ADMA Biologics Inc. (NASDAQ:ADMA) has reported its Q3 financial results and total revenue of $28.3 million for the nine months ended September 2020. The company has also provided business highlights and milestones in the quarter.
ADMA Biologics posts strong quarter with revenue of $10.3 million
Adam Grossman, ADMA’s CEO and President said that immune globulins and marketed product demand were strong with the product portfolio generating $28.3 million in sales year to date. The third quarter was the company’s strongest quarter this year, and despite the impact of the coronavirus, the ADMA generated $10.3 million, which was a YoY growth of 42%. Grossman affirmed that the company continues to build its inventory in support of the expected revenue growth in Q4 and into next year.
ADMA’s supply chain initiatives are on track, and the company’s expansion of the plasma collection centre network is on schedule. Currently, the company has six centres under its corporate umbrella at various development and approval stages, including two that are operational and already collecting plasma. Grossman said that they are confident of continued ability to navigate the company successfully against the COVDI-19 backdrop, and the company expects a strong Q4 and more growth in 2H 2020.
ADMA BioCenters opens plasma collections
During the quarter the company’s wholly-owned subsidiary, ADMA BioCenters opened and started donor collections. It also submitted a BLA to the FDA seeking approval for the second plasma collection centre that the company expects to receive in mid-2021. Of the company’s six centres, three are still under construction with suitable long-term leases and another one in the planning stage. The company is on track to attain its target of opening 5-10 new plasma collection centres in the next 3-5 years.
ADMA is also making progress with the improvement of its supply chain strength, which includes onboarding aseptic fill-finish capabilities with the newly installed Vanrx SA24 Workcell. Also, the company is advancing regulatory efforts for the capacity expansion to the BIVIGAM® plasma pool. The initiative will cut operating costs, increase scale and improve margins.