Adma Biologics (ADMA) FY2023 results: revenue $258 million, up 67.6% on the year

Adma Biologics, Inc. (ADMA) reported revenue of $258 million for fiscal 2023, the year ended 31 December 2023, up 67.6% on the year before. Net income was -$28 million, and diluted earnings per share $-0.13. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2024.

Revenue

$258 million

+67.6% on the year

FY2016FY2023

Operating margin

8.4%

-25.5% a year earlier

FY2016FY2023

Net income

-$28 million

FY2016FY2023

Diluted EPS

-$0.13

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	258	154	80.9	+67.6%
Cost of revenue	169	119	79.8	+42.5%
Gross profit	88.9	35.3	1.2	+152.2%
Gross margin	34.4%	22.9%	1.4%
Research and development	3.3	3.6	3.6	-8.7%
Selling, general and administrative	59.0	52.5	42.9	+12.5%
Operating income	21.6	-39.4	-58.4
Operating margin	8.4%	-25.5%	-72.1%
Interest expense	25.0	19.3	13.1	+29.8%
Pre-tax income	-28.2	-65.9	n/a
Income tax	0.0	0.0	0.0
Net income	-28.2	-65.9	-71.6
Net margin	-10.9%	-42.8%	-88.5%
Diluted EPS	-$0.13	-$0.33	-$0.51

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	8.8	-59.5	-112
Capital expenditure	4.8	13.9	13.5	-65.7%
Free cash flow	4.0	-73.4	-126
Free cash flow margin	1.6%	-47.7%	-155.5%
Cash from investing	-5.0	-13.9	-13.5
Cash from financing	-39.0	109	121
Depreciation and amortisation	7.6	6.4	4.8	+18.8%
Share-based compensation	6.2	5.2	3.5	+18.6%
Buybacks	0.0	n/a	n/a
Diluted shares, weighted	224m	198m	140m	+13.2%
Shares outstanding at period end	226m	222m	196m	+1.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	135	152	141	-11.0%
Debt	131	143	94.9	-8.6%
Operating lease liabilities	9.8	10.7	7.5	-8.6%
Other liabilities	53.6	43.0	32.8	+24.8%
Total liabilities and equity	329	348	276	-5.5%
Fixed assets	53.8	58.3	50.9	-7.6%
Goodwill	3.5	3.5	3.5	+0.0%
Intangible assets	0.5	1.0	1.7	-50.8%
Cash and equivalents	51.4	86.5	51.1	-40.6%
Receivables	27.4	15.5	28.6	+76.9%
Inventory	173	163	125	+5.9%
Other assets	19.6	20.4	15.7	-3.5%
Total assets	329	348	276	-5.5%

10-K for the year ended 31 December 2023, filed 28 February 2024: the filing.