ADMA Biologics (ADMA) Financials

ADMA Biologics’ financial profile has improved substantially since 2023, although the second quarter of 2026 showed some sequential moderation. Revenue reached $124.4 million in Q2 2026, up from $122.0 million in Q2 2025 and $60.1 million in Q2 2023. The company has also moved from quarterly losses in 2022 and 2023 to sustained profitability in the reported 2024-2026 periods.

• Revenue growth remains strong over the longer term. Q2 revenue has more than doubled from $60.1 million in 2023 to $124.4 million in 2026. Revenue also increased 2.0% year over year and 8.6% from Q1 2026.
• Gross profitability has improved markedly. Q2 2026 gross profit was $86.3 million, representing a gross margin of approximately 69.4%, compared with 55.1% in Q2 2025 and 27.8% in Q2 2023. This indicates much better cost absorption and product economics.
• ADMA is generating consistently positive operating income. Operating income was $52.4 million in Q2 2026, up 22.5% from $42.8 million in Q2 2025. Operating income has risen sharply from losses in 2022 and early 2023.
• Net income and earnings per share remain positive. Q2 2026 net income was $37.8 million, or $0.17 per basic share, compared with $34.2 million and $0.14 per share in Q2 2025. The company has reported positive net income in each provided quarter since Q3 2023, excluding earlier loss periods.
• Operating cash flow has strengthened compared with the prior year. Q2 2026 operating cash flow was $29.5 million, up from $21.1 million in Q2 2025. Positive operating cash flow provides internal funding for capital spending, debt service and shareholder returns.
• Liquidity and equity have expanded over the multi-year period. Cash and equivalents totaled $136.0 million at June 30, 2026, compared with $90.3 million a year earlier and $34.9 million in Q3 2022. Total equity reached $408.2 million, up from $398.3 million in Q2 2025 and $100.4 million in Q3 2022.
• Share repurchases have reduced the weighted-average share count. Basic shares outstanding declined to 228.2 million in Q2 2026 from 241.5 million in Q2 2025. ADMA repurchased $25.1 million of common stock during Q2 2026, following a much larger $130.2 million repurchase in Q1.
• Working capital is a key operating consideration. Accounts receivable totaled $138.2 million and inventory reached $239.3 million at the end of Q2 2026. The large inventory balance may support future sales, but it also ties up capital and contributed to a $16.4 million operating-capital cash outflow during the quarter.
• The balance sheet currently provides substantial short-term coverage. Current assets of $528.2 million compared with current liabilities of $75.8 million imply a current ratio of approximately 7.0. However, much of current assets consists of receivables and inventory rather than cash.
• Quarterly earnings and cash generation declined sequentially. Q2 net income fell to $37.8 million from $45.3 million in Q1 2026, while operating income declined from $58.3 million to $52.4 million. Operating cash flow also dropped from $58.2 million to $29.5 million, partly because Q2 working-capital changes became a significant cash use.
• Debt and interest costs remain meaningful. At June 30, 2026, ADMA had approximately $196.6 million of long-term debt and $3.8 million of short-term debt, excluding capital lease obligations. Q2 interest expense was $3.4 million, and total debt plus lease obligations was roughly $203 million versus $136 million of cash.

Overall, the statements show a company that has transitioned from low-margin, loss-making operations in 2022 and early 2023 to a much larger and profitable business with strong gross margins and positive operating cash flow. Investors should nevertheless monitor inventory growth, working-capital swings, debt repayment and whether the recent sequential decline in earnings represents normal quarterly variability or the beginning of a slower growth period.