Intrinsic value of ADMA Biologics - ADMA

Previous Close

$5.03

  Intrinsic Value

$0.17

stock screener

  Rating & Target

str. sell

-97%

Previous close

$5.03

 
Intrinsic value

$0.17

 
Up/down potential

-97%

 
Rating

str. sell

We calculate the intrinsic value of ADMA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  37.00
  33.80
  30.92
  28.33
  26.00
  23.90
  22.01
  20.31
  18.77
  17.40
  16.16
  15.04
  14.04
  13.13
  12.32
  11.59
  10.93
  10.34
  9.80
  9.32
  8.89
  8.50
  8.15
  7.84
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
Revenue, $m
  31
  42
  55
  70
  88
  109
  133
  161
  191
  224
  260
  299
  341
  386
  434
  484
  537
  592
  650
  711
  774
  840
  908
  980
  1,054
  1,131
  1,210
  1,294
  1,380
  1,470
Variable operating expenses, $m
  81
  108
  141
  181
  228
  282
  344
  414
  492
  577
  669
  770
  878
  993
  1,115
  1,245
  1,381
  1,524
  1,673
  1,829
  1,991
  2,161
  2,337
  2,520
  2,710
  2,908
  3,114
  3,327
  3,549
  3,780
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  81
  108
  141
  181
  228
  282
  344
  414
  492
  577
  669
  770
  878
  993
  1,115
  1,245
  1,381
  1,524
  1,673
  1,829
  1,991
  2,161
  2,337
  2,520
  2,710
  2,908
  3,114
  3,327
  3,549
  3,780
Operating income, $m
  -50
  -66
  -87
  -111
  -140
  -173
  -211
  -253
  -301
  -353
  -409
  -470
  -537
  -607
  -682
  -761
  -844
  -931
  -1,022
  -1,118
  -1,217
  -1,321
  -1,428
  -1,540
  -1,657
  -1,777
  -1,903
  -2,034
  -2,169
  -2,311
EBITDA, $m
  -46
  -61
  -80
  -103
  -130
  -161
  -196
  -236
  -280
  -329
  -382
  -439
  -501
  -567
  -636
  -710
  -788
  -869
  -954
  -1,043
  -1,136
  -1,233
  -1,333
  -1,438
  -1,546
  -1,659
  -1,776
  -1,898
  -2,025
  -2,156
Interest expense (income), $m
  2
  4
  6
  9
  13
  17
  22
  28
  35
  42
  51
  60
  70
  81
  93
  106
  119
  133
  148
  163
  180
  197
  214
  233
  252
  272
  293
  314
  337
  360
  384
Earnings before tax, $m
  -54
  -73
  -96
  -124
  -157
  -195
  -239
  -288
  -343
  -404
  -469
  -541
  -618
  -700
  -787
  -880
  -977
  -1,079
  -1,186
  -1,297
  -1,414
  -1,535
  -1,661
  -1,792
  -1,929
  -2,070
  -2,217
  -2,370
  -2,529
  -2,695
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -54
  -73
  -96
  -124
  -157
  -195
  -239
  -288
  -343
  -404
  -469
  -541
  -618
  -700
  -787
  -880
  -977
  -1,079
  -1,186
  -1,297
  -1,414
  -1,535
  -1,661
  -1,792
  -1,929
  -2,070
  -2,217
  -2,370
  -2,529
  -2,695

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  93
  125
  164
  210
  264
  328
  400
  481
  571
  671
  779
  896
  1,022
  1,156
  1,298
  1,449
  1,607
  1,773
  1,947
  2,129
  2,318
  2,515
  2,720
  2,933
  3,155
  3,385
  3,624
  3,873
  4,131
  4,400
Adjusted assets (=assets-cash), $m
  93
  125
  164
  210
  264
  328
  400
  481
  571
  671
  779
  896
  1,022
  1,156
  1,298
  1,449
  1,607
  1,773
  1,947
  2,129
  2,318
  2,515
  2,720
  2,933
  3,155
  3,385
  3,624
  3,873
  4,131
  4,400
Revenue / Adjusted assets
  0.333
  0.336
  0.335
  0.333
  0.333
  0.332
  0.333
  0.335
  0.335
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
  0.334
Average production assets, $m
  25
  33
  44
  56
  70
  87
  106
  128
  152
  178
  207
  239
  272
  308
  346
  386
  428
  472
  518
  567
  617
  669
  724
  781
  840
  901
  965
  1,031
  1,100
  1,171
Working capital, $m
  7
  9
  12
  16
  20
  24
  30
  36
  43
  50
  58
  67
  76
  86
  97
  108
  120
  132
  145
  159
  173
  187
  203
  218
  235
  252
  270
  288
  308
  328
Total debt, $m
  59
  88
  122
  164
  213
  270
  335
  408
  489
  579
  676
  782
  895
  1,016
  1,144
  1,279
  1,422
  1,571
  1,728
  1,891
  2,061
  2,239
  2,423
  2,615
  2,815
  3,022
  3,237
  3,461
  3,693
  3,935
Total liabilities, $m
  84
  112
  147
  189
  238
  295
  360
  433
  514
  603
  701
  806
  920
  1,040
  1,169
  1,304
  1,446
  1,596
  1,752
  1,916
  2,086
  2,264
  2,448
  2,640
  2,839
  3,046
  3,262
  3,486
  3,718
  3,960
Total equity, $m
  9
  12
  16
  21
  26
  33
  40
  48
  57
  67
  78
  90
  102
  116
  130
  145
  161
  177
  195
  213
  232
  252
  272
  293
  315
  338
  362
  387
  413
  440
Total liabilities and equity, $m
  93
  124
  163
  210
  264
  328
  400
  481
  571
  670
  779
  896
  1,022
  1,156
  1,299
  1,449
  1,607
  1,773
  1,947
  2,129
  2,318
  2,516
  2,720
  2,933
  3,154
  3,384
  3,624
  3,873
  4,131
  4,400
Debt-to-equity ratio
  6.350
  7.020
  7.490
  7.820
  8.070
  8.250
  8.380
  8.490
  8.570
  8.630
  8.680
  8.720
  8.760
  8.790
  8.810
  8.830
  8.850
  8.860
  8.870
  8.880
  8.890
  8.900
  8.910
  8.920
  8.920
  8.930
  8.930
  8.940
  8.940
  8.940
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -54
  -73
  -96
  -124
  -157
  -195
  -239
  -288
  -343
  -404
  -469
  -541
  -618
  -700
  -787
  -880
  -977
  -1,079
  -1,186
  -1,297
  -1,414
  -1,535
  -1,661
  -1,792
  -1,929
  -2,070
  -2,217
  -2,370
  -2,529
  -2,695
Depreciation, amort., depletion, $m
  4
  5
  7
  8
  10
  12
  15
  18
  21
  24
  27
  31
  36
  40
  45
  51
  56
  62
  68
  75
  81
  88
  95
  103
  110
  119
  127
  136
  145
  154
Funds from operations, $m
  -50
  -67
  -89
  -116
  -147
  -183
  -224
  -271
  -322
  -379
  -442
  -509
  -582
  -660
  -742
  -829
  -921
  -1,017
  -1,118
  -1,223
  -1,333
  -1,447
  -1,566
  -1,690
  -1,818
  -1,952
  -2,090
  -2,235
  -2,385
  -2,541
Change in working capital, $m
  2
  2
  3
  3
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  14
  15
  15
  16
  16
  17
  18
  19
  19
  20
Cash from operations, $m
  -52
  -70
  -92
  -119
  -151
  -187
  -229
  -277
  -329
  -387
  -450
  -518
  -591
  -670
  -753
  -840
  -933
  -1,029
  -1,131
  -1,236
  -1,347
  -1,462
  -1,581
  -1,705
  -1,835
  -1,969
  -2,108
  -2,253
  -2,404
  -2,561
Maintenance CAPEX, $m
  -2
  -3
  -4
  -6
  -7
  -9
  -11
  -14
  -17
  -20
  -23
  -27
  -31
  -36
  -40
  -45
  -51
  -56
  -62
  -68
  -75
  -81
  -88
  -95
  -103
  -110
  -119
  -127
  -136
  -145
New CAPEX, $m
  -7
  -8
  -10
  -12
  -15
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
Cash from investing activities, $m
  -9
  -11
  -14
  -18
  -22
  -26
  -30
  -36
  -41
  -46
  -52
  -58
  -64
  -72
  -78
  -85
  -93
  -100
  -108
  -116
  -125
  -133
  -143
  -152
  -162
  -171
  -183
  -193
  -205
  -217
Free cash flow, $m
  -61
  -81
  -107
  -137
  -173
  -214
  -260
  -312
  -370
  -433
  -502
  -577
  -656
  -741
  -831
  -926
  -1,025
  -1,130
  -1,239
  -1,353
  -1,472
  -1,595
  -1,724
  -1,857
  -1,996
  -2,141
  -2,290
  -2,446
  -2,608
  -2,777
Issuance/(repayment) of debt, $m
  16
  28
  35
  42
  49
  57
  65
  73
  81
  89
  98
  105
  113
  121
  128
  135
  143
  150
  156
  163
  170
  177
  185
  192
  199
  207
  215
  224
  233
  242
Issuance/(repurchase) of shares, $m
  63
  76
  100
  128
  162
  201
  246
  296
  352
  414
  480
  553
  630
  714
  802
  895
  993
  1,096
  1,203
  1,316
  1,433
  1,555
  1,682
  1,814
  1,951
  2,093
  2,241
  2,395
  2,555
  2,722
Cash from financing (excl. dividends), $m  
  79
  104
  135
  170
  211
  258
  311
  369
  433
  503
  578
  658
  743
  835
  930
  1,030
  1,136
  1,246
  1,359
  1,479
  1,603
  1,732
  1,867
  2,006
  2,150
  2,300
  2,456
  2,619
  2,788
  2,964
Total cash flow (excl. dividends), $m
  18
  23
  28
  33
  39
  45
  51
  57
  64
  70
  75
  81
  87
  93
  99
  104
  110
  115
  121
  126
  131
  137
  142
  148
  154
  160
  166
  173
  179
  187
Retained Cash Flow (-), $m
  -63
  -76
  -100
  -128
  -162
  -201
  -246
  -296
  -352
  -414
  -480
  -553
  -630
  -714
  -802
  -895
  -993
  -1,096
  -1,203
  -1,316
  -1,433
  -1,555
  -1,682
  -1,814
  -1,951
  -2,093
  -2,241
  -2,395
  -2,555
  -2,722
Prev. year cash balance distribution, $m
  39
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -6
  -53
  -72
  -95
  -123
  -157
  -195
  -239
  -289
  -344
  -405
  -471
  -543
  -620
  -703
  -790
  -883
  -980
  -1,083
  -1,190
  -1,301
  -1,418
  -1,539
  -1,666
  -1,797
  -1,933
  -2,075
  -2,223
  -2,376
  -2,535
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  -5
  -49
  -63
  -79
  -96
  -114
  -132
  -149
  -166
  -180
  -192
  -201
  -206
  -208
  -206
  -201
  -192
  -181
  -167
  -151
  -135
  -118
  -101
  -85
  -70
  -56
  -45
  -34
  -26
  -19
Current shareholders' claim on cash, %
  9.7
  4.0
  1.7
  0.7
  0.3
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

ADMA Biologics, Inc. is a late-stage biopharmaceutical company that develops, manufactures and intends to market specialty plasma-based biologics for the treatment and prevention of infectious diseases. The Company is engaged in the development and commercialization of human plasma and plasma-derived therapeutics. Its segments include Plasma Collection Centers, which includes its operations in Georgia; Research and Development, which includes its plasma development operations in New Jersey, and Corporate. Its targeted patient populations are immune-compromised individuals suffering from an underlying immune deficiency disorder or may be immune-suppressed for medical reasons. Its product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients at risk of contracting infectious diseases. Its intravenous immunoglobulin product candidate, RI-002, is intended for the treatment of primary immune deficiency disease.

FINANCIAL RATIOS  of  ADMA Biologics (ADMA)

Valuation Ratios
P/E Ratio -3.2
Price to Sales 5.9
Price to Book -16.2
Price to Tangible Book
Price to Cash Flow -3.6
Price to Free Cash Flow -3.6
Growth Rates
Sales Growth Rate 57.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity -350%
Total Debt to Equity -500%
Interest Coverage -9
Management Effectiveness
Return On Assets -75%
Ret/ On Assets - 3 Yr. Avg. -65.3%
Return On Total Capital -121.2%
Ret/ On T. Cap. - 3 Yr. Avg. -95.6%
Return On Equity 1333.3%
Return On Equity - 3 Yr. Avg. 232.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 36.4%
Gross Margin - 3 Yr. Avg. 37.5%
EBITDA Margin -163.6%
EBITDA Margin - 3 Yr. Avg. -224.4%
Operating Margin -154.5%
Oper. Margin - 3 Yr. Avg. -216.6%
Pre-Tax Margin -181.8%
Pre-Tax Margin - 3 Yr. Avg. -240.8%
Net Profit Margin -181.8%
Net Profit Margin - 3 Yr. Avg. -240.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

ADMA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ADMA stock intrinsic value calculation we used $22.76056 million for the last fiscal year's total revenue generated by ADMA Biologics. The default revenue input number comes from 0001 income statement of ADMA Biologics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ADMA stock valuation model: a) initial revenue growth rate of 37% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ADMA is calculated based on our internal credit rating of ADMA Biologics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of ADMA Biologics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ADMA stock the variable cost ratio is equal to 260.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ADMA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 10.4% for ADMA Biologics.

Corporate tax rate of 27% is the nominal tax rate for ADMA Biologics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ADMA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ADMA are equal to 79.7%.

Life of production assets of 7.6 years is the average useful life of capital assets used in ADMA Biologics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ADMA is equal to 22.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $40.332757 million for ADMA Biologics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 46.35 million for ADMA Biologics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of ADMA Biologics at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ Adma Biologics: 3Q Earnings Snapshot   [Nov-08-18 05:27PM  Associated Press]
▶ ADMA: Bivigam Delay But Will Recoup Sales Later   [Oct-30-18 10:00AM  Zacks Small Cap Research]
▶ ADMA Biologics Receives PDUFA Date for RI-002   [Oct-17-18 07:08AM  GlobeNewswire]
▶ ADMA Biologics Provides Regulatory Update for BIVIGAM®   [Oct-11-18 08:48AM  GlobeNewswire]
▶ Penny Stocks to Watch for September 2018   [Aug-31-18 02:44PM  Investopedia]
▶ ADMA: FDA Submissions are Next Milestones   [Aug-27-18 09:15AM  Zacks Small Cap Research]
▶ Adma Biologics: 2Q Earnings Snapshot   [Aug-10-18 07:18AM  Associated Press]
▶ ADMA: Inspection Concluded; Product Filings Can Begin   [Jul-30-18 10:30AM  Zacks Small Cap Research]
▶ Here's Why ADMA Biologics Rose as Much as 27.3% Today   [Jul-26-18 03:39PM  Motley Fool]
▶ ADMA Biologics Announces Closing of $40M Public Offering   [Jun-12-18 04:05PM  GlobeNewswire]
▶ ADMA: Biotest Share Retirement Good for Shareholders   [Jun-04-18 10:00AM  Zacks Small Cap Research]
▶ Who Owns Most Of ADMA Biologics Inc (NASDAQ:ADMA)?   [May-18-18 09:47AM  Simply Wall St.]
▶ Adma Biologics: 1Q Earnings Snapshot   [May-14-18 05:28PM  Associated Press]
▶ When Will ADMA Biologics Inc (NASDAQ:ADMA) Turn A Profit?   [Mar-12-18 03:50PM  Simply Wall St.]
▶ ADMA Biologics Reports Full Year 2017 Financial Results   [Mar-05-18 07:00AM  GlobeNewswire]
▶ ADMA: Third Quarter 2017 Financial Results and Corporate Update   [Nov-13-17 05:00PM  Zacks Small Cap Research]
▶ Are ADMA Biologics Incs (ADMA) Interest Costs Too High?   [Nov-10-17 03:35PM  Simply Wall St.]
▶ ADMA Biologics Announces Pricing of Follow-On Offering   [Nov-09-17 08:58AM  GlobeNewswire]
▶ Adma Biologics posts 3Q profit   [Nov-03-17 05:08PM  Associated Press]
▶ Why ADMA Biologics Inc (ADMA) Could Be A Buy   [Oct-27-17 04:11PM  Simply Wall St.]
▶ ADMA: Second Quarter 2017 Financial Results and Corporate Update   [Aug-28-17 09:00AM  Zacks Small Cap Research]
▶ ADMA Biologics to Present at Upcoming Investor Conferences   [Aug-23-17 07:38AM  GlobeNewswire]
▶ Adma Biologics reports 2Q loss   [Aug-11-17 09:25PM  Associated Press]
▶ ETFs with exposure to ADMA Biologics, Inc. : June 5, 2017   [Jun-05-17 01:59PM  Capital Cube]
▶ ADMA: 1Q:17 Results and Biotest Acquisition: Valuation Implications   [May-19-17 03:00PM  Zacks Small Cap Research]
▶ Adma Biologics reports 1Q loss   [May-12-17 04:08PM  Associated Press]
▶ ADMA Biologics Inc (ADMA): Does It Stack Up To Its Peers?   [Dec-15-16 01:43AM  Insider Monkey]
▶ ADMA: Incremental Progress on CMC Issue Resolution.   [Nov-21-16 10:15AM  Zacks Small Cap Research]
▶ ADMA Biologics to Present at Upcoming Investor Conferences   [Sep-01-16 07:38AM  GlobeNewswire]

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