ADMA Biologics Inc

Good afternoon, and welcome to the ADMA Biologics Full Year 2025 Financial Results and Business Update Conference Call on Wednesday, February 25, 2026. At this time, all participants are in a listen-only mode. There will be a question-and-answer session to follow. Please be advised that this call is being recorded at the company's request and will be available on the company's website approximately two hours following the end of the call. At this time, I would like to introduce the company. Please go ahead.

Welcome, everyone, and thank you for joining us this afternoon to discuss Adma Biologics' financial results for the fourth quarter and full year 2025 and recent corporate updates. I'm joined today by Adam Grossman, our President and Chief Executive Officer, Brad Tade, our Retiring CFO and Treasurer, and Terry Kohler, our Incoming CFO and Treasurer. During today's call, Adam will provide some introductory comments and provide an update on corporate progress. Brad will then provide an overview of the company's fourth quarter and full year 2025 financial results, and Terry will make some introductory comments. Finally, Adam will then provide some brief summary remarks before opening up the call for questions. Earlier today, we issued a press release detailing the full year 2025 financial results and summarized certain achievements and recent corporate updates. The release is available on our website at www.admobiologics.com. Before we begin our formal comments, I'll remind you that we will be making forward-looking assertions during today's call that represent the company's intentions, expectations, or beliefs concerning future events which constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to factors, risks, and uncertainties, such as those detailed in today's press release announcing this call in our filings with the SEC, which may cause actual results to differ materially from the results expressed or implied by such statements. In addition, any forward-looking statements represent our views only as of the date of this call and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligations to update any such statements except as required by the federal securities laws. We refer you to the disclosure notice section in our earnings release we issued today in the risk factors section in our annual report on Form 10-K for the year ended December 31st, 2025 for a discussion of important factors that could cause actual results to differ materially from these forward-looking statements. Please note that the discussion on today's call includes certain non-GAAP financial measures, including adjusted EBITDA and adjusted net income. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP metric is available in our earnings release. And with that, I would now like to turn the call over to Adam Grossman. Adam, go ahead.

Thank you. Good afternoon, everyone. ADMA delivered a strong finish to 2025. reflecting disciplined execution across our commercial, manufacturing, and financial platforms. For the full year, total revenue was $510 million, representing 20% year-over-year growth. Adjusted EBITDA was $231 million, increasing 40% year-over-year, and adjusted net income was $161 million, increasing 35% year-over-year. These results underscore the durability of our growth engine and the expanding operating leverage within our fully integrated US-based business model. Importantly, 2025 was a defining year for ADMA. We expanded margins, improved our balance sheet, and executed several strategic initiatives that enhanced the long-term durability and earnings power of our company as we enter the next phase of growth. Ascentive continues to drive our growth. For full year 2025, Ascentive achieved $363 million in net revenue, representing 51% year-over-year growth. Our differentiated patent-protected specialty immune globulin exited the year at record utilization levels, driven by high demand and strong prescriber adoption. With Ascentive still forecasted to be early in its penetration curve, within its total addressable market. Driven by broad payer access and increasing confidence in long-term supply continuity, Ascentive is well positioned for sustained utilization growth throughout 2026 and beyond. Before turning to additional operating highlights, I want to briefly address working capital. We expect accounts receivable and day sales outstanding to improve over the course of 2026. trending toward and potentially improving beyond industry benchmarks over time. The recent increase in working capital primarily reflects the growth in incentives and the acceleration in revenue growth we are guiding to as we continue to make meaningful inroads into incentives still significantly under-penetrated addressable market. As demand builds and our McKesson distribution agreement ramps up alongside further anticipated diversification of our distribution network, we expect improving working capital efficiency and cash conversion throughout 2026. We are also seeing continued validation of Ascentive's differentiation in real-world settings. Independent datasets generated during 2025 reinforce Ascentive's unique biologic profile. A peer-reviewed study by Tan et al. presented at the ACAAI 2025 conference and published in the Journal of Clinical Immunology demonstrated statistically significant reductions in infections and hospitalizations among patients who failed prior IVIG therapy and transitioned to incentive. 71% of these patients showed clinical improvement. These outcomes, along with additional publications expected throughout 2026, should further enhance physician confidence, support constructive payer engagement, and expand medical education and drive sustained utilization growth. From a manufacturing and supply perspective, 2025 marked a major inflection point as yield-enhanced production transitioned into routine commercial practice with continued FDA lot releases. This makes 2026 the first full year of yield-enhanced output, a structural improvement to our business model. supporting meaningful gross margin growth and increasing earnings power. In parallel, we strategically repositioned our plasma collection network to improve capital efficiency while securing our long-term high-titer plasma supply. In December, we entered into an agreement to monetize three plasma centers while retaining ownership of seven centers and concurrently executed a long-term supply agreement that continues to diversify our high-titer plasma sourcing base. With newly forged supply contracts with the purchaser of ADMIS III centers, in total, the company now has access to over 280 plasma collection centers, and we have improved supply visibility through the late 2030s and beyond. This transaction remains on track to close this quarter. I want to thank the entire ADMA team for their exceptional execution and commitment throughout 2025. Their discipline and dedication continue to drive our performance and position us for sustained success. Before I turn the call over to Brad, I also want to share an important leadership update. After a successful tenure and meaningful contributions to ADMA's growth and financial transformation, including the successful onboarding of KPMG as the company's independent auditor. Brad has informed the company of his intention to retire as Chief Financial Officer and Treasurer. We are grateful for Brad's contributions and partnership, and we are pleased that he will remain with ADMA in a consulting capacity through a structured transition period to ensure continuity of operations, which will extend through July of this year. Today, we are excited to announce the appointment of our incoming Chief Financial Officer and Treasurer, Terry Kohler. He brings extensive public company experience, deep expertise in working capital optimization and cash conversion, and a proven track record of disciplined capital allocation and financial execution. This leadership transition further solidifies our ability to scale efficiently, enhance financial flexibility, and maximize long-term stockholder value creation. Importantly, there have been no changes to our previously issued financial statements, no changes to our internal control conclusions, and our forward-looking guidance remains strong. Our financial foundation remains robust and our priorities are clear. Drive commercial execution, invest in our capital-efficient pipeline, and maintain balance sheet discipline. With that, I'll now turn the call over to Brad to review our fourth quarter and full-year financial results in greater detail.