ADMA Biologics' Q4 Top-Line Surpass Estimates, Concludes $175M Debt Refinancing

ADMA Biologics Inc ADMA closed a debt refinancing with Hayfin Capital Management of $150 million, and up to an additional $25 million tied to specific revenue targets during 2022.

• The first tranche of the newly issued loan from Hayfin was fully drawn and used to completely repay the obligations under the Perceptive Advisors senior secured notes.
• As previously disclosed, ADMA has engaged Morgan Stanley MS as an advisor to evaluate various strategic and financing alternatives.
• Earnings: ADMA reported Q4 sales of $26.4 million, +89% Y/Y, beating the consensus of $21.76 million.
• The growth was favorably impacted by the continued commercial ramp-up of the Intravenous Immunoglobulin product portfolio.
• The company reported a Q4 EPS loss of $(0.09) versus $(0.20) and is in line with the consensus.
• Guidance: ADMA anticipates more than $125 million in FY22 revenues, exceeding the consensus of $112.77 million.
• The FDA has also approved extending the expiration dating from 24 to 36 months for ADMA Biologics' ASCENIV and BIVIGAM immune globulin drug product stored at 2-8°C. 
• The expiration date extension applies to all existing ASCENIV and BIVIGAM lots in the commercial supply chain and future production.
• Price Action: ADMA shares are up 2.67% at $1.54 during the premarket session on the last check Friday.