Adma Biologics (ADMA) FY2024 results: revenue $426 million, up 65.2% on the year

Adma Biologics, Inc. (ADMA) reported revenue of $426 million for fiscal 2024, the year ended 31 December 2024, up 65.2% on the year before. Net income was $198 million, and diluted earnings per share $0.81. The figures are the company's own, from the 10-K it filed with the SEC on 18 March 2025.

Revenue

$426 million

+65.2% on the year

FY2017FY2024

Operating margin

32.6%

8.4% a year earlier

FY2017FY2024

Net income

$198 million

FY2017FY2024

Diluted EPS

$0.81

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	426	258	154	+65.2%
Cost of revenue	207	169	119	+22.2%
Gross profit	220	88.9	35.3	+146.8%
Gross margin	51.5%	34.4%	22.9%
Research and development	1.8	3.3	3.6	-45.1%
Selling, general and administrative	74.1	59.0	52.5	+25.6%
Operating income	139	21.6	-39.4	+542.5%
Operating margin	32.6%	8.4%	-25.5%
Interest expense	13.9	25.0	19.3	-44.3%
Pre-tax income	126	-28.2	-65.9
Income tax	-72.0	0.0	0.0
Effective tax rate	-57.2%	n/a	n/a
Net income	198	-28.2	-65.9
Net margin	46.4%	-10.9%	-42.8%
Diluted EPS	$0.81	-$0.13	-$0.33

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	119	8.8	-59.5	+1,248.5%
Capital expenditure	8.2	4.8	13.9	+72.4%
Free cash flow	110	4.0	-73.4	+2,641.3%
Free cash flow margin	25.9%	1.6%	-47.7%
Cash from investing	-8.6	-5.0	-13.9
Cash from financing	-58.3	-39.0	109
Depreciation and amortisation	7.7	7.6	6.4	+1.3%
Share-based compensation	13.6	6.2	5.2	+120.1%
Buybacks	0.0	0.0	n/a
Diluted shares, weighted	243m	224m	198m	+8.6%
Shares outstanding at period end	237m	226m	222m	+4.7%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	349	135	152	+158.1%
Debt	72.3	131	143	-44.6%
Operating lease liabilities	8.6	9.8	10.7	-12.5%
Other liabilities	58.8	53.6	43.0	+9.6%
Total liabilities and equity	489	329	348	+48.5%
Fixed assets	54.7	53.8	58.3	+1.6%
Goodwill	3.5	3.5	3.5	0.0%
Intangible assets	0.5	0.5	1.0	-7.8%
Cash and equivalents	103	51.4	86.5	+100.9%
Receivables	50.0	27.4	15.5	+82.3%
Inventory	170	173	163	-1.5%
Other assets	107	19.6	20.4	+442.8%
Total assets	489	329	348	+48.5%

10-K for the year ended 31 December 2024, filed 18 March 2025: the filing.