ADMA Biologics (ADMA) 7 Nov 242024 Q3 Earnings call transcript

Thank you for standing by. My name is Celine, and I will be your conference operator today. At this time, I would like to welcome everyone to the ADMA Biologics Financial Results Third Quarter 2024. [Operator Instructions]

I would now like to turn the call over to Skyler Bloom. ahead. go Please

Adam thank Treasurer. discuss and quarter joining this Chief today us XXXX Officer; Chief Welcome, Brad and Biologics you financial to Tade, by joined updates. I'm ADMA recent Officer third President results afternoon and and Executive and everyone, Financial corporate for Grossman, for of the

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

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

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

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

by discussion representing Form securities we relied report We materially important section and to as factors could differ in to section except Risk as actual for We views date. September for quarter today cause required the that you issued ended on statements. the of a addition, to XXXX, be any the the obligations date views of our XX, any these disclosure In our upon results earnings this from laws. of such Factors our update forward-looking notice release of and forward-looking quarterly XX-Q only the statements federal statements disclaim refer not any call should as as specifically represent any subsequent our of

financial metric measures, these measures our is Please on note GAAP that EBITDA. of discussion to the adjusted financial directly including includes certain the comparable most available in A non-GAAP release. earnings reconciliation today's call non-GAAP

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

you, everyone, to welcome, Skyler, Thank and call. today's

quarter of of real-world profitable the We ADMA. as another the the in one $XX.X and baseline, benefits of increased from as achieved are sector. that a third been revenues about The our immunocompromised of we year-over-year. that our reflecting rate performance Adjusted and on These XXX% to teams patients the therapies. of the the of as achievements position million. We from future earnings, are well $XXX.X period EBITDA previous dedication optimistic for exceedingly our an has million, million, year-over-year ADMA and Total growth companies revenue been successfully believe growth lie has never are exceptional representing XX% work to hard experiencing and fastest-growing biotech by ahead. rose to a net reached solidifying opportunities brighter, both testament income in further sequential financial quarter the second year, $XX.X while X,XXX% increase our

for believe are $XXX Based We we our in and surpass respectively, yet million, to turn, million again and operational financial projected adjusted revenues total expect $XXX now exceed and results. million XXXX. these XXXX. EBITDA million with in we to excellence guidance XXXX, In financial current $XXX trends, in market XXXX commitment is on XXXX $XXX reflected our in to upwards revising XXXX and both and

and $XXX million, are to raising $XXX GAAP We net 'XX guidance income more than for also 'XX and respectively. million

emerging XXXXs shift strong branded through extending beyond. forward as towards significant a margin an the anticipate note see $X XXXX by expansion, potentially to close to next out on revenue revenue and expect ASCENIV thereafter headroom opportunity, driven we growth with and As substantial a potential year, durability, ongoing look and ASCENIV. billion we We

Demand have greater with anticipate production a for supporting adjusted ASCENIV is schedule, accelerating strengthening, we strategically growth. an In forward-looking as for ASCENIV of providing production throughput, our and momentum. metrics result, earnings sustained broadly growth we pace response,

To we've our already collections aimed which availability, high our supply network, at within positive titer retention donor implemented further results. increasing bolster plasma are programs plasma showing

high-titer partnering actively even are collectors more we Additionally, plasma plasma. secure third-party to with

We combined efforts deliver to patients These and ASCENIV's user immunocompromised confidence the meet growing ASCENIV need. prepared believe we our well trajectory. advancing rapid to in are demand increasing reinforce in growth end of units

progress significant our made project well refer production also to we which as enhancement hyperimmune we SG-XXX. globulin quarter, with program, our as yield This pneumoniae strep as

pleased of of production are we batch to pilot SG-XXX. successfully completed a scale announce We that

in identifying this generate Additionally, future potential human SG-XXX and that development, SG-XXX highly an and we've model potential understanding laboratory engaged to could the to more million prospective $XXX partner in identified in evaluations. $XXX provide of and data studies can in Like animal believe developed We market ASCENIV's confident discussions for preclinical we high-margin are aid pathway remain capital-efficient revenue. the their services development clinical initiate with model brought order a And obtained from for a animal will we manner. potentially appropriate annual million studies. to be approved, the for or in program if

and pediatric to our of of treatment is locked database enrollment front, to biologics be the need. announce XXXX. for patients and on approach development fourth efficient R&D capital to in on track further have by that that study quarter clinical patients nimble our completed and and R&D The specialty schedule illustrates ASCENIV's post-marketing of trial in during the strength I'm execution successfully to all successful pleased now the Also their highly the the engine internal team ADMA's speaks

product's efficacy the positioning strengthen ADMA label the now in half coming and XXXX. label anticipates of during ASCENIV's approval utilization to immune-compromised expanding the expansion, filing over setting. may with ASCENIV's biologic application its quarters license the approved, potential supplement first if pediatric further patient

We of XXXX, is and which into planned. commencement in as initiative projected during produced commercial beginning approval and to the half further production second from process also anticipate increase second of and XXXX innovative half progressing earnings could yield sales lead revenue our the with of of XXXX the a substantial acceleration in beyond. growth regulatory immunoglobulin Our immunoglobulin enhancement

the reduced Since third hours. in planning, implementation including visibility, production continued the began enhanced February ADMAlytics we optimized In commercial quarter, learning impressive XXXX, FTE artificial efficiency, delivered of staggered of our of machine outcomes, the increased business. variability manufacturing streamlined and pooling has ADMAlytics, in rollout across platform plasma and the commercial intelligence operations its

deployment, as projections and earnings efficiencies. optimization with rapidly full ADMAlytics expect growing of the We strengthening further our growth our commercial of aiding organizational identification strategy reaches

Our increasing leverage balance are growing confident sheet cash fourth in the moving driven This continues substantial by achieving to EBITDA. adjusted flexibility net strong during and with position forward. flows quarter, organic financial should strengthen us and we provide neutrality

to capital. capital unwaveringly are resources way committed maximizes allocation, of a terms we that and In cost value deploying stockholder in admins of lowers

sets medicines workplace hard portfolio are and extend provide commercial the our patients, work. immense to needs our of donors Our benefits we medical accomplishments the direct on for addressing to we that our team's appreciation goal-oriented dedication significant apart. collaborative and patients, immunocompromised. spirit life-changing health. make their sincere impact It for of public unmet continues take These is pride this in unwavering We result a

in detail. recent Brad, to would address to transition. turning call Finally, who additional over this the speak will to I to like auditor prior matter the

firm. Although notice CohnReznick we new had which appreciate we being and we partner, no for our any point ensuring to are we CohnReznick's CohnReznick's during transition than disclosure continued support as that audit sooner during or disagreements statement commitment smooth to of We ADMA received KPMG any to financial anticipated, audit or independent have in of We engaged XX our working matter principles tenure announce we of practices, the scope a transition years procedure. pleased accounting KPMG. now auditing or at or our

this like review quarter I'd to With turn the for third XXXX of call to the financials. over a said, Brad now

XXXX release third today results. We issued outlining a earlier Adam. you, press our Thank quarter financial

afternoon, during we issuing XX-Q encourage our and call. will also to we'll quarter later today's with in would you read this comments which points discussion third be make conjunction We report our

I'll financial of the now the from quarter. highlights third key discuss some

million mentioned, ended ended were quarter ended $XX.X XX%. the increase XXXX, ended for September million. $XX million total XX, as $XX.X XXXX, Gross compared XX, September XX, to for quarter quarter profits the $XX.X approximately were quarter XX, an compared the as or September million for September of to for XXXX, million the As XXXX, $XX.X Adam $XXX.X million an revenues increase of

in As gross compared quarter corporate ADMA third a margin third XX% of the the achieved result, in of of as a XXXX XXXX. to XX% quarter

source shift gross an would been plasma for outsized throughput Adjusting mid-XXs Third a were designed production adversely for to normalized towards quarter normal low-margin impacted XXXX this of normal margins third margins gross source is the sale our sale plasma. corporate on in impact, spot for quarter. basis due This the to corporate available ASCENIV. have of due

a third for of XXX%. ended increase the approximately million XXXX, $XX.X net income income million was the of quarter $XX.X XX, increase X,XXX%. EBITDA million XXXX, as or XX, of quarter, adjusted GAAP During September EBITDA $XX.X was compared for to quarter adjusted ended $X.X GAAP XXXX, quarter an $XX.X September net the million an compared September XX, ended of the to million for

demonstrate are and from we as to a just expect fixed business we financial strength, generate planned grow that are tightly leverage to realize As to managed. the continues distinct XXXX our revenue operating finish if we position our that of expenses can results beginning believe

flow significant cash ratio the the approximately growth, third sheet periods, improved of by EBITDA. growing and to EBITDA augmented forecasted generated the on robust quarter to Based adjusted X.Xx the net continue results. adjusted over cash the anticipate will million strengthen the quarter We company's third operating has coming and organically current free balance $XX flow the during annualizing leverage

if a as regarding with are the Expounding rapidly is the for we and onboarded efficient transition, KPMG. This auditor to process. big earnings the X of auditor, Adam's look big independent comments forward new expected. them and a our to timely milestone KPMG we and to earlier firm their client accounting chapter expand to as continue completion on thank engaged an transition We new onboarding have organization important matures X pleased and next

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

Thank you, Brad.

creation, both substantial which and innovation drive commitment ADMA believe and to and value for Our to long-term near-term we continues success. growth positions performance

to significant result revenue on position margin finish from we and ahead, ASCENIV. expansion continuing expect the and embark mix production favorable on in a sustained shift growth revenue strength. In delivering of our would this periods anticipate growth. a XXXX significant in and earnings towards believe high We XXXX schedule a drive and note We to

trajectory. growth balance capable allows rapid to our maximize and value sheet capital, strong confident us supporting stockholder are while be We of stewards equity our

we commercial projections. beyond innovative to revenue biologics in-house R&D opportunities platform could that production Looking aim leverage to agile XXXX, our and earnings our engine significantly specialty unlock model, current and exceed

donor initiatives thereafter. collective programs revenue further The high-titer retention third-party extending milestone to growth us internal possible annual positions potentially $X and plasma as our opportunities billion supply reach impact rapidly a with as of

that enable confident these rapidly across meet demand peak both growing are will short-term We strategies ASCENIV for to us periods. the and

build Thank and continued And support we for dedication. open we'd successes. on ADMA's that, all Operator? with your you call for to like to up the questions. Together, will now continue

[Operator Cantor Fitzgerald. Your Kristen the from from line first Instructions] Kluska question of comes

Congrats again familiar year. I'm company X if raising quarter. any not guidance a times I'm in sure on a great with

record that may you on have So one. the

I be this times one So billion potential writing you've I for a of put think to the $X it be the saw might this first in opportunity. revenue the in release, about press

hoping was the plasma as those get I to the that's you some to of around that get So a to give more you more to numbers. likely bit going us little be work can you've hyperimmune maybe been doing color driver

Hello?

us? hear you Can

Yes.

have look At great the about compelling is we of visibility think indicators, we they trajectory. strong. as And continue into we to just operating Conference, the talking what remain at And [indiscernible] the opportunity. leverage potential a lot very we were a demand

factors to plasma defined are still patients But same optimize the donor pools. stuff with we saying identification last holds of can been don't for and we've I collect at are reiterate we've of donors build into views. can thing implementing the quarters. true. look the been when that All that been just program, appropriate of plasma. all implementing I mean, have and able couple there to we've we our we're the the a this, So VIP methods ADMAlytics going where how to and more these accelerate identify we And collections I've

more BIVIGAM The in got real growth what with ASCENIV. for and We've It's to weeks to machines we're and of some ASCENIV's some collectors. And more negotiating additional ASCENIV capacity. delivered equipment, switch doesn't have testing really material on. our care couple BIVIGAM. we the the and and We've same add production last were validated process centers updates turned ways third-party the hampering And to We've the to on invested in is make. from got with them even ability that been the plant in currently future. Again, supply. around to raw that we're working we'll provide the potentially

get But as right believe time, maximize the retain implementing of can plasma We RSV of out we to to these look now, at faster. periods we're these going longer number strategies donors. for high-titer this donors collections that of we're we we believe donors that that identify

we up of attract and retain times and donors week to times, longer. them I'm implementing I for strategies donors donate As a you sure X bunch it a month, twice plasma are per to these can recall, said

you And the strategically demand believe shifted BIVIGAM all the to we're we all this remarks this find year, and that production we're that put make prepared said to continue you that there. when going that. going I more throughout And plasma, is So do we ASCENIV to together, of heard from more in to we've if ASCENIV. the

in with So the which going enhancements, very when in also timelines that I 'XX, the we're with but really the have Is be it's what are back very certainly, finished made 'XX? No. you When we around we're believe 'XX, the I we in it's look going opportunity expect be to 'XX, at what more process. 'XX? Could XX% put ability this to to think expand enhanced and Kristen, as prepared the couple know the very, rapidly XXXX starting same see going we it gain it But to accelerating approved forward, happen, we about working know rapidly all then it you when margin from what remarks, forward-looking Is the 'XX? from be here, Sure. sell I yield of goods We to here. half No. brackets revenue of some and certainly, we XXX% material, will XXXX. outlook, really will look in that optimistic don't accretion. yield

You're going to see forward. XXXX margins expand substantially

identify the them retain But Conference. additional give year beginning we engaged at the like plasma the donors do third-party around guidance incentivize faster, So keep centers these our always we of in JPMorgan will working our donors, to and collectors.

what together. think You we're durability put And building we're we really all unique. of encouraged those things truly and the it's here by

going that And just billion as we're growth soon going to earlier say, is thereafter going I accelerate to it. and add towards comments. the to to it's just But add point, not just to to point we're to to Adam's was chase $X as possible, to There's Adam's there. key Adam's threshold over point. continue headroom

donor of program? what can behind bit one of facilities? traffic? us collection Can speak VIP month? once in program? general, you're days time And it this your initiated you the just Is in you footprint that can you terms same in donors more metrics all kind more this you to of in little in that recognize specific Or a seeing give implemented give a this is and Like it's what still for early terms coming

believed the I give pretty stage, Kristen, XX all year. believe I'm centers, my formula, I lifeblood We've our clean it's is to of this are [indiscernible] need. of earlier all details in it that to we and of all I centers. donors impact a We in patients ability nice But our lives the off kicked donors we've competitors improve but the the keep not the that centers. now. you that it's our program simple a It's can at but going our centers. to always build -- treat mean this well. tell of We

seeing compensation. we But on working are that donors and programs frequently. certainly more donor include donating are We retention strategies

we We our today, from more plasma collecting data our we longer. from are we collectors. seen, trend meetings from third-party have centers I before, had the internal but that RSV of are ever that not seeing only and I've think also plasma donating the is than donors one And our

hard see So where We I'll had source low we one-off that products -- want taking plasma. and very, the looking in plasma this all we're inventory in we're a to margin is to some We inventory, of ASCENIV. anymore. we mainly very touch the this. look, you're going don't to that's plasma and doing at we're to and very to be we just really But make can business a on maybe only what at we normal that want very, use sold look quarter margin, make negative want keep selling a our sourced

look think this are Brad's So that that whole not range said happen, but plant, to point, that somewhere year all and investors our the we fill business in room. before if that the do be that at analysts is to there understand know XXX,XXX, But can And don't plant, it I've to that I'm could positioning billion these do I XXX,XXX believe again, but can could generating billion, things $X guiding we to can of all you we're we certainly the liters like process, not if want only if appropriately, $X we we a to entire were I to, which annually. try. fill

immunocompromised high diseases. them them We're infectious We're of We're keep that's that patients treating plasma going going kindly. inside is to at to going keep to we're our to to keep and them explaining So so paying risk the back. to so pushing why going to keep donors hard. beneficial are powerful come

Mizuho the Petrone of Anthony line with your And from Group. question next comes

equation, I'll actually quarter end actually couple these the of think is you a of a supply Adam? any churn, of issue, stick quite just retention the When on just here. Congratulations sounds donors? churn It high you Maybe big level on of another high. ones. losing Are strong is like

So inventory, have how be able are you So supply you just first longer-term then bit then churn. just follow-up. you're these that fully a when think And a safety of sort the one, of to that and level a the that on you're contracts? stock enough would level have managing you high at little I'll where

occurring antibody Anthony. we're naturally always Unfortunately, forever. around So losing doesn't stay doors,

period it time, donors, We're program and on donors. always they donors. the constantly Some for new a testing the I've off. said, these as then donors does, of of stay but majority fall constantly We're adding

move, have back we the like who donors they as else. possibly can Donors absolutely RSV antibodies everybody just titers we identify that we're come everything that possible. as to lives, do But to high ensure frequently have doing that

lying in quarters because think continue yes, of to seeing single producing got I more much plenty making sure. Anthony, We've continue be If safety of drive every to from period to plasma in the a work faster. drug material. all to here. We've standpoint, process said we plenty mix I'd got need last to and we quarter, of be you, couple ASCENIV to even we've you'd growing did, I'd plasma ASCENIV, revenues then you, inventory shift single see towards we But we're the got stock don't. for every that a supply which revenue if I

we're grow Anthony, build our can, majority we stock. doing the to of It safety ASCENIV and to continues is revenue. everything that

us but who and to prove our around have our announce if to some negotiations willing plasma. country of find we'll our to goal and that proved of third-party as around successful to activities suppliers are collect successful, think our hopefully, plasma some many something if is of JPMorgan, the be with centers I sell some

But posted certainly you wouldn't there. of very me that or also keep attorneys let today. our optimistic very, we'll feel say said the things some So we I've

And Anthony just quick. real

you sales needs. our course, to spot a designated we in spot spot it as a going And to that production opportunistic. buy, to opportunistic to know spot continue sale. back do sale continue designed we And do a of be need you Adam, ASCENIV, case, need to the our do whether plasma align buy. spot of we will we If this sale. we're Just inventory comes do spot it's will going I do to we shift production and to our or If sale, spot made doing plasma spot we know, when or buys. mean a we're we ADMA, a with to

big in Very helpful. change There's new a There'll again, follow-up, macro then personnel week. be at at level. the And here. FDA high more of level, a events coming, quick Obviously, just change this administration there. senate question a

just and in your space FDA on administration thoughts specifically? general maybe plasma ADMA what that for So means just influences how potentially and the

a Thank you, -- it's question. quite mean that's Anthony. I

If yet there's lot mean to on that I And answer you could going visibility face really of really have know I see how be because a don't my to who's the don't where. into there. that I smile here. I out know conjecture

been from under with Obamacare. negotiations. plasma-derived therapies been I that that what anticipate the to administration. the a They bipartisan there's excluded Trump, I speak there. I board to going are across lot Trump were think facts, that be are facts Trump, now I and agreement of wouldn't would there But since that another Biden, covered the changes can anticipate back have price Obama,

as is, to Therapeutics North speak of the for Board. know Association don't, that all we for think Association as advocates representatives Plasma working who And that for you a therapies access those plasma this, association from Plasma the The association Chairman and the can industry these I companies, the patients American availability is What Protein Therapeutics I well all current Protein formed I'm therapies the receive of caucus. for industry. plasma-derived with member

are who caucus. the there think I sitting about believe, plasma XX people right, I So on I'm are Congress

are change that Hill make the in position of from in here of U.S. scarcity use U.S. a pretty the good the industry for to we think in really plasma that order Capitol And only can -- versed in of collected us administration. products in the you population. with States derivatives United plasma the citizens feel well these is I all I plasma

championing Specifically little was time, the Trump from about that been mean, last last [indiscernible]. we a I company I've something the it regarding for are our during of the ADMA, long, is, and bit shouting I administration long rooftops the a

supply plasma-derived company, of are domiciled, the our producing last United chain therapeutics in XXX% is We XXX% the U.S. States. manufacturing

drug Florida. Boca in a ASCENIV and Raton, BIVIGAM So We here in Raton. fill our here we make Boca

We also have facility Virginia. a in third-party fill/finish

All of United our out finished of only believe. goods Tennessee, sell is products I the distribution our in States. We

So really specifically. would some of noise I there, it premature, out but be we the think feel good about Anthony, comment to really

I that, USA, But would tell if there you goods if your can good that the make hey, legislation you meet is passed criteria. in we old that

this products. has are. it. We're And putting some of feel about U.S. control. quarter that good making So United we it's into the real felt that principles. and of good of been control we the mission market a their some more I here founding company product very, important it's one of also always it single very manufacturing We're States ours, our every the capabilities and

cover negative provide whatsoever but I lie drugs But feel don't the I that administration other good about on will business market. change to companies think the opportunities ahead. you very plasma-derived perspective, the know in any a there, impact from other that some we or ADMA

Nachman And your from question Gary Raymond the with of comes next line James.

well as quarter. on congrats My strong the

you plasma parties RSV the Can supply? topic to supply [indiscernible]. donor And more Obviously, and your to for those have back target? risk methods third sharing you any plasma more third need you parties? billion do availability. the own facilities the the ASCENIV think is just Adam, facilities to any the So there $X get high to then of with you titers XX screening of

Great question. Thank Anthony. you,

Gary. It's

a that No. the do centers? can your we more more base centers we collection some centers? and which we for of over Ten titer internal gives collect have plasma. us want need high Do control question, No. To great our for

to that care As and of in number I've also, much we're high very I said donor certainly the any getting tighter. publicly, as to maximize you staff we past, is and we that private certainly our about collections what our the identify as we from do, trained said being in conversations specific

And donating average because than third-party any what in chair is are. really the centers donors with. there we our who XX that's think compensate control on Our those I we collectors. And collect control more of we and

my our collect, one do that. perspective, continue say, and we're going So to of than, centers, our more XX from centers collect third-party can to

So going enough, to We're buying centers, no, not more is investing any not at We're build and time. this not to it's any where we're XX stay. that's in centers additional centers. going

With respect make and I We great this. to of that's want I to you methods secret away anybody. our a give think screening, others don't sauce that the question, understand sure to and

First of all, it's patented.

all Second of all, of by ADMA. done the testing, all the is science

what So into is do collectors new walks we every will tube in sample third-party our of of one that any their center a donor get given week.

have the more. size centers So typically, per center donors some centers upon of the new week, have between XX, depending XX, XXX

have many right titer a testing say, in screening thousands we're laboratory centers maybe XX, few for but I want more, many, us with to call our well. do getting, here samples partnered either that and as laboratory it, a we we in about collecting Boca who that of every week to on we from, now, testing does years we're So Raton for XX hundreds or

donor. So all that going from high to their pay for lower that they know range. the range is of titers us. are. know. of they number science that third-party by the we They them want is donor's the we're They want say, All super in know the all liter in All they or will donor are high whether is money controlled middle or that That's we collect know don't more XXXXX. donor the don't collector what titers plasma XXXXX, we know that

in-house. and and testing So are secrets we all patent all well certain methodologies the Again, that screening. employ know-how the testing we protected around other the science of have is trade as kept as our

because But collecting they're it. money third-party love collecting, essentially, pay going them we're the same that they're more just us always collectors is for thing our which to plasma, but regular

and of tube our differently one send third-party we assay. think, thing it's So mls collectors they collect X that they it and our the does only donor for sample screening extra test is in plasma of us, I an

right. Great. All

very is color that Now helpful comforting. and

benefit in what So third strong sequentially you what more is the why might just a look I'm But want I of next full you Could quarter? cause year had that also enhancement second fourth that? confirm guidance to the the down the take current it didn't XQ year be be? mean, half when And XXXX at And quarter might not I curious, yield quarter. really you you in a than did guidance? in

take question the second don't have guidance. our to we've Again, guidance beginning. in first. enhancement conservative and approach take is of a yet, since approach approval we The part to do we the not number. the employed same the to take FDA let continue conservative yield going We're that So contemplated me your yet benefit

off yes, plasma But opportunistic And maybe quarter. and certainly talking already add onetime Brad Gary, start color. I'll just more sale was a about we're the that can there some in

I think million. $X $X it was what, million,

going next So that we're to quarter. not have

are sales have seeing again, BIVIGAM. are we growth from worth million $X not in the of seeing generation to We quarter. growth But ASCENIV, conservative, of are of plasma being we going revenue

produce the with on didn't We've now here. where The they ml this make great Nabi-HB [indiscernible] candidly, fees not ml. sense. of it mention margins market. make product. I'll also the only voluntarily X were, from X maybe and producing were stopped PDUFA Additionally, just And the the We

but We quarter. [indiscernible] revenue, [ to we ] the So ml up going as determined. fourth be yet do selling that X to hope be that we're that's pick business any in not

that revenue when quarter increased income down to mix we do the and look quarter a guidance net we've be ASCENIV continue the line, at EBITDA believe towards because would but on think I to shift you it top products. is higher-margin going the and for But that guidance,

about very where holds ending gangbusters. us good want about feel I to we XXXX are enhancement, But year. question feel you be. again, just going to So about to We so your for mean, we're about where to what future really we excited if yield is Brad, And going year there. add? the be good is next the

And products. on margin growth. enhancement. yield focusing about next when defined ASCENIV Gary, focusing shift. high-margin be and and we're it, will BIVIGAM think earnings on expansion you ADMA's chapter focusing the by We're mix We're on our

by our are again, to drive with to yield drive going structure, to And going on focus leveraging margin drive EBITDA. even to line. our to by those And to to continue operating to We're income. going continue continue drive structure. We're high-margin to expansion. We're enhancement. plan. and our margins going We continue continue we're leverage to going We're products going to better that, top doing to operating that's continue make net

get and Margin growth. earnings going expansion T-shirt. I'm to a

That's mantra. Okay. the

Okay. Awesome.

ones. quick more couple a Just

pneumoniae looks S. some on we could KPMG. you the getting study? like to then congrats on -- lab when see now it it that that data And you've on program, animal a Just do identified

for them XXXX, with the audit. year-end contracted You've

on do getting been when Just them? We've some you'll with you think that. questions finalize XXXX

Wait.

down. So okay. SG-XXX, I wrote it

last KPMG part Your of the 'XX? is we about when for engaging will question finalize them

obviously to engage are that this them see correct. People you Yes, excited for year.

Just [indiscernible]. when we

I'm getting that same was the wanted [indiscernible] make as question Yes. just well. sure from investors crazy I it to

Okay.

with start SG-XXX. let's So

successfully scale product. we produced batch So pilot a

So excited.

Our let's scientific excited "Hey, I here. op enhancement. doing doing we're here, and and them technical team for Kaitlin push that scientific said, team. they're yield very be even our everything to We're harder"

We're second much have really evaluating to yelled don't is when the sell conference I answer I enhanced should product if in don't some next early 'XX drug. it. data. all excuse XXXX. second enhanced the as quarter opportunity. can We're a excited soon to yield the enhanced is production us with half yield we enhancement. But of the about ramp great. room. back your I hold drafting But at half question. want timeline, straight immediately. But And will this to currently I next get is But certainly, produced back probably that be as And to year capabilities from obviously, And you. writing to my protocols. our to here very of in half of be position The producing hope from as earlier, goal we priority for -- rapidly XXXX walk comes priority and the process please next for up expanding I want sometime or is in I'm yield year. be of half, We're it us as year. me want I but me, the have be of possible, can done in yield testing we going to would everything out hope labs. this third a of

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again. Congrats

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will remarks. closing Adam That to Grossman conference for the concludes back our session. over turn now question-and-answer I

We very pain everybody. We us. behind really We you make think our thank help And much, last good We Thank the it's outlook nothing forward-looking putting the certainly now. but partnership. here quarter, thank stockholders. people appreciate up donors. your staff. to our is continued us but of products our you at some I bright and to we're And for that appreciate support

So thank lives stay you plasma, a and much. save help Thanksgiving. Donate healthy very and have safe happy and

joining. that concludes Thank Ladies you for gentlemen, today's and all call.

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