ADMA · CIK 1368514
What ADMA Biologics, Inc. told the SEC could break it.
ADMA's risks are a chain of single points of failure around its plasma-derived IVIG business. Its revenue is highly concentrated — two customers accounted for roughly 73% of consolidated revenue in 2025 and about 87% of accounts receivable — so losing either large distributor would materially hit both sales and collections. Production is just as concentrated: it makes all of its products at one FDA-licensed plasma fractionation facility in Boca Raton, Florida, so a hurricane, fire or regulatory shutdown there would halt its entire supply. And the input itself is constrained — human source plasma is the binding, non-substitutable raw material for its products (its yield initiative is about extracting more product per liter), sourced from its own collection centers, third parties and the spot market, so any plasma shortfall directly caps output.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Two customers = 73% of consolidated revenue (87% of receivables)high
ADMA's revenue is highly concentrated: two (unnamed) customers in its BioManufacturing segment accounted for approximately 73% of consolidated revenue in 2025 (72% in 2024 and 2023) and about 87% of accounts receivable, so loss of or disruption to either large IVIG distributor would materially hit revenue and collections.
“For the years ended December 31, 2025, 2024, and 2023, two customers accounted for approximately 73%, 72% and 72%, respectively, of the Company's consolidated revenues.”
SEC filing →As of 2026
Geographic concentration
- Single fractionation facility — Boca Raton, FL (hurricane-exposed)high
ADMA manufactures all of its products at a single FDA-licensed plasma fractionation and purification facility in Boca Raton, Florida (up to 600,000 liters/year); concentrating all production at one hurricane-exposed Florida site means a natural disaster, fire or regulatory shutdown there would halt its entire product supply.
“We manufacture these products at our FDA-licensed, plasma fractionation and purification facility located in Boca Raton, Florida with a peak annual processing capability of up to 600,000 liters (the “Boca Facility”).”
SEC filing →As of 2026
Commodity & input dependence
- Human source plasma — constrained biological raw materialmedium
ADMA's products are plasma-derived; human source plasma is the binding, non-substitutable raw input for IVIG (its yield-enhancement initiative is explicitly about getting ~20% more product from the same starting plasma volume). It sources plasma from its own ADMA BioCenters collection sites plus third-party supply agreements and the open spot market, so plasma collection shortfalls or industry-wide plasma shortages directly cap its output.
“ASCENIV is a plasma-derived IVIG product that contains naturally occurring polyclonal antibodies, which are proteins that are used by the body's immune system to neutralize microbes, such as bacteria and viruses.”
SEC filing →As of 2026
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