Total revenue for the quarter reached $134.2 million, a 12% year‑over‑year increase that exceeded the consensus estimate of $130.1 million by roughly $4.1 million, or 3.2%. GAAP net income climbed to $36.4 million, up 1.4% from $35.9 million in Q3 2024, and EPS of $0.15 matched the consensus of $0.16, delivering a $0.01 beat that reflects disciplined cost control amid a 10% sequential revenue rise.
Gross margin expanded to 56.3% from 49.8% a year earlier, driven by a shift toward the higher‑margin ASCENIV product and the first FDA‑approved yield‑enhanced production batches that are expected to lift per‑batch output by about 20%. Adjusted EBITDA rose 29% to $58.7 million, underscoring the company’s ability to convert revenue growth into operating leverage.
Segment analysis shows ASCENIV revenue grew 15% to $45.6 million, while BIVIGAM, the standard IVIG product, declined 8% to $12.3 million due to intensified competition in the U.S. market. The mix shift toward ASCENIV, combined with the yield‑enhancement rollout, explains the margin lift and supports the company’s focus on specialty biologics.
Management highlighted the milestone as a “major inflection point” that will sustain margin expansion through 2026. CEO Adam Grossman noted that ASCENIV’s record utilization this quarter, coupled with the new production process, positions the company to capture additional market share. CFO Brad Tade cautioned that short‑term competitive dynamics in the standard IVIG market could pressure BIVIGAM volumes, but emphasized that the company’s cost‑control initiatives and pricing power mitigate this risk.
Analysts cited the revenue beat and guidance upgrade as key drivers of the positive market reaction, noting that the company’s upward revision of full‑year 2025 revenue to $510 million and 2026 revenue to $630 million signals confidence in sustained demand for ASCENIV and the scalability of the yield‑enhancement process. The guidance increase also reflects management’s belief that the operational efficiencies achieved in Q3 will continue to deliver margin growth.
Looking ahead, ADMA reiterated its long‑term revenue target of $1.1 billion by 2029 and highlighted the SG‑001 program as a potential growth engine. The company’s focus on specialty biologics, combined with the yield‑enhancement milestone, positions it to maintain a competitive edge in the plasma‑derived biologics market.
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