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Did ADMA Biologics beat or miss consensus estimates last quarter?

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What factors drove the changes in ADMA Biologics's revenue and profit?

What were the key takeaways from ADMA Biologics’s earnings call?

- **Record Q3 Results**: $134.2M revenue (12% YoY), $36.4M net income, $58.7M EBITDA (29% YoY growth).
- **ASCENIV Clinical Success**: 50%+ infection reduction data to be published, driving 2026 payer expansion.
- **Yield-Enhanced Production**: 20%+ output increase, targeting 70%+ gross margin by 2026.
- **Updated Guidance**: 2026 revenue up to $630M+, 2029 target >$1.1B.
- **High-Growth Pipeline**: SG001 potential $300-$500M annual revenue by 2029.

**【CEO Summary Section】**
- ADMA reported total revenue of $134.2 million for Q3 2025, up 10% QoQ and 12% YoY, driven by ASCENIV's record utilization.
- GAAP net income reached $36.4 million (up 6% QoQ, 1% YoY), with adjusted EBITDA at $58.7 million (16% QoQ growth, 29% YoY).
- ASCENIV demonstrated a 50%+ reduction in infections (2.1 to 0.9 per year) in a retrospective study, with plans for peer-reviewed publication and 2026 clinical meeting presentations.
- FDA-approved yield-enhanced production batches increased per-batch output by 20%+, with full 2026 production expected to drive gross margin expansion.
- SG001 program submitted Priority Review Voucher application; preclinical data shows broader serotype coverage than existing vaccines, targeting a $300-$500M annual revenue opportunity by 2029.
- Share repurchases of $23M in Q3, with $225M undrawn revolver supporting capital deployment.

**【CFO Financial Commentary】**
- Q3 2025: 
  - Total revenue: $134.2M (10% QoQ, 12% YoY)
  - Gross margin: 56.3% (vs. 49.8% YoY), product-level margin 63.7% (excluding $13.8M plasma sale)
  - GAAP net income: $36.4M (1% YoY), adjusted EBITDA: $58.7M (29% YoY)
- Updated 2025 guidance: 
  - Revenue: $510M (vs. prior $500M+)
  - Adjusted net income: $158M (modestly adjusted due to higher tax rate)
  - Adjusted EBITDA: $235M
- 2026 outlook: 
  - Revenue: $630M+ (vs. prior $625M+)
  - Adjusted net income: $255M+ (vs. prior $245M+)
  - Adjusted EBITDA: $355M+ (vs. prior $340M+)
- 2029 target: >$1.1B annual revenue, excluding SG001 contribution.

**【Q&A Key Highlights】**
- **ASCENIV clinical data impact**: 50%+ infection reduction data expected to accelerate payer access and utilization, with 2026 medical education campaigns planned.
- **Yield-enhanced production**: FDA lot release completed, with full 2026 production expected to drive 70%+ gross margin potential.
- **Payer negotiations**: Positive progress on ASCENIV coverage, with 40%-45% of utilization through commercial payers.
- **SG001 timeline**: IND submission anticipated, with potential 2029 launch and $300-$500M annual revenue opportunity.
- **Revenue growth trajectory**: 24% YoY revenue growth in 2026, driven by ASCENIV mix shift and yield-enhanced production efficiency.

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