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SEGMENTS
 12 Months Ended
Dec. 31, 2024
SEGMENTS [Abstract]  
SEGMENTS

13.

SEGMENTS

 

The Company is engaged in the manufacture, marketing and development of specialty plasma-derived biologics.  The Company’s ADMA BioManufacturing operating segment reflects the Company’s immunoglobulin manufacturing, commercial and development operations in Boca Raton, FL.  The Plasma Collection Centers operating segment consists of ten plasma collection facilities located throughout the United States, all of which are operational, collecting plasma and currently holding FDA licenses. The Company defines its operating segments as those business units whose operating results are regularly reviewed by the chief operating decision maker (“CODM”) to analyze performance and allocate resources. The Corporate information included in the reconciliations below generally consists of certain unallocated general and administrative overhead expenses and interest expense on the Company’s senior debt (see Note 7). The Company’s CODM is its President and Chief Executive Officer. For the Company’s two operating segments, the CODM uses income/loss before taxes as the measure of segment profit to determine the allocation of resources for each segment. Transactions between the two operating segments consist solely of the transfer of raw material plasma inventory at cost from the Plasma Collection Centers segment to the ADMA BioManufacturing segment with no markup or intercompany profit. Income tax benefit/expense is recorded at the Corporate entity and is not allocated to the operating segments. Summarized financial information concerning reportable segments is shown in the following tables:

   

Year Ended December 31, 2024

  

(in thousands)

  

ADMA

BioManufacturing

    

Plasma Collection

Centers

    

Total

  

Revenues

   $ 415,806     $ 10,505     $ 426,311  

 

                        

Cost of product revenue

     195,605       11,296       206,901  

 

                        

Research and development

     1,813       -       1,813  

 

                        

Plasma center operating expenses

     -       4,245       4,245  

 

                        
Selling, marketing and distribution
     18,683       -       18,683  
                         

Depreciation and amortization expense

     4,827       3,218       8,045  

 

                        
General and administrative expense
     26,001       -       26,001  
                         
Other expense, net
     (178 )     (5 )     (183 )
                         
Income (loss) before taxes
     173,138       (5,041 )     168,097  
                         

Expenditures for additions to long-lived assets

     8,352       223       8,575  

Total assets

     289,297       30,477       319,774  
                         
Reconciliation of revenues:
                        
Segment revenue
                   $ 426,311  
License revenue (see Note 2 - Revenue Recognition)
                     143  
Consolidated revenues
                   $
 426,454  
                         
Reconciliation of selling, general and administrative expense:
                        
Segment selling, marketing and distribution expense
                   $ 18,683  
Segment general and administrative expense
                     26,001  
Corporate general and administrative expense (a)
                     29,440  
Consolidated selling, general and administrative expense
                   $
 74,124  
                         
Reconciliation of income (loss) before taxes:                        
Segment income before taxes
                   $ 168,097  
License revenue
                     143  
Unallocated interest expense, primarily related to interest on senior debt (see Note 7)
                     (13,930 )
Loss on extinguishment of debt (see Note 7)
                     (1,243 )
Unallocated interest income
                     2,087  
Corporate general and administrative expense (a)
                     (29,440 )
Consolidated income before taxes
                   $
 125,714  
                         
Reconciliation of total assets:
                        
Total segment assets
                   $ 319,774  
Corporate (b)
                     168,904  
Consolidated total assets
                   $
 488,678  


(a) -

Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company’s operating segments.


(b) -

Primarily consists of cash and deferred tax assets.


Year Ended December 31, 2023

  

(in thousands)

  

ADMA

BioManufacturing

    

Plasma Collection

Centers

    

Total

  

Revenues

   $ 249,738     $ 8,334     $ 258,072  

 

                        

Cost of product revenue

     161,157       8,116       169,273  

 

                        

Research and development

     3,300       -       3,300  

 

                        

Plasma center operating expenses

     -       4,266       4,266  

 

                        
Selling, marketing and distribution
     18,407       -       18,407  
                         

Depreciation and amortization expense

     5,156       3,176       8,332  

 

                        
General and administrative expense
     18,625       -       18,625  
                         
Income (loss) before taxes
     47,267       (4,049 )     43,218  
                         

Expenditures for additions to long-lived assets

     2,952       1,819       4,771  

Total assets

     246,719       34,733       281,452  
                         
Reconciliation of revenues:
                        
Segment revenue
                   $
258,072  
License revenue (see Note 2 - Revenue Recognition)
                     143  
Consolidated revenues
                   $ 258,215  
                         
Reconciliation of selling, general and administrative expense:
                        
Segment selling, marketing and distribution expense
                   $ 18,407  
Segment general and administrative expense
                     18,625  
Corporate general and administrative expense (a)
                     21,988  
Consolidated selling, general and administrative expense
                   $ 59,020  
                         
Reconciliation of income (loss) before taxes:                        
Segment income before taxes
                   $ 43,218  
License revenue
                     143  
Unallocated interest expense, primaril related to interest on senior debt (see Note 7)
                     (25,027 )
Loss on extinguishment of debt (see Note 7)
                     (26,174 )
Unallocated interest income
                     1,589  
Corporate general and administrative expense (a)
                     (21,988 )
Consolidated income before taxes
                   $ (28,239 )
                         
Reconciliation of total assets:
                        
Total segment assets
                   $
281,452  
Corporate (b)
                     47,730  
Consolidated total assets
                   $ 329,182  


(a) -

Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company’s operating segments.


(b) -

Primarily consists of cash.


Year Ended December 31, 2022

  

(in thousands)

  

ADMA

BioManufacturing

    

Plasma Collection

Centers

    

Total

  

Revenues

   $ 144,070     $ 9,867     $ 153,937  

 

                        

Cost of product revenue

     108,882       9,933       118,815  

 

                        

Research and development

     3,614       -       3,614  

 

                        

Plasma center operating expenses

     -       17,843       17,843  

 

                        
Selling, marketing and distribution
     13,667       -       13,667  
                         

Depreciation and amortization expense

     4,709       2,404       7,113  

 

                        
General and administrative expense
     16,312       -       16,312  
                         
Income (loss) before taxes
     374       (17,911 )     (17,537 )
                         

Expenditures for additions to long-lived assets

     5,247       8,664       13,911  

Total assets

     238,159       37,071       275,230  
                         
Reconciliation of revenues:
                        
Segment revenue
                   $ 153,937  
License revenue (see Note 2 - Revenue Recognition)
                     143  
Consolidated revenues
                   $ 154,080  
                         
Reconciliation of selling, general and administrative expense:
                        
Segment selling, marketing and distribution expense
                   $ 13,667  
Segment general and administrative expense
                     16,312  
Corporate general and administrative expense (a)
                     22,479  
Consolidated selling, general and administrative expense
                   $ 52,458  
                         
Reconciliation of income (loss) before taxes:                        
Segment income before taxes
                   $ (17,537 )
License revenue
                     143  
Unallocated interest expense, primaril related to interest on senior debt (see Note 7)
                     (19,276 )
Loss on extinguishment of debt (see Note 7)
                     (6,670 )
Other expense
                     (85 )
Corporate general and administrative expense (a)
                     (22,479 )
Consolidated income before taxes
                   $ (65,904 )
                         
Reconciliation of total assets:
                        
Total segment assets
                   $ 275,230  
Corporate (b)
                     73,231  
Consolidated total assets
                   $ 348,461  

(a) -

Primarily includes compensation expense, including stock-based compensation expense, for certain executive officers and consultants, insurance, legal and investor relations expenses and accounting and tax fees that are not allocated to the Company’s operating segments.

(b) -

Primarily consists of cash.



Net revenues according to geographic area, based on the location of where the product is shipped, are as follows:

   
Year Ended December 31, 2024
  
   
ADMA
BioManufacturing
    
Plasma Centers
    
Total Segment
Revenue
    
License
Revenue
    
Consolidated
Revenue
  
United States
  
$
400,336
    
$
9,669
    
$
410,005
    
$
143
    
$
410,148
  
International
    
15,470
      
836
      
16,306
      
-
      
16,306
  
Total revenues
  
$
415,806
    
$
10,505
    
$
426,311
    
$
143
    
$
426,454
  

   
Year Ended December 31, 2023
  
   
ADMA
BioManufacturing
    
Plasma Centers
    
Total Segment
Revenue
    
License
Revenue
    
Consolidated
Revenue
  
United States
  
$
237,454
    
$
7,284
    
$
244,738
    
$
143
    
$
244,881
  
International
    
12,284
      
1,050
      
13,334
      
-
      
13,334
  
Total revenues
  
$
249,738
    
$
8,334
    
$
258,072
    
$
143
    
$
258,215
  

   
Year Ended December 31, 2022
  
   
ADMA
BioManufacturing
    
Plasma Centers
    
Total Segment
Revenue
    
License
Revenue
    
Consolidated
Revenue
  
United States
  
$
136,827
    
$
9,457
    
$
146,284
    
$
143
    
$
146,427
  
International
    
7,243
      
410
      
7,653
      
-
      
7,653
  
Total revenues
  
$
144,070
    
$
9,867
    
$
153,937
    
$
143
    
$
154,080