Adma Biologics (ADMA) FY2022 results: revenue $154 million, up 90.4% on the year

Adma Biologics, Inc. (ADMA) reported revenue of $154 million for fiscal 2022, the year ended 31 December 2022, up 90.4% on the year before. Net income was -$66 million, and diluted earnings per share $-0.33. The figures are the company's own, from the 10-K it filed with the SEC on 23 March 2023.

Revenue

$154 million

+90.4% on the year

FY2015FY2022

Operating margin

-25.5%

-72.1% a year earlier

FY2015FY2022

Net income

-$66 million

FY2015FY2022

Diluted EPS

-$0.33

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	154	80.9	42.2	+90.4%
Cost of revenue	119	79.8	61.3	+48.9%
Gross profit	35.3	1.2	-19.1	+2,905.7%
Gross margin	22.9%	1.4%	-45.2%
Research and development	3.6	3.6	5.9	-0.9%
Selling, general and administrative	52.5	42.9	35.1	+22.3%
Operating income	-39.4	-58.4	-64.9
Operating margin	-25.5%	-72.1%	-153.8%
Interest expense	19.3	13.1	12.0	+47.7%
Pre-tax income	-65.9	n/a	n/a
Income tax	0.0	0.0	0.0
Net income	-65.9	-71.6	-75.7
Net margin	-42.8%	-88.5%	-179.4%
Diluted EPS	-$0.33	-$0.51	-$0.88

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	-59.5	-112	-102
Capital expenditure	13.9	13.5	12.7	+3.0%
Free cash flow	-73.4	-126	-115
Free cash flow margin	-47.7%	-155.5%	-271.7%
Cash from investing	-13.9	-13.5	-12.7
Cash from financing	109	121	144	-10.1%
Depreciation and amortisation	6.4	4.8	3.2	+33.3%
Share-based compensation	5.2	3.5	2.9	+49.5%
Diluted shares, weighted	198m	140m	86m	+41.8%
Shares outstanding at period end	222m	196m	105m	+13.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	152	141	88.2	+7.7%
Debt	143	94.9	93.0	+50.6%
Operating lease liabilities	10.7	7.5	4.3	+43.4%
Other liabilities	43.0	32.8	22.1	+31.1%
Total liabilities and equity	348	276	208	+26.1%
Fixed assets	58.3	50.9	41.6	+14.4%
Goodwill	3.5	3.5	3.5	0.0%
Intangible assets	1.0	1.7	2.4	-41.4%
Cash and equivalents	86.5	51.1	55.9	+69.4%
Receivables	15.5	28.6	13.2	-45.7%
Inventory	163	125	81.5	+30.9%
Other assets	20.4	15.7	9.4	+29.9%
Total assets	348	276	208	+26.1%

10-K for the year ended 31 December 2022, filed 23 March 2023: the filing.