ADMA Biologics (ADMA) 24 Mar 222021 Q4 Earnings call transcript

Good afternoon, and welcome to the ADMA Biologics Fourth Quarter and Full Year 2021 Financial Results and Corporate Update Conference Call on Thursday, March 24, 2022. [Operator Instructions] Please be advised that this call is being recorded at the company's request and will be available on the company's website approximately two hours following the end of the call.

At this time, I'd like to introduce Skyler Bloom, Senior Director of Business Development and Corporate Strategy at ADMA Biologics. Please go ahead.

Welcome, everyone, and thank you for joining us this afternoon to discuss ADMA Biologics' financial results for the fourth quarter and full year 2021 and recent corporate updates. Adam Executive and Officer Vice Manager ADMA by and Executive and today of Lenz, Brian President, BioCenters. joined Grossman, Chief President Officer; General I'm Chief Financial

provide provide will Brian an year overview fourth introductory will XXXX progress, company's provide Adam the and call, on corporate today's comments During and quarter an of financial update and some full results.

questions. provide before opening up for Finally, remarks the summary Adam some will brief then call

XXXX financial Earlier updates, issued year quarter press and quarter detailing fourth release including debt refinance corporate fourth and today, with The the results achievements our on Hayfin www.admabiologics.com. we a website available million recent certain summarized Capital. full and is at release $XXX

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

by as securities be date. upon views except any of subsequent required the date the disclaim to relied call our of our should as laws. statements such only obligations addition, represent not forward-looking federal statements specifically In any of this views as We and update any representing as

a annual in issued differ of section our important the to that of Risk our cause you ended XX-K XXXX, to refer could factors the We Form on forward-looking Factors in for statements. results notice XX, section December the from report actual year materially for discussion earnings these we release today disclosure XXXX

Grossman. Adam over to Adam? would turn now to that, the like I With call

healthy Thank you, today's you safe. and We for Skyler. everyone, all hope us and thank joining Good afternoon, on remain call. you

financial and organization. in operating evolution point XXXX mark growth profit-oriented towards achievements pivotal a business' Our the a

our financing During XX% position, to our call. cash refinancing growth. financial today's notably objectives, the debt detail measures And delivered we $XXX more shore with we this took Hayfin, importantly, revenue and during up assertive with address will million year, year-over-year on which in including announced

mix, supply Florida in The quarter fourth year XXXX, by annualizing for profitability year outsized the robustness plasma the revenues ASCENIV driven million. of the manufacturing at and overall $XX.X gross by our first-time was our delivering of than consistent The facility. Boca rate previously full disclosed our a Raton, collection million, of of undertaken chain with of successful more the $XXX expectation conclusion capped the adoption product at generation network initiatives growth center of

Of particular the value encouraged profile our are efforts believe recent marketing, continued and unique sales antibody by adoption for implications resulting profitability note, expectations. previous are exceed the point, ASCENIV. from vantage gross potentially and But from product signals discuss the seeing our with proposition We are medical and and effectively our resonating are providers we catalyzing the adoption Brian ASCENIV. methods, physicians, will utilization increasing commercial and manufacturing that patients. well may education product's uptick the of we

plasma material its to Moving collection supply plasma the base plans expanding company and and pandemic chain. customer its maintain investments center securing on the supply the raw throughout network, XXXX. to production towards enabled ADMA's grow and BioCenters its

ADMA's believe as globulin growing continuity we the our broader of on We emerging during in immune have and so, in market. a promise period States. reputation plasma of to have patient delivered of solidified United this immunoglobulin care the we supply supplier dislocation proud are impacting And reliable doing

its are towards well the ADMA's potentially reach Haemonetics’ of from and approval of end by successful resulting NexSys to will company XX FDA-approved enhancements being collection ADMA's as company of growing of the goal next towards supply system. plasma company's further expansion XXXX. internal Persona solidifies as plasma collections by network advances collection the results self-sufficiency believe implementation which the before contracts recent allow third-party year, yield currently The plasma The we pathway having the fifth supplemented of our operating supply profitability. centers the plasma year-end center ADMA's

now Looking and narrow year-over-year continue increase exceed we profits perspective, will margin anticipate and of initiatives. XX% remainder result than to From current million, our $XXX representing anticipate to supply to operating materializing the as total enhancement losses and to revenues XXXX cost a upon net based XXXX. a as annual a will growth we of data, gross more chain compared begin efficiencies rate

the towards strong during of commercial, profitability believe regulatory operational milestones for a to will advance anticipated We XXXX later as ADMA and achieved foundation than the quarter serve XXXX. first no

through entire their and integration our execute backdrops challenging and ADMA a the vertical true to We providing extraordinary substantial in Biologics the to excel products patients. ADMA mission teams will further position date to We operating keeping of achieved quality BioCenters normalized our environment. company for thank even even most and expect efforts more the for

for to is and plasma team creating evaluation Finally, development refinancing believe with Hayfin's process industry we we'd continued ex-U.S. of and business an makes and thank robust strategic on global, like hard enable to and debt partner their ADMA's closing alternatives the ideal of operations asset exploration for work opportunities. their diligence completing the base The us. Hayfin in

company value. strategic shareholder improved the an Stanley. increase strategy towards able is will to and advisers, reduce capital. years execute believe with the are refinancing March pleased We our for Brian debt the position resulting Morgan will be of by to of We while XXXX, proceeds business liquidity believe its step our in non-dilutive on continuing operating explore from alternatives enable use overall to ADMA's discuss important this unlocking of the X but significantly funding the extend cost interest-only period detail, more to we to

and the their to for the thank team credit and for outlook. like confidence and continued ADMA's team forward-looking also these Advisors Perceptive few support investment past years, We'd their equity

accomplishments organization's of focused All of We the on counting efforts could advisers. dedication and segments and patients possible been not have commend leadership for without the know entire the ADMA's their of care across business are remarkable staff, continuity focus on we our team our who for us.

turn quarter said, that to fourth now With XXXX like review I'd of Brian for full to call a the financials. and year over

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

$XX.X fourth for of quarter ended or impacted December XXXX continued million revenue fourth $XX.X XXXX, favorably The million XXXX, commercial $XX the ramp-up our of growth million was to increase mentioned by earlier, the XX%. Adam fourth XXXX of compared and the of IVIG portfolio. quarter quarter approximately for quarter to product for As the compared represents XX, an revenues this total were of the

Additionally, total million the were and year during revenues increase of compared the XX, this to XX, recorded represents $XX.X or ended December year an XXXX, $XX.X during ended December of million approximately XX%. million XXXX, as $XX.X

we commercial Boca generated year and mainly in our BIVIGAM totaling fractions operations is and immunoglobulin due of sales products intermediate increase year-over-year full greater million sales of manufacturing XXXX concluded Raton segment ASCENIV. as our $XX.X to by of second our The

profits. expansion very One set strong an of was of what we consolidated continued gross company's in of the believe the financial the notable highlights to otherwise results be

favorable more ADMA the quarter of primarily company generated for was For XX% to full the XXXX. product gross milestone achieved the profit products quarter, further fourth report we of financial which profitability a sold to attributable year enabled the during compared approximately ended fourth higher-margin previous key XXXX, of where quarter's to results. gross the the our This mix

IG and penetration our are ASCENIV, traction. by we Our and margins ASCENIV BIVIGAM, the of IG higher unique gross continues product, Nabi-HB which patented establish yields market hyperimmune to encouraged commercial than standard

periods, greater-than-expected As XXXX observed of our beyond. had ASCENIV's XXXX a adoption to in upside the from product continued at production recent for plan plant of the original result and production increased we ASCENIV the support over

a improve in-house favorable as X,XXX our during realized to for narrowing mix, production to FDA In fill-finish product continue the as scale XXXX and losses positive efficiencies of as liter from expanded capabilities. we continue XXXX addition in received anticipate net both to gross to well approvals profit the trend be the

credit interest-only X-year credit under an and with a Hayfin. in refinancing X.XX% Adam which at accumulating As of a its sheet the quarter loan balance fourth debt interest component. this PIK facility equal paid-in-kind during new the strengthened bear Earlier periods. afternoon, million March will period, agreement XXXX. ADMA to is maturing subsequent rate or annum significantly of other Hayfin earlier, The per provide mentioned things, $XXX a the among with X.X% the agreement announced we Borrowings for, duration

facility, and ongoing ability million. used this drawn Hayfin The revenue $XX we prepayment to tranche, including senior drawn, continuing operations support the obligations all of also $XXX from completely first notes, million With under held tied to credit And have access was previously an the fully which to be Perceptive fees, growth. to and tranche the the discharge totaled $XXX the milestones. will million used is which secured second to associated if fund new additional company's under

over and have of we well recent business we on cycle. growth ensure embarked our capitalized assertive ADMA as told, measures periods phase taken All to profit-oriented is the

with us to Morgan our improved will strategic mentioned, Adam enable believe As explore we our previously liquidity position alternatives to adviser, Stanley. continue

XXXX ADMA XXXX, its total recorded includes XX, continued value inventories, inventories. During the $XXX are to cost which the ended asset growth robust support throughout $XXX which grew in million, our expects year ADMA December to million revenue beyond. and at

an ended December for compared prior of during million $X.X $XX.X new net to to attributable loss compared of a Our in the gross compared to and $X.X XXXX. a the million in decrease profit period the loss increase XXXX X of administrative decrease expenses $X.X net the compensation, The million contribution $X.X ASCENIV. loss costs related was partially for and for XXXX. December quarter million by the efforts $XX.X quarter as along fourth ended months hires, selling, months to X gross consolidated the fourth BIVIGAM for of commercialization employee The net to of general with year support XX, offset million was loss in million XXXX, primarily other XX, was to

support our million FDA a by approved XXXX. center $X.X year-end center in expansion related have of centers target operating XX open of already activities plasma this and X recorded increase received to plasma of company's FDA to which and the approval having during plasma XXXX, expenses quarter additional centers first build-out we Additionally,

With that, I back to will now turn Adam remarks. over for closing the call

ADMA's We Stanley. the $XXX believe on Morgan we deliver and explore continue Board advisers, operating commitments strategic and operating as and stated the optionality measures opportunities excess previously annual total C-suite Brian. forward on we targets, providing Thank over to enable to stockholders level XXXX to asserted to financial newly at will for execute including recent for business continue company revenue you, enacted executing periods, the to look issued revenues our of with all calling guidance million. while in

like to plasma, donate advance I'd your safe thank your products help blood, to continued save family lives. support our closing, efficacious make lives mission our investment helps our In and and and neighbors. stockholders, high-quality, as ADMA friends, that save you, donate in help for to Please

with the operator. your open call Thanks, And I'll that, now up questions. for

from [Operator the from Instructions] of James. line comes Wilbur question Our Raymond Elliot first

progress year of underlying the trends. over the continuation the Congratulations of made fundamental on course in all strong business and

question First Adam. for

into the mix bit to was to just with just just toward that that you vis-a-vis by significant obviously, profile do asked driving year. But more trying little overall call, favorable increased last shift. this incidence continued or it but a to understand I how to favorable think the of think try uptick mix share this had color IVIG shift of aspects increased in RSV ASCENIV tied a something to wanted supply RSV, are insight BIVIGAM, assume in much tightness driven specific in and I ASCENIV's I the market? get

you asceniv.com Elliot. question. immune and know, and infections as website, look source is in patented only for high-titer if at plasma. deficiency. RSV the the the methods manufactured our is humoral patients plasma you produced Sure, Good The that IG in And with serious the primary indicated with product United prevention by blending States of available is it and normal

our at you is published profile when you data, So the look look that unique. and at antibody

panel plasma higher with has in levels of pathogens theory, should levels antibodies this higher antibodies certain result that start of you in have IG, to to of If pathogens. that

of and that asceniv.com in market calling PI website spend mean, think I driving don't created the the is that Not patients unique product. believe the we're equal. the on is utilization. ASCENIV are I at tightness IG some time types you patients, look And a if the factors I you risk all out.

have than primary There of different are more disorders make others. deficiency. Some XXX severe form over of PI up classifications immune a that

some a globulin Some on therapy, had have their affect they're standard just immune while throughout patients cells therapy. Even IG and TMV bad life. course

So look the problematic that trying product for who the product are is IG. a is have don't best reimbursing really this outcomes that we a at product patients. as for, regular payers clinicians on This are

letters certain ASCENIV again, of factors, socioeconomic risk plays payer's prescriber all decision of to medical into allow or justification, a and patients. these comorbidities, factors, to potential And prescribe this

for engaging was in frame think clinicians. 'XX. driving has years. of a couple the product the part is been with tough second XXXX is us I of Obviously, in market utilization COVID half what now time increased really, So the It beginning on was for of launched the

we of pavement medical combination hitting from and I viruses. with center were But in and for it's back And conferences, on been the the education front going what's a think a the respiratory and Omicron at of half medical just really today COVID 'XX, world that standpoint. we've

as and publicly, supports them. But their think our in medical and culmination, quality of of force, care really think have the I wide said to the research which doing prepared marketing, are different options array what the I more sales they applications. strategy, it's available patients a the available of kind diligence remarks, [indiscernible] is education about a I

are still every IG These to X thing use of Same But they would that setting. weeks. X patients is are like coming the for majority outpatient receiving of IG. standard the BIVIGAM. from the ASCENIV

Our pull-through very and the increasing and BIVIGAM numbers favorable are also there is positive.

that viewed is of quality of a feel are really we're we very just products the message They the resonating. favorably. of high being that all fact So our IG proud are and

I'm seen se same some clinicians And you're were RSV product. per uptick you comment year, consider throughout that it data of peaks last RSV? the on maybe driving could website, that be I sure can't in I've the referring I CDC to. is have So the on the mean Elliot, year the there and to

it. indicated chronic the prescribed a I a being that we're I'll that of having you antibiotics being It's and concomitant persistent measures, sees X tell outcomes. But seeing and favorable it again, seeing quality the They're tell patients they're that business. can therapies outcome is not improved is it favorable of try are utilization in ASCENIV sticky the declining, And is of infections what their use patients their other for PI are in are makes to reduced. on others. And when you doctor drug, them want life

they right reimbursement manage. executing mature the get something the task think of it is a maturing team not for daunting is they I all our is -- that X getting of patient, product, a of approved market. is in this Once that can in way the certainly but product and it's reimbursement evidence And

the very and an to it's compared higher-margin interesting Again, to And know messaging been that our education product we I of really that prepared founded, ADMA the in exceed original that, said to product. you feel we're really is product -- remarks, standard expectations. IG is very even starting believe going history, the my why this is was reason it I medical proud that, And products. resonate. as but this is And was strongly that a

to towards that in you increased ASCENIV specifically gross I and up and say original more progression can Maybe versus thinking each Brian the one XXXX. Brian, progression of you of follow ASCENIV course over the sequential those dedicate revenue can that of of the expectation Anything, over for course with capacity question directed into volume as expectations? trends margin for the about Okay. ties just expectations about year, that

Sure. Elliot. Absolutely,

and So a launch about we higher BIVIGAM about product at around and ASCENIV a of ASCENIV, for BIVIGAM the few Nabi. and years of mix products, XX% margin ago looking our XX% our upon gross product were

of adoption mix closer providers. a Now because we're XX-XX, that seeing XX-XX to by patient

we to gross said that for throughout liter contribute fill-finish, plant have XXXX, leading the XX% success time XXXX getting XX% beyond, and XXXX looking conformance some approvals. gross well company a at we will normal to sales margins positive the source of And X,XXX previously, XX% the up we margin, Bringing a set plasma. bringing in gross FDA and capacity ASCENIV's time you're our XX%; of in-house as that really in process and XXXX, XX% in range; up as XXXX, batches. intermediates all When then margins the margin BIVIGAM back in to the as are to end plus; frame. gross Nabi-HB, that XX%,

the So by blended, in all XXXX. XX% XXXX, XX% of to end

for to back Adam. question directed Last me, Okay.

in approval expectations. With volumes, some the you your volumes performing the to how talk able I FDA players recent in about drive recovery bigger little the the they're collection volume just center. they've Could up be incentives of to their know been have to order had announcement bit in able maybe to trends of Xth space, even ratchet a collection really recovery. experience though some versus of in

just in seeing be in what the So the may what of terms efficiencies. liter and collection realizing versus price you you're volume curious of per levels terms with incentives offsetting expectations,

donor pandemic. Elliot, being maybe handle that you're and pressured. topics, fee still intimately these of always [Bri], this collections the the throughout sure So I'll the perspective, rationale we've said on macro ADMA, much an industry of just days. I'm one. familiar touch let some some from more with I'll But the you are

centers, team open, social been We've driving got efforts great are media recovery a recruitment that everything seeing certainly an awareness have coming donor the campaigns, post-COVID, We're there. folks the our uptick donors. are got We traveling our again, certainly I had that about. are the donors. great We've doing And but can X, attract impacts, to in fantastic. out more fact really to localities has think people whole we're we

but going industry, continue with still the to to And And overall, see happening. how it's are they a problem. It's players. our you're think to stage some some border experiencing competitors, that for going tightness you continues It's larger plague that, the to ultimately some is do severe tell larger to But products. that just get, persist. think I going can't in the impacts. of the to of global some I this respect IG I know I And

border call the border, may roughly U.S. are or a world we grams X the the in it, annually. centers of U.S. IG else, plasma not look nothing a ADMA along so that If liters tens on collect of, these represent centers couple global when liter, Biologics of the grams at plasma, of tens not It's that an you And stage. of million yield gets of at per that's have product available. it's the made that millions just that of

recovering. I talk are the centers, as more standpoint. So strong can't looks remarks we opening mean ADMA's supply from plasma next certainly, say for are a I And self-sufficiency great. call, internal that year. saw is about up the year-end I on in collection just think by we in QX you centers graph very this looking perspective, -- we that get prepared again, probably this and we're I it approved time an the first forecasting but

So very confident we our feel about position.

you to comment industry broader programs? are on the ahead. as want impacts think the other of Bri, fees to well the going border COVID some as do plague donor the and lingering the for that I the from do But periods

Sure, absolutely.

built corporate XX X pleased, with XX of under the we're can you have our acceleration our centers. So currently imagine, We how very umbrella, collecting. out we've as

FDA you received lot can of year made year. additional already. a we this progress the certainly over approvals then X past see already So And

centers, up collections donors, plasma XXXX, as of opening our highlighted, Regarding just collection, Adam for they're schedule. ahead new plasma our

throughout then have pleased the to run how for we're certain we'll programs we'll donors So open we year. When special the programs. we're instituting come center. a up center, into And incentives

from that those yield XX% offset from. software last technology And X% to program. plasma the Haemonetics donors we're But anywhere from we collecting seeing from implemented costs, increased Persona we're year, to

achievements our the approvals So of received our under bringing quickly umbrella we're time. certainly XX centers FDA very corporate and online the in half proud being of

So really our we're and we're programs donors accelerating far. we're numbers brought that and the have centers, in, so pleased our instituting with openings of

the of from Our Kluska next question Fitzgerald. comes Kristen from Cantor line

a usage. particularly on to the I Congrats wanted of could light see on on your around that has if comment start had. strong been, year reimbursement you comments positive landscape the of what ASCENIV you've in here

type then perhaps And these of Are a are disease about IVIG Or comment to of of that some a PI specific that the having those able these have not of is as standard all and you response that seeing? comments are your are profiles strong to some patients here? with you a usage or maybe of weren't more seeing bit earlier perhaps are it patients products you're that same off perhaps they mix the a begin with? severe the

Both reimbursement touch piece questions. on I'll great first. the Maybe just

of or ASCENIV, all, prior IG or so, whether competitors' BIVIGAM our of again, So authorization, any XX% XX% all requires products. it's

what need border immune some -- patient getting go disorder. no whether documented on immune of deficiency they're the or have primary type approved, So the of a they through matter to you rare with line a rigmarole

will, any what IG used product. if the So physician for to fight you is having to, reimbursement matter for no community

the of It's this the beast. unique is our drugs and So not or us just something to that's ASCENIV. nature

think I say immune documented earlier not I of This has is product that or efficacy reimbursement because much RSV viruses. patients seeing That's with because It's to ASCENIV's of respiratory Elliot's that we're even What deficiency. can primary in why deficiency. in approval, immune question. primary is about the approval a so the

manufactured in the you product IGs that patient that We for and They that it. an payers Now I than more product because market. this. of that to profile prescribe like its to And want understand there's differently. is understand costly order a look think is cost, appropriate it believe the other the in

of you this reimbursement manufactured they a a documented product will even private guidelines can the of that demonstrate if plasma, need it. Some type in from published have their approve for IG payers

data to suggests now going really you the frown product, I IG XXX upon XXX and patients, is them their want specifically what the want hard on And XXX And had that better these I mg kg." kg outcomes, very on life years, go dose dose. while standard some of them, are mg therapy. starting the now it's into patients, life. of of increase these pneumonia frown But to decades. are even every increasing per patient bouts per they've mg that what They've we what And IG been efficacy, I payers that to necessarily to multiple of to from per kg, on "Oh, Kristen. is, what payers is doesn't tell translate the throughout have most better the upon better bacterial quality can for tell

go physicians they So and more brands, products. they -- they already that and can can't ask know but switch can't go for

for these ASCENIV, new option So a They an patients. have problematic alternative. with have now they

sinusitis, had bouts have year. that have They've chronic lung They And persistent out patients for in again, take XX have of bronchioles X, otitis, have multiple the They of are bacterial scarring tissue. on antibiotics lots They pneumonia, [indiscernible] for comorbidities. the Abiola and in of X prophylactically. they antibiotics of these may bronchiectasis. and a been may X, They're row. They a bronchitis. months on years X,

bureau comorbidities. speakers' XX% are team stories of a currently it, experience are but problematic of in patients. these It's condition. since lung have corporate of probably, it's I the I I've type that call our coming And roughly that experienced hear looked some our experiences PI and couple chronic or patients of really medical weeks These of deck, affairs say and our want kind really PI slide KOLs from these that about been population the back to our XX% at

want put that medical So for force these medical And our this our these I I and better these patients patient. are that targeting. are together, do when patients education problematic efforts that are sales think the are saying, targeting, factors the is clinicians affairs to all you

try Let there. out me this that's product

BIVIGAM like makes plus happy from And standpoint, also the and at been reimbursement is ASCENIV X%. happy. our clinics payers which ASP continuing to to that and a makes CMS I'd the reimburse for has infusion ASP launch, as their say prescribers stable well as our since

stable, we've stable So a I think got ASP.

utilization think that that year. is patients risk the pleased in these diseases. at-risk persistent defined for last since well a I infectious we've got and we're receiving pathway reimbursement chronic more And J-code high really with and the

Okay. I appreciate color. been because of some And just internal like ASCENIV that own maybe sounds your exceeding it projections. has

efficient continue receive Just signals, also of horizon, in this donors maybe grow to the collect who adoption all longer-term RSV? positive light continues more how occurring are from great and antibody this if you these to considering considering you to also And you avenues the have this level, plasma feedback. naturally those are neutralizing titers to

past RSV the have material collecting of are performance the it's plasma that the encouraged I market. I say, the part X of over we we a for very, beginning portion raw on few when by Kristen. year. been The for we've collected from past last years. books the is long year weeks, that the plasma plasma has throughout of a donors used product U.S. halls the in -- this of X, XX-year X, of for mean, ADMA will you A end were time, inventory shelf the can the life the tell and you I tail very We've

the is life. the the shelf for years. FDA But shorter regions life, have So has plasma other U.S. U.S. around world XX a XX-year some shelf a

to So they back plasma continue when all donors, come get, in. we we the RSV we to we ensure we like identify can that certainly can do what

come better back development can that donor analytical turnaround about to use collections. higher sometimes se, identify measures we've of for our do donor but We got collections to Some really from these is RSV don't improve in-house. to Raton more are back. per hey, need then special we a turnaround to continue transfer improve using Boca But plasma frequently. we've got chance And of part times that we come we and an projects standpoint. we that assay think don't detection talk We that here team donors in possible all the working slightly to donor RSV pay to telling increase donors something fees you donor times,

We for do have supply plasma. RSV contracts long-term

normal of plasma mentioned with the So network. XXXX. end I've Grifols will while at contract expanded that source end that our from Again, collections we're supply augmenting our internal with

Our collection contract XXXX. RSV June runs with Grifols of through plasma

supply still we time, plasma able collections are third So our parties. from we more have from augment to and RSV

We've signing agreements last and feel to also very, have -- the been with But high-titer that relationships in ASCENIV. collectors collect we emerging about with. RSV we additional we're make signing position some And used market very plasma good I some we think quarter. about we spoke new our to the it who

think we we X%, as in to plasma we've looking demand. we antibody that need these plasma mentioned, the about that are feel for. looking market the meet got XX% inventories, that we've XX, the And And donors. certainly have identify profile we we're to order are of I donors for months XX roughly and at our able easily next good the

our feel growth the and XXXX We've very, the meet of beginning of forecasted to supply our to very year. part about demand ability ASCENIV the continue throughout the production good to But market. been we increasing early in

of that that with a payers. the proposition patients that product the not a Again, sense. be certainly with value There's drug costly I you'll a the And here the tuned revenue to in pleased the for very that it's product is for It's I pharmacoeconomic if used very, mix stay quarters, higher-margin understand think is are the clinicians everyone. think makes of couple next for the ADMA. products in uptick you

you expected for then your took intermediate stated of million. $XXX last the lines the other about guidance year some that you majority from your are of is, have collection centers, all then you implementations important ahead releases terms the your came in here, own manufacturing. approvals that revenues, byproduct last press revenues that these revenue of in you about plasma Obviously, publicly in is product coming thinking and thinking question the your line. noted total for to the that just year this of exceed I release a And But approved Okay.

just of avenues in these be that wanted well took of moving forward ask So thinking to place. about X light we implementations simply as these how some should

Sure.

a a I agreement of me be year, that years with growth to everybody to ago, going achieve I want $XX We generate that's I intermediate don't to Brian, our announced growth. that revenue. we mean out. million because going good misspeak driven we So couple say our finished it's product then where intermediate is million fractions? $XX we're fractions in chews to know by really can

million closer million looking in as XXXX million, $XX we're Correct. million to Correct. $XX beyond. to to $XX and $XX growing

of a [XXX] X,XXX-liter net as a of million, ASCENIV a that facility. less the line scale. to at of batch say, from than $X we ASCENIV – is at item revenue BIVIGAM the batch per double opportunity. of of from, it’s batch ASCENIV at batch price, our manufacturing throughput a going Roughly, gram BIVIGAM certainly a increase exponentially ASCENIV. X,XXX margin an $X X,XXX-liter a trade $XXX gram XX-plus intermediate product you’re is million We per fractions at at day any fractions. We’ll even So a But percent grow Again, grams X,XXX-meter the of intermediate for more at fees we batch is where get at BIVIGAM week on the of going would price. looking to $XXX

continue going throughout year. we to to going larger I [indiscernible] really the portion the coming from growth see a again, goods this you’re take And finished to as of think ASCENIV line. But is that

But standpoint, a much But very at our thank really at their them right me, source plasma we’re Takeda, and time, got place from we’ve in – revenue with keep for not a on plasma signing and we business. they great friends looking agreements – paying us a excuse supply now. contract plasma new

going self-sufficient from a I’m that are next year. perspective reiterate supply forecasting to to normal source by be year-end we plasma

when that it’s you So when hard increase revenue to hard need – it’s plasma. do to you your the

to us what’s set very there we’re that’s currently this of withdrawals profitability. to feel market and from of drive now that certainly on some up. very, being about market. tightness But ability And the to very seeing good voluntary some market we We the due seeing dislocation good And way their that about ultimately we the feel of proud capitalize very had some is the have take of in of our the market to we’re out products. going right that in opportunistic very, revenue the feel some competitors that

times seeing now turnaround shorter We’re that in-house. we’re filling

I here. see helps And we initiatives. here. can perform talk really chain quarter of supply, unlock you both our ability they think is we’re supply But you be patients good win have downturn to got continue make people starting to as books efficiencies first going from fill we interesting what’s product it. business, some ASCENIV. we What is there the we’ve our wins in that’s win about we finish keep a robustness grow and that products, investors if and well to continue and are and and sticky the penetrate. ultimately who ordering to the to that pretty and unique going And to and to And up on a you there BIVIGAM updates

the more in got Brian, revenue. mean, said forecasting than for blended, million – revenue year. of a XX%, call margin, We’ve in I XX% at we’re it, a $XXX more product It’s inventory what lot that’s you gross much our

it’s some interesting think So time I as there an know, for that upside and chain. there, supply is precarious the but you

caveat we on patients ASCENIV. factors BIVIGAM right about So dislocation very, the with more our finding I very and but broadly want and penetrating capitalizing feel to with that mar–t good – please the with, and the risk do read

Our next from from question the comes Zach Jefferies. of line Weiner

few a Just us. from

new customer end Just recurring give or of on the users color just you it's users there ASCENIV, First, base? on using users some some more if product? the color if

and Yes Zach. yes,

once using XX% benefits clinicians PI in XXX, susceptibility I'm early patients, certainly certainly, And their and they and I some risk calling patients other drug putting that the are diseases, saying, of the practices got respiratory sometimes product. as we're the private think practices. docs have who that, providing more they population have once is began these think of on. XXX, comorbidities they're I They their who they who Many their on, see you've or where the the adopters in physicians XX, these XXX rosters. were adding patient to about infectious reimbursement they for types clinical especially assessment or more get infections. see higher of see in patients that And viral these can that a

that given medical individual case real-life by symposium presentations been patients. education With publications out have clinicians on about there actual with

it's in other let who have try patient. think I to, the I on on well, been this want something. me doctors really my do turning fence to may that

here or friends temperature of my antibody really real -- these like region city." The of dating clinical for they're differentiated of efforts. plasma. normal many profile clinical storage, team better. of the expiration talking we're talking immunologist and grassroots in it's a subcutaneous a about organize develop calling affairs first we is medical our And the They're unique are high-titer RSV seeing And sitting my type want Doctors patients. across administration a blending something really it's a patients setting seeing kind mouth, decades, and just we're word way do hearted table the And certainly for room They not opportunity they to relationships in with clinician. differentiated really round and immunology and these saying, a of years. to about are "I'd or

from every single every seeing month. week, utilization, adding are but we're we're seeing So existing accounts, and single penetration we accounts new

guys fill-finish. capacity sheet then bit and cash on spent And guess just and a on helpful. the would the is on manufacturing through XXX-watt just upgrades, is my what center Or in manufacturing question growth chain balance I updates, XXXX, That's the fair usage. the you Are upgrades expectation? business? expected supply growth XXXX? and there that more plasma continuing the focus be, are the

building remaining focused have the centers. predominantly It's one. this X Say take collecting plasma. plasma can out on currently I we Sure,

build-out, X various And stages. But projects going go. $XXX another forward build CapEx that really at to and the in there's to with go have very as to we're balance. just inventory going million obviously, to pleased which to look feel have we're we where We plant, then continue concluding the revenues. now projects, we XXXX So projects -- are ideally, at the we X center the be to XXXX it's XX major no

All the then right. then And strategic the refinancing alternatives. last one, my and on just

If helpful. some you can of color on those just would give be both

the And really affairs, is Well, global unturned. I'll very they came leave And due due they the really diligence, diligence. extensive shop. proud of robust the top-tier refinancing mean say stone light think in in did of I a of. a I we're robust Hayfin and not state

my of a great it's they at other -- of to helpful plain disposal. lot tell very us. partner. that. they're available our we're and proud space perspective, They think cost from well we but I'll of the money a to that cash We I'll We've companies on can cheaper, simple. that also on complementary and be doing on Brian let think our of lot have the So got really comment -- the companies. a us, We you global we capital, and And number They're think a diligence stage. in more

they alongside to opportunities. here, helpful they're us sitting that strategic us can be evaluating up Now

the the need capital, promised at something take to believe. -- some I decision. business our financing if us. this here. could that we for billion that we year. as $XX-or-so mean look interesting they I I it's during be financing fund, last a will of some capacity see a we say, have It's they're there and help, this And part was they But the certainly all opportunity And in fourth the investors of opportunities quarter

And it right position organization. a progressing. to is to And for maximize approach just here, table alternatives We've we feel and and of profitability financed now got to think really that we believe, now ADMA's really shareholders of I fully the continues showing got looking the across strengthens process we've that's value the land that, all we way strategic to need, that process. get a the cash promised

paying couple on was due at were was Sure. process, interest to, as interest robust I’ll a competitive regards carried process, add the debt expressing million. $XXX Zach. It things million Adam it we cash With mentioned, $XXX thorough a interest. diligence. of to more very just the same The that parties essentially a process, multiple is cash that at regarding X.XX%

March milestones. rate XXXX. than The us interest-only then of have based So we the $XX interest-only overall million a we’ve another available matures lower X-year seen. which previously is future period, effective in period is revenue on to And

very the encouraged, this business. thankful team Hayfin providing to very continue us for to grow certainly the So capital

like today's program question-and-answer Grossman conclude any further program. for the to back session does This hand I'd to Adam of the remarks.

lives for our So thank time. for products of that good, donate you, helping us interest and help Thank shareholders, And We save friends, do plasma. neighbors. everybody. attention and please the our your to make you, appreciate you and high-quality family

You donate are will year. go visit, our progress keep a Thank number save some and visit and lives donate that new we’ve got we you posted afternoon. plasma, centers on go good blood, where opening admabiocenters.com, again. can of the you, Have a throughout

and participation conclude for your ladies program. Thank in you, conference. does the today's gentlemen, This

Good disconnect. may now day. You