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SEGMENTS | 9 Months Ended
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Sep. 30, 2025
SEGMENTS [Abstract] |
SEGMENTS | 10. 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 hold 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. While not considered an operating segment, the Corporate information included in the tables below consists of certain unallocated general and administrative overhead expenses and interest expense on the Company’s senior debt (see Note 6). 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. Summarized financial information concerning reportable segments is shown in the following tables:
Three Months ended September 30, 2025 |
(in thousands) |  | ADMA BioManufacturing |  |  | Plasma Collection Centers |  |  | Total |
Revenues |  | $ | 134,188 |  |  | $ | - |  |  | $ | 134,188 |
Cost of product revenue |  |  | 58,406 |  |  |  | 192 |  |  |  | 58,598 |
Research and development |  |  | 1,528 |  |  |  | - |  |  |  | 1,528 |
Plasma center operating expenses |  |  | - |  |  |  | 1,272 |  |  |  | 1,272 |
Selling, marketing and distribution |  |  | 8,150 |  |  |  | - |  |  |  | 8,150 |
Amortization of intangible assets |  |  | 38 |  |  |  | - |  |  |  | 38 |
General and administrative expense |  |  | 14,585 |  |  |  | - |  |  |  | 14,585 |
Other expense, net |  |  | (21 | ) |  |  | - |  |  |  | (21 | )
Income (loss) before taxes |  |  | 51,460 |  |  |  | (1,464 | ) |  |  | 49,996 |
Expenditures for additions to long-lived assets |  |  | 14,652 |  |  |  | 292 |  |  |  | 14,944 |
Total assets |  |  | 403,917 |  |  |  | 27,028 |  |  |  | 430,945 |
Reconciliation of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Segment revenue |  |  |  |  |  |  |  |  |  | $ | 134,188 |
License revenue |  |  |  |  |  |  |  |  |  |  | 36 |
Consolidated revenues |  |  |  |  |  |  |  |  |  | $ | 134,224 |
Reconciliation of selling, general and administrative expense: |  |  |  |  |  |  |  |  |
Segment selling, marketing and distribution expense |  |  |  |  |  |  | $ | 8,150 |
Segment general and administrative expense |  |  |  |  |  |  |  | 14,585 |
Corporate general and administrative expense (a) |  |  |  |  |  |  |  | (959 | )
Consolidated selling, general and administrative expense |  |  | $ | 21,776 |
Reconciliation of income before taxes: |  |  |  |  |  |  |  |  |  |  |  |
Segment income before taxes |  |  |  |  |  |  |  |  |  | $ | 49,996 |
License revenue |  |  |  |  |  |  |  |  |  |  | 36 |
Unallocated interest expense, primarily related to interest on senior debt (see Note 6) |  |  |  | (1,675 | )
Unallocated interest income |  |  |  |  |  |  |  |  |  |  | 376 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  | (2,177 | )
Corporate general and administrative expense (a) |  |  |  |  |  |  |  | 959 |
Consolidated income before taxes |  |  |  |  |  |  | $ | 47,515 |
Reconciliation of total assets: |  |  |  |  |  |  |  |  |  |  |  |
Total segment assets |  |  |  |  |  |  |  |  |  | $ | 430,945 |
Corporate (b) |  |  |  |  |  |  |  |  |  |  | 137,742 |
Consolidated total assets |  |  |  |  |  |  |  |  |  | $ | 568,687 |
(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.
Nine Months ended September 30, 2025 |
(in thousands) |  | ADMA BioManufacturing |  |  | Plasma Collection Centers |  |  | Total |
Revenues |  | $ | 369,852 |  |  | $ | 1,050 |  |  | $ | 370,902 |
Cost of product revenue |  |  | 166,220 |  |  |  | 841 |  |  |  | 167,061 |
Research and development |  |  | 3,386 |  |  |  | - |  |  |  | 3,386 |
Plasma center operating expenses |  |  | - |  |  |  | 3,710 |  |  |  | 3,710 |
Selling, marketing and distribution |  |  | 17,827 |  |  |  | - |  |  |  | 17,827 |
Amortization of intangible assets |  |  | 93 |  |  |  | - |  |  |  | 93 |
General and administrative expense |  |  | 44,688 |  |  |  | - |  |  |  | 44,688 |
Other expense, net |  |  | (195 | ) |  |  | - |  |  |  | (195 | )
Income (loss) before taxes |  |  | 137,443 |  |  |  | (3,501 | ) |  |  | 133,942 |
Expenditures for additions to long-lived assets |  |  | 21,366 |  |  |  | 263 |  |  |  | 21,629 |
Total assets |  |  | 403,917 |  |  |  | 27,028 |  |  |  | 430,945 |
Reconciliation of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Segment revenue |  |  |  |  |  |  |  |  |  | $ | 370,902 |
License revenue |  |  |  |  |  |  |  |  |  |  | 108 |
Consolidated revenues |  |  |  |  |  |  |  |  |  | $ | 371,010 |
Reconciliation of selling, general and administrative expense: |  |  |  |  |  |  |  |  |
Segment selling, marketing and distribution expense |  |  |  |  |  |  | $ | 17,827 |
Segment general and administrative expense |  |  |  |  |  |  |  | 44,688 |
Corporate general and administrative expense (a) |  |  |  |  |  |  |  | 5,553 |
Consolidated selling, general and administrative expense |  |  |  |  |  |  | $ | 68,068 |
Reconciliation of income (loss) before taxes: |  |  |  |  |  |  |  |  |
Segment income before taxes |  |  |  |  |  |  |  |  |  | $ | 133,942 |
License revenue |  |  |  |  |  |  |  |  |  |  | 108 |
Unallocated interest expense, primarily related to interest on senior debt (see Note 6) |  |  |  | (5,484 | )
Unallocated interest income |  |  |  |  |  |  |  |  |  |  | 1,384 |
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  | (3,336 | )
Corporate general and administrative expense (a) |  |  |  |  |  |  |  | (5,553 | )
Consolidated income before taxes |  |  |  |  |  |  |  |  |  | $ | 121,061 |
Reconciliation of total assets: |  |  |  |  |  |  |  |  |  |  |  |
Total segment assets |  |  |  |  |  |  |  |  |  | $ | 430,945 |
Corporate (b) |  |  |  |  |  |  |  |  |  |  | 137,742 |
Consolidated total assets |  |  |  |  |  |  |  |  |  | $ | 568,687 |
(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.
Three Months Ended September 30, 2024 |
(in thousands) |  | ADMA BioManufacturing |  |  | Plasma Collection Centers |  |  | Total |
Revenues |  | $ | 117,719 |  |  | $ | 2,084 |  |  | $ | 119,803 |
Cost of product revenue |  |  | 58,156 |  |  |  | 2,024 |  |  |  | 60,180 |
Research and development |  |  | 412 |  |  |  | - |  |  |  | 412 |
Plasma center operating expenses |  |  | - |  |  |  | 1,021 |  |  |  | 1,021 |
Selling, marketing and distribution |  |  | 5,900 |  |  |  | - |  |  |  | 5,900 |
Amortization of intangible assets |  |  | 28 |  |  |  | - |  |  |  | 28 |
General and administrative expense |  |  | 3,988 |  |  |  | - |  |  |  | 3,988 |
Other expense, net |  |  | (56 | ) |  |  |  |  |  |  | (56 | )
Income (loss) before taxes |  |  | 49,179 |  |  |  | (961 | ) |  |  | 48,218 |
Expenditures for additions to long-lived assets |  |  | 1,067 |  |  |  | 9 |  |  |  | 1,076 |
Total assets |  |  | 266,456 |  |  |  | 33,191 |  |  |  | 299,647 |
Reconciliation of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Segment revenue |  |  |  |  |  |  |  |  |  | $ | 119,803 |
License revenue |  |  |  |  |  |  |  |  |  |  | 36 |
Consolidated revenues |  |  |  |  |  |  |  |  |  | $ | 119,839 |
Reconciliation of selling, general and administrative expense: |  |  |  |  |  |  |  |  |
Segment selling, marketing and distribution expense |  |  |  |  |  |  | $ | 5,900 |
Segment general and administrative expense |  |  |  |  |  |  |  | 3,988 |
Corporate general and administrative expense (a) |  |  |  |  |  |  |  | 8,672 |
Consolidated selling, general and administrative expense |  |  | $ | 18,560 |
Reconciliation of income (loss) before taxes: |  |  |  |  |  |  |  |  |
Segment income before taxes |  |  |  |  |  |  |  |  |  | $ | 48,218 |
License revenue |  |  |  |  |  |  |  |  |  |  | 36 |
Unallocated interest expense, primarily related to interest on senior debt (see Note 6) |  |  |  | (3,499 | )
Unallocated interest income |  |  |  |  |  |  |  |  |  |  | 666 |
Corporate general and administrative expense (a) |  |  |  |  |  |  |  | (8,672 | )
Consolidated income before taxes |  |  |  |  |  |  | $ | 36,749 |
Reconciliation of total assets: |  |  |  |  |  |  |  |  |  |  |  |
Total segment assets |  |  |  |  |  |  |  |  |  | $ | 299,647 |
Corporate (b) |  |  |  |  |  |  |  |  |  |  | 90,971 |
Consolidated total assets |  |  |  |  |  |  |  |  |  | $ | 390,618 |
(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.
Nine Months Ended September 30, 2024 |
(in thousands) |  | ADMA BioManufacturing |  |  | Plasma Collection Centers |  |  | Total |
Revenues |  | $ | 304,016 |  |  | $ | 4,781 |  |  | $ | 308,797 |
Cost of product revenue |  |  | 147,619 |  |  |  | 5,066 |  |  |  | 152,685 |
Research and development |  |  | 1,422 |  |  |  | - |  |  |  | 1,422 |
Plasma center operating expenses |  |  | - |  |  |  | 2,968 |  |  |  | 2,968 |
Selling, marketing and distribution |  |  | 13,374 |  |  |  | - |  |  |  | 13,374 |
Amortization of intangible assets |  |  | 363 |  |  |  | - |  |  |  | 363 |
General and administrative expense |  |  | 18,276 |  |  |  | - |  |  |  | 18,276 |
Other expense, net |  |  | (103 | ) |  |  | (4 | ) |  |  | (107 | )
Income (loss) before taxes |  |  | 122,859 |  |  |  | (3,257 | ) |  |  | 119,602 |
Expenditures for additions to long-lived assets |  |  | 5,720 |  |  |  | 105 |  |  |  | 5,825 |
Total assets |  |  | 266,456 |  |  |  | 33,191 |  |  |  | 299,647 |
Reconciliation of revenues: |  |  |  |  |  |  |  |  |  |  |  |
Segment revenue |  |  |  |  |  |  |  |  |  | $ | 308,797 |
License revenue |  |  |  |  |  |  |  |  |  |  | 108 |
Consolidated revenues |  |  |  |  |  |  |  |  |  | $ | 308,905 |
Reconciliation of selling, general and administrative expense: |  |  |  |  |  |  |  |  |
Segment selling, marketing and distribution expense |  |  |  |  |  |  | $ | 13,374 |
Segment general and administrative expense |  |  |  |  |  |  |  | 18,276 |
Corporate general and administrative expense (a) |  |  |  |  |  |  |  | 19,157 |
Consolidated selling, general and administrative expense |  |  | $ | 50,807 |
Reconciliation of income (loss) before taxes: |  |  |  |  |  |  |  |  |
Segment income before taxes |  |  |  |  |  |  |  |  |  | $ | 119,602 |
License revenue |  |  |  |  |  |  |  |  |  |  | 108 |
Unallocated interest expense, primarily related to interest on senior debt (see Note 6) |  |  |  | (11,051 | )
Unallocated interest income |  |  |  |  |  |  |  |  |  |  | 1,499 |
Corporate general and administrative expense (a) |  |  |  |  |  |  |  | (19,157 | )
Consolidated income before taxes |  |  |  |  |  |  | $ | 91,001 |
Reconciliation of total assets: |  |  |  |  |  |  |  |  |  |  |  |
Total segment assets |  |  |  |  |  |  |  |  |  | $ | 299,647 |
Corporate (b) |  |  |  |  |  |  |  |  |  |  | 90,971 |
Consolidated total assets |  |  |  |  |  |  |  |  |  | $ | 390,618 |
(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. Net revenues according to geographic area, based on the location of where the product is shipped, were as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
United States |  | $ | 133,978 |  |  | $ | 114,748 |  |  | $ | 366,692 |  |  | $ | 295,465 |
International |  |  | 246 |  |  |  | 5,091 |  |  |  | 4,318 |  |  |  | 13,440 |
Total revenues |  | $ | 134,224 |  |  | $ | 119,839 |  |  | $ | 371,010 |  |  | $ | 308,905 |

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