ADMA Biologics (ADMA) 28 Feb 242023 Q4 Earnings call transcript

Good afternoon, and welcome to the ADMA Biologics Fourth Quarter and Full Year 2023 Financial Results and Business Update Conference Call on Wednesday, February 28, 2024. [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 2 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.

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

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

the in on summary year Finally, full for Adam recent corporate website some we detailing provide . Earlier our will release is www.admabiologics.com. issued at achievements and quarter XXXX questions. updates then that financial remarks the brief before a fourth press results opening up and available your today, certain call summarize

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

our date. be relied of views views of representing date not call statements this and our represent addition, as subsequent should as of forward-looking as any In upon the

issued Please discussion you note XXXX, GAAP to federal available financial We actual year update statements as results our factors today ended XX, adjusted comparable of now We annual in differ except like specifically Factors December of today's we Form Risk on our notice could our required Grossman. discussion for financial measures, materially to Adam for nearest report refer by disclosure important to such includes and securities is these net section the release. non-GAAP over EBITDA XX-K that With any cause income. of the call the release Adam? a that the in on the to adjusted metric section any the earnings to disclaim measures laws. the to and including in that, I forward-looking statements. these A the reconciliation non-GAAP from turn certain call would obligations

everyone. you, Skyler, and welcome, Thank

positive extremely net marked with first for these execution performance, are are We operations believe milestones to basis. of adjusted financial our which care continuity income the pleased and from commitment We on steady time patient both to stockholders. full our significant unwavering testament XXXX and cash our a a flow year

growth position strengthened biopharma earnings the sheet as as forecasted company a position our puts in fourth significantly U.S. We and ADMA of become X XXXX strong as quarter its financial profitable start refinancing fastest-growing in our cash advanced look States. immunoglobulin and and balance well following as X debt XXXX, robust future. providers market the believe to the During and fastest-growing the of of generation, United its to strengthened our in the companies we the profile

drive future. trajectory will and the continue on operations our relentless our efficiency growth in $XX on EBITDA adjusted rapid more by enabled than focus growth million judiciously anticipate year We top-tier This adjusted for in a fully net Full growth trailing basis. XX-month our believe organization's revenue these to earnings million. and revenues maintaining to XXXX overhead grew income total foreseeable $XXX.X exceptional positive and ADMA We the XX% results while to managing to speak generate expenses. positive

upwards guidance increased million more As revenues during and both bottom more EBITDA than adjusted and more adjusted guidance million, generating million million. more factors, XXXX, At income ADMA's forward-looking anticipate this XXXX financial guidance and we've line Similarly, now projections. income respectively. to $XX these EBITDA to $XXX net $XXX than for more to adjusted level we're $XX revising XXXX, $XXX of net market upon XXXX, business for we guidance and Based trends gain than current than top in periods $XXX momentum, and increasing than -- we've increased million. to million

and immune The marketing our and growing ADMA foothold with within education, innovative and our messaging an medical part its attributable provided and initiatives offerings. specialized in access large we established deficient in is growth especially and we driven success in We focus focus those targeted portfolio, have utilization, who on business commercial believe our segment, U.S. our PI have recent combination enduring patients from suffer model, patient the ASCENIV of continued by believe believe with We product landscape. the highly market successfully to which product comorbidities. unwavering IG complex differentiated diverse the

penetrating across depth. including grappling to confident Specific that comorbidities. metrics for Launch supportive addressable of for setting a complex its and breadth with growth both the new remains these market, we significant treatment targeted made comprised opportunity leading the broadly further within and immune of there product demand are ASCENIV, ASCENIV record again, measures indicators, deficient highs remain patients

innings profile the the the continuing All and are catalyze us practice potential. product continually unique the The in setting. believe to demand ultimate ASCENIV's that product's with rethink real-world clinical to opportunity, resonate we and favorably the we healthy to and trends told, total of attribution size market are we growth therapies encouraged reiterate see early in accelerating we

moment growth the an our I'll AI reviewing our implementation of innovative a providing program, ADMAlytics. to update spend recent initiatives, on Prior

and In maintaining the landscape complex information we and develop our to Over ADMAlytics commitment that specialty the bolster of has production bespoke and biologics ensuring to AI believe and technology our combines learning care. patient our further production, and intricate leadership tirelessly ADMAlytics tailored years, will internal use. has now paramount, been X.X for last to organization's which processes. to commercial operations needs optimize streamline team implemented is been our the continuity designed is machine successfully certain of of working ADMAlytics, uninterrupted

therapy software real-world while within application. ADMA applaud thought innovate markets, We production successful execution also and growth on anticipate course, IT improvements efficiencies will, We organization support and rapid specialty biologics mission operations the development earnings The innovative our bringing further the to a trajectory. the rollout and implementation team company's across serve. biologics and for our seamlessly in due across ADMAlytics the specialty to processes continuously for reputation our as leader our overarching bring programs this building the with far-reaching their of aligned commercial success

our corporate to Turning XXXX-XXXX progress activities initiatives. to continue All growth as planned.

yield expanded X,XXX to and Senate successfully a the have capacity. the enhancing manufacturing scale, We products production margin liter

We to progress more benefits as realize expect we XXXX. into profitability materially these

further with Additionally, label age successful, our ASCENIV post-marketing study portfolio potential competitive group our lead may relative clinical if expansion a progressing IG to to pediatric product is well strengthening and offerings.

see yield of initiatives. Our manufacturing to enhancement the IG potential impact build excitement continues we our as

This yields During increase developments transformative finished remains made we on conducting laboratory project significant production in scaling our goods unfold. successful, be track, providing the ADMA's and will analysis. quarter, enhanced believe runs updates would output, fourth strides increased as bench we potential. and exciting up substantially we ultimately scale which revenue will If earnings in peak processes and provide

patented strep an earlier provided year, update preclinical our this hyperimmunoglobulin program targeting pneumonia. on Finally, we

stages this the development, are in program. of preclinical still early excited While we to advance

this Our interest from stems key new in potential opportunity several factors. product

resistance the potential in of in community-acquired XX interventions. and top market the ranking all-cause The the currently emphasizes the for is for therapeutic pneumonia Firstly, the is need significant United Streptococcus growing mortality. both States, of underserved. urgent pneumonia anti-infective and primary prevalence cause prophylactic diseases

patent the defensible of [indiscernible] until for specific at least with IP this hyperimmune Secondly, globulin, ADMA holds providing a strong for an portfolio development hyperimmune XXXX.

successful capabilities, positioned in as the of through demonstrated pathways of with our globulin and additional clinical peak development potentially from we ultimately revenue could range success this are $XXX this as annually. regulatory the we approved, Drawing strep-pneumonia replicate future launch million $XXX If believe our generate hyperimmune commercial to to program. ASCENIV project million well we

today's by disciplined will guidance, earnings highly the this cost increased we advancing program To as program. remain reiterate, through preclinical development evidenced in

on front, now upper collection of volumes I'm plasma the the bound pleased our ability a highlight in to continues our all we're to meet are at increased estimates. to of supply licensed trending same-center Foot basis and are traffic internal collection grow forecast XX confident told, On All for reach production highs. IG our the portfolio. new and commercial centers FDA plasma that our

the in that clear knowledgeable achievements journey companies position remarkable. our our virtual to the and of from rare demonstrated directly work a the truly commitment fastest-growing The stem compliant outstanding chain it's advancing a startup the profitable young supply and end-to-end by of and from unwavering remarkable and evolution our biopharma biotech controlled as X team hard ADMA, members. on U.S., and fully Reflecting it's now

of heartfelt extend We turn dedication, significant periods on devotion by truly even It's team. believe way for in drives over value collective call gratitude your member leaves the we paves with over tireless perseverance a now our effort line control to and the for our progress, our those and To a each firm employees, the firmly tenacity, year fuels which deeply fundamental serve. like foundation ethos that operations quarter to vision. only I'd and that also strong for exhibited ahead. financials. full the we maintain accomplishments review dedication, the steadfast enthusiasm not impact team but to XXXX our our success We collaborative It's distinguish our workplace. our fourth in and the and the us our Brian enables the of greater diligence

and call. our our a this Adam. and report our during you, year XXXX we which outlining year be quarter we afternoon, encourage comments today we'll earlier discussion would you XXXX points will release also And make issued later financial full XX-K to issuing in with conjunction Thank today's results. read press We full fourth

full some I'll highlights from and the of the now key fourth year. quarter discuss

to plasma sales retention in third offset XX%. million compared year As decrease $XX.X Adam partially IVIG the in external XX, million, due plasma a revenues planned as of ASCENIV XX, plasma of our sourced The million of XXXX, increased revenues increasing Total an products, percentage growth. plasma XX% for of immunoglobulin primarily parties expectations for decline production. our for related quarter to sales we [indiscernible] $XXX.X sales The the of FDA-licensed quarter this December for mentioned year-over-year $XX our to approximately December the earlier, with XX, represents ended is increase our December by the ended $XX.X XXXX, a plasma our as BIVIGAM. manufacturing are and utilizing greater to and internally from were increase represents our for this total or million facilities XX consistent ended facilities collection of is XXXX, were

December ended million December product an an the as ASCENIV same XXXX XX, attributed increase year compared for XXXX. year XXXX, months period X the expansion for XXXX, represents the for million, million. this XXXX. of profit compared ago, Gross representing our to XX, increase was of selling higher-margin a profit $XX.X was $XX.X gross of to million of Our of $XX.X compared year to $XX.X more ended fiscal $XX.X gross is to margins The during as and million

gross of the grow achieved as the periods. continue XXXX. the of As corporate paved to of quarter in We fourth fourth gross to XXXX well quarter coming the a believe to a ADMA pathway compared is over in result, XX% XX% profits margin

adjusted history, to flows that ADMA full We basis. corporate Adam operations mentioned a XXXX income are report, and net for as very positive positive cash during from in on year earlier, first the achieved first-time pleased time

year XXXX. During to million net loss adjusted year EBITDA $XX.X the to of million of grew the as compared for income ADMA full an a net $XX.X fourth for EBITDA adjusted the million reached for full adjusted to as million the quarter fourth of compared loss $XX.X alone, quarter XXXX $X.X XXXX.

our ended X EBITDA The million profit of by sales, business. EBITDA generated XX, compared primarily fiscal the a management million ago. is operating gross to $XX.X December ADMA improvement of as For loss adjusted same an XXXX, months of and of increased driven $X.X year the adjusted period

strengthen adjusted adjusted company's EBITDA and growth coming organically flow anticipate over leverage and net current enabled Based the EBITDA. the fourth operating to approximately will sheet quarter on and balance has We periods, ADMA's the improved X.Xx. to cash equivalents by cash continue annualized cash growing forecasted ratio

internal the our note with now within collecting successful centers plasma and positioned is to it that marks and This multiyear supply Lastly, self-sufficiency, well XX we to our FDA of plasma. growing are needs. our plasma to are licensed initiative all our investment now all production of support milestone establish BioCenter of network conclusion pleasure

in call improvements above achieve closing remain over real-time levels. remain considerably highs our foot turn the which by encouraged all-time pre-pandemic I'll organization's we Additionally, to now volumes, donor remarks. Adam to continued traffic the for With that, and and collection back record

and company opportunities vast Thank been you, prospects Brian. never and are ADMA's business morale higher. has

energized Our the and performance-driven culture organization with we have ADMA is is bearing Biologics unified and established fruit.

significant portfolio medicines well our benefits critical of unmet doing others, providing is we've real-world life-changing organization Our good to and of managing our for need. patients done for In diseases stockholders.

business successful, are which, well in revenue significant and ADMA's impact the peak believe earnings if of Our we by growth development We years cash generation initiatives, positioned the XXXX further significantly we generate and growth to to defined revenue flow cash anticipate targets. strengthen potential come. continues for growth, top-tier being to to and earnings and have significant transformative

our commercial broad internal and success. model IP R&D business successful enduring of innovative for company establishment proven ADMA's We believe estate the positions capabilities,

for those of delivering we We are the the who stockholders supported for you journey, continued our through trust your and have to this appreciate support come. company. committed in you us Thank in and to periods

investment to save efficacious safe ADMA friends, help neighbors. family and Your our and that our mission helps make lives products in advance to and high-quality,

role and planned leadership the with over Brian this change. of for seamless ensure transition, and company years. April the served role Q&A, from has a a past CFO in Manager as transitioning consulting will the current Brian a effective ADMA we will President, continue of XX executive afternoon supporting opening announced be BioCenters as part distinction that Executive X. earlier CFO To General Brian dedication Vice Before his call of

your we've him to to the during tenure, and challenges continuing With like resilience. best various up transition with his milestones navigated that, achieved work open significant this and wish for Operator? all Brian forward through During we'd the period. call We to with questions. look

Mizuho. question Our with from comes [Operator Instructions] first Anthony Petrone

and quarter Maybe and parts on on R&D moving margins. another the then X have product strong question on great and a couple outlook. mix Congratulations the just I'll on on

more So the maybe the little think moving that pieces bit just competitive and between just just BIVIGAM first, out be just there share seems shared prescriber just X base IG to cadence there a you prescribers for up bid I'll for ASCENIV, your Brian. could an of update tailwind year for on in landscape. terms active And traditional the of on comes the that have how progresses? on maybe be ASCENIV, and And landscape and maybe for considering BIVIGAM. sticky some margin existing as on Do a then is,

notes Sure. All some great here. questions. just I was making

So think, a Plasma Both when refer good. years I were the IV other year. the of largest growth products good. IG you X-plus the think mean, subcu has years landscape, during the products XXXX, supply been some last in I other There approvals, been X was for product. have couple in of share I and to it for

So the pretty now. right with is product market flush

we mention make we're about But there good some XX% everything about this it Anthony, out it tailwinds see. be be be The for is plant, BIVIGAM, selling you XX%, is could what from we ASCENIV. BIVIGAM. about landscape, IV of subcu made

benefits products. there. the there Our been like only We're products published manufacturer patients that's and the make products, that could some still market, in are I'm using They're aware articles be centrifugation how have safe there good, well these to about of some tolerated our products.

product. year. love raised mix? We've I What is mix, say love once product. The think we Xx it The patients already XXXX. the the mean, now about can I the really ASCENIV in was guidance, look, we guidance -- I last raised

the deficient product. full refractive patient well complex drug product. The I stop. certainly in doing is immune think love the the comorbid the And the physicians payers love

people Xs you're a high good And what I around tell mean, was than -- excited uptake good in Anthony, for And it. more is income it there's outcomes really -- And and I time, real-world seeing. here. being even that, think uptake about our case definitely I all is that's of and basis, growing can rapidly think that seeing guidance our here. expectations. accelerated make office think I our that the look, setting, first that's help what you're in an lots We're really surprise, positive pleasant drives that's what adjusted on products I you in we this the net the performance. very you, financial

I So a think we of have tailwinds. lot

I the as we uptake product penetration safe, think people and of efficacious to to hope that, continue as we're fast our I can. at make question, good, a going drive product, ADMA there. answers all your and that products,

to pivot Brian. Absolutely. Maybe to

along for years, the the XX you'll help the thanks be all missed, and way First, congratulations -- on here. and

in the So luck good chapter. next

In bit, to enhancement on Brian, And we progress margin? seeing how little is portfolio here. going like margin, it looks the a much of maybe R&D are gross terms yield hyperimmune in

should of uptick in expenses be So the in an we half expecting R&D the second year?

successful certainly strongly be Anthony it's its Well, company company we'll a and you complements still products, and believe I the continuing and thank and long XX-year the in so I the been and appreciate route run, overall on. to so

relates products, we're ASCENIV time. it producing at margin, for some BIVIGAM both have the and [indiscernible] to been As we

X,XXX going -- to we're margin is scale. we're selling at the be So all higher

where XX% that to historically, closer ASCENIV low in XX%. we're that So

XX% increase, went we from ASCENIV. for low approaching a now XXs XX%. BIVIGAM to teens, So high in the X% nice about that we're

mentioned the go ASCENIV. how guidance mix, think times years. over opportunity that's we product So going there's revise room, able we still the -- forward, several now more there's and think still X.X that for upside been Adam last there's we've as about to that And to

in getting dollars. million and I form. any are. being way net R&D the I said, certainly, tell be really it our expense, a mean enhancement value mean and to it's or we we're we're manageable. not R&D Anthony, positive again, think you be this product sometime spending flow mean apprised positive both tick we I stages, to we're it material drive Yield which, we've file income can yield going our shape it's and early in we is, to in not cash enhancement, responsible I few for sure, benefits skis opportunistic next the how going cash the slightly, of half spend, its over strep-pneumonia back way for R&D R&D, we it's early and Regarding We're again, year the we're use very any up mean, the should should but way, way. in be going keep 'XX. But have with year you those that later that realizing we of financial shareholders. on going in I to manufacturing, in to as are think probably really

the comes it line Fitzgerald. from Cantor Kluska And with of Kristen

a very a don't accomplished. you company XXXX, on feel times And I've wishing this really raise the think best, Congrats guidance deliver. consistently that seen proud everything of strong very many and should Brian you I

company to a wanted also early innings. once upon and characterize talking being you potential I the as about today, about So sales you ask, it peak enthusiasm, but $XXX your time million talked was the

I ultimately continue what about peak want give sales to sense just how the maybe number, and don't could be So the if cadence but thinking the to are? you specific demand get a want you're you that a you seeing general of -- me

you, That's Kristen. to kind you say. Thank very of

had knew secondary tons challenges who challenges. had the that [indiscernible]. we've there something of for those in And challenges very at the I data product for story, have what of and for here. unique. had had end special feedback the look, There a should even on Phase based with a published the that were what I clinical had making. these we regulatory and diaries the We our me it's our been the I product. from say not patient it, coordinators patients a were chain and were respect at day, the would all notes see is III the name drug get followed results that endpoints. [indiscernible] the a that to and some way question were and that everything you my team that things smiling provided both very, mean, and to responding were trial was think the of with we we of But of primary all product there Your we've been and good has just supply sites, our ride We've hell I

time, get knew So when how we model to was certain you at But forecast product special. There I were X we do we to And contract know with other manufacturing, products. point into us. at At plasma, we've something real-world do occur that the give there gets that do to that? our which capacity this? always RSV you time, contract how I are How that that so looking in setting, seen really things our believe were ability ability produce. our manufacturer much the

We very, to and mean, but So With the as producing up today, want appropriate demand, honestly, as can. I with don't I a where we are the we then. fair truth. think that's $XXX the million keep very was say I that forecast back can't fast we're

producing are as fast we can. We as

identifying we We our plasma on augment strategies plasma working with much internal working other additional can. collect collectors possibly RSV third-party as to to as We're donors. supply are for

raised to So we're for not enhancement. for -- you respect in BIVIGAM any giving I guidance we the factoring that am not can factoring we're yield it with in We're correct? that there. [ enhancement and contribution ASCENIV from next year, I we for peak yield tell are ], XXX any

Our half anything the potential peak you strep in [indiscernible]. could math. say, the do back pneumonia for for in decade, I don't revenues the mean, the factor Hypothetically, the of

here. We liter have plant, liter XXX,XXX, XXX,XXX XXX,XXX plan

switch -- you're that's that you? liter, grams liters [indiscernible] products. ASCENIV, the us that waiting have are who -- plasma, I to therapy. to If got market start patients for that today, what you what from have We've fractionating we've Will make ASCENIV. I but do payers per pay much? it got are lot is the payer their a don't got for of patients -- answers, does approvals we release IG waiting know to who the for therapy. of absorb where all from X what's We've yield much? Will that on whatever to they're drug patients

we're are as obviously, can say we're are upon is. going DI impact we're how the respond improve and their you meet on we're change challenges. That's patient's to responding the guidance. continue numbers. takes raise. and really and MO. If operating the the we've depending what changes, When going as for brought X, the intact, these our beat thrive. our to to we to we're and we've as year. If we doing it, as -- same had to products. and to market what remains stick that in our and people. team don't sick these product proud way patients the drug. the we about how early what change proud they But that's approach and guidance team, something really are life, ADMA. it's make as patients are it to takes through X making who these we're certain current instances, said months, And cannot We people XX that we're being of X are in to going fast [indiscernible] that's doing. raise as, It it's innings. fast These publicly, the match conservative able to to and And well And we're for range. unmanageable calls, to the at every drugs the working said beat hit can, the We're ASCENIV, truly that proud it we're the to good great and fast persevered Kristen. therapy. at see just to trends of us and why an contemplate company, ASCENIV comorbidities there's -- we have feel most on We to point certain programs opportunity It's of that of I an if These here years with that going all And we who have this to everything previous accelerate I and think here continue I complex give way switch They I feel

say, I else but lives. out market market, changing strategies. regimen is know access, don't our treatment the in think changing Kristen, what to It's the that, sales market. I the And there but medical education drug

are things I From coming products think few these companies all and perspective, together really very that really size launch are stay measuring. our there of my independent.

to is at it is what seeing right of in the is of a success of market first It's think alone, a seeing going FDA, a I their seeing market eyes. care not very, day they're take They're that who of about in playing ourselves. Yes, we they we're and and are And very the do. with differentiating because [indiscernible] credit. the to and to way It's reads people And it's son it's real I story documented about a you beats, stuff do. a players, has in trouble big done got every about this -- because what take care quarterly is products really SEC. care take to just it the the get little unfold front me. here make the we've in about I but my work and I'd with like come company the calendar care that where that financials, what good. itself foremost, XX we

got you able to a to safe good got make to be You operate, product. then

You they the got what need. to doctors give

place. I think you're our the falls to improvement patients rest and the You financials seeing truly improve that in the acceleration into and the got has help financial And been dramatic.

continue and truly undervalued. of shareholder our realignment I We're the year track, of Our on that resources. last in we're the down. on with shareholders. controlling we've hyper expenses costs focused here return I for is now. deliver continued look, And are to beginning We're stock going mean, think to

great -- generation do to cash going see things. the of develop that us this it's be and generation that of the to robust to going QX I we're is think from the cash allow a think going I going to year we're lot to starting in

talk is basis, just the patients me is -- prescriber more seeing board? it prescribers X? entirely the if metrics on getting it of And versus could towards is from Awesome. adding question a you're Or last more levered specifically, you for new about prescribers the a blend certain

risk of and of there, are The it's the Obviously, take in but very their know going who point. any I great on yes lot think prescribers grow comfortable able in the with in there seen reimbursed, sales are are take and of feel quarter. they're yes. on an office. new identify title We're on. out every some It's a the numbers, we've are medical done They education there, tell very, get basis, a folks results, . And the in answer adding The market to every prescribers pretty outpatient comfortable those his of Certainly, on buy-and-bill outlay physicians and do quick be estimates prescribers both. IG have existing those our can infusion they're at matching side the that month, for to Kristen. both now it's I cost doctors about all practice is this much our once The setting. to The truly access side. a is they internal get number doctor that patients. -- office product that patients patients that there -- to and a immunologist. majority our you strictly

increase. to that think base going So continue you're see I prescriber to

mean, stuff. you're that I marketing like the think the going of strategy, and drug great does our to same-store lot it's also increase, I It to see think education I drug. it's the a is, but medical talking. sales

James. next of Gary Raymond the And our question, with One moment Nachman please. it comes from for line

the and progress good you, Brian. Great, luck congrats all on to

definitely will miss you. We

to maybe Adam, your led to talk a developing you that So could How impact $XXX treat explore product about just hyperimmune be just What plans profitability. to million And do decision? that more opportunity. get million no why to to reiterating there's think $XXX And there? pneumonia. you a it

So just that's how explain happen. going to

other just products could about also hear we -- what could you those. And pursue? then potentially hyperimmune when are that

still you're other expand potentially these grow trying sense and -- your while getting So ASCENIV? just obviously also to as a capacity of into you products

All great you, Thank questions. very Gary, much.

someone checked call But publishing We've actually pneumonia. since I pneumonia XXXX, got me. about we it -- the before on been XXXX. to because strep ask strep So this I data going we've was figured

not year, we've pneumonia. going this that our We look we leading were embark respond It's the top said, receive people XX where or as to community-acquired the who do release respond Gary. immune in for at of in very earlier this death. or As vaccines not announced they vaccination. at -- when on at the look they can we press program. all to there look well world you patients, I cause compromised We believe do vaccines this are causes of at leading It's practically,

patients, in are immune elderly strep pneumonia, patients, in issues this here feel leading cancer an deficiency, the is hospitalized that primary of and of X bridge we So in there's opportunity the in postsurgical gap. to that sort

still be work prevention. And a it's again, it's very Again, be There going going have is early. do. or to to don't know that it's we if we to if treatment a

I supply this built starts think do built center plasma to That's us plasma our and your from. where We touches because Gary, everything look, it our also got allows of too. this that second think we novel I only that secure to that we've network, -- evaluate things plasma center part chain, not we but the on with so donors. question, network,

see of when evaluated established animals easy -- material, XX raw these plasma we going to I rest we that person then they're to put but on developing So don't and see at it's to vaccines. with first I And confident protective a raw [indiscernible]. product this the we year. earlier we've method we'll want takes control make the got the into vaccinated the vaccine and donors. that immune we've part, in to commercially the material, the commercially say based step you can antibody to the we're and the roughly make Once IP have stimulate available using an roughly we our can out raw recall, days antibody develop material. seroprotection there, measure and point they're it available data And some evaluate ensure titers, That's for

wrong, think takes right, But to shoot think seroconvert. I about days it I'm me. if XX I I'm

reasons. vaccine. because is the just anything all those they're practical to the -- serotypes. to the because basis, you're you're hospitalizing, and if protect seroprotective [indiscernible] doing a develop who elderly is if and you on days patient just compromises immune a provide surgery So institutions, a had vaccine-naive elderly And antibodies you're very hospitalized for or unit different patient not many cardiac their protocol you're competent Well, XX it takes because you're to immune to

a to you treated the treated, B a is hepatitis [indiscernible] treated, look is if at you period. [indiscernible] provide post-exposure, and globulin that vaccine So protect is [indiscernible] way

ASCENIV. So It an could we be to another with what opportunity. be we've think done follow that, opportunity that could

deficiency When make obtain. that's immune if a the to for let's just a primary you lot about manufacture, because the you population, plasma to think say, easier supply IG it, is easier tighter

donor control what You're we you're high-tighter for pneumonia, which ASCENIV, if your to for against easier strep able occurring stimulate do lot raw it's looking naturally with not to there. the but donors, RSV plasma these just a material is supply a vaccine

we life that [indiscernible] population. -- these have think the could utility PI that think could ASCENIV even have We So penetration. outside of hyperimmunes these

any love question can to want love to I Biologics hyperimmune specific that the look, nobody Nabi, look, we ASCENIV. And knowledge. profile to at make. make margins To principles else And infectious my but margin respect I with your It we're BIVIGAM. I stop wants want making gross has and only of mean, love I targeted best the improve, globally ADMA I I fractionator products to that generates that every to capacity, I diseases. gross best product BIVIGAM, the Gary. don't seeing. I plasma the say make to mean love founding have where of revenue about

can make antibody you hyperimmune monoclonal occurring asked If well. what -- also Ig with as detect We've anything. can we testing a but we're So have methods, using the antibody you we naturally a And make we antibodies. around then then BIVIGAM antibody if by you call if to think IP that what's special got dig I deeper -- asked day. normal able can making into spiking it generate we it, and vaccination, our plasma through that disease other a through or around, infectious can IP favorite your pathogens pool being generate of we IP,

the is think for sky I the us. So limit

that product, billions. Our for call in can and I it being $XXX-plus generate? arena? No. X how strep no. the yet, billions annually. we it, plasma But the could broader theory, that much produce, small it's vaccine I hyperimmunoglobulin. for To the earlier I is get revenue look lot plant here mean, million you give grams is mean, a is me ASCENIV all you to IG there limit. I the why the think Are just Are ready sky be be mean, million prepared in question, there's can could Kristen's market If it's easier of we where and reason that as today, this dollars sold. to pneumonia of a at a type. guidance

maybe XX%, surgery picking on XX%, patients are the for and or being used top take hospital you more. are subsegment up entering of going just gross that crumbs margin that, for that we're much is vaccine XX% the products, even [indiscernible] If of these how

think aggressive a us before, terms better mentioned a very Okay. and you helpful. net and income then don't I of sense is down and next just factored into debt? could between this guidance year what give in And curious implied how I'm this year Great. ASCENIV That revenue you was of BIVIGAM year? next? can be the much the for you in the the paying follow-up. how but mix this guidance that's And

we're split. is. the look, supply all efficiencies I plasma just and mean questions. opened are to of then BIVIGAM we're that and to XX-XX, where well, -- mean, very are efficiencies XX-XX. great and you? mix. What I'm do say get is well. doing ASCENIV. COVID. not up up doing own it's we supply doing our here. that well of XX-XX chain which from stay The to and also. -- in The can We're this lots tell seeing plasma We Gary, from the beginning this of are collections reiterate Because fact organization These seeing that away the we I I we're has just lots post And going seeing we really and timing we're fact that trying mean, always realizing said -- within very, we're operating Gary. I

that the think, as and well. clear. this straightforward contributing pretty giving is We guidance year, BIVIGAM So we're nicely as at look this I is

here. income. employees is [indiscernible] so what all And task hyper here my it. mean, to ADMA that's on I or and My to and focused my we're more we're it's again, nice. members saying team $XX net million in think now, it. beat mean, of beat listening is shareholder I need or I request we returns

we opportunistic. You saw on to the balance pay sheet and down to some us debt and interest use expense, cash our were of the reduce

presenting the question have we portion look, about the with that there. us paying there's ability, of where it. XX% revolver forecast the we does mean, the the debt. hit guidance are draw Certainly, we loan a at today, our With if I to down least contemplate only where not respect your we exceed minimum

without we down balance some that this So on as any have build and interest income. obviously, the improving we the producing can penalties, sheet expense net pay optionality cash prepayment

really not But our in here. do substantial to manage confident So ability R&D spend. in looking that the stockholder. the confident on going internal our assets effectively can And onboard tell to to We're I deliver right ability things a we're engine. now. we're you right I'm R&D our to

to family believe. want substantial stock really see know, my the we value We achieve the stockholders. you As that is

path, think undervalued. here, we're shareholder to part we're opportunistic 'XX in and I said seen and to it back going in as the cash, we're as of right I've value. Again, beginning I and I truly stock half of going earlier, the think to the XXXX see Based be possible to maximize continue what on is I on what generate the

this gentlemen, and our to closing will question-and-answer I'd back turn the for to ladies And conclude call. you. portion additional like remarks. it Thank of Adam

save safe, your stay again Donate thank analysts and and to Biologics you and we you lives. in Thank the questions. help plasma everybody. make to good lives the ADMA and interest you, that save products Thank for help the for

Ladies and the gentleman, concludes conference. this

now may disconnect. You