ADMAMEDIUM SIGNALOPERATIONAL10-K

ADMA shows strong revenue growth and expanding margins, but faces a concerning decline in operating cash flow generation despite improved profitability.

The company appears to be successfully scaling its specialty biologics business with meaningful revenue expansion and improved gross margins. However, the substantial deterioration in operating cash flow while reporting higher operating income suggests potential working capital challenges or timing issues that warrant close monitoring.

Comparing 2026-02-25 vs 2025-03-18View on EDGAR →
FINANCIAL ANALYSIS

ADMA delivered solid top-line growth with revenue increasing 44% and gross profit expanding 33%, while operating income grew 38% indicating improving operational efficiency. However, operating cash flow declined substantially from $118.7M to $50.4M, creating a concerning disconnect between reported profitability and cash generation. The balance sheet strengthened with total assets growing 28% and stockholders' equity increasing 37%, reflecting the company's continued investment in growth while maintaining a solid financial foundation.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-57.5%
$118.7M→$50.4M

Operating cash flow fell 57.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Revenue
P&L
+43.9%
$29.3M→$42.2M

Strong top-line growth of 43.9% — accelerating demand or successful expansion into new markets.

Current Assets
Balance Sheet
+40.8%
$331.4M→$466.5M

Current assets grew 40.8% — improving short-term liquidity or inventory/receivables build.

Operating Income
P&L
+37.7%
$139.0M→$191.4M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Stockholders Equity
Balance Sheet
+36.8%
$349.0M→$477.3M

Equity base grew 36.8% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Gross Profit
P&L
+33.3%
$219.6M→$292.8M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Interest Expense
P&L
+29.8%
$19.3M→$25.0M

Interest costs rose 29.8% — monitor debt levels and coverage ratio in rising rate environment.

Total Assets
Balance Sheet
+27.7%
$488.7M→$624.2M

Asset base grew 27.7% — expansion through organic growth, acquisitions, or capital deployment.

Net Income
P&L
-25.7%
$197.7M→$146.9M

Net income declined 25.7% — review whether driven by operations, interest costs, or non-recurring items.

Current Liabilities
Balance Sheet
+25.2%
$55.5M→$69.5M

Current liabilities rose 25.2% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-03-18
ADDED
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.
As of February 20, 2026, there were 238,159,176 shares of the issuer s common stock outstanding.
In addition to the foregoing, you should also consider carefully the statements under the section entitled Risk Factors and other sections of this Annual Report on Form 10-K, which address additional factors that could cause our actual results to differ from those set forth in the forward-looking statements.
based end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases.
We anticipate submitting a pre-Investigational New Drug (IND) package to the FDA in fiscal year 2026, which could enable us to progress development of SG-001 directly into a registrational clinical trial.
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REMOVED
See the definitions of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
As of March 10, 2025, there were 237,615,100 shares of the issuer s common stock outstanding.
Overview We are an end-to-end commercial biopharmaceutical company dedicated to manufacturing, marketing and developing specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases.
Based on current production yields, our completed and ongoing supply chain enhancements and capacity expansion initiatives, we believe this facility has the potential to produce sufficient quantities of our immune globulin ( IG ) products representing projected annual revenues greater than $490 million in 2025 and $605 million in 2026.
These revenue targets translate to potential fiscal year 2025 and 2026 Adjusted Net Income exceeding $175 million and $235 million, respectively, and Adjusted EBITDA exceeding $225 million and $305 million, respectively.
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