Collects plasma from its own donors and turns it into FDA-licensed immune globulin medicines at its Boca Raton facility.
At a glance
- Depends onMidstream position: 3 outgoing, 3 incoming connections
- ScaleMarket cap is above the global median
Collects plasma from its own donors and turns it into FDA-licensed immune globulin medicines at its Boca Raton facility.
What this company is and how it runs — written from structure, not news.
ADMA Biologics turns human plasma into two FDA-licensed immune globulin drugs, BIVIGAM and ASCENIV, by running every step of the process — donor collection, cold-ethanol fractionation, and final lot release — inside its own facilities, with the fractionation plant sitting in Boca Raton, Florida. Because the company owns its collection centers rather than buying plasma on the open market, each gram of drug it can sell is directly tied to how many donors walk into its own centers, and growing that supply means opening new sites, each requiring its own FDA license and a fresh local donor population that takes years to build. That same closed chain is what makes the products hard to displace in hospital formularies — the unbroken record linking every vial back to an individual donor is something a competitor sourcing plasma from spot markets structurally cannot replicate, and once a hospital has built its ordering schedules and patient dosing protocols around BIVIGAM or ASCENIV, switching brands requires a slow institutional review. The vulnerability is the mirror image of the strength: if FDA suspends even one collection center for a compliance failure, there is no external plasma to substitute, the Boca Raton lines go idle, and the chain-of-custody record that justifies the premium breaks at the same moment.
How does this company make money?
The company sells BIVIGAM, ASCENIV, and Nabi-HB by the unit to hospitals, specialty pharmacies, and healthcare providers. Those sales move either through direct commercial agreements or through specialty distributor networks that handle logistics to the end buyer.
What makes this company hard to replace?
Hospitals must run a clinical committee review and train staff before adding any new IVIG product to their approved list, so switching brands is a slow institutional process. Once a patient is established on BIVIGAM or ASCENIV with a specific dosing protocol, physicians are reluctant to change it. Hospital procurement teams also build their ordering schedules around the FDA lot release timing of the products they already use, and switching to a different brand disrupts those inventory rhythms.
What limits this company?
The company can only produce as much BIVIGAM and ASCENIV as its own donors supply, because it does not buy plasma from outside collectors. To collect more plasma, it must open new collection centers — each of which needs its own FDA site licence and a fresh local donor population. Neither can be hurried with money alone once a site application is filed.
What does this company depend on?
The company cannot operate without FDA licences for its plasma collection centers and its Boca Raton manufacturing facility. It needs human plasma donors to keep showing up at its own collection sites. It relies on cold ethanol and chromatography columns to actually separate and purify the antibodies. Specialized cold-chain storage and transport infrastructure must move plasma safely between collection and fractionation. And the continued FDA approval of BIVIGAM, ASCENIV, and Nabi-HB is required before any of those products can be sold.
Who depends on this company?
Patients with primary immunodeficiency who need regular IVIG infusions depend on BIVIGAM and ASCENIV — if supply stopped, their treatment would be interrupted. Hospitals and specialty pharmacies that administer these specific products would have to scramble to find alternative immune globulin brands, which takes time and clinical review. Healthcare providers treating patients with acute Hepatitis B exposure would lose access to Nabi-HB, the company's polyclonal antibody therapy for that condition.
How does this company scale?
At the Boca Raton facility, processing larger volumes of plasma through the existing chromatography and precipitation equipment is relatively straightforward — the physical plant can handle more input without rebuilding from scratch. The hard limit is always on the collection side: adding plasma supply means opening new FDA-licensed collection centers in new locations and building a donor base there from the ground up, which requires regulatory approval and time that money cannot compress.
What external forces can significantly affect this company?
FDA blood safety regulations set mandatory testing and processing requirements for plasma collection and fractionation, and regulators can shut down production if those standards slip. If FDA donor eligibility rules change — for example, tightening criteria around who qualifies to donate — the pool of available donors shrinks directly. On the payment side, if CMS changes how it reimburses hospitals for IVIG products, hospital purchasing decisions shift, which can reduce or redirect demand for BIVIGAM and ASCENIV.
Where is this company structurally vulnerable?
If the FDA suspended one or more of the company's collection centers — for a safety or compliance failure — the plasma supply would dry up at exactly those sites, and the chain-of-custody record that makes BIVIGAM and ASCENIV trusted by hospital formularies would be broken. Because the company is not allowed to buy outside plasma under its own integrated model, the Boca Raton facility cannot simply switch to a different source while the problem is fixed.
Price is read as structure — trend, levels, range, peak and volatility drawn on the chart. It does not predict where price goes next.
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Sign in1 interpretation currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsHow is this stock behaving?
ADX directional-movement asymmetry is elevated — directional movement on the price side has been lopsided over the lookback. Meanwhile volume-price divergence is present and momentum is decelerating over the past year. Three observations co-occur; the diagnostic does not claim one will 'win'.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
The reported statements, read against the company's own industry.
5 interpretations currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsHow does this company use capital?
Three observations describe the configuration: EBITDA margin is elevated, EBIT is close to EBITDA (small D&A gap), and capex significantly exceeds depreciation. This pattern is consistent with a young or growing asset base, an asset-light industry profile, or a depreciation policy that understates economic wear.
Three observations describe the present configuration: operating income increased year-over-year in each of the last four fiscal years, the 6-year revenue CAGR is positive, and revenue increased year-over-year in each of the last five fiscal years. None of the three observations divides by revenue.
Three observations align: revenue has increased every year over the trailing three years, receivables have increased every year over the trailing four years, and operating cash flow margin is on the industry-benchmarked scale. The picture is concurrent growth in revenue and receivables with peer-relative cash-conversion context.
Is this company growing?
Three observations align on a healthy multi-year growth profile: revenue grew every year over the trailing five-year window, operating margin in the most recent year is at an elevated level, and revenue grew every year over the trailing three-year window. Together they describe sustained top-line continuity at a high current margin level.
Where is this company structurally exposed?
Three price-behavior observations have aligned: the ulcer index (drawdown depth and duration composite) is elevated, current drawdown from peak is significant, and 20-week annualized volatility is in the upper portion of its mapped range.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Companies that share the same coordination system — how they create, deliver, or capture value.
Companies that share active interpretations — structural patterns currently present in both stocks.
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