ADMA Biologics (ADMA) 9 May 242024 Q1 Earnings call transcript

Good afternoon, and welcome to the ADMA Biologics First Quarter 2024 Financial Results and Business Update Conference Call on Thursday, May 9, 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, please go ahead.

Welcome, everyone, and thank you for joining us this afternoon to discuss ADMA Biologics' financial results for the first quarter of 2024 and recent corporate updates. I'm joined today by Adam Grossman, President, Chief Executive Officer and Interim Financial Officer; and Brad Tate, Vice President of Financial Operations.

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

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

Before our Act provisions will statements company's forward-looking future begin the under XXXX. that during formal we concerning you comments, Litigation constitute harbor the that be today's for Private Securities I'll the we intentions, represent of assertions beliefs which remind expectations purposes or making Reform of forward-looking events, safe call the

forward-looking subject All expressed to this with by as statements. actual may and those release uncertainties such or and cause in risks the in such factors, announcing the today's results our materially filings from press which call are detailed implied to SEC, differ statements results

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

earnings from risk XX-Q that these materially update quarterly we We Form We the our a federal except issued March notice report for our results of XXXX, refer disclosure of Risk any on specifically securities today actual statements. to could discussion factors the you quarter obligation section important the for release Factors disclaim forward-looking XX, cause the as differ any to in ended section laws. statements in such required by to the

the to Grossman. EBITDA. on now With certain our directly call I the over measures, turn most earnings in like to financial Adam, that to release. comparable Adam A measures note non-GAAP ahead. financial today's including metric includes available GAAP these the of non-GAAP is reconciliation adjusted discussion that, Please go call would

and ADMA welcome, success The to great of momentum. everyone. with and has XXXX us a story beginning We at has the Biologics. brighter you, future been for commercial unfold been Thank believe our continues transformative period never

line innovative strategy During our to to financial financial and management's and by grew projections, XX% the to have our revenue bottom enabled our our top business for durable which . Compounding forecast. cost XXXX growth first quarter, once and million. exceeded again strength proven of growth containment execute both underscoring and of on operating guidance Total believe continued the measures various we us $XX.X to for year-over-year be through we model, quarter has conditions. revenues distinctly the resilient first raise

year-over-year periods, near-term of a compared United to across million anticipate to $XX.X combined million resulted would and This $XX.X quarter rate quarter leverage growth, XXX% of the rapid position during XXXX. during leading We profitable first in first tightly first States. solidify the loss as of This growth, growth of represents revenue adjusted cost million a the net to during with compared XXXX structure XXXX. of EBITDA to GAAP quarter grew quarter first of managed of income the the XXXX. further ADMA's in operating and which increased $X.X GAAP continued fastest-growing biopharma the one increased a companies net revenue earnings

performance. With new significant to leverage for are continue milestones net zero, achieving approaching we that believe we financial our

revenues anticipate upwards increasing XXXX respectively. Based factors, XXXX, of $XXX on business revising financial guidance and both forward-looking line periods $XXX both now momentum, these build generating for top we more million, current and projections. and bottom ADMA's than during As market trends we're million

and guidance for XXXX respectively, year-over-year are Similarly, increase. for XX% million $XX to $XXX adjusted growth million XXXX will approximately EBITDA net representing representing XXXX, an a million year-over-year $XXX and income increasing respectively, rate. estimate At these and million revenue levels, XXXX, $XXX we more XX% and than we exceed

developments In the more and of immunoglobulin as the continue near-term the detail terminal revenue favorably we and progress. and internal growing in earnings drivers around KPIs guidance, reaching post with projects highs for forecasted our increases The nearly senate revenue earnings deepening reassess communicate its continue strengthen power growth and to all to entrenchment expect utilization our significant to to XXXX the to underlying market. business growth addition earnings plan new BIVIGAM to across U.S. and beyond XXXX

targeted specialized growth our focus this We the largely commercial portfolio attributable comorbidities. to combined with We our immune on complex innovative we business immunoglobulin what of continued growing are patient and portfolio with particularly is ADMA market enduring an those confident believe our have within differentiated deficient initiatives diverse focus, access believe the segment, foothold. product U.S. and establishing is landscape, and model, medical marketing education, the

the clinical targeted real regarding We among Specifically remain with within especially Ascendance. market, addressable see potential Senate's profile in the product metrics real-world practice settings. unique patients growth with resonating supportive complex products comorbidities. Launch deficient in immune

As stages into the We tapping demand still the are product's potential. early of we in we full trends product's reassessing the are that accelerate, peak opportunity. believe market

these and will bottom line top in continuous sustain improvements results the longer and over expect We term. near both

programs well to, to confident value. our We otherwise cash growth but including, R&D in advancing flows manner, new sheet limited the a not strengthening pipeline are utilizing preclinical opportunistically position to of ongoing and pursue our the maximize capital-efficient will balance opportunities shareholder us

longer-term our growth to Moving initiatives.

consistent our communications. continue to with with progress all prior programs We make

our transformative in processes immunoglobulin through XXXX production earnings yield accretion next year. and second half these the Our have successful, We to year-to-date. to efforts manufacturing innovations of continued to beginning can believe if in advance potentially our revenue to enhance objectives initiatives provide

targeting Furthermore, leverages with our our biologics strep-pneumonia needs aligns in development, medical we launches. product and and preclinical specialty unmet globulin that believe hyperimmune program expertise commercial clinical manufacturing

well, front, collection for perform increased to our us the plasma forecast continue centers supply meet IG production On to portfolio. our positioning

new a and incentives the volumes highs. and on of increased are hyperimmune utilization across reaching support to growing collection seeing network the We are basis plasma collections demand same-center

positioned continuing our across a ADMA innovation years with business continued the for the and and growth operational well foundation innovate Overall, we is success to functions. for strong spirit in ahead. In believe of

During quarter, implementation specialty of platform, rapid the will and and generative certain machine thought position improvements processes. across growth our the AI leader operations, we which market. earnings that the provide first production to far-reaching our We streamline support ADMAlytics trajectory company's efficiencies our and optimize anticipate reinforce as biologics a learning expanded and the in would [indiscernible]

ADMA, position commitment evolution demonstrated reflect chain, by and fastest-growing advancing from in of remarkable. is members. end-to-end of Upon team our The believe States. compliant biopharma reflecting that the we and This hard start-up are young truly virtual as supply one outstanding a operating journey on now the work and to company profitable knowledgeable a the our we achievements unwavering our companies and United biotech controlled rare the

control in enables workplace. but dedication, tireless ethos steadfast To perseverance only we enthusiasm and progress, our line employees, diligence we which fuels distinguish maintain deeply exhibited your fundamental for with We our value vision. our and devotion operations that this our and our our our by dedication, truly and successes the of drives leaves significant over to extend each not team. the those that firm us our impact tenacity, heartfelt member collective on It's a effort also gratitude collaborative It's serve.

call Brad I'd even that accomplishments a greater We to now ahead. financials. With firmly turn that, review the to believe way in strong first the the the over of like the for foundation quarter periods for XXXX paves

XX, report in quarter We you, issuing XX-Q earlier will quarter. were March our highlights we million press Thank comments XXXX, for which our would we the financial $XX.X will be some first make call. release quarter with discuss or Adam. revenues issued conjunction XXXX our quarter first XX, read a the today's approximately and we first the encourage $XX compared Total afternoon. later key points will million as to now the $XX.X also first outlining XXXX, an I discussion today ended of And ended XX%. you during financial quarter results. this increase to for million of March from

decrease internal in products, to plasma plasma is sales for and by period to as an the is increased profit a increasing prior utilizing production. we of our collection our XXXX, third $XX.X percentage March retention as X incentive in decline primarily increase of increase year ADMA's consistent Gross IVIG of which the due $XX.X greater our of plasma messaging same external represents immunoglobulin of sourced parties network to ago, compared was for sales forecast internally The from months XX, million. for our million for offset are a the to with related a partially The plasma of planned Bivigam. ended manufacturing and of $XX.X sales million

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

As into distinct are we demonstrate leverage results we that operating generate is the we financial further progress capable now business just realizing. beginning the believe XXXX, of to

are As improves, expenses and our fixed tightly managed. rate revenue growth

as quarter, first EBITDA to we the to During for of first $X.X the grew adjusted compared million $XX.X million quarter XXXX.

income first quarter the of gross and financial compared net $XX.X by for management fiscal profit is to quarter of $X.X in during performance the operating GAAP GAAP significant increased net a business. of driven The first loss million as we primarily of Additionally, generated our million improvement XXXX. sales, continued

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

that, and anticipate to of over cash call over bracketing in step back will we flow, continue grow Adam Specifically closing With I XXXX for remarks. we now expect up the to balance which beyond. the quarter, thereafter the second significant free turn a will

Thank you, Brad.

come. driving commitment for and believe set value which success for to results, and strong our up significant company we yielded tangible has Our growth performance innovation enduring years to creation, has

by of all Looking The increases our are guidance and the grow upwardly partnerships expand flows greater-than-anticipated innovative look excited revenue specialty upon fueled forecasted proud forward free of the periods value ahead business. continued of unlock we underpinned all ADMA's thereafter, With biologics to . In our and initiatives, model the anticipate periods for transformative manufacturing business foreseeable are strong an quarter and earnings foundation to we evolve, for scientific, has extremely market we've we top-tier commercial the leveraging our and and revised are building. inroads both, strong we cash to know-how opportunity developed. our the terminal ahead, excellence. and second R&D by growth, and to financial to even in XXXX, and to remainder innovative commercial we

a make that on gratitude to all of our partnership and invaluable difference I trust the to supported lives heartfelt in we Their have as us extend patients. journey. this are continue

As we your Thank help your a and call forward, us of encourage in our I'll our I you up And donate you we mission, meaningful to Thank continue support for open and success. dedication. impact for Together, make join move now that, lives communities. you, plasma, write ADMA's the with questions. to the story save operator. on

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

gaining in the here. the it, performance it capacity growing are much it's to looking think, folks the business BIVIGAM first expected, Congratulations is in think the faster I than seems the today attention on [indiscernible] I are head they thought looking share of is, IG where and my with from to steady there, market. that of certainly touched we traditional you ahead, in, like team the But the paying get questions we in one the and out market like utilization yet

a the business but for how the thinking have a this And higher And this number get potential your spoke for where couple today? a is about and follow-ups. quite where just potential of the peak I'll for utilization little little XXXX that's guidance bit -- we a put maybe peak we 'XX. than about of should But capacity a number. bit to variability, today When a business? is math, be bracketing room out do you there's our bit utilization you there 'XX at and look of we So on capacity you lot

maybe Always to working folks together. before words. I questions, Thank at my ADMA. the everybody my just it's jump hat good I definitely team to you is in, take think off Anthony. I mean paying here And -- the for I want kind attention.

hat great there. it. off I product product. can't when you to out growing that, obviously, because complex my the take happens unmet immune a with compromised this Acenib a we a business have possible think comorbidities patients makes And I do what meets this of with of high-quality these BIVIGAM, have is everyone you look, it's It and durable needs that

now get production. running we're said, effort of a about given to can at a day, out. great that's give before, not think without Yield have going the said revised I've idea Obviously, to do expand these we're mean, with we XX% and all capacity, that accretion to going to we're that. going The are in, ADMA look, even single to more lot have push any that's from XXX% guidance we I can't more -- probably where this team. I people who yield ways You not include looking the every upward numbers yet enhancement. With we're enhancement, it's XX%

similar -- now. stronger, months I this faster XXX,XXX But is Gary between, than what grams you it's come I a at X thought plasma we now. Conference, look calendar harder, flip our I it, can It's peak peak. X.X of great. Raymond was X.X million tell right if grams call look, to would certainly on capacity, And liter couple plant, economics, grams do at at we're guess ago penetrating ever out million a the yield just asked you the of said question. average, we James this per you somewhere X.X incentive million the plant, with liter that, and

was top But $X.X that I revenue I all incentive, in possible. looking that's be If think at plus $X of don't. billion annually. billion is you'd No, Anthony, Do possible? anything to line total

of value plasma I would incentive, think, to to terminal able the terminal this think But challenge. revenue with guidance know test up million billion. secure today, make hyperimmune we what RSV forward being to near-term I is be is plasma the a ramping that business much very opportunity for think generation to with high-titer or exact expeditiously very, number. hyperimmune My I somewhere $XXX don't I $X have ability the for between working and our somewhere donors. these respect team the

Again, sustained more We've revenue terminal that incentive But the revised revenue -- that is producing be but is growth we generation But here. improvement. terminal as of BIVIGAM. again, collections. yield in increased give that's and the to generation this the details there with do Stage seen than and from this accretive on really significant that ever. the not we'll Hopefully, innings product with able think middle beyond given we've the as really and be that timeline of term could guidance, more and half I today. the some Again, we're in we're this early I business, X think early in of we think year, guidance But our earnings do second next year. XXXX

that hopefully, answers So question. your

in. the I I helpful. got hop maybe let Very jump I'll to I'm in. but to going bunch, one a just ask on others chain, want and supply

vaccination out leverage strategy now to that again there [indiscernible] about donor have talked vaccines high-titer You for the there. you the team. that the RSV Congratulations maybe a we of Is RSV RSV, side limitation? equation can

in panel identify answer we viruses. of to thing. the the this this The is And here not use is we to high before, But no. mean vaccine. Anthony. The not levels sauce same is do saying different use talk Publications not website I marker special about to bore have to want of by antibodies I the Thanks, to folks the RSV have don't the And just RSV. donors this. test about talked is and which section, on the We that respiratory

infectious high of not are a they're titer different to titer to pathogen. donors panel just high Our RSV,

high recurring responders So are. the really identifying naturally feel it's who antibody, these we if

paying feel out very in of plasma ever seen what out on who very our with they're future. more back bonuses, are the we look, -- there. return I labor. of mean, and the sustained unique third-party have material our our we've raw about the hyperimmune on growth bringing are with the and seeing strategies we hit working and more is confident than centers donors foreseeable more there. plasma material we plasma for quarter-over-quarter to collectors The deliver rates we're these very, historically, And post-pandemic provide We're ability them before, good They're have our collected frequently, the donor here. fruits and us

Fitzgerald. Kristen next from Our Kluska question Cantor comes from

quarter done. starting Congrats record on really so expectations, like the and to well a sound broken all impressive kind here, again, numbers our once and but beating of of

revenues. the improve of you if into to anything a either consider reinvesting wanted indications giving have on position, forecasting know things at? to you at also the or other As you're else on looking or ask insight capital you've manufacturing some well. very as what unique at you business this there's expand guided looking I point I front might

say, great quarter. made questions. will work hard Kristen, you And All this us I

revenue I think top the you were there. estimate out

work to hard favorably. and we do? to are regarding But positioned we I very projections. going the have we mean, are So cash to look, what your flow beat

cash to I cash the and quarter backdrop But as going a a elevated. the we perspective. rate from we certainly flow quarter if large interest think continues, generate it remains and is think second very be

the pay remains December. it line attached revolving we for deal past to that that where XX% the of this did got ability this we've Ares to So is is, down

enough. that down, like great don't mean, people. I them lot helps can't that a lot We're -- before, been since hyper returns. we on I And cash the look, got shareholder the as us but reduce with are I've expense, things a beginning, the have reduce sheet, hyper I a product mean of investors record, we going value. shareholder can and thank focused we've balance on of broken creating But saying and focused on this builds said our we mind pay cash out. these interest

I the is of together, think So this coming undervalued. stock with all

I stock feels think undervalued. our Board is the

other seeing down in paying companies this We're debt. backdrop their

our ratio opportunity we're the redeploy see other yet. mean, ways if coming buyback where things an that at are decisions all leverage considering, we're is talking capital, some And to You to level. net at and have I Board shareholder been there's value. made look these at enhance X.XXx. down the stock, No

we with are forecasting progress. we be that cash to -- going opportunistic. the But see way continue but certainly flows, Let's how to we're

think that's are not with enhance investing know his, efficiencies, on to We investing and not for margin more we're value the I that But to something infrastructure, streamline types don't are the investing asking. something Admolytics, looking here. us I that's of onboard IT our assets, company, in a something new Kristen, ways -- guess, operational really experience more that in not in Brad has you to great at if looking at here and help value I coming board all financial and creator That's at looking business. internally out extract of been systems

So the very we're excited ahead. -- about opportunities

it's that fully fully today. upside net Skyler. We Kristen, this the event year, that drawn contemplate provided to have half debt we guidance the in a would income represents the I drawn of revolving don't the add we that facility in credit back fees.

So net balance guidance. to stack the upside yet in currently to income provide the another on lever that sheet, we continue event cash for

this just is, can where is my that Appreciate week. donate last And great of color. very a a times obviously, a couple business people often Okay. plasma then question

donations to different get more increased have patients so, plasma. for but has further worked looked the that this those you've you've And find and specialty ways from And [indiscernible]. I of get to incentives talked -- you before about So identified? ways know any if to

these of we've our we've centers. is who owned operated of done spent in identified out obviously, and got but and starting more answer year some testing strategies Kristen. of which seen existing fees where say margins don't centers, and the either roll our there. donor paying the the them for Once incentive spare, Once is our So parties parties. frequency like programs we're is, money the to certainly XX know to our this donor increasing yes, deployed third margin third we've or a plasma we're our because we got wholly on And bonuses one work donor, one from and the I to better. we've in we've we're

So increasing our guidance. we confident we able were bottom wouldn't be not if we and guidance that these wouldn't top be line to did meet we forecasted if We think -- in targets. as

the to of really about feel do be positioning. the XX-plus Everything the as on at our the quarters, we So patients last working to Street we've well. end been Biologics for that demonstrating good produces. seems And products day, well ADMA calendar the

and very stories. are well some and told heartwarming Patients seen very on been I've doing heard very, Bivigam.

from medical at last conference was about IG physicians and was starts just patients unfold. season force field that of to with had week, they switch the our it I the Clinical I As Society number they've inbounds a other were meeting, who their I to well on Immunology of and stories think just would improved. sharing are not and on us incentive doing some

more It's us to us. identifying we will plasma investing we're and investing stages, think, to collect fuels produce sell can But more. and and we business. keep this It's more more We're the that into going what donors. into going is early we will we and again, drives this keep what

see our to to as but we We're meet right? see results starting And we're retaining traction. And traction are gain. manufacturing that is mean, right, of good the programs our just it. internally to stated, those the add, it's plasma to starting I taking to needs, sourced

comes next Our Raymond from question Gary Nachman from James.

the as thanks our for and progress on Appreciate before the plug all congrats Adam. Mike, And that that. quarter on and well conference,

the and great. conference. it Gary, to mean, we year I are. we all at meetings a takes I lot I had where And start was think done. it it look this was [indiscernible] that look, that, that really the a tell a you, was -- of got out of of get great to

all I . of and our our of all banks. appreciate So analysts

sure. for Yes,

you're company's and first doing in time expect And be doing? forum, do I assessing say the so more that frame to that potential of you communicate And question. the So would you and that? you're types on mean what you're beyond XXXX, how when how analyses a the little

And payer then question comes durability you about guess term, I longer immediately when ASCENIV the mind. the of talk to

surprising So pushback making there. won't any you get sure

status today be the competitors differentiated do space also that how for long that out a So And you years? no of a and hyperimmune you that products in this time. couple see there in you'll can versus then other think these

All great questions.

I think I wrote down. them

look, So at the I -- tell a think and touch mean that types the it's [indiscernible] more first The there's thing can I'll you is the what I the there's -- [indiscernible] analyses. that, we're models product of math. on Bradd point product. bloom work right But now then really asking are have where the is clinicians for seen well. I market the

comes So to down more. we really, can it produce

ASCENIV make, product. we everything honestly, been and doing very well, And has [indiscernible] us Bivigam. for selling a that's as well We're year this margin both decent products, and

that call is and have we roughly, call are comorbidity they've on significant call to treatment just have of got on condition, a about of it, somewhere between, some I as really, hell challenging on far lung PI has the look, been could course it, chronic great. XXX,XXX So the XX% just estimate math patients, as XXX,XXX But from a some and we of if handle those IG, this good look it, you them analysis, IG the to X, mean to have number of ASCENIV. benefit patients And here start things May the that a we're year. recall, a mean, alone. standard I XX% sitting of half

there we could XX,XXX that the be in very the that XX,XXX Most to even order ASCENIV, can -- but patients well, surface. from benefit scratched think we haven't of people do

notes congratulatory. very getting much. you investors I So all with demonstrated no one. is think, fabricated I we've think some But I afternoon, your proof demand. Rolex years the have been I'll And very, send you walk into say shoot this going like conference, me very that it's better alternatives what is I not, me, It's it's the if to may have I've concept, think or a Gary, said that from ago. used of of the that and than Thank not, I can't if demand store to but at that there. buy maybe but idea someone's you this, guys

out all there. ASCENIV mean is allocated I

New schedule. more patient have make are product. starts We to just

We and I how all and X- newspaper. what that targets. the shortening, think that is we making. that can we not are to forecast and -- cycle not the to our production much make increasing ability with We did know these XX-month as would we've we time more we if the time, meet have way as be but think it we got we we're can the know we are, said strong tomorrow's can guidance we

So that's that.

identified What I'll payers mute, say we've on we've the if they payers, go good what heavy about me. someone's The just breathing line, looks -- like. can on if not my you're Thanks.

now. access is good. I think ongoing. Coverage not that we have right entry identified what appropriate use -- It's we're seeing to prohibited barriers and

payers. helping program assistance resonates you when with that look proposition, and prescribers. with patient It pharmacoeconomic I our the is is being which co-pays. it's think the program, value people utilized, But their IG Advantage really the it resonates Our at with

been appropriate I very, think And we website that ASCENIV well. very has use updated. really characterize

you look, barriers therapy. there, comorbidities has compromised, taken for patient complex look getting I and And we're that patients a that for not everybody. this we immune product are on believe at haven't a has truly believe that lot we're population, not. to to is just and think no, should you everyone. we're and out It's use don't asceniv.com a If It's just patient not saying, of right this then that hard deficiency has I in and seeing PI, that secondary manage. immune It's

question competitors, no one still And that was of part then no the last we I your think see.

who have the their some they're hyperimmunes, well with doing They're competitors there out not general. Some specialty of the doing of in -- programs well announced not programs. with

got within will, unique alone a immune the So standing space. products. we're patient think compromised you if share We've our I just of portfolio that with voice, of

is that's and term. no You we it's our to are that the And know for and very where that States United there we focus market respect feel competition solid. aware with foreseeable ASCENIV we good how specifically. And in it, very, IP of how that made we the that is

answers the question. So hopefully, that

that that do going enough Yes, but of once later you outlook you mean, going on be year start visibility, even But this you far, I the you're [indiscernible]. guys great. to was out think do since to a just great about beyond next When have can year talking it. into see job XXXX, you're

to. conformance Gary. do No, FDA ideas, When but lots and to my we get here about -- say? I need look, don't I going the could I enhancement to all we have -- obviously. sit I look, yield on it's file? predict made? it What's see But How to mean, timing. I've as be I to coming for due of think thinking need going I a XXXX keep this the I be was position. to got saying, in I everyone look, that happy progress as course, obviously, year, back the mean, Skyler growth half I term. we we'll enough guidance. should we be near mean, in about hope And

driving much they you billion mean hate focusing And single call as together. plasma plasma here. Yield sky say, as me got everybody's limit. sky me, boss, on campus But excitement $X I get think production around again, and that's Everyone but here that what is let's revenue I working the every say, term, I've I is opportunity. mean, but in we could I I get. what's here. that we're mean, and staff day, the peak going as can. possibly to much enhancement boss, to I get if we as the the is the don't possibly we're look, that's say

in for key mentioning. our mean hit doors, the battle. was really promotions, on our win centers, plasma are Brad buzzing. to which off, I donor that's the the I and taking more donors is we're than At And promotions new mean coming hyperimmune Brad retaining the before, key donors ever as a are it's the point, a donors

And out We've a knew that built be the We or minus, product We'll think that patients team take it -- So idea hear like in no XXX remarks, We'll I'm have docs can along the again, really the vision. you. are that making for there. keep I look, my your to you -- numbers, the them is this confidence prepared business. needed happy this, Q&A. and the but I But how XXX the I but is for Gary. get you employees And hat my was today, the it have them think in my very I my very, confidence you We [indiscernible] because, many knew it of that just father ride. plus on. tone were our to happen. a get great with hear off our we

first can again operating one say the in time XXXX we and structure leverage today seeing few relatively going you're time [indiscernible]. current that defined stable to we've that way It's qualitatively the be post in over the quarters. story by have that What quarter growth about that numbers said operating outsized the expenditure the remained last

is organization commercial Our rightsized.

base is spend rightsized. Our

haven't materialize yet we So that about post see believe think operating going we leverage as you realized. growth, revenue you're to XXXX again,

excited quantitative what So we'll decade really back . provide brings. stay in framework, tuned but half due we're course, of the the about

asking up. guys I'm are because it bringing Yes. that's you No, great. only

all that's think fair I your in assessment. So

XXX I'll at like So a which I you're the penetration quickly, higher out there? of are versus appreciate you the in the sense, XX,XXX queue. XX,XXX. with get give And to still the all in that. how that? your is use incentive, about if Are just evolving much you addressable market, then talk range. now something then where you is of Just of to that's immunodeficiency And X,XXX primary, end it secondary us in that's back And when currently feels

majority data our utilization the primary that's suggests. deficiency. Gary. in Thanks, what At is of immune least The

is. thousands excited we overnight the the penetration range. very that -- all with going very, to in about to mean patients on we're it's still I I where you're ASCENIV are growing, more going sudden, not are a it's see just of We product. mean but put

going I steady growth. to think you're see

than it's where ADMA. continue historically. of us is to you've all drug going all We're BIVIGAM think to and ASCENIV, I going But I to think you're seen for of to going going at we're growth to an but to there's time and chunks determined, quarter-over-quarter, here exciting to penetrate. be provide be of continue that see periods more bigger

over Adam further no We queue. to closing call turn in the remarks. I Grossman would like questions back have to for

of We you Thank you, it everybody. our you. team. again do all your Thank ADMA you, appreciate We investors. can't to again, to without support. the Thank

blood donate for great appreciate So usually you summertime a Thank have you We there's afternoon. plasma, your and blood season, blood in donate summertime, it's but donated also the and blood shortages, all. lives. help components, time, save

your participation. conference Thank you This concludes call. for today's

You may disconnect. now