ADMA earnings analysis
What we found in ADMA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
ADMA Biologics reported a slight revenue decline for Q1 2026, with total revenue of $114.5 million, down 0.3% year-over-year, missing estimates by approximately 18.2%. However, the company saw a notable net income increase to $45.3 million, up from $26.9 million a year prior, attributed to improved gross margins driven by higher ASCENIV sales, which grew 27.7%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- ASCENIV Revenue Growth
- ASCENIV sales grew by 27.7% to $97.5 million, contributing significantly to gross profit.
- Increased Net Income
- Net income increased by 68.5% to $45.3 million for Q1 2026 compared to $26.9 million in Q1 2025.
- Improved Gross Margin
- Gross profit rose to $80.8 million, leading to a gross margin of 70.5% in Q1 2026, up from 53.2% in Q1 2025.
- Positive Cash Flow from Operations
- Net cash provided by operating activities amounted to $58.2 million, an increase of $77.9 million from Q1 2025.
- Significant Reduction in BIVIGAM Sales Losses
- BIVIGAM experienced a revenue decline of 54%, attributed to competitive pressures.
- Successful Plasma Center Divestiture
- The company completed the sale of three plasma centers, realizing an $8 million gain.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Revenue Missed Estimates
- Q1 2026 revenue was $114.5 million, missing estimates of $140 million by approximately 18.2%.
- Decline in BIVIGAM Sales
- BIVIGAM revenue fell by $18.1 million, down 54% due to competitive pressures.
- Increased Competitive Pressures
- The market for IVIG products is experiencing competitive pricing pressure, which may affect future sales.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.17
- Gross margin
- 70.5%
- Operating margin
- 50.9%
- Segment
- ASCENIV
- Segment
- BIVIGAM
- Segment
- Intermediates and other products
- Segment
- Plasma Collection Centers
What they said about what is next.
Management expects total revenue for FY 2026 to be between $530 million and $560 million.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 25, 2026
- ADMA reported record Q4 2025 results with quarterly revenue of $139.163M and materially expanded margins (Q4 gross margin 63.8%, operating margin 45.1%). Management obtained FDA approval of a yield-enhancement PAS in…
- 10-Q · November 5, 2025
- ADMA reported Q3 revenue of $134,224,000, up $14,385,000 (≈12.0%) vs. $119,839,000 in Q3 2024, with gross profit rising to $75,626,000 and gross margin expanding to 56.3% from 49.8%. Income from operations increased to…
- 10-Q · November 7, 2024
- ADMA reported a strong Q3 with revenue of $119,839,000 (Q3 2024) versus $67,275,000 (Q3 2023), driving operating income of $39,638,000 and net income of $35,909,000. Margins expanded (gross margin 49.8%, operating…
- 10-Q · August 8, 2024
- ADMA reported a strong quarter: revenue of $107.191M in Q2 2024 (three months ended June 30, 2024) vs $60.123M in Q2 2023 and roughly $82M in the prior quarter, driving gross profit of $57.453M and GAAP net income of…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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