ADMA Biologics (ADMA) 10 May 232023 Q1 Earnings call transcript

Good afternoon. And welcome to the ADMA Biologics First Quarter 2023 Financial Results and Corporate Update Conference Call on Wednesday, May 10, 2023. At this time, all participants are in a listen only mode. There will be a question-and-answer session to follow. Please be advised that this call is being recorded at the Company’s request and will be available on the Company’s Web site approximately two hours following the end of the call.

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

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

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

Finally, Adam available quarter on results updates. www.admabiologics.com. and Earlier summary questions. today, is before will we and at This summarized issued release certain XXXX opening financial achievements release brief recent first remarks up a corporate our the the for provide then site call press Web some detailing

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

the and securities any report of Risk earnings statements, by representing today, report ended XX, section subsequent any for for disclosures could March XX-Q XX-K important We these quarterly views Please the relied XX, as December to certain Form includes for and our of the as as XXXX we from results XXXX, actual as non-GAAP notice discussion differ of such annual Form that date on federal today's forward-looking represent release factors disclaim financial our statements forward-looking We the measures, Factor comparable should A is In our a non-GAAP in the addition, year cause sections any only views our specifically the except quarter XXXX, you that laws. ended adjusted available to note to EBITDA. in release. of upon of of materially earnings statements. be call the not reconciliation discussion refer obligation any issued our GAAP date. including financial this to required update measures on in our metric nearest

call With now like to I the turn Adam, would that go over Grossman. to ahead. said, Adam

you, Thank Skyler.

XXXX, revenue guidance generated remainder an was the expenditures. milestone the we on total total XX% increase first established expected of exceed XXXX. and the by During which in growth million. the quarter. a first year-over-year ADMA of enabled EBITDA time The first $X.X $XX achievement This robust meaningful leverage, totaling operating was which revenues, translated to reached profitability, quarter in adjusted from revenue impressive million increased continued management now profit of we growth newly anticipate our disciplined baseline result Based our grow and million, these adjusted continuing of to throughout $XXX trends, have to operating EBITDA XXXX gross

a of for adjusted generating growth while profitability. continued the in full XXXX, few States ADMA a a also cycle, industry high standalone Although, $XXX maintaining among substantial new is believe we considering results Based is our on newly our our financial year-to-date quality revenue echelon to and expected are it's financial early biopharma the of that for more than only United generate rate revenues EBITDA of profitability and guidance, alongside increased still peers. growth year some forecasted revenue companies the total and ADMA entering million now

We are biopharma this now be of quality proud in exclusive set companies. to high included

provider fastest exclusive globulin $XX the focus plasma immune globulin specifically, deficient position patient on the of the its United which fastest organization's billion the segment, advanced as ADMA space Within in market's growing immune immune attribute our market, cohort. the we growing to States

milestones During record business of medical future our We market education what position quarter, books unique first and financial for It us patient drives targeted objectives. to infection. on our strong globulin is our to novel underserved model, well success. unified and date to anticipate to for share products achieved population and operational and We validate patients the commercialize gained we've we this that our fuels among company's core of a overachieve commitment business. and treated we treating at compromised sticky prove will the portfolio of immune believe organization number believe efforts immune risk be mission, patients our innovative deliver

continuing velocity product share long and message two Furthermore, immune evolving these to seeing account past to encouraging that to This to growth dynamic the continues reorder new XXXX. having the of in mix we've patients. compounded and Over for using by impact our uniqueness as globulin We being and improvements product happy favorably its our among outcomes by three about real be years, will drug been persistence we're among expansion the product drug deficient the are of believe existing greater overall of who is the for amongst confirm signs that forward. those prescriber is years an communicated and strengthen driven unwavering patient we're world customers. immune and for problematic ASCENIV going a product trends have accounts record as mix, in. offerings continue on

advancing pursue and is pleased the compromise during announce profitability reiterate outlook. quarter recently identified not opportunities. the growth to and that ADMA’s not to To opportunities second, progress into it’s the robust investment expected are first ADMA incremental required to is made significant We these

our opportunities, X,XXX corporate commenced in for successfully time First, scale ADMA these history. at first of the manufacturing production among ASCENIV liter the

forecasted production batches could will product's early fewer expect growth and half our support the will be We of expansion improve plant support trajectory. to as as as second expanded We scale rapid needed The XXXX. uninterrupted production meaningfully revenue these goals. be believe benefits our the the increase realized our capacity for to margin provides profile

well growth and processes. opportunity pertains additional capture yield identified second immunoglobulin could scale manufacturing Recently, company analysis, production we've enhancement production our potential revenues production yields. scale initiative validation margin both with successful. these approvals, as peak progressed Pending development the meaningfully ADMA’s to The of with to commercial ultimately yield further enhancement laboratory evaluation, advancing and as and initiatives if regulatory increase

expansion may label expansion studies and financial upside The during for opportunities to opportunities believe Again, look ADMA’s to to we potential planned post-marketing playing provided represent immune as humoral would clinical as forward portfolio if peer both a include the globulin currently additional the level BIVIGAM these the on safety. patients, field for compared our developments ongoing as Finally, progressed potential label publications guidance. put successful, product globulin aged offerings. immune updating ASCENIV supporting well to We primary unfold. as quarter. pediatric market And provide immunodeficiency

network source We strong forecasts inventories of On on expansion RSV the plasma for all expected front, believe revised presently support are supply globulin our hand revenue hyperimmune plasma portfolio. plasma and immune the Currently, upwardly to now that network our contractually of rapid our normal centers licensed. financial are collection all in third plasma our operational provide coupled those supply are collection party existing chain secured XX and eight contracts with and internal flexibility. FDA our supply

will income and flexibility. increased for We anticipate in my a mechanism operating announced from continue Considered in provided by we self-sufficiency of continued week. in our more the an In as network complete and earlier FDA and of profitability previously XXXX. supply timelines. opportunity sincerely than pleased expense our last we today, strategic exists licensure But describe the to we we support. we forecast end financial as BioCenters’ Brian appreciate collaborative moment, have prior achieving the year conjunction additional the believe plasma our accelerate agreement detail are We restructuring credit to to reduced perspective, well Hayfin’s X% believe interest to have prepayment provides announced with net

our passion diligence commitment, employee's drive and Our success.

the prioritize connection staff, and human our among advisors. in cooperation all through leadership and have We engagements teamwork

connectivity for fulfilling unwavering medical to thank the success to and continued operations, patients, foundation challenge Our to advocacy rising for has our complete delivering daily, the staff of community, the vision We our core control groups us team's end-to-end our enabled forward. pledge moving providing and prescribers, stockholders. assume on our

the Your efforts in a difference us. on lives make of meaningful those counting

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

we updated. occur, market developments will As the keep

to over call quarter that I'd review said, turn our financials. a the now of XXXX first to like for With Brian

issuing of today the a later issued We our I'll to make first XXXX call. and during outlining key from first discuss will we with earlier Adam. quarter you, points be which today's the our conjunction quarter results read this comments our you evening, would encourage Thank discussion and in we XX-Q quarter. will release press we highlights now some

utilization, products, increased XXXX three of months compared our or represents and physician, As is Adam by higher $XX.X mentioned during increase The acceptance XX%. sales the and million the of to this were an payer $XX.X the our three of well revenues XXXX ended approximately as March expansion ended XX, months customer as million increase for as XX, earlier, million patient approximately $XX.X total to globulin attributed dollars and March immune driven base.

of plasma network our the BioCenters commitment ADMA our of plasma plasma from from production our support anticipate our collected our $X source the we of supply During through for in we we party IVIG all increase operations. quarter, Throughout XXXX, benefited using with third customer. segment, sales an long the normal term as BioCenters remainder also to of million XXXX fulfilled

other reduction an of XX% This year of majority increases lower the XXXX for million. same the routine offsetting ADMA driven costs of the a XXXX. profit the Partially first of evolving the related product as to mix, quarter gross gross quarter BIVIGAM in gross margin improvement sold primarily the compared the margin remaining otherwise This liter XXXX. million substantial in profit quarter during $X.X of extended XX% a $XX a the approximately into scale to for X,XXX the Our plant product shutdown translates first and revenue period gross first manufacturing $XX.X favorably ago. million by or of margin was was

confined forward, throughput substantially recognition X,XXX As and along product is with margin production to anticipated sales we be to the ASCENIV. higher move BIVIGAM liter

the million quarter was $X.X expense. mainly connection loss ended our loss quarter due The recorded the $XX for of period-over-period debt the increase of compared and with XXXX this Our $XX.X operating refinancing million of $X.X quarter offset in the in March the XX, to first net the million XXXX, we net loss facility, $XX XXXX. is consolidated million to first partially decrease on credit interest for and was million secured in in the loss extinguishment of of by of senior narrowed

for compared increased to gross as Our the adjusted over EBITDA ended March an adjusted million EBITDA period total of and by was increased months ago. $XX.X by same XXXX adjusted operating million for the losses. The primarily profit $XX.X a lower sales, loss improved XX, year improvement three driven EBITDA

indicated, Hayfin provides Adam favorable with the recent changes. As for amendment credit multiple

the elect First, SOFR and note. current a rate plus will of borrowing lowered in interest of nominal ADMA’s X.X%. This in there's on Included in the base X% Hayfin result the reduction rate this in expense to cash. the interest of terms the the of facility, existing may remaining pay the up portion with the of interest to in company payable with kind X.X% consistent

closing Second, newly company amendment the structured certain strategic waiver other XX after among in the of first an a date provisions, within transactions. is connection of the other with the there prepayment XX% acquisition fee or months

financial and added believe and ongoing Taken reduce capital together, term near cost basis. changes these we flexibility over of ADMA’s on the an will provide for

million balance primarily capital In addition million, consisting of XX, working structure, $XXX the remained of and further ADMA sheet of inventory, of enhancements cash to strong. capital XXXX, had the million $XXX.X March ADMA's At $XX.X to compared working while partially of current XX, $XX.X equivalent of receivable. million offset This million. of was liabilities XXXX $XXX.X of cash balance at accounts and million $XX.X by December capital a

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

considerably traffic I'll foot the in into to real now back Adam are are well exceeding by With closing volumes, Now for that, now we which donor XXXX, our remarks. organization's the and levels. over time call turn encouraged collection improvements prepandemic

Thank you, Brian.

product in growth strengthening class financial profile peers. at margin to targets or conservative guidance best $XXX and specific visibility potentially million. revenue being years, chain be construction, is ever. the of our required take As established in continued a our total range we plasma bound the an manufacturing Growth exceed which have years the for the contemplating approach forward-looking are growth a clear two We first adjusted created last foundation recent a variables. pleased company macro and trends to we demonstrated is meet base. as upper revenue the believe ultimate business today, That exceed Further, guidance, in commercial over infrastructure are quarter now anticipate to we from achieving and increasing EBITDA newly as investments both solid among in supply and to maintaining expected said,

Additionally, growth thoughtful to a opportunities. taken we've new pursuing approach

continued We had the our profitable forward up and and term. yield you, our We upside with we as on efficacious helps now early potential to cycle Thank for to drive continue of further look neighbors. and over save a to open that, help friends, momentum investment the mission Thanks we'll Please I'd closing, further quality, your near XXXX growth family our call and that these to to success. lives. be to and help operator. your everyone. advance lives projects, the building anticipate support like save the which for progress thank highly plasma make With products will we you, questions. stockholders, donate believe ADMA longer high In safe your already to to what

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

sweat, of entire able to It's of And wanted first been obviously, achievement organization a significant of behind blood accomplishments my over observe time been there's even the company. few the congratulations it years. journey my being a from positive but obviously a maybe milestone on have years, all I a congratulations for year and the seat. to couple and management know certainly the terrific the of invested extend Just to EBITDA. analyst tears that on past lot enjoyed

in likelihood of see obviously next over But fact, of top actually whether down three growth? just resuming would there's accustomed over of around quarters. taking low become First to has get be the that it more step year wanted sequential revenue the quarter your down at your the Markets years. before something to quarters not to in the then trends that with first of question, the do the looking the next $XXX and the positive some and end over balance the the which three would definitive over we'd million, point sort possibility past over-performance of have just sequential or guidance, literally would, imply revenue of or thoughts step a one couple line at growth the

line we NABI, conservative we demand guidance, on plasma to of our the continued for trends than as first a growth. demand had earlier anticipate for BIVIGAM, that quarter from but will even growth, recur profitability little the continued EBITDA plasma Elliot, fractions business. intermediate These potentially ASCENIV our outsized quarter the we and that as are quarter for the reiterate seeing we're we're bullish very even you bit bringing collection tell continued that in Certainly, seeing anticipated. and and our well that plasma very, revenues over top I'll revenues in year, but this forward, we're going not always we

that heard prepared couple remarks, a patients is that you to to think going times really being confident is say way me the early and here. are we program, the still the growth it's of way the for ASCENIV In perceived, are that we seeing we only the that continue. trajectory that in getting growth the we feel the product So do added

our So going about financially we very forward. prospects strong feel

about had The that few revenues The last been the BIVIGAM consist over the talking we some still. of margin have some first quarter of quarters. headwind lower

exhausted have that We of inventory. most

So the I Is is staff to ultimately bit feel mean, going hope growth prospects we know. earlier, about big? enhancing profitability getting quarter be possibly to good growth, we net EBITDA, big going but be that they as top Are line. over don't as quarter-over-quarter to don't working. really the little as forward-looking I have But quarter know. continues. beats the of committing income very revenue a to it my is I the are and been?

here the well look it's place more this and what and to plasma been never really only The through great. do collection in the our we extremely everything going staff continue. from is now mean, making way all unified. folks, falling strongly right Boca, has the really company I we Our that feel into from commercial product to working trends is beginning

a But actual of to have reduction in and that that reported in call to And length forward? I the issue -- for in the follow-up respect touches that's improved key just indicative I'm and step cost a terms this but to cost of in and in trend running discussed sharp about rather his quarter are highlight And assume yesterday at you reduction fairly to in times its get or well, will that's of in an them number. expenses in we Brian as a as collections then seeing fractionators Just the corollary tied decline trying collection sequential its quarter, these of an down. expenses, a significant results I operating floor an factor, a to wondering reduction the with capitalizing the And of those on multiple significant conference levels better last at the their center cost, being COGS They as question plasma XX% of not going cost. actual new margins. XX% basically if versus is of a larger to number remain cost sense through talked P&L. the trend one specifically in the collection. similar reductions that, resulting allocation

as center are as to first year, The stable. predominantly the more in quarter these quarter from regarding of to progress see to have continue observation made progress -- is now, the entered centers phase 'XX remain throughout first now you we plasma really in they we think we that as And have up good production costs. step the year, throughout costs going the maturity down Very the quarter continue first 'XX to saw we centers very more into of collections. are

the this in of all now we and and we centers now XX, instance, seven plasma. and are we first quarter our For have and 'XX, had had of centers We approved eight. quarter first have in time FDA were that open year five XX last 'XX centers collecting open collecting

centers So than numbers XXXX. collecting again, were the They're the in greater majority that phase. in of of they quarter plasma now are more maturity first in certainly our

number of being we because inventory the first rest expect year, against then more throughout the ‘XX, of revenues. able charged the I that for those constant remain cost to would sales of quarter to capitalize So cost we and would the fairly are million say, the $X.X to, the

were certain have a see areas is other in the place see COVID and and say we certain pandemic some costs, we decreasing, market. ago we on what do donor so do in government we exited wound don't we've programs, and on collection Regarding that's the or as fees two programs fees of comment down, because they special certain the competitors some overall of years plasma that forth. in programs see commentary stimulus What year that

really donors if our clean, incentives some centers. So donors about our from you they're we as will. that it's just the welcoming back our sunset, to centers those also fees, good proud the but experience. comments want We And certainly they're we're very of it's remain about get collector, of not and competitive have professional, very are to a donor

collection proud and professional -- very whole, the how again, as Adam said, we're and as a treat centers maintained and our organization well plasma of how donors. treat we our So, especially

for question final And Adam.

yet. you're at that's Just the pediatric associated like ongoing thinking. actual timelines the I year, to ASCENIV And my wondering on population, the thinking submitted with what then to want And about about or patient the still wondering, as looks is of are a just that than wondering consistent study XX% be that information's of that. assuming by track And is a relative the completed there to would the on utilization for be pediatric population in have confirm incremental population? based some to asthma end submitted have And the currently assumptions comorbidities, the XX% if IVIG just then may current the And I'm total. there's the of data pediatric already. higher because I'm FDA just to such infections if the seeing been FDA either to made of it population company's studies, in been and with rate base, the opportunity the of across of in non-responders looking ear that higher ASCENIV pediatric case I'm BIVIGAM higher naturally as

editing extension to we'll ASCENIV BIVIGAM to through market completed. and the FDA. time data study period open keep the study filed is in that we're I remember think ongoing fully don't XX-Q a the and be yet, we're and update the us been but is that the to I working submitted as Yes, and progresses. an asking believe I and for imminently enrolling be sets section. for is going queue the So that'll has study that and of the enrolled

level that obligations run I back don't pediatric there to But don't playing requirement a XX study, that standpoint. a want calls. to and misspeak. BIVIGAM. IV as that and June manufacturers go going think the in don't want I to people pediatric inherited both we order and I I in need that the what but at back look field legal complete we on subcu assets product age XX before this us globulin up acquired ASCENIV. to historically, I and We United of we offerings studies didn't absolutely are pediatric have the from an in something on FDA misspeak said to with I It's this immune we that the product. the view about has primary that States, XX is talked to know I've indication, pediatric to not the patients, But grow really Regarding asking, you indication It'll a for full say, specifically, we as other out going so deficient problematic as mean, want at and up. product, ‘XX, it we're it's market. I expand for immune looking ASCENIV it's were put stop.

their For or young that not driving it that and have patients old. for IG, persistent on infections, patients are chronic existing it's be

VI. out utilization that the They've label, whether their And that months had majority been over a on really experienced and out product child a on Problems there. a have but been that and demonstrating months say you're journey. the I'm brands, time. it's real there patients treatment is of data years at for years ASCENIV world a escalations, evidence that go time, at multiple on whether and IGs antibiotics dose different it's front [AMIFLU] while multiple course they've you're they've to for a the adult I something multiple on don't had going unique doing the in don't with they've currently the have it's of or with discriminate have an VI in of me is spread, that changed

the something plasma about we question. that just to the revenue that good but answers product, obtained, we how should course feel to market only or your the back our future. differentiated plasma. by circle it's the that not good and indication should believe into grow normal to And BIVIGAM Hopefully we ability feel question, impact about manufactured it that product and your blending So that's pediatric is the RSV we for ASCENIV in

Our from Mizuho Petrone the of USA. line next question of Securities, Anthony comes

but ASCENIV. specifically. XXXX. of the Grifols quarter your towards momentum and quarter, talk again volumes strong globulin hyperimmune strong on another ASCENIV hyperimmune can congratulations here, just little stickiness patient your in also and continued new year ‘XX. start, very bit and here reported there's prepared Maybe to globulin strong their start to Adam Thanks, a about number competitor we supplier remarks for point then XQ also And for a Certainly,

momentum in state follow-ups. ADMA ASCENIV, level of to then new patient sticky of be to set hyperimmune just have to time patients specific globulins just little we're bit then the couple a how the maybe in the tailwinds is starts, this a and us sustainable on seeing So to and those prove And on continue how here? we can ahead as move I'll over here

space. their immune You they I more there. other We their compete I tetanus CSL what of are in the we with in They globulin, some I'll and think mentioned hyperimmunes say Rho(D) and is are have that, Grifols, derived spaces. that majority you know, also completely different mean, from rabies companies product. don't compete

space. very it for is of have a saying look, I something point, mean, sticky completely over been ASCENIV, in that So the utilization standardized. year. it's it With a I different hyperimmune we is globulin But to is and your think well general very

quarter-over-quarter been being are perspective. and placed patients EBITDA that from have their ASCENIV, earlier that on an who a to we mean, the their the quarters are that's leaving saying We growth. the standard by than I calendar I the normal see IGs we we couple fact utilization IGs, recognized ordering And trends. anticipated of persistence that and continue think in

the fact the volumes speaks the I growing. demand utilization is and growing is think to ASCENIV of it that

and find have home got and tomorrow's always my newspaper of my it too have make we good I I So say, comment -- I staff we always buying, know quarter-over-quarter distributors Elliott's our I are that And this and some I kids not what I what at sticky. that, be question already second that know feel reiterating growth, I selling like if about did feel in the with today. confident was I I'm didn't quarter. would utilization always

well patients are on drug, Anthony. The doing

learned I have all lot. a we think that

bring to all that better minds and up that in antibody mind I again, is an I while less patient that treat but to physician in a haven't trying prevent think, we when COVID, infection. really this and more I I want understand really in or think said don't than

is way their RSV compromised that who patients are the higher a hyperimmune product then as the that only to get scientific And that to the RSV through identify viral replacement marker of high have the pathogens. titers think to And I and process donors respiratory not therapy donors drug, these we just have we donors. again, donors as use thought immune viral different and theoretically an we other immune bacterial panel antibody published have are. pathogens. screens could is titers only these And globulin

So patients ordering, And paying products. the keep that's the their invoices keep our distributors are keep reordering, stocking doing paying why the doctors payers and well. and the

the They're product are seeing flip, the I time. think not CMS infections last patients ever. the pulling all get insurance that being had But I well. I always very a thriving. people And little attrition. persistent through mentioned don't rules the same insurance changing, changing They I continued and are, payers always whoever and when little think and infections. the quarter. a So get the little than these nervous, doctors faster that are really have they is we changing the are are plans are calendar hospital, have doing opportunistic they I nervous as this or are

been that our campaigns have and are for going And out we granular promotional review committee to is are marketing and on we we got rolling a been here patient working testimonial, some little through we routing folks. But maybe some be have internally, new expanding and this because say, I that for who've it's story. line product on of got willing a on who their still tell and my therapy we put new years have name the now the to multiple to but patients are that product. want not hey, It's

good been that I thought So know learned reward my that. what said doctors have I than don't I or that, did -- I about was who better great this. research we I not better And this what's and and was is my feeling asked a and doctor a well I've it, product, doing have on people

sticky. it's feel I So

me, worry, this, do. good this. we tells really team I Anthony. don't quarter-over-quarter growth. commercial committing feel about I'm I Adam, really, got Our to

and in it's Maybe maybe there, couple on the quarters when the about what Maybe can today per the mean, initiatives zone you're want enhancement go maybe newly the growth you and a to us that just great we do identified little much time, a results here. need yield company's type terms how give of is if talking I yield pursue? to facility and think of to and be liter and regulatory No, what's evident path to can Adam, behind pursuing, over where grams the Boca forward? you done that's initiative. pathway testing obviously, has where in of now the don't bit scenes in

We business. for truly new just are are transformative the excited. These feel opportunities I growth

absorb made it don't a And it You upper I it's happy us mention and that absorbing because and we've ASCENIV ASCENIV But it's so We've it but put far. put the, through to about didn't cogs for to yet have XXs, I eating the XXs, the hat really plant, it to through has successfully very of of do. myself, manufacturing maybe want overhead. I I exciting With lowering of said always that margins has to looked never liter could and me really But super been enhancement. into we mean, it, I'm to gross want this transformative. unabsorbed respect X,XXX I my it, shared something the couple with creeps that what said it at get data ahead still see. doing allow scale, us margin product, would plasma get more product we're over to excited the don't some because skis. plant batches it's my going to XX%-ish more favorable. of low The creep. allows manufacturing And us the it's We does, think to truly about more yield and allows is I'm overhead. maybe ultimately

who here fractionation, cone that understand plasma there at those in process loss we For inherent ethanol employ is alcohol fractionation ADMA. the

historically, in grams per historically. or to X.X that always I've yields, Our said roughly X.X range liter so

I but I said gently, something is competitors scientific another conversation little that Some protein centrifuges. get the of there to to very use with that's a more using like feel day. who our our respect be [indiscernible] a treating yield. for

anticipate it's forward. I'm there do not Anthony, to in I just meaningful prepared unreasonable transform continue should profitability expand say yields, improvements. business. the let's enhancement yet product it say, that that it, our currently out targets completely could to ASCENIV we would yield is or really the not I to expect going but which what quantify But that we're think laying contemplate that don't X,XXX there,

question You question regulatory asked asked you timelines. about a about a process,

I'll First, to was was to he this, lot a material, looking spend that it's but numbers for do actual got assets. this we've me want with don't the and at comment material. I it's it's I work, preparing today Brian, not say of not the

it's successful I can where a path think this team But a small clock. We're The tell again, it's scale is ADMA's We've spend lot not happened got of of the working something $XXX comes here. We're that I I about over protocol, from is bench pushing our what you $X it's going strategy. the the around XX about excited that regulatory we've scale. quite a and the much having come model to million, what this, mean, hours and regulatory day down conversations with. very it's forward. frankly, value been So this. But the going. really we're asset million we're worth with considering Timelines, to million on $X where it that comparability

But to know company Certainly, following you've think that a this as doing have this we I when stability, a don't to to submit say that's to long. that put for been I used, been Anthony, you employ we're was similar facility mean, company and multiple here. to scary. process think I optimized, batches, following me on to I anything we think Elliot, the we company, process, conformance have the the successful doesn't have we're to Kristen, PIS times. going We're term for was stage. what a followed going make took this while. not manufacturing to while. to at going have we've the going some them this to FDA you've and going it scare I'll the FDA's very been the over a the is we to just we're review.

I this. we because they truly as just So to probably who's dedicated to are the development my say call, of staff listening call. team progress, that let's a think I lot don't scare want to to listens But the this process

this cost Our the possible, the done BIVIGAM to all we're get behind finding rapidly in selling more totally because hope this. that look, as We're is make. is across selling efficiencies reiterate the I general. We're transforming, is the company as company ASCENIV, can unified organization. we

the we the as -- We And we're compromised working think not And continue prepared as there benefits we fast motivated patients. want really of to we I mean, not by we're where I'm timelines, guidance we that tunnel actually there providing are but as immune going and on truly out we're that's we're totally to possible. get now. the to at But the that positive truly, maybe see as to can. fast end give

both I that we us truly and investors analysts regulatory our are are our in financially now as think think as timeline. we and our guidance, by know I conservative dedicated, our And well

believe successful. going And future. a that assure benefits I only bit think will but us we it you time, exciting for to be the give as us be little So more we more grow we'll reap and I into it's

holders, to you're So squeeze, you, saying do think for think that making margins you we you roughly you're from better. top-line only is, to getting the when mean, when term say that our next is we forward-looking Adam, get this that, more continue Adam, all I to to margins I plays use going product I improve. ultimately, Skyler’s term, got the to for what And that XXX are everyone's same it think us this guidance do to -- juice And the And this to year, got ultimately better, reiterate sorry been same XXX, to but grows. long get those XXXX, more well.

pay it as in Just I moving start attention. to to forward, tie think we're people

we're I a different into mean, year forecasting mean, are Anthony, few out line in Biologics. we we're in moving I that company are and there's sleepy no positive longer margin echelon I I a very continued top EBITDA, -- of EBITDA said that company. remarks, revenue million billion mean, think cap are companies a are that You growth. prepared a are few over doing know, that anymore. don't it $XXX ADMA there under That's I

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

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

you I our all honestly, of a thank I us. just been for want staff. long mean, it's road to to say

some appreciate have putting can't every overdeliver. short showing under but to of continue been shareholders, you time, And we one our going we a time, but this, to with you have promise of EBITDA, it do of up profitability. and here To we're been you a long each and finally, Some here we're without you.

us. have of -- listening an patients' truly may lives lead this who and proud. proud for with organization where very and is I'm is I'm at not your a Biologics, stick day is you making very ADMA us on It of and voice. So this to a we're exciting impact all Thank really support proud everyone you everybody. confidence again I for hope

a Donate evening. have plasma going a help evening. to life. good So with out say. I to Have that, that's got save you're And a there, great all

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