ADMA Biologics (ADMA) 23 Mar 232022 Q4 Earnings call transcript

Good afternoon, and welcome to the ADMA Biologics Fourth Quarter and Full Year 2022 Financial Results and Corporate Update Conference Call on Thursday, March 23, 2023. [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 would like to introduce Skyler Bloom, Senior Director, Business Development and Corporate Strategy at ADMA Biologics. Please go ahead.

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

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

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

Earlier the is financial release today, full recent we results issued quarter XXXX The a updates. available press on in release year achievements corporate fourth detailing our and website certain summarizing www.admabiologics.com. and at

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

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

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

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

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

gives as full ability its in XX%. total During persistence immunoglobulin achieve market, XXXX the of XXXX of us XXXX, business our second exceed no of U.S. to by start the million confidence profitability year revenues later growing EBITDA as since encouraging position revenues of $XXX fastest-growing ADMA provider Further, full in than the as the XXXX. strengthened well the first-time half in total year trends

success, the attributable commercial focus in PI U.S. this to segment, in We on future us part, market. the globulin and the continued which in fastest-growing medical exclusive success. offerings portfolio we is, education immune Our believe, efforts large innovative targeted business cohort position organization's well model, immunoglobulin unique our ADMA's for targeting continued subsector immune-deficient believe patient is

anticipate We ADMA. for XXXX point to inflection be an

aims top-tier plasma revenue first-time organization the of at to sustain an pathway margin and bound manufacturer upper profile to shortly EBITDA thereafter, Our the profitability ADMA's group. solidify peer ultimate growth, achieve

immunoglobulin offerings amongst the improvements on confident having drug due and the uniqueness immune-deficient problematic is to our for ASCENIV, impact is driving real-world Principally patients. its outlook and outcomes

upside well trends we demand Now near utilization and believe we term. ASCENIV over can longer that support continuing, elevated and XXXX, are indicators into forward-looking term product confirm the

to continues of well. year-to-date growth strengthen ASCENIV's attribution The as

existing velocity year record prescriber well persistence a by which among We been as their further are now therapy, seeing of new encouraging signs among on third those has of reorder entering accounts patient customers. and expansion as compounded

messaged. than we have to of We to product believe trending is even continue ultimately account our overall for piece ASCENIV an greater historically mix

revenue opportunities and margins EBITDA highlight several growth can previously we that pleased provided are excelling is and ADMA's well belief the increase profitability that newly defined, fundamentals beyond our financial identified targets. pathway to With we improve our to now believe are

these Critical position. we investments compromise our not strong to funding expect incremental to do note,

and stakeholders but achieving as these rather, targets upside will our provide financial remains if rates Our successful, on compelling profitability, flows not emphasis that our for return. impact we near-term will meaningful assure cash pursuing as to forecasted opportunities well of growth

believe significantly are First, of commence as of growth XXXX. opportunities, for margin potential, requiring we while This materialize batches rapid manufacturing benefits as we ASCENIV's We as among for to believe growth corporate first production production the ASCENIV X,XXX-liter expansion profile trajectory. plan time days production We at these our these expanded throughput significant accelerated as in well support the revenue to provides targets. early scale forecasted and the the scale could early history. our support in the ASCENIV's uninterrupted fewer half should to improve second

The processes, if during approvals, scale the as these first laboratories peak growth yield enhancement potential, production have regulatory pertains opportunity and meaningfully to future margin second further concept XXXX. yield enhancement, we've commercial in and additional initiatives Pending increase validation which manufacturing as both successful. of identified evaluation, could of revenues proof demonstrated our development well production of quarter

progressed our may for for both expansion opportunities quarter planned clinical label and BIVIGAM studies the provide ongoing as during ultimately Finally, post-marketing ASCENIV. believes and ADMA

the represent as these opportunities currently Again, We guidance. provided look to developments upside forward updating financial market potential to unfold.

patient to care ADMA's communicated throughout the commitment a continuity our remains top priority. have we of As ensuring commercialization,

expected for normal and are for may hyperimmune provide opportunistic hand, inventories, RSV globulin upwardly forecasts well as strong immune as source sales. on portfolio plasma plasma support all to revenue plasma our presently external Our revised

collection all network are our FDA flexibility. of secured third-party XX with X supply licensed. expansion collection contractually plasma coupled supply network, with and are us now our operational, rapid The in provide chain contracts, and centers internal Currently, financial

of on supply network complete self-sufficiency clearly as to to XXXX. well are plasma our as track BioCenters We licensure achieve prior year-end

BioCenters make which partner we donors to lifesaving to with ADMA As a state-of-the-art trusted products. donate the communities, their welcome plasma, to allows its our local

collaboration make and advisers, employees. our our reinforced accomplishments control direct the corporate is guidance leadership all values our connectivity. of our priority a reflection through across always, are result staff, the diligence The As team's assuming among successes of of transformation connection and our our operations embodies passion unwavering our the into the to vision commitment, of and of the engagements. The the work of complete and reality of human end-to-end

We day our and challenge stockholders. our to to continually recognize thank the the arising to groups and to every community, meet advocacy our patients, pledge staff medical prescribers,

Your you those I efforts truly of in you us, on do. make for the lives are and a difference who thank counting all

for I'd parallel of to which Brian, the alternatives to call growth pursuit exploring opportunities, alternatives new running to remains strategic opportunities process priority confirm is turning company. The our previously ongoing, in described. value-creating Before over process strategic top I and our that our separate the is and like

the developments updated. As occur, we market will keep

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

some Thank and you, XXXX discuss We I'll year now full highlights. financial issued the Adam. press quarter fourth release a results, and key today earlier outlining of our

the impacted quarter customer BIVIGAM mentioned million the $XX XXXX. compared fourth the and million As quarter this increase total continued approximately to growth ramp-up expanding during of quarter the $XX.X fourth million ASCENIV. of company's XXXX, compared XX%. for quarter an for Adam earlier, or for XX, of of $XX.X revenues as IVIG the was the fourth to by ended portfolio XXXX product approximately December the were base And represents revenue XXXX favorably commercial and of The

mix, BIVIGAM million to the offsetting sold for Gross profit growth million a $X.X ADMA profit was fourth fourth the gross driven quarter XXXX. product of quarter quarter fourth XXXX compared gross profit product of favorably from $XX.X evolving lower-margin was the a favorable remaining the Partially scale, of of the amount Our of contribution for XXXX. X,XXX-liter material during by ASCENIV.

improved expectations the monetize compared transient remaining demand, in approximately dynamics, loss gross incrementally Excluding million. XXX to of prior Due to compared to would gross when estimated ADMA's the to $X.X to XXX product, million, currently previous which been of first midyear results. earlier inventory the for the the of for is amounting to estimated fourth quarter approximately an this quarter impact expects quarter selling BIVIGAM record of XXXX than adjustment a year's basis margin substantial XXXX. legacy points the corporate the have approximately reported lower-margin ADMA At $X.X XXXX, product this lower-margin translates midpoint, portion margins XX% of to fourth higher operating quarter accounting

loss basic and December for per ended $X.XX December share or to Our a diluted basic XXXX. for XX, the consolidated quarter quarter XXXX, net XX, ended consolidated loss the a or net was per $X.XX a and million $XX.X share compared million $XX.X diluted loss of loss

gross quarter XXXX quarter compared this the to the fourth decreased was to attributable sales fourth of of profit XXXX, $X.X ASCENIV. million net driven by Our approximately primarily by and higher loss

periods. and sheet funding We have significantly strengthened position recent our over balance

approximately cash $XXX cash to asset As cost, at this of $XXX the XX, XXXX, total notably of recorded receivable million. ADMA's $XX.X and inventory, as value total approximately accounts grew $XX and approximately December including million of as of approximately well is million, company's equivalents million

X BioCenters the collecting of are plasma consists we which are by and, pending XX FDA supply raw from material year-end track FDA X network centers pleased FDA-licensed plasma segment. to Lastly, in of all centers progress expansion same remains BioCenters. XXXX the remaining plasma very plasma the and plasma licensed collection now have our BioCenters forecast on operational additional self-sufficiency with period, ADMA BioCenters collection plasma, licensure. collection with X The company

and encouraged by plasma improvements in volumes, the which considerably into our are foot months are Now exceeding collection levels. several organization's donor traffic XXXX, now real-time pre-pandemic we

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

Thank Brian. you,

uncertainties. a our As in considering previous various macroeconomic years, we've approach constructing financial to conservative taken guidance,

and However, margin trends we top ranges are bottom dynamics if optimistic exceed guidance that demand potentially our line will we current continue. and

conviction several factors. of based is level on Our

X- of our that lead a because our manufacturing globulin-specific unique we of visibility. means future manufacturing performance lead with times. anticipate a for industry time of can which these This the production to is past unique financial our immune is there impact First, XX-month level on products, our efforts to

year, product have strengthened only this elevated in not persisted, demand but far which financials. trends our so bolsters further our forward-looking confidence Additionally,

our positive we revenues second $XXX half in factors, total the Given million XXXX EBITDA later no generating these all XXXX. objectives, previously including than stated exceeding reiterate of comprehensively and

financial such we to when opportunities Regarding regulatory want emphasize in financial not growth formal any the new opportunities these guidance growth potential adjust we before receiving we from that contribution receive do probability only approvals. regulatory Therefore, we will include initiatives, approval.

and profile in a created among commercial supply bound in product at investments foundation growth revenue infrastructure our manufacturing an chain ultimate recent the believe best-in-class potentially solid achieving have years for our and plasma the maintaining upper peers. We margin

are As we we success continued a believe for in result, the future. well positioned

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

Operator? you. Thank we'll that, questions. With open for up the call now your

our from Instructions]. Petrone question [Operator first is And Anthony Mizuho.

Congratulations progress on XXXX going to forward the obviously, end here. a and, strong

Adam, want $XXX think, I relative guidance I for million $XXX growth. year-over-year XXXX, maybe just XX% with in to XXXX. to it's million The start

still is And think, calling the year. so sequentially for sort a it I of quarterly throughout step-up,

when we positive. think or sort should for second EBITDA positive for EBITDA I ranges So target bit maybe there of of then the about be and positive how And a sort of looks Maybe by have just the should about? follow-ups. EBITDA be a the half, thinking just progress on that half, quarterly in And XXXX little we the how to I'll the mean EBITDA are about thinking half? then first for couple complexion we second

first unique support. the a Yes, Sure. closing top on minimize. here because want for bullish to Thanks with out look, the this folks I last about time a is which we're But very from of like week question for talking and continued how year, about did always we the the we're quarter bottom trends. line and sitting me for we're don't persistence well and very,

read listen If really guidance. the have to take guidance the I'm prepared and We to we setting later, and the incrementally and around verbiage remarks, also this targets. revenue do EBITDA tweaked you'll profitability sure you approach transcript conservative

that we care that. about we challenges may doesn't They that us the targets meeting about know of can to face. we've feel macroeconomic set We other all and the guidance market comfortable the headwinds that in want and that meet set. face the we look, meet And

continues, the to an we've press EBITDA you So prepared we are heard that opportunity I the in than and conservative, if utilization seen the will it the if in that believe you the be that that but read demand think back through remarks release trends And quarter sooner it half. year. achieve got stellar we've we and first the I mean hopefully, another

are And on staff, is the I'm of I our help testing, nine mean that's from out make some people. so efforts way. across happy very products certainly right very really that are quite numbers the And tremendous we efficacious that We the And we're being we've progress evidence the based it's the our plasma doing seen organization. good can strong And collection disseminated utilization we frankly, far everything year. real-world proud very, production yards, the with whole facilities, company our and making. this staff, there.

And Anthony, strongly do but not about milestones we because too to than I much, very, don't done financially to previously away quarter yet, messaged. very earlier want give of our potentially hit some our is feel what we ability the

should previously or hang our targets. as it there, park. long continues the meet today, the grab feel as it stated your all we to out way is we're popcorn, the confident And hitting going of operate So exceed keep we in that world very to of

think when press talk BIVIGAM prepared release, $XXX uptake reutilization million about That's prescribers is very ASCENIV Maybe continued the new here, helpful. remarks, about the adding you're you of and and sticky. for patients and but just just that the the rate we patients, both just progress

you incremental existing just into as baked And is that prescribers? $XXX you million? think prescribers in much about well $XXX when million, So of that how the have

certainly The amount we've them think now third and message are mean number believers is really commercialization. finite IG a who universe really I and prescribers, of got out this compromised I for the in large is in are is prescriber our patients there. understand in that of infinite. our not year There of who products, is ASCENIV believers a who

increased our products. the is on more the nice great I think of out I this and education activities a work of driving and have And marketing think really real-world really the ASCENIV. tolerability medical and we've done I think that for carved that and that efficacy, awareness niche evidence some utilization BIVIGAM,

always and You little asked something calendar we're if cautious, of I the ASCENIV, here. a say flipping around can reutilization bit that,

to going know what never payers You are do.

You and never of Medicare always There's with some level know reimbursement. what occurs uncertainty.

today, teams, we work little they've sit But bit. our all med we know mean So affairs are to knowing hedge I'm have quarter, with seeing continued happy market what we really first I that able the the been the I mean that access and a where our I to do, with about utilization. work

And me see something going that that shareholders growth, our been into about They year?" "Well, it for will. durable continue I'd know I think years. is have it asking to say, And this this "I is next

and continued we Let's utilization and flip And the see." product that on It calendar patients on for let's have thriving to certainly infrastructure are data the a night the products here compliance our staying patients happy we of are are continuing. that advocating is it And the that The with commercial The patients appears ensure appears built who to ensure docs access therapy. product. themselves. it. that, need available are who to the

good real this. feel we So about

difference get ASCENIV and who includes and team they're It very a meeting. commercial had out to on talk not, in now, and patients bullish We about was making I prescribers. they a what reinvigorated their continuing like force force motivated should being our right couple a of really Whether received existing and really includes, We've that about commercial million talk in Anthony, or that, real-world prior I we national this lives. make to has prescribers. our think to feel our business The life to ASCENIV. new had a come difference. And experience there $XXX got patient

a ensure happy, continuity bounce the keep So out going really in we're of making providing favor, and product and it and quality good to there and care. to the our balls continue we're

demand increase we very confident set. we utilization continue, about to exceeding we've feel we that expect trends So expect $XXX and target to that million

hop the great. That's others I'll back and And last let me, one here. jump in in for

just the total there patients? to ASCENIV are can can, how are congratulations. timing patients that the if label, what on out primary going you And population Again, scale us in of United PI Just you Assuming the liter, that then production you that? secure pediatric X,XXX pediatric States? many immune is of give

No, Anthony. thank you,

I'm one I And milestone really about has us. there of So it. never things faster. the we've got this do, scale out been more the fantastic. team is us for here X,XXX, it mean product tremendous give at great that swore one of some of a demand I'd the ASCENIV. It's this Making sure laughing ASCENIV X,XXX-liter for those demand things will but is my those I is

And what production slots. it opens does is it up

staff, whether batch same it So batch, making time. X,XXX-liter X,XXX-liter same a uses slot, same the or a production we're

to going at allow It I the total us sometime more us BIVIGAM. say ASCENIV will capacity today, next ASCENIV. utilize quarter, us more production allow the in make to make to this calendar scale. look I'll It to at the So producing faster. probably going but didn't that I to we're will either schedule allow We're larger the will start think. start plant's

off that. So see We to we this. X feel line rolling the product about months good should real XX after

I up as growing an mean us just organization. this is

they're up what our folks organization. scale made the supply likes liter what BIVIGAM. growing a production doing is I to do. to now manufacturing manufacturing chain and at team team as This of mean X,XXX it's likes So we've it our batches is our This for well. do, hundreds and

FDA's is company a I'm our this. just very, of doing Appreciate And this as very up sign think review manufacturing growing the of submission. of So I for our organization. the proud mature the agency, that team more

that of right don't front me. I have patients, Regarding PI in pediatric of percentage information

very note. It's Look, a a to in the I can to thing study we it requirements. requirement Anthony, think follow right fulfill the and federal up, pediatric reserve you label. have run a it's to in nice publish So our and

we We see seriously. that that shareholders we shirk So our don't take hope responsibility. them

the patients Maybe. helps completed drug study currently more for therapy? is Do pediatric it enrolling. study to I BIVIGAM. We've that ASCENIV The for add think

I think are, who patients there there on our say, believe patients pediatric yes. that need I products? -- I IVIG that would are

just that helps. think I it

parity that agency. number BIVIGAM I think been and the to of to a label has with very products. we that at our about expand And potential we've fully submitted good it us completed as puts very, for packet the the competitor feel regulatory study our

[Operator Instructions]. from comes Kluska Cantor. And our question Kristen next from

from Wilbur comes And Elliot James. our next question from Raymond

right? me you all Can hear

hear we and Elliot, you loud clear.

Okay.

Okay. challenge a I questions with adjusted about just the couple of into than an and getting bit a that I start today give a Brian, in stock about ballpark could EBITDA you're depreciation positive for referencing what confirm rough A queue. you're the of of in that thinking just half. no maybe exclude thinking second would wanted to Maybe expectations if could little later of expense. and specifically that, EBITDA And number fact, you EBITDA metric terms expense. is, number within comp of us just

last it like just I there, a think course over the think about know color million of $X.X not, please. was I don't XXXX good to some but that's run quarter. or rate if

the say the as and no for which at Elliot. you would than if fourth half depreciation, EBITDA would exclude Yes, second I part question, quarter adjusted our Thanks amortization depreciation, an that XXXX, Sure. EBITDA, quarter were of EBITDA, later comp, amortization. would stock-based of positive be our to third calculation, even look

then on or in a positive shortly very very accomplishment of on formal tremendous think that, there and our time. of first XXXX. and flow it's feel quarter dollars, to profitability given about guidance the period forward-looking we cash a confident follow before And after While we haven't we ranges short

and respect wanted Can center for your some for how Okay. inventory volume production? plasma and I that utilized as I margin would would guess, just and that to recall that the own about I with accounting talk seem targets. on collection just is of change be may, get thinking we not currently running progress, the verify to an question collection or be costs how the your more those that And through if you. about rolled but into should P&L you I P&L, to

an question, accounting the standpoint. and for the regarding expenses, thanks Elliot, plasma centers Again, especially Sure. from

are expenditures, are as as charged our marketing up, operational the centers expenditures initial So upfront P&L expense. that to ramp there administrative an

Now plasma they receive as collecting collected approval, the balance allocated to that's then those itself centers is the or charged FDA sheet. earmarked and start

have XX all centers as are up So collecting centers. knows, plasma as FDA-approved X running and essentially and everyone we now,

approved year. of We this the to remaining X by the expect have end

X we X Just and last X of had this approved. opened operating and the time had centers up operating we and At year, X our end this only XXXX, quarter. center tenth just centers we approved,

centers decrease because, expect A into I the borne for the to been centers. capitalize that to already lot centers collecting continue into So those able costs to have online, those now are operating as we're plasma all plasma expenditures to we're would going or incurred of those be start-up inventory.

will not Okay. expenses as peer being And but a into at so versus targets about substantial level that looking do some not roughly the will get center delve get away. rolled too I the are make There'll of that still million just group. people of sense? minutia, the But some expenditure. be inventory, portion lot deep But plasma does some that into question if go to quarter, entirely margin of we $X a company's the the think

Elliot. correct, That's correct. That's

the take be million forecaster over quarter from the wouldn't the $XX of of a I $X over end as million out standpoint by quarter the So year. quarter to throwing

it in mentioned, consider I As fourth costs been could Those the costs. expensed quarter. me you already have

costs collection BIVIGAM, will obviously, And inventories into 'XX. to quarter a of about of, the first quarter now for first in centers quarter as the capitalized have those expenditures of the production lot in fourth ASCENIV XXXX, and thinking expenditures the of of you're our inventory first those been when material are XX borne because quarter all 'XX, operating Nabi. raw directly in 'XX plasma already So of be

meaningful profitability will step range standpoint, haven't would $X going within given step down to Is from enough up way and a contribution down guidance say materially? past. costs to we But centers that the mean will of as in all the and are be I stay in thinking that And impact to it inventory. we operating help the the $XXX as million about inventory the we're operating million, overall efficiently, the on profitability I online, of that's would expenditures. well, to then $XXX just a going million capitalized the said majority because that company, step the how quarter-over-quarter does accelerate singular the individual of

for There'll expenses continuing But But still wrong, think don't be go operating the it's zero. are administrative you expenditures. of to there centers, expenditures capitalized those going about to the me not get it, to just overhead majority will expenditures operational and be when inventory.

you little in A of on Adam, couple to able cycling you if based on volumes, whether anecdotes talk on seeing therapy ASCENIV an hearing a any majority product And start go reimbursement ASCENIV, to for in maybe or of about think, patients are could on not customers? increase then products? you're visibility terms in can be what well. to Okay. current share just customers? you it. going in production may of finished questions seeing think position of whether back that side existing IVIG you that bit standard Or the are persistence for Or we to you're be competing you on continue of on the terms to Adam as do demand is a and pull-through, new

But demand question. like thanks try all. sound the miss I touch I'll Elliot, them strong. is ask. to Not to for I just a If a broken make no, note, record, something, but would

to for the rest IG typically, for know that know, I who have if primary a genetic those As X may to you defect infusions are requires not, immune-deficient you're your of you listening, who but weeks patient, get a every life. X you

If you condition, on typically an secondary stay may organ immune for your longer your life, transplant, you IG periods. deficiency, compromised so depending for immune upon you're have if it's

on a or marrow may to you period some shorter maybe compromised, you're getting that of for had renders IG therapy monoclonal be you If be type a bone short-term time. of transplant immune you

seeing we we're ramping production quarter. customers. that our the year, unique growth. as our we're the year, And over last seeing year today, in last visibility prepared what continued because use product and the said But is as remarks, we're by last we've Obviously, I selling been existing years. second X We've there's up got made X.X throughput we in the said

So the existing million year we that, will and durable, are we have I every prescribers $XXX the that And ended of we new $XXX-ish and or we And every inventory. being feel we're seeing revenue. top there. Elliot. in certainly support seeing by But more utilization prescribers, inventory million patients certainly it's mean quarter. continued month, line added

really choose according for to building we're bills as stock doctors' prescribers with also on who supply, We're relationship. in with some IG and self-regulating. pay our and great we're specialty We're really Again, b, XX% loyalty. and don't have It's pharmacies, but they and great world And immunoglobulin infusion. say our well we customers outpatient. offices that to guarantee they I mean and kind symbiotic players work We with really we're of that, different their their are, than brand we're as working care And a that's do order little building I pharmacies. this contract. need with able great inventory infusion it. these want continuity patients the a home infusion it freestanding the available space. when larger a, to time; folks our ambulatory in of We clinics live the infusion relationships of

therapy. not IG any only pushing plasma-derived manufacturer Again, other we're the who's

albumin. plasma protein. So we to don't sell selling coagulation don't have other sell novel have We to unique factors. any We're not

about a more are plant are feel pushing than growth both upon in I the good utilization. the inventories are presentation. really that tell very can we channel before the plasma vial you The little we ever into products. So to that and ensure the position if depending here bit the and we thin, for committed demand not But normal, continued trajectory

ask you come ask the based patients that can us are question starting end have very lot asked well. same that therapy on are I'm were to back I a at beginning normal this about to they question, year I they patients question, therapy. that is, majority available year. aware I'm data the say and the that of what people few as sure on that yes, A ASCENIV of other analysts that the IG. switched therapy, and therapy Elliot. me, continuing input and at And on persistence I of the of the on have patients ASCENIV that You last of that off on patients ask of know

Obviously, change as are life, I can patients monitored of they happen. that their their being states, the There's therapy. they as remaining But the that to have people durable. no by things different ASCENIV. you seasonality on the tell move in are in insurance utilization clinicians It's certainly or changes as

we get, we know think say? I see the just I something much hard to my XXXX. I that very think I'm as and I trying record I question BIVIGAM continue progress is can throughout shut. think and too about through ASCENIV and to utilization But first that's What pull a quarter, that also Elliot. will keep more for mouth we

do and seriously. guidance and I mean wouldn't optimistic take our increasing financial very be tweaking we We this language, the about it

for Last was are have listening, set who team that meet promise you in and you we of it year known targets My measures. to likelihood high And are under achievable, like I you, years, most also probably that enjoys challenges a easily us we macroeconomic and tremendous of of want face as a I the deliver. I've year know and we we that but those For over well. believe beat. for can across to all to

promised. commercial utilization team My durable for pull-through. ASCENIV, has durable yes, So

look I me, doing sometimes go, at prove it," and it. and And right. they're Show "All them I

So said unfortunately, numbers before first SEC on don't or the The rules. I filed XX. May make we quarter

I think that across therapy investors landscape. can growing and and patients our immune-compromised analysts, IG continued utilization, durable anticipate you on patient BIVIGAM utilization continued and ASCENIV the

seeing just been didn't doesn't border. it. There's this I various a performance that very U.S. plasma from But question, media talk of more internal ASCENIV, strong the wondering maybe Got volumes still bit your hopefully, directly some titer business, what there. plasma your centers? ability miss source foot high I that the at terms captive you're RSV collection I at have commentary. level but prior can in what in more you you're and may, Mexican just little supplier, corollary there's given border, impact One little the but the terms know and specifically, in RSV trends? bit at titer seeing then if centers, if the any to prepared high of your donor know a about of the I about talk sourcing collection center capacity you your of about And utilization of in just your heavy traffic the

been question. at plasma supply We received, our and has Yes, opened All say, the never last visibility I'll centers. our self-sufficiency take Elliot, I have So been would operating are center higher approvals year. to pathway on and XX accelerated collecting. centers

are of end remaining licensure centers this by well. So we're X All receive very year. to it operating clearly the on the track call for FDA the

certainly we pre-pandemic above exceeding were pre-pandemic our certainly are Foot and meaningfully levels. collections traffic where

and we've plasma abilities is couple confident Nabi, But way, set as than we forecast can. as over is our As getting years. from in and collect very own Plasma yes, these XX BIVIGAM, matter, for more possibly the third-party we demands next centers that revenue much ASCENIV going we own but feel goal will open approved. collections it for for the that contracts, our and one even our centers our of collection have and to meet some plasma the source relates to other

we we of or own identified normal laboratories here, think And hyperimmune this we that donor we potentially XXXX, think ways can and to in-house. as identify faster. sources RSV I messaged the as that throughout our we've get. that, quarter make financing, ensure to to it was the to shift have think much much us as more plasma of call invested screen during will that be last I we and in to we'll as we've maybe ASCENIV able the testing need we into And continue one and plasma help And

something our working new augmenting internal These quantities that on slots and get existing more, and into now it's also contracts third-party supply collectors our think we're ones. is potentially here team with to contracts new some where even I bolstering huge ASCENIV our can works X,XXX plasma, all always not falling of third-party some with and more got batch more are the we if every produce plasma, we've production scale, we available is but liters. can And switching X,XXX-liter supply place.

But collection certainly slow not the So has it for it's to just our out been because inflationary centers. subside headwinds I'd like there. crazy

the really inventories from really, we're doing. happy they're Elliot. got can we've what see, good material, of job And I So with

exceeding us So that meeting and issue I the out-year for business. with set revenue or financial targets don't we've the foresee any even

And [Operator from Kristen question next Cantor. Instructions]. comes Kluska our from

some coming great the success, especially a when times the consider really, and from of on XXXX the macro of environment Congrats continued and we're pandemic back in. hardest you

ways those wanted to started source you new I comment you're levels growth measure ask, with of plasma sufficient to initiatives So given opportunities, RSV. and to unlock to to your from looking Adam, about titers more

these So just would of your people I this across that levels. collecting I of But centers, naturally, there's percent you're have is plasma. increasing small imagine know who more your footprint a if

them? So how help also revenue some even and initiative and goals to these changes potentially your some could of of this exceeding consider

continued Thanks for you Sure. the are good Kristen. for hope guys thanks question, the and I well. support,

this who plasma with is of good work contract high-titer in we about on RSV I with this that some other of smaller we say nice to majority in we still -- for. look, think and public filings roughly work the what collectors looking That to XX% Grifols. got the as through say donors effort, antibodies have get I of get Brian we I to what can collection in plasma high well. call some know But to the force in RSV spend plasma that get is our time, in. come levels donor who can and can't and a donor them neutralizing and some back them force collecting have titers is chair. mid-XXXX. our we're spend to people We've I standing What's supply yourself centers

own we target our whatever roll can are red need over we And into but we out We donors centers. much those carpet, more can do, incentives. have control coming that to the

doesn't have RSV for, only So people of collect XX% that antibodies we because we centers. less our be mean which to or manage that that donors the of the looking into while we're that high-titer coming are can plasma XX% will

are a in. bring but it's And it's So science, view to an very, seriously, art, really programs these however we to want have these special it we targeted folks take people. and very it, you

having incentivize call, out what think and we choose is control. robustness, control, to really bed are to donor the say And want but do that was that do to that we the best the bodies we which set on So and over in XXXX our I we when this chain RSV this come back. supply embarked take high-titer to donors to can certainly in we day, motivate can continue the don't

around But more make products. of was question X,XXX the to other potential opportunities. scale, growth certainly obviously, I excited we're more access Your market. the talked initiatives. our the ASCENIV up any will we'll expand And yield of IG about as the open And some slots about, to enhancement really production in

there look, investment. this this this take take be harvest discard taking So we're unlock very, if but very fractions, will -- will And is FDA, there comparability the some to some to fractions. could do a ability submission can our discard of IG. of that looking we modest work, our product we In a some at feel

our going capabilities, they're investments, cash These RSP hand the our on impact on point investments but material enhancement yield they're to outlook. to that testing profitability they're or our not and enhancing

higher-margin XX-XX, going For benefits financial investments, saying think XX-XX activities Nabi-HB. are very are that split in XX%, XX% hanging is want prepared small we tremendous And Nabi that this, range. in are we're revenue improving that Nabi. range; forget not product; overall reap still to yet margins and really our the quantify we XX% and but into the these hyperimmunes, that there, outlook. XXs love BIVIGAM ASCENIV Don't ASCENIV, to BIVIGAM's and We to it's margin. a between XX%,

we've that line. in got the gross to margin, think XX% the We bringing that to be XX% bottom XX%, XX% opportunity to

great unlock and expand hopefully happy. we to think really our programs So great in has about positioning but yield Kristen. itself once, and beginning, I can leaders company good we've through guidance do this. that can't really And that And I are more I feel really think the expand and we fill-finish we executing that additional capabilities, make we've We success And these that it our I that we want company some some thought development staff this everybody the at is continued some given as first quarter, for process bolstered really growth. only all here. as think with exciting been the of on

press looking clinical and a now that publications potentially you And there. experience, are experience trial more you that patients have with in I works, lot about you know ASCENIV, XX the opined had in the that think back release at the I

the like kind are patients that if experience, what's Really, effects that experience. least understand the you I'm us even just anything familiar label, in you're benefits can on of you that now label have line help of treatment with the real-world if with better on So longer? wondering, outside are this if at you're seeing the

Kristen. my I my team hearing in am ear, compliance whispering

that some KOLs data publications have some out by I been community. in certainly There's think there. certain published the been there have

I medical had we've robust just couple hypothesize for appropriate. I conferences, just have don't I a think publications And think meetings. as at but could with of it to would well right private the in I medical now. data you, be state, don't

But I'm that what prescribe work. I can products big say a is clinicians they if that believer

or they doing it's intended it, to keep not a if label what says try but it's they're something, to not Just do sure, going on better. a patient may because therapy

and seeing simple. think that, And durable maybe are I I there your that are think answer reordering measured to question point, I increased We're way I expectations the that clinical a that think utilization. comes think seeing drug. is plain pull-through, mean, best persistent ASCENIV, I delivering at durable, are what from we were high price And especially patterns. trial. in a even beyond that and product results We're above is that the its seeing for

antibiotic a probably the not IG data patient of but product. a use, work it these supplemental -- again, felt head-to-head people against the very are, good in and ASCENIV Anecdotally, low ASCENIV data Our any low study rate hospitalizations. rate was and diaries, showed days anecdotal product publication, our a on at -- low other think very for felt is of this rate missed They and of school, better. again, I again, for data,

is have there, are this look website if or And is if poke the and failing These around everybody. not chronic that you for who our at patients persistent that for a you that This the are asceniv.com our drug the patient patients thriving and infections. speakers need IG I And something feel about just change. ASCENIV profile really business heard the antibody product. there's from national They at meeting. standard therapy. unique not We a of

data RSV, marker And there. is that that some is I for think high donors. published there these again, responder

But I is fact the feel that product the really continuing that grow. to

yelled I at by think saying somebody. something without me me to get that, that question answers your going that's

and that out. product time. you, for okay. that's population just that's all and So I think, look, what I'm I the And that's published give answer the excited the for more best future, the data can hope coming There's for more data and PI we there's make penetration, as lies think progress continue our the company. utilization I to for ahead And I with

Great.

have you year. what for seeing in to this forward Looking store us

tuned, Kristen. Stay

will not disappoint. We hopefully

gentlemen, for it the to back of and closing additional over call. to our turn this like Adam portion question-and-answer remarks. Ladies concludes I'd

continue to I to the Biologics. ADMA my patients shareholders appreciate for you hope it your whole continued just you. everybody. again, do keep we And got you. centers all you, can't happy. the the to Thank plasma, we near team, your keep without Donate want thank And We to you happy, thank staff, interest support. plasma in you've

and and advisers our the Take keep fight everybody. rock fighting of on. all So everybody, good care,

you We disconnect. now your Ladies concludes conference appreciate and and you. this may participation, Thank gentlemen, for today. call the