ADMA Biologics (ADMA) stock surged 5.12% on Tuesday, driven by stellar Q4 and full-year 2024 results that underscored the increasing demand for its flagship product Asceniv and robust growth prospects for 2025 and beyond.
The company achieved a remarkable 65% year-over-year increase in total revenue to $426.5 million in 2024, fueled by soaring Asceniv sales. Gross margins expanded significantly to 51.5%, up from 34.4% in 2023, reflecting the favorable product mix and higher-margin Asceniv sales.
Driven by robust topline growth and operating leverage, adjusted EBITDA skyrocketed 309% year-over-year to $164.6 million. Management raised 2025 revenue guidance to over $490 million and adjusted EBITDA guidance to over $225 million, with further upside projected for 2026.
A key growth driver is the company's recently executed long-term third-party plasma supply agreements, representing a roughly 5-fold increase in collection capacity. This expanded supply should enable ADMA to accelerate onboarding of new patients currently queued up for Asceniv treatment, deepening market penetration beyond the current 3% of the targeted patient population.
Moreover, potential mid-2025 approval of ADMA's innovative enhanced yield manufacturing process could boost production output by 20% from the same plasma volumes. Management views this as a potential transformative catalyst that could further amplify revenue and earnings growth trajectories.
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