ADMA Biologics

Founder‑CEO Adam Grossman has led ADMA through the transition from contract manufacturing issues several years ago to a profitable, vertically integrated operator.

The CFO transition in February 2026 from Brad Tade to Terry Kohler appears orderly, with Tade supporting through July 2026. Management acted quickly to rebut March 2026 short‑seller allegations with detailed disclosures and emphasized unqualified audit opinions for 2024 and 2025. We view the team as capable and execution‑oriented, with a bias toward operational improvements and measured portfolio expansion.

Watch items include consistency of disclosures around working capital and distribution channel dynamics, and continued delivery on guidance after the 2026 reset.