |
|---|---|
| Income before taxes ($M) | $125.7 |
| Income tax benefit ($M) | $72.0 |
| Reported net income ($M) | $197.7 |
ADMA reversed a deferred tax valuation allowance (a previously recorded reserve against future tax benefits) because it now has enough consistent profitability to actually use its tax losses. This added roughly $72 million to the bottom line in one shot — a real economic benefit, but one that will not repeat.
Where does ADMA Biologics' revenue come from?
The immunoglobulin manufacturing business is the clear engine of growth; the plasma collection centers are a drag.
| Segment | Revenue 2023 | Revenue 2024 | Change | Pre-tax Income (Loss) 2024 |
|---|---|---|---|---|
| ADMA BioManufacturing | $249.7M | $415.8M | +67% | $173.1M |
| Plasma Collection Centers | $8.3M | $10.5M | +26% | $(5.0)M |
The manufacturing segment — which sells ASCENIV, BIVIGAM, and Nabi-HB to treat immune-deficient patients — is highly profitable and growing fast. The plasma centers collect the raw material (plasma) that feeds manufacturing; they currently operate at a loss but provide strategic supply chain control.
Does ADMA Biologics generate cash?
ADMA turned cash-flow-positive in a major way, generating over $118 million from operations in 2024.
| Cash Flow Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Operating cash flow ($M) | $(59.5) | $8.8 | $118.7 |
| Capital expenditures ($M) | $(13.9) | $(4.8) | $(8.2) |
| Free cash flow ($M) | $(73.4) | $4.0 | $110.5 |
| Debt repaid ($M) | $(100.0) | $(158.6) | $(60.0) |
With capital spending modest relative to earnings, free cash flow (operating cash minus capex) reached roughly $110 million. ADMA used a large portion to pay down debt rather than sit on the cash, ending the year with over $100 million in cash on hand.
How strong is ADMA Biologics' balance sheet?
Debt has been cut nearly in half, and equity has more than doubled.
| Metric | 2023 | 2024 | Change |
|---|---|---|---|
| Senior debt ($M) | $130.6 | $72.3 | −45% |
| Cash ($M) | $51.4 | $103.1 | +101% |
| Total stockholders' equity ($M) | $135.2 | $349.0 | +158% |
| Net debt (debt minus cash) ($M) | $79.2 | $(30.8) | Net cash position |
ADMA ended 2024 in a net cash position (more cash than debt) for the first time, a significant milestone. The remaining debt matures in December 2027, and at current cash generation rates, full repayment well before maturity appears feasible.