ADMA Biologics (ADMA) 5 Aug 202020 Q2 Earnings call transcript

Good afternoon and welcome to the ADMA Biologics Second Quarter 2020 Financial Results Conference call on Wednesday, August 5, 2020. At this time, all participants are in a listen-only mode. There will be a question-and-answer session to follow. Please be advised that this call is being recorded at the company's request and will be available on the company's Web site approximately two hours following the end of the call. At this time, I would like to introduce Mr. at ADMA's Director Relations Managing Pappanastos, Argot Investor Partners, firm. Michelle ahead. go Please

quarter today everyone, joining Chief President financial Chief ADMA second for thank Executive results Financial I'm this the Welcome, Lenz, you and discuss Officer, us and and Executive President Adam by Grossman, afternoon Brian to for Officer. XXXX. and joined Vice Biologics'

six some up we your provide provide During at months then second update, brief detailing financial and corporate call and summary press provide available a today's release a opening remarks company's XXXX XX, the today, site call, the on Earlier Adam June The the quarter Brian Web ended XXXX will an will financial before results. provide admabiologics.com. questions. quarter will of release second some and introductory for comments Adam issued is overview then results. our

formal XXXX. All and such press are we concerning results or cause may Harbor those differ from subject forward-looking statements be during purposes to Safe to forward-looking provisions assertions will materially uncertainties begin remind intentions, of our Litigation today's Private for Before under or call implied factors, the Reform release we expressed the detailed that risks company's our in you constitute Securities and that this the statements. forward-looking which SEC, statements as announcing making by in events, of with Act the filings which actual such results expectations call comments, today's the I'll the represent future beliefs

of subsequent except laws. any issued to be We securities our this our any the disclaim our section date our relied and Form disclosure date. forward-looking to discussion important recording in not you federal results XX-Q by We that, views we Adam? release should as XXXX update I In notice only any addition, specifically to of earnings as the With of call as of represent representing this statements, to we any upon views now refer second as such required expect the annual forward-looking and factors the statements which report like following obligations cause the these Adam turn to a XX-K Risk our could section Factors for and from file statements. actual quarter materially that today over on XXXX Grossman. call would differ to of conference

commercial Michelle. Despite thank ongoing you continue you, make our challenges policies, for us these everyone. staff the Thank remain navigate half your hope We times. and of we world chip key navigate and instituting its and all solidifying and milestones, was with its new Like as we work achieving healthy ADMA, objectives. supply afternoon, by forge some impacts growth And to afternoon's stated unprecedented ahead COVID-XX. continue ADMA ADMA's challenges progress COVID-XX At and from XXXX the our objectives. company's through continue and achievements goals faced this this strategy. on away you home remote and joining we living safe associated first as forward-looking with Good with at others, call. and and continues these manufacturing, families several to to marked no chain travel to of

company We products in be proud to growing are a the plasma industry.

change the of donors lines to and affect be having as are member on a COVID-XX front Global Alliance. Plasma a the voice to COVID-XX interacting that's We convalescent with proud company a plasma

testing targeting number COVID-XX, well early including We development assays, the treatments are plasma-derived differentiated stage at working present on a with as time potential of as therapies. activities

and shareholders, us We Thank important for to as support development products. sure and the assisting part you. power forward-thinking Biologics the antibody thank our progress activities, we As plasma-derived activities, R&D inform with an ADMA you, of research and these of team, we stakeholders. with continued be your promise will our to commitment pursue

I like and recent in first milestones our of new the collections progress at end and and opening our second achievements. we some plasma quarter to of review June, collection. the would announced Now, At the

successfully license this application is approval submitted to biologics for for have accompanying receive We FDA the anticipated which US mid-XXXX. center,

year expect collection the open by to third end We and commence on of center plasma the a US construction center fourth well. this as

BioCenters to the support these centers US-sourced several for future. The XX three And to stages collection to development unit next are demand five production of further the having to of into built our are objective new growth that meet for ADMA business anticipated plasma the have and stated continues investments plasma various ongoing over manufacturing in available We supply. years. global identified X to outpace into

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now Moving on to revenue.

potentially goods new is therapies year-round. the for many ahead during patients quarter, top the us chain Importantly, has that the BIVIGAM continued team as understands ADMA's continued to managing a are priority a for the Thus, prescribed ASCENIV. finished will commercial push BIVIGAM prescribers add company. to we and customers ASCENIV of who and and and require supply

lose We an patients sight the if anticipated supply In historically is available thereafter are fact ensure must has paramount for is need to to ADMA that which not ensuring brand the success importance IG tightness have their patient long-term is that month or or working our who continued ASCENIV building of will in forward-looking loyalty additional of to prescribed tight supply worry and that availability, month them. our have any hard BIVIGAM market they not product business. IG next doses of the environment,

and our as a company are responsible patients We distribution prescribers, a needs inventory management and priority. treat partners committed to top

and pay commercial for to promote setting to long-term loyalty been decades. for as of the grassroots of and engagement well as the BIVIGAM off. promotional the dominated company's We've face to ASCENIV, brand the by and NABI-HB company the due As awareness COVID-XX, we in large continue efforts continued our challenges use rollouts in of been building has starting stage that players a are market logistic

We high XX, to in a of growth time. are shareholders the the and and companies at watched as Baxalta, a for and priorities. XX have is business companies building and care the CSL former like And one years, Grifols place compliance that their patients afforded staff patient the that who operate past X, understand success over our grow

we line to stage a continuous the market a BIVIGAM, the our now look with production and top to years what the and months to or can the reliable supply have believe US be We ASCENIV set in achieving over supply previous next significant annual XX more million NABI-HB, and grow we with three be position business growth of five we to to forward $XXX we in to believe over where our revenue.

half includes total revenues million, quarter for For $X.X over million of in XXXX, of revenue first the the nearly generated second This we increase of XXXX. total XX% reflecting XXXX. half first of the $XX a

ADMA few third-party the These unable certain to they GMP While to any the Drug related Food compared were we release while additional we were release We we final lot documents. we by approval that This listed US submit our issue rapidly testing test additional forward. means certain our results. we second delays resolved finished vendors. were this the XXXX delays delayed prevented the These second anticipate June first to in batch schedule, our identified product authorization been experienced by do during were Administration consortium going FDA completely COVID-XX experienced approved and lower that our resolved of receiving response not testing to and because production delays from authorization performed XX%, certain additional partnership lab due on batches release delays sell approximately latter with of quarter. release in during the completed the revenues In testing testing a during part to temporary, batches greater specific which quarter the production laboratories for added in have of FDA, and drug unforeseen period of quarter to which these with were delays, July. believe any quarter, prior-year to than second or and to

with of receiving laboratories data. product new As releases batches several our began for completed mid-July, testing we FDA

patient manage forward, batches our XXXX are to supply during our XXXX into paid ensure COVID-XX. of finished more the goods being As we'll second batches continuity be This with into year-end as ready the be XX-Q, backdrop of half anticipated to has sold as due XX% testing uncertainties increased translates care and our commercial consideration to XXXX. product taking in soon results since and commercial These product are $X.X seeing to of second having the to of attention the XX, quarter December inventory received. for sale million

period. within market strong forward-looking of I all than five generating adverse And half. XXXX production the of now It's plasma BIVIGAM of our This this Market are revenues second product in to products half stronger to expect we the our Now, confident just for our years. there one on goal XX-month the of to XXXX the third the we and half in market, three growth annual the second to X in that no of ago. considerably approval, been three and in impact revenues full demand was revenue about to is year IG highlight quarter we track on ASCENIV. mind that of demand that remain FDA And first want remain our are next to the the five-year that achieve we stated why given can post of for keep considerable manufactured timeline, important tap million for $XXX here for to in beginning has is excess products. any into be

of we During throughput the continued designed commercial as and continue strides our enhance visibility quarter, we BIVIGAM the to strategy, rollout multifaceted robustness to implementing supply ASCENIV. chain great the in make manufacturing

manufacture ultimately We costs, also faster increased production volume important batches supply from to and reduce margins, improve submit scale XXXX initiatives chain provide at on manufactured increased four the FDA appropriate at the filling cycle overall early and These turnaround track machine, that third-party will compared the are We Workcell, expect the purchased and of is and SAXX and as investments to twice an and designed time, Vanrx independence the FDA for contractors. aseptic to vendors scale applications to our today. BIVIGAM second to in XXXX installed mid-XXXX. a and and to begin company half allow benefiting operating control remain our providing with that conformance new approved during of us as into the from place

sector, other progress companies filings, challenges quarter. many the news material shareholders. any as experienced we second in develops to our and of science it we these make will regulatory our share life COVID-XX during Like report we As

areas and to that also GMP earlier, experienced final supply certain the addition I commercial mentioned our impacts a chain, COVID-XX engagement In other as speedy of the we to related well of our as testing resolution delay release product efforts.

the result local our we of FDA collections past during plasma second shelter-in-place center donor a and state experienced lower-than-normal orders, approved quarter. As at

part early third observed plasma second the already quarter of the we to in quarter, an collections have increase this During XXXX. in compared

in the delays third suppliers, protective delayed of and experienced plasma also products. reagents in party as personal well from shipments manufacture of as supplies of non-plasma We our our contracted equipment, deliveries sourced raw used materials,

and engagement further sales with our potential medical professionals including directly of communicating medical During meetings, to or with and our of the field affairs the key certain number quarter, difficulties our observed care initiatives, postponement communicate ability which customer cancellation customers. and we physicians limited scientific to impacts other forces a and experiencing health

implemented of have suite comprehensive virtual engagement initiatives. a We

COVID-XX evolving reduced engagement clinician the many medical centers. been However, US has due rapidly to priorities at

Lastly, this product, reimbursement important quarter the regarding we milestone polyclonal achieved ADMA's ASCENIV. of an IVIG novel

reimbursement J During reimbursement IVIG the gram to payment for price $XXX.XX receive and and for This a of code step Medicare thanks we CMS the average dedicated market selling for coverage supports or the of is secured therapy. as outpatient team, to for second under first the quarter, the ASP temporary commercial per ASCENIV an by have by new access payers. efforts limit our third-party by well efforts for ASCENIV published product as use established

how with pleased has been established through achieved. very are our rapidly Medicare for We ASP and was reimbursement ASCENIV

patients globulins now inpatient Brian? outpatient are to the over if We currently to turn our the CFO, I'll and provide three with across team, milestone. to our to in country Brian Lenz, settings. this great achieving to And call the FDA-approved financials. for able the listening, you're immune the Congrats that, review

quarter we financial Thank release results, issued XXXX some I'll you, Since Adam. press the our outlining today second review of a highlights. earlier

the period. to million total XX, facility the June prior represents or these XXXX. sales during increase certain and approved year both an second XX%. BIVIGAM, of was and executed the and to were ramp approvals XXXX, of respectively, April to ended by revenues realized production and during to began and the no early May of for in ASCENIV For in during Recall, plasma-derived approximately This XXXX. were $X.X for The revenue fractions ASCENIV XXXX. second FDA XXXX Boca of FDA commercial the the from $X.X the quarter products million contract $X.X sales same compared intermediate of intermediate BIVIGAM, half our up the was of Subsequent compared plasma-derived of BIVIGAM months favorable due fractions million primarily these three quarter second XXXX, ASCENIV

$X.XX million at As Adam from being Accepted XXXX's reflects December Generally inventories Please Principles, XX, and our this generating finished has of the of solid stated to coming inventory half by time quarters look loss mentioned compared of continue stated as This Consolidated the manufacturing consolidated first to increased mind, considerable with the three prescribers net XXXX. increased commercial earlier, revenue and now our distribution production million second the increase diluted accordance of our we for half ended months good forward compared net $X.X diluted million XX, a inventory second per share XXXX. $XX.X or basic loss June is in of customers, partners Accounting was and from for potentially the keep with position during million to value XXXX ramp share of $X.X XXXX quarter the goods adding June as XXXX loss and XX% to XX, and of year. our cycle $X.XX $XX.X to of commercial over cost. loss a the or second for up half in in basic

was XXXX. equivalents ASCENIV million XX%. and increase XX, And fractions, share ended of diluted XXXX, compared BIVIGAM, net of June the or June of equivalents At XXXX, diluted to For for And XX, working to the nearly With and million XXXX. loss XX, primarily were accounts to $XX.X sale and plasma-derived as back ended revenues the six $X.X Consolidated of months sales or cash XXXX. ended compared loss accounts in December available now or represents XXXX that, The increase months is total over for for will Adam net $XX million XXXX $XX.X $X.XX receivable ended six attributable million June of per this for $XX.X loss none to and call and as closing at compared million XX, $XX.X million was to six and turn the December months was XX, ADMA commercial six same June share XXXX. revenues the $X.X capital the prior-year an million $X.XX basic million $XXX.X had during million cash of of for cash $X.X were June consolidated months cash this period. of million $XX.X XX, I loss intermediate June basic million. to XX, net per which and receivable XX, of compared ADMA's remarks. again of $XX.X

XXXX excellent the our greatly and shortening term margins far cycle by the on which during made including improving long to reducing operating costs, chain, Brian. key its corporate benefit thus will progress priorities, over timelines. strengthen you, production ADMA supply initiatives Thank has company

US being unprecedented and conditions growth. third-party effects COVID-XX is ripe we macro Given are the experienced our believe market that in us the future and and and these our bright the and for effects suppliers, by vendors temporary

that the want that bringing all remain the for commercial of our strong fundamentals navigating immune rollouts successfully we during in the backdrop team's our of and second XXXX have COVID-XX revenues receiving experienced stated to pandemic, robust. our achieve next we half. and work to And annual the most demand remain to first need that our remains committed life-threatening immune that available confident half higher some be immune relentlessly variability and we our deeply $XXX each the over of when will To we commercializing on three revenues million stakeholders globulin of year patients sales, remain ensure products products, our ongoing on have the entire your goal you for are you products to generating are especially shareholders, and globulin the our to deficiencies. commitment BIVIGAM it. We first considerably to of for While I ASCENIV our assure of highly excess have my of importantly, years. product to than the mine with you for in track five since patients

ADMA plasma-derived, the commend navigating count this you. over reliable now period products challenge ADMA provider our produce continues to ensure the burdensome globulins. to critical we and your immune the antibody-rich term entire customers. will and Operator? as a sincerest can up thank team that continuously of that, efforts extend You and truly of of committed that order company through questions. and open the Biologics are we Biologics the rise the in on of to the gratitude I our long We for With available all for call patients

[Operator Instructions].

Our first of question Anthony from Jefferies. comes the with line Petrone

Hey, this delayed to many on just talk Anthony. testing? about batches locked Can for FDA up Zack were and you is how due

you can a prepared tell many. was Sure, that's pleased it but really rapidly have was very lab We're it we But were if the that think based to really with very overseas to they we unfortunately, not test us. our just earlier. and, XX But Zack, we've resumed in were worked totally issue X due we go. release it is product, produced get been And now. that to about way handful. were We resolved ready back batches. months you unable unfortunately, to very, we to And specific, are results They United Kingdom lot the works. FDA. And this lot that a is everything had what drug if in and give the releases completely. resolved a land, produce that all has few was Not COVID, to we is regular we

Okay, that's helpful. And going forward? should the expenses how we then, looking half, at at second look

Brian?

Sure.

six over had that's grow previously the first it this batches. lots. we you – some at to are So, pretty for operating those year, cost of And as excluding would items where organization, that extraordinary centers, we months conformance sales. that about a plasma the little we the mentioned, we look – continue disclosed conformance to $X we of the grow But batches. comparable as it's say the in would I there four million manufactured

update us batch just that? can And give testing you Okay. on then, BIVIGAM, an on

or you the expansion testing Batch for are talking capacity on about releases project? BIVIGAM

expansion? capacity The

Sure.

are the conformance we schedule. during quarter, additional produced some think on badges. And I we So,

prepared liters. approved from As including activities, as to well fill the our do plasma said of remarks, expansion supply pool, already we finish for X,XXX applications per chain X,XXX capacity ongoing submit for in machine BIVIGAM, three liters have of all taking our I products scale up my FDA a of number as plans robustness the the scaling to that it the for

some and of on with timing, our have hopeful year we're track before into informed, this this the we with the on the we the will that agency first of and shareholders the applications XXXX. part and analysts we're but So, of file keep the can end

line And Elliot question from with of our the next James. Wilbur Raymond comes

on Is the a I approval up, up Adam. following presume to qualify specifically correct? range months approval. for somewhere that actual as that scale Just the in supplement process final would for and filing six prior of the four FDA

That's Elliot. correct,

the a question, answer think I that to supplement. approval prior this we be at standard looking it's should as if way

and six period. reviews to on will the ways then that during to would are But we file that have months. certain FDA this FDA expedite So, I'm put with optimistic four there

purposes, maybe for correct, mechanisms is scale. potentially pull manufacture forecasting, some that's that. this to They resolving are some the budgeting, been think I work our are we that existing us can we allow in are there I think have PAS, should our by that as nearest with amend noted to looking I approval collaborative expedite standard COVID-XX persist, prior problems, the of BLA planning ways maybe other of there at that it us, but – and some tightness at supply, to think very supplement, FDA-approved levers as we with potential can IG to agency. looking term But

then, product detailed been commercial of trying where committees, kind And in in the hindered extent, any stages To this the the environment. P&T with respect offer you launch? you sell. Okay. in a of here sort a terms very with But to discussions of of some that's ASCENIV, detailing current that a that anecdotes physician is get sense just can of direct interaction kind to of just early are obviously,

setting engagement and centers, straight of number one say, had With as customer centers we've medical academic meetings is the at said, of as definitely everybody being one ASCENIV. P&T hard. regional kind that for committees, need well that just getting on outpatient Sure. you at I'll in on a

of and awareness, and the that in manage, immune to backdrop I COVID-XX understanding the that you increased naturally light retreat of the will, think globulin types if trying the in current diseases. and are that different of situation antibodies infectious helpful antibodies and current are are occurring an with when environment that prevent

So, can we of affairs full upon share library a had requesting through We've depending our number certainly that information the department. populations. inbounds information a of medical got we patient

through in seeing setting, problems are are have out have, we're at you've there certain are of risk their roughly at been clinicians the environmental patients asceniv.com, I persistent for up Elliot, factors as there you on that having outpatient infections. that factors. well certain a think with certain the seen, areas there patients are now. website problems of due or who go if And a who different for may information higher to still there patients at of And IVIG asceniv.com looking XX% looking respiratory talk risk has increased the types infections. risk As And about the chronic that that number recurrent be of months risk if

on reimbursement ASCENIV and seeing approval you continue. some this of authorization third-party announcement we're should patients that, we've recent very to to ASP, receiving a with IG X% will, received, Medicare, for that this from payer our price, we're if plus and So, switch standard that hopeful

for doing and planned that I center a can't this and it and stronger all feel used, meetings, country the is one we'll to wonderful the they're global time, busy. going as at we're our are I be ready medical through going making and we're being paid are keeping We're we're symposia message of treatment that get can't had come engage designed because So, think we you one tell country, booths at doc and time, society, tradeshow it tell the flying But but sales we grassroots, that out there. and Elliot. the to and we that you a able force all a around all progress. we fancy a to as

Medicare to wrong, be you follow-up J of do want And me the book Is your business? the of just in to ask to important use the issuance any how Ultimately, respect of without clinicians code, to setting. with in I you authorization with code of Medicare sort ASCENIV that terms one that I'm question of there allows correct last points and then, expect product essentially to issuance. a basically the the correct? that recent prior if

I guess the short of are patient with yes, your number IVIG are a are drug important. ASCENIV. – question, you're of Every question, payer, to business, receive us of percentage is What there it's answer important correct. a ASCENIV's who answer on is, the first With that to to part like patients there Medicare. respect your

in globulin label However, they globulin, immune typically, starts of of type immune whether XX% do authorization. on with they're prior use, or evidence-based typically some require

we're right treaters our to authorization is achieve answer ASCENIV theory, if our has force they hand been doctor able now prescription and So, the from patient. that in product for work But a patients ASCENIV feels intravenous be literature to question, will needed. to globulins working with what immune force prior in receive sales their – and your hand the for to do in the have provides is medical and hand of affairs the hand able they any sort papers in the

that there given seen and have respiratory in you've any percentage there's to a COVID-XX other tend utilization patients, prevalence also to IVIG. last of standard Curious COVID-XX, then, RSV a of studies you've And if with anecdotes illnesses. of and been there's just question, respect high looking fairly stories success whether either some certain or ASCENIV with at heard or investigator-initiated further any not respect studies any to that

armamentarium, the There's patients Sure. data trend literature out that depending US, these infections. there that I've of help but the better. the doing to has upon the data of immune the to Elliot. of has time same data of manage a of immune a you that, Thank if you. as of of upon plethora globulin and China, globulin the in some to there trend seem is support out been data treatment the be Great to the read question, most the dose, and depending you a added will, is it some been seems utilization

have Now, insert and this at ongoing is trials ADMA not outside these of does uses. looking labeling package the any

next to of hear the what things force. for a sales a question, lot to ASCENIV than they're of have other I from think a way I I And I way telling things lot our lot of your are don't a hear people. me. answer people confirm think using don't what it's – from I

your country I a globulin other are question with IVIG think the are answer patients are available, inpatient available. that in the immune to and commercially the number use fairly certain deploying of are manage There are products products best that COVID-XX. commercially of our So, I'm way the there to around setting that institutions is,

it's reasonable they used prescribe XX% on ADMA's way. may. assume ability IVIG, of And in to to be think the the used if that, products, to XX%, think availability, will it's I in I is a that hospitals. IVIG one these products, an assume evidence-based reasonable clinician including So, has based that FDA-approved ADMA's

way I I answer think question. can the your that's best

And our the line next Selvaraju question comes H.C. with from Wainwright. Ram of

a comment immunoglobulin also, wondering administered for could the time. I might had could for that ASCENIV my potential immunoglobulin be ADMA. of the if intravenously-administered to to implications was to general some subcutaneously-administered question think comment in specifically, benefits quite for present on if on ADMA on you which that from And been the you So, or mind the you opportunity particular potentially and subcutaneously. shift if

route administered not that the of products present the through does FDA-approved any have administration. So, ADMA subcutaneous time at are

Our products NABI-HB intravenously administered with are intramuscularly. or

a to having with certainly patients need indications with go certain time convenience. that that immune it primary antibody years. it's for And the to the the and IV shown come its out intravenously with themselves home the COVID cows for look XX, when administration at-home we for route there giving patients BIVIGAM ASCENIV immune rapid that now, helps an deficiency, the been can allows patients center. without that freestanding bioavailability In immune debate some infusion a either and it's patient the in or And I right the the patients dose benefits of compared data labeled of for, who approving IV of we center, benefits about has with the XX the payers for connected at ability subcutaneously. offers an administer subcutaneous administration number administration. of which certainly think respect patients experience, hospital think themselves infusion of certainly the in clinic, look globulin offers informed IG till giving receiving to of of are have convenient the of population been route to ADMA have we and certainly work to are believe been I globulin ADMA's to for them. We a It that we and/or

a and but It who I'll I just. So, from infusion. between anymore, line panel. the how the clinician see that that, impact. I Elliot's and thought the to James say subcutaneous the on a we a of administer. intravenous I've gave like an – And to at you conference panel at just was last James percentage more the I data look me the was And perspective, product, is any our at – product seen feels trough is the And the levels what more least you was data that conference. order at it product on on need you IgG thing with a was there in Raymond was not staggering require same don't when the But under achieve Raymond much

well as a expanding on the of ensure our ASCENIV reliable, patients. the to focusing continuous our R&D at for focus supply respect our subcutaneous up efforts look time, our inventories the with could at to intravenous that do immune I we globulin in manufacturing to as at the something safety on opportune But building So, is forward product, COVID-XX present time, future. as label our pushing and

you couple of in Okay. if from I new And a is the detail R&D you came things. then, line could wondering minor what was just if other base Again, a expense intermediate item. the increase verify percentage non-recurring revenue contributed could the fractions. to that specify also, that filling spending XQ

individual of The throughout Ram. the projects should we're regards line. the from this, Sure. out R&D, but R&D, I year, this With fill to be take in the various have going look, as for can bulk of We revenues revenues products. separately. total products breaking expenses to we this our BIVIGAM, part and NABI-HB the at aggregate and all our revenues, our do collective out amount those look break fractions not of intermediate ASCENIV,

right, to is we if were qualitatively? probably minor the contributor, a characterize intermediate But fractions

that to that announced million next supply would be with $XX selling to previously agreement million million customer we to two $XX years, intermediate third-party million long-term We to annual over the entered we'll early it then in three several XXXX a growth. into the a in grow year fractions dollars $XX and this

revenue the this So, I are it's just a contributor. We say earlier and year we ongoing seeing signed increases. would meaningful agreement

grows plasma-derived And ramp for production to going obviously the of – we're more be we're to producing looking our it. forward As from intermediates sale.

that do just could on plasma then, collection to of When the last anticipate sort And one those Okay. one levels?" "normalized you return volume.

one operating. that Right? great COVID-XX Well, you that we're is that's a that I the ask think Look, question ADMA If question. I this be a has back, We've market. that's is center all going to could asking. you gone? think when to do got exposure

As prepared said I mentioned has lows have you too, quarter and my were the will, quarter. seen we certainly from already second third rebound, if the during in think Brian the experienced that a in remarks, I

feel good. So, doing We better. pretty we're

of made to changing as additional industry opening my a whole which things been feeling is decision some that back on government around I that one have unemployment to better some look, aren't. are the are has the There regions Depending going open and think friends older up. – stipend. respect with the other that college, upon country children have certain a geographic are the that

provide also I think that can benefits.

a feel with the it's agreement. back XX to receiving the We very our all we But plasma supply normal. gradual solid. think XX is something ADMA, get respect next to that over to we purchasing to and and return months anticipate reiterate contract I to continue our I under want So, that we till confident receive

with bit centers we good that is in contract of collections. fact currently to this the have feel So, fractionators respect other that able our to our better the storm we're agreed, of exposure their us a weather plasma very that addition bigger than is probably rebounds delivering some existing between and a seeing building new centers, as may the good little standing and supplier our

with Oppenheimer. from our comes next question And line the Leland of Gershell

the on first back million at stable, the of number $XX versus inventory at and million that $XX been the pretty the quarter. line, end Just keeping million you've now of year $XX end the

also continue addition that we immunoglobulin more will rise? How or fact that we those up overall So, relationship? will the finished make as the inventory obviously think continue in inventories to product should stable expect then to to you go remain to about

ahead, I'll more very you short some give you Brian a detail. answer, I'll Brian. give Go let but

We scale think have half to going we inventory continue the XXXX. of the to since that up commercial entered now ramp increase second into is

see, can continue you finished increased up the plasma the going XX%, they from third-party We're our continue year. centers. more opening more we're beginning of going to the collect as plasma As goods, to And to we vendors. by just are from buy to

three in forget, release, call million we to did Don't we're in to expect and revenues of continue five $XXX would we the I grow. as over the say the our expect So, press inventory years. continue to revenues beginning next to the grow in anticipating to

grow that. to And to doing inventory need numbers. those meet we are You

and any probably in Any advantages see year, be to wanted timelines can the coming it quantify if could until you there? but with finish new kind mid you just terms filling online machine next I way aseptic quantify in won't of you if product? wondering any the to it? thoughts share Just expense could way know both of also possible and margins

process Brian. who are I for give can that types And feeder you areas is it tell weight are that you not fill me this me upon has does there upon this places exact how a been in of industry that are that the attracted process there's there who and if and in Leland, use anybody numbers take if I really for think throughout depending inherent this, I for stab because to at finish itself understands much can it the destructive hard fill made that to what machine haven't into loss. it's a purge this, we yet. checks. depending go works, finish other pumps vessel, But

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over any Adam question-and-answer would I this for you. back session. Grossman to like the today's does close turn Thank further to remarks. And And conference

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Take thanks So, for And to look your seeing support. attention. hopefully for everybody. your care, Thanks you forward we soon.

have Everyone, all conclude great in disconnect. for you program day. thank conference. does and the gentlemen, This may a and you Ladies today's participating