ADMA Biologics, Inc. (NASDAQ:ADMA) Q1 2024 Earnings Call Transcript

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I think you hear the confidence in our tone with the Q&A. You know, we’ve really built a great business. And again, I take my hat off to my team because it was my father and my vision. We knew that the patients were out there. We knew that the docs needed a product like this. But I have no idea how many employees we have today. 700 plus or minus.But it is 699 of them that are making this happen. And I’m just very, very happy to be along for the ride. What we can say qualitatively today about the 2025 growth story, right. It’s going to be one defined by outsized operating leverage. And the way that we’ve said time and time again that the current operating expenditure structure that you’re seeing in the first quarter, numbers that have remained relatively stable over the last few quarters.

Our commercial organization is right side, our spend base is right sized. So as you think about post 2025 revenue growth, again, you’re going to see operating leverage materialize that we believe we haven’t yet realized. So stay tuned. In due course we’ll provide quantitative framework, but we’re really excited about what the back half of the decade brings.

Gary Nachman: Yep. No, that’s great. I’m only asking because you guys are bringing it up. So I think that’s all fair in your assessment. So appreciate all that. And then just quickly, where are you currently with your penetration of incentive? If you’re still in the 500 to 1000 range, are you now at the higher end of that? Just give us a sense. When you talk about the addressable market, which is ten to 30,000, then how much are the uses in secondary immunodeficiency versus primary? It feels like that’s something that’s evolving out there and then I’ll get back and kick. Thanks.

Adam Grossman: Thanks, Gary. The majority of the utilization is in primary immune deficiency. At least that’s, that’s what our data suggests. We are very, very excited about the penetration with where incentive is. It’s still in that range. It’s growing. But you’re not just going to see overnight. All of a sudden we’re going to put thousands more patients on the product. I think you’re going to see steady growth. I think you’re going to see periods where there’s going to be bigger chunks of growth than you’ve seen historically. But I think all of that is to be determined. But we’re going to continue to penetrate, we’re going to continue to provide more drug quarter over quarter. Bivigam and asceniv and it’s an exciting time for all of us here at ADMA.

Operator: Thanks. We have no further questions in queue. I would like to turn the call back over to Adam Grossman for closing remarks.

Adam Grossman: No. Thank you, everybody. Thank you again to the ADMA team. Thank you again to all of our investors. We can’t do it without your support, and we appreciate you. So donate plasma. It’s the summertime season. Donate blood. Also, in summertime, there’s usually blood shortages, but donate blood and blood components help save lives.

Operator: Ladies and gentlemen, this concludes the conference. You may now disconnect.

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