RGEN Repligen Corporation

245.7
+4.7  (+2%)
Previous Close 241
Open 241.36
52 Week Low 138
52 Week High 248.25
Market Cap $13,507,892,880
Shares 54,977,179
Float 54,663,948
Enterprise Value $12,821,162,139
Volume 459,991
Av. Daily Volume 400,324
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Drug Pipeline

Drug Stage Notes
RG1068
Detection of pancreatic duct abnormalities
CRL
CRL
CRL received June 22, 2012.

Latest News

    • Reported revenue was $163.0 million for the quarter, representing year-over-year growth of 86% and organic growth of 69%
    • Revenue guidance raised to $625-$645 million for full year 2021
    • Acquisition of hollow fiber innovator Polymem S.A. completed July 1, 2021

    WALTHAM, Mass., July 27, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its second quarter of 2021. Provided in this press release are financial highlights for the three- and six- month periods ended June 30, 2021, updates to our financial guidance for the fiscal year 2021 and access information for today's webcast and conference call.

    Tony J. Hunt, President and Chief…

    • Reported revenue was $163.0 million for the quarter, representing year-over-year growth of 86% and organic growth of 69%

    • Revenue guidance raised to $625-$645 million for full year 2021
    • Acquisition of hollow fiber innovator Polymem S.A. completed July 1, 2021

    WALTHAM, Mass., July 27, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its second quarter of 2021. Provided in this press release are financial highlights for the three- and six- month periods ended June 30, 2021, updates to our financial guidance for the fiscal year 2021 and access information for today's webcast and conference call.

    Tony J. Hunt, President and Chief Executive Officer said, "We delivered an outstanding second quarter and first half of the year for the Company, with strength across the board in all our franchises. During the second quarter, our filtration revenue more than doubled year-over-year. Orders related to COVID programs now extend well into 2022, while our base business revenues continued to grow at greater than 30% for the second quarter in a row. We finished the quarter by announcing the acquisition of Polymem S.A., an expert and innovator in hollow fiber technology, immediately expanding our capacity and strengthening our core capabilities. Based on this continued momentum, we are updating our 2021 financial guidance to reflect revenue growth in the range of 71%-76% and healthy margin expansion."

    Financial Highlights for the Second Quarter 2021

    • Revenue increased by $75.5 million in the second quarter, or 86% year-over-year, as reported and 69% organically, to $163.0 million
      • Our base business accounted for 66% of revenue and grew 35% year-over-year
      • COVID-related sales accounted for 27% of revenue
      • Revenue from acquisitions made in 2020 accounted for 7% of revenue
    • GAAP gross margin and adjusted gross margin (non-GAAP) each increased to 62.0%
    • GAAP operating margin was 29.6%, an increase of 730 bps
    • Adjusted (non-GAAP) operating margin was 34.7%, an increase of 550 bps
    • GAAP fully diluted EPS increased to $0.64 compared to $0.30 for the second quarter of 2020
    • Adjusted fully diluted EPS (non-GAAP) increased to $0.79 compared to $0.42 for the second quarter of 2020

    Financial Highlights for the First Half of 2021

    • Revenue increased by 87% year-over-year as reported and 69% organically, to $305.8 million
    • GAAP gross margin increased to 60.2%, and adjusted gross margin (non-GAAP) was 60.8%
    • GAAP operating margin was 27.7%, an increase of 840 bps
    • Adjusted (non-GAAP) operating margin was 33.5%, an increase of 660 bps
    • GAAP fully diluted EPS increased to $1.16 compared to $0.48 for the first half of 2020
    • Adjusted fully diluted EPS (non-GAAP) increased to $1.47 compared to $0.74 for the first half of 2020

    Financial Details for the Second Quarter and First Half of 2021

    REVENUE

    • Total revenue for the second quarter of 2021 increased to $163.0 million compared to $87.5 million for the second quarter of 2020, a year-over-year gain of 86% as reported and 81% at constant currency, with organic growth of 69%.
    • Total revenue for the first half of 2021 increased to $305.8 million compared to $163.6 million for the first half of 2020, a year-over-year gain of 87% as reported and 82% at constant currency, with organic growth of 69%.

    GROSS PROFIT and GROSS MARGIN

    • Gross profit (GAAP) for the second quarter of 2021 was $101.0 million, a year-over-year increase of $50.4 million. Adjusted gross profit (non-GAAP) for the second quarter of 2021 was $101.1 million, a year-over-year increase of $50.1 million.
    • Gross margin (GAAP) for the second quarter of 2021 increased to 62.0%, compared to 57.9% for the second quarter of 2020. Adjusted gross margin (non-GAAP) for the second quarter increased to 62.0%, compared to 58.2% in the second quarter of 2020.
    • Gross profit (GAAP) for the first half of 2021 was $184.1 million, a year-over-year increase of $89.4 million. Adjusted gross profit (non-GAAP) for the first half of 2021 was $185.8 million, a year-over-year increase of $90.4 million.
    • Gross margin (GAAP) for the first half of 2021 increased to 60.2%, compared to 57.9% for the first half of 2020. Adjusted gross margin (non-GAAP) for the first half of 2021 increased to 60.8%, compared to 58.3% in the first half of 2020.

    OPERATING INCOME

    • Operating income (GAAP) for the second quarter of 2021 was $48.2 million, a year-over-year increase of $28.7 million.
    • Adjusted operating income (non-GAAP) for the second quarter of 2021 was $56.6 million, a year-over-year increase of $31.1 million or 122%.
    • Operating income (GAAP) for the first half of 2021 was $84.6 million, a year-over-year increase of $53.2 million.
    • Adjusted operating income (non-GAAP) for the first half of 2021 was $102.3 million, a year-over-year increase of $58.4 million or 133%.

    NET INCOME

    • Net income (GAAP) for the second quarter of 2021 was $36.2 million, compared to $15.9 million for the second quarter of 2020.
    • Adjusted net income (non-GAAP) for the second quarter of 2021 was $44.9 million, a year-over-year increase of $22.4 million or 99%.
    • Net income (GAAP) for the first half of 2021 was $65.7 million, compared to $25.7 million for the first half of 2020.
    • Adjusted net income (non-GAAP) for the first half of 2021 was $83.6 million, a year-over-year increase of $44.4 million or 113%.

    EARNINGS PER SHARE

    • Earnings per share (GAAP) for the second quarter of 2021 were $0.64 on a fully diluted basis, compared to $0.30 for the second quarter of 2020.
    • Adjusted EPS (non-GAAP) for the second quarter of 2021 increased to $0.79 on a fully diluted basis, compared to $0.42 for the second quarter of 2020.
    • Earnings per share (GAAP) for the first half of 2021 increased to $1.16 on a fully diluted basis, compared to $0.48 for the first half of 2020.
    • Adjusted EPS (non-GAAP) for the first half of 2021 increased to $1.47 on a fully diluted basis, compared to $0.74 for the first half of 2020.

    EBITDA

    • EBITDA, a non-GAAP financial measure, for the second quarter of 2021 was $56.4 million, compared to $25.3 million for the second quarter of 2020.
    • Adjusted EBITDA for the second quarter of 2021 was $59.7 million, a year-over-year increase of $32.3 million or 118%.
    • EBITDA for the first half of 2021 was $101.1 million, compared to $43.9 million for the first half of 2020.
    • Adjusted EBITDA for the first half of 2021 was $108.4 million, a year-over-year increase of $59.8 million or 123%.

    CASH

    • Our cash and cash equivalents at June 30, 2021 were $734.3 million, an increase of $17.0 million from $717.3 million at December 31, 2020.

    All reconciliations of GAAP to adjusted (non-GAAP) figures above, as well as EBITDA to adjusted EBITDA, are detailed in the reconciliation tables included later in this press release.

    Financial Guidance for 2021

    Our financial guidance for the fiscal year 2021 is based on expectations for our existing business and includes the financial impact of our 2020 acquisitions of ARTeSYN Biosolutions Holdings Ireland Limited, Non-Metallic Solutions, Inc. and Engineered Molding Technologies LLC, and our acquisition of Polymem S.A. (which closed on July 1, 2021). The guidance below excludes the impact of potential additional acquisitions and future fluctuations in foreign currency exchange rates. 

    FISCAL YEAR 2021 GUIDANCE:

    • Total revenue is expected to be in the range of $625-$645 million, an increase from our previous guidance of $565-$590 million. We expect overall revenue growth of 71%-76% and 68%-73% at constant currency. Organic growth is expected to be in the range of 57%-62%, an increase from our previous guidance of 42%-49%.



    • Revenue from COVID-related programs is expected to be in the range of $170-$180 million, an increase from our previous guidance of $140-$160 million.



    • Gross margin is expected to be in the range of 59%-60% on both a GAAP and non-GAAP basis, compared to our previous guidance of 57%-58%.



    • Income from operations is expected to be in the range of $156-$161 million on a GAAP basis, an increase from our previous guidance of $127-$133 million. Adjusted (non-GAAP) income from operations is expected to be in the range of $192-$197 million, an increase from our previous guidance of $156-$162 million.



    • Net income is expected to be in the range of $118-$122 million on a GAAP basis, an increase from our previous guidance of $95-$99 million. Adjusted (non-GAAP) net income is expected to be in the range of $154-$158 million, an increase from our previous guidance of $126-$130 million. Our current guidance reflects a tax rate of 19% on adjusted pre-tax income.



    • Fully diluted GAAP EPS is expected to be in the range of $2.08-$2.15, an increase from our previous guidance of $1.67-$1.74. Adjusted (non-GAAP) fully diluted EPS is expected to be in the range of $2.71-$2.78, an increase from our previous guidance of $2.21-$2.28.

    Our non-GAAP guidance for the fiscal year 2021 excludes the following items:

    • $12.8 million estimated acquisition and integration expenses; $0.3 million in cost of product revenue, $1.2 million in research and development (R&D) and $11.3 million in selling, general and administrative expenses (SG&A).



    • Expected inventory step-up charges of $1.6 million related to acquisitions, reflected in cost of product revenue.



    • $21.3 million estimated intangible amortization expense, reflected in SG&A expenses.



    • $11.2 million of non-cash interest expense related to our convertible debt notes, reflected in other income (expense).

    Our non-GAAP guidance for the fiscal year 2021 includes:

    • An income tax increase of $10.9 million, representing the tax impact of acquisition and integration costs, inventory step-up changes, intangible amortization and non-cash interest.

    All reconciliations of GAAP to adjusted (non-GAAP) guidance are detailed in the tables included later in this press release.

    Conference Call

    Repligen will host a conference call and webcast today, July 27, 2021, at 8:30 a.m. EDT, to discuss second quarter 2021 financial results and corporate developments. The conference call will be accessible by dialing toll-free (844) 274-3999 for domestic callers or (412) 317-5607 for international callers. No passcode is required for the live call. In addition, a webcast will be accessible via the Investor Relations section of the Company's website. Both the conference call and webcast will be archived for a period of time following the live event. The replay dial-in numbers are (877) 344-7529 from the U.S., (855) 669-9658 from Canada and (412) 317-0088 for international callers. Replay listeners must provide the passcode 10158519.

    Non-GAAP Measures of Financial Performance

    To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: revenue growth rate at constant currency, adjusted gross profit and adjusted gross margin, adjusted income from operations and adjusted operating margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted net income, adjusted net income per share, adjusted earnings per diluted share (EPS), adjusted cost of sales, adjusted R&D expense, adjusted SG&A, adjusted income tax expense and adjusted income tax rate. The Company provides organic revenue growth rates in constant currency to exclude the impact of both foreign currency translation, and the impact of acquisition revenue for current year periods that have no prior year comparable, in order to facilitate a comparison of its current revenue performance to its past revenue performance. The Company provides revenue growth rates in constant currency in order to facilitate a comparison of its current revenue performance to its past revenue performance. To calculate revenue growth rates in constant currency, the Company converts actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior period.

    The Company's non-GAAP financial results and/or non-GAAP guidance exclude the impact of: acquisition and integration costs, inventory step-up charges and intangible amortization costs related to the Company's acquisitions, as well as non-cash interest expenses and loss on conversion of debt related to the Company's convertible debt, and the related impact on tax of non-GAAP charges. These costs are excluded because management believes that such expenses do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of our ongoing operations for the period in which such charges are recorded.

    A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. When analyzing the Company's operating performance and guidance investors should not consider non-GAAP measures as substitutable for the comparable financial measures prepared in accordance with GAAP.

    About Repligen Corporation

    Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that increase efficiencies in the process of manufacturing biological drugs. Our primary customers are biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our corporate headquarters are located in Waltham, Massachusetts, with additional administrative and manufacturing operations worldwide. The majority of our manufacturing sites are located within the U.S. (California, Massachusetts, New Jersey and New York), and outside of the U.S. we have sites in Estonia, France, Germany, Ireland, the Netherlands and Sweden.

    The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, express or implied statements or guidance regarding current or future financial performance and position, including cash and investment position, demand in the markets in which we operate, the expected performance of our business, the expected performance of Non-Metallic Solutions, ARTeSYN Biosolutions and Polymem S.A. businesses, the expected performance and success of our strategic partnerships, management's strategy, plans and objectives for future operations or acquisitions, product development and sales, selling, general and administrative expenditures, intellectual property, development and manufacturing plans, availability of materials and product and adequacy of capital resources, our financing plans, and the projected impact of, and response to, the COVID-19 coronavirus pandemic on our business and on the U.S. and global economies constitute forward-looking statements identified by words like "believe," "expect," "may," "will," "should," "seek," "anticipate," "projected," "estimated," "planned," or "could" and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with the following: the effect of the COVID-19 coronavirus pandemic, including mitigation efforts and economic effects, on our business operations and the operations of our customers and suppliers; the ultimate impact of the COVID-19 coronavirus pandemic on our business or financial results; our ability to successfully grow our bioprocessing business, including as a result of acquisition, commercialization or partnership opportunities; our ability to successfully integrate any acquisitions, our ability to develop and commercialize products and the market acceptance of our products; our ability to integrate Non-Metallic Solutions, ARTeSYN Biosolutions and Polymem S.A. businesses successfully into our business and achieve the expected benefits of the acquisitions; reduced demand for our products that adversely impacts our future revenues, cash flows, results of operations and financial condition; our ability to compete with larger, better financed bioprocessing, pharmaceutical and biotechnology companies; our compliance with all U.S. Food and Drug Administration and EMEA regulations; our volatile stock price; and other risks detailed in Repligen's Annual Report on Form 10-K for the year ended December 31, 2020 and the most recently filed Quarterly Report on Form-10-Q on file with the Securities and Exchange Commission and the other reports that Repligen periodically files with the Securities and Exchange Commission. Actual results may differ materially from those Repligen contemplated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements reflect management's current views, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and is based on only on information currently available to us. Repligen does not undertake to update, whether written or oral, any of these forward-looking statements to reflect a change in its views or events or circumstances, whether as a result of new information, future development or otherwise, that occur after the date hereof except as required by law.

    Repligen Contact:

    Sondra S. Newman

    Global Head of Investor Relations

    (781) 419-1881



    REPLIGEN CORPORATION 
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
    (Unaudited, amounts in thousands, except share and per share data) 
           
     Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     
      2021   2020   2021   2020  
             
    Revenue:        
    Product revenue$162,920  $87,432  $305,657  $163,492  
    Royalty and other revenue 40   30   140   60  
    Total revenue 162,960   87,462   305,797   163,552  
    Costs and expenses:        
    Cost of product revenue 61,990   36,863   121,737   68,845  
    Research and development 8,389   4,336   16,001   9,038  
    Selling, general and administrative 44,341   26,726   83,436   54,226  
      114,720   67,925   221,174   132,109  
    Income from operations 48,240   19,537   84,623   31,443  
    Investment income 41   253   93   1,617  
    Loss on conversion of debt (3)  -   (4)  -  
    Interest expense (3,144)  (3,004)  (6,250)  (5,980) 
    Other income (expense), net (776)  (766)  (999)  (384) 
    Income before income taxes 44,358   16,020   77,463   26,696  
    Income tax (benefit) provision 8,125   159   11,780   1,020  
    Net income$36,233  $15,861  $65,683  $25,676  
    Earnings per share:        
    Basic$0.66  $0.30  $1.20  $0.49  
    Diluted$0.64  $0.30  $1.16  $0.48  
    Weighted average shares outstanding:        
    Basic 54,931,140   52,381,201   54,868,444   52,259,937  
    Diluted 56,786,266   53,305,827   56,823,757   53,212,596  
             
             
             
    Balance Sheet Data:June 30,

    2021
     December 31,

    2020
         
    Cash, cash equivalents and marketable securities$734,327  $717,292      
    Working capital 651,488   583,426      
    Total assets 2,015,965   1,902,887      
    Long-term obligations 80,554   54,781      
    Accumulated earnings 131,452   65,769      
    Stockholders' equity 1,603,069   1,529,150      



    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO NON-GAAP (ADJUSTED) INCOME FROM OPERATIONS 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     
       2021   2020   2021   2020  
              
    GAAP INCOME FROM OPERATIONS$48,240  $19,537  $84,623  $31,443  
              
    ADJUSTMENTS TO INCOME FROM OPERATIONS:        
     Inventory step-up charges -   -   1,598   -  
     Acquisition and integration costs 3,218   2,134   5,769   4,687  
     Intangible amortization 5,161   3,874   10,323   7,752  
              
              
    ADJUSTED INCOME FROM OPERATIONS$56,619  $25,545  $102,313  $43,882  
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) NET INCOME 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     
       2021   2020   2021   2020  
              
    GAAP NET INCOME$36,233  $15,861  $65,683  $25,676  
              
    ADJUSTMENTS TO NET INCOME:        
     Inventory step-up charges -   -   1,598   -  
     Acquisition and integration costs 3,218   2,134   5,769   4,687  
     Intangible amortization 5,161   3,874   10,323   7,752  
     Loss on conversion of debt 4   -   4   -  
     Non-cash interest expense 2,862   2,724   5,690   5,415  
     Tax effect of non-GAAP charges (2,615)  (2,085)  (5,437)  (4,262) 
              
              
    ADJUSTED NET INCOME$44,863  $22,508  $83,630  $39,268  
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP NET INCOME PER SHARE TO NON-GAAP (ADJUSTED) NET INCOME PER SHARE 
    (Unaudited) 
              
      Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     
       2021   2020   2021   2020  
              
    GAAP NET INCOME PER SHARE - DILUTED$0.64  $0.30  $1.16  $0.48  
              
    ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED:        
     Inventory step-up charges -   -   0.03   -  
     Acquisition and integration costs 0.06   0.04   0.10   0.09  
     Intangible amortization 0.09   0.07   0.18   0.15  
     Loss on conversion of debt 0.00   -   0.00   -  
     Non-cash interest expense 0.05   0.05   0.10   0.10  
     Tax effect of non-GAAP charges (0.05)  (0.04)  (0.10)  (0.08) 
              
              
    ADJUSTED NET INCOME PER SHARE - DILUTED$0.79  $0.42  $1.47  $0.74  
              
    Totals may not add due to rounding.        
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     
       2021   2020   2021   2020  
              
    GAAP NET INCOME$36,233  $15,861  $65,683  $25,676  
              
    ADJUSTMENTS:        
     Investment Income (41)  (253)  (93)  (1,617) 
     Interest Expense 3,144   3,004   6,250   5,980  
     Tax Provision 8,125   159   11,780   1,020  
     Depreciation 3,797   2,578   7,052   5,063  
     Amortization(1) 5,190   3,902   10,379   7,807  
              
    EBITDA 56,448   25,251   101,051   43,929  
              
    OTHER ADJUSTMENTS:        
     Inventory step-up charges -   -   1,598   -  
     Acquisition and integration costs 3,218   2,134   5,769   4,687  
     Loss on conversion of debt 4   -   4   -  
              
              
    ADJUSTED EBITDA$59,670  $27,385  $108,422  $48,616  
              
    (1)Includes amortization of milestone payments in accordance with GAAP of $28 and $55 for the three- and six-month periods,. 
     respectively.        
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP COST OF SALES TO NON-GAAP (ADJUSTED) COST OF SALES 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     
       2021   2020   2021   2020  
              
    GAAP COST OF SALES$61,990  $36,863  $121,737  $68,845  
              
    ADJUSTMENT TO COST OF SALES:        
     Inventory step-up charges -   -   (1,598)  -  
     Acquisition and integration costs (83)  (185)  (164)  (465) 
     Intangible amortization -   (127)  -   (254) 
              
              
    ADJUSTED COST OF SALES$61,907  $36,551  $119,975  $68,126  
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP (ADJUSTED) R&D EXPENSE 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     
       2021   2020   2021   2020  
              
    GAAP R&D$8,389  $4,336  $16,001  $9,038  
              
    ADJUSTMENT TO R&D:        
     Acquisition and integration costs (361)  (189)  (581)  (471) 
              
              
    ADJUSTED R&D$8,028  $4,147  $15,420  $8,567  
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP (ADJUSTED) SG&A EXPENSE 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended

    June 30,
     Six Months Ended

    June 30,
     
       2021   2020   2021   2020  
              
    GAAP SG&A EXPENSE$44,341  $26,726  $83,436  $54,226  
              
    ADJUSTMENTS TO SG&A EXPENSE:        
     Acquisition and integration costs (2,774)  (1,760)  (5,024)  (3,751) 
     Intangible amortization (5,161)  (3,747)  (10,323)  (7,498) 
              
              
    ADJUSTED SG&A EXPENSE$36,405  $21,219  $68,089  $42,977  



           
     REPLIGEN CORPORATION 
     RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED (NON-GAAP NET INCOME GUIDANCE) 
           
     (in thousands)Twelve months ending December 31, 2021 
       Low End High End 
     GUIDANCE ON NET INCOME$118,000  $122,000  
     ADJUSTMENTS TO GUIDANCE ON NET INCOME:    
      Acquisition and integration costs 12,752   12,752  
      Inventory Step-Up Costs 1,598   1,598  
      Anticipated pre-tax amortization of    
      acquisition-related intangible assets 21,317   21,317  
      Non-cash interest expense 11,238   11,238  
      Loss on conversion of debt 4   4  
      Tax effect of intangible amortization and integration (10,931)  (10,931) 
      Guidance rounding adjustment 22   22  
     GUIDANCE ON ADJUSTED NET INCOME$154,000  $158,000  
           
     Totals may not add due to rounding.    
           
     REPLIGEN CORPORATION 
     RECONCILIATION OF GAAP NET INCOME PER SHARE GUIDANCE TO  
     ADJUSTED (NON-GAAP) NET INCOME PER SHARE GUIDANCE 
           
       Twelve months ending December 31, 2021 
       Low End High End 
     GUIDANCE ON NET INCOME PER SHARE - DILUTED$2.08  $2.15  
     ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED:   
      Acquisition and integration costs$0.22  $0.22  
      Inventory Step-Up Costs$0.03  $0.03  
      Anticipated pre-tax amortization of    
      acquisition-related intangible assets$0.37  $0.37  
      Non-cash interest expense$0.20  $0.20  
      Loss on conversion of debt$0.00  $0.00  
      Tax effect of intangible amortization and integration($0.19) ($0.19) 
     GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED$2.71  $2.78  
           
     Totals may not add due to rounding.    


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  1. WALTHAM, Mass., July 13, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that the Company will report its second quarter 2021 financial results on Tuesday, July 27, 2021. The Company will issue a press release before the market opens and will host a conference call at 8:30 a.m. EDT to discuss business updates and financial results for the three- and six- month reporting period ended June 30, 2021.

    The conference call will be accessible by dialing toll-free (844) 274-3999 for domestic callers and (412) 317-5607 for international callers. No passcode is required for the live call. In addition, a webcast will be accessible via the Investor Relations section of the Company's website. Both the conference call and webcast…

    WALTHAM, Mass., July 13, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that the Company will report its second quarter 2021 financial results on Tuesday, July 27, 2021. The Company will issue a press release before the market opens and will host a conference call at 8:30 a.m. EDT to discuss business updates and financial results for the three- and six- month reporting period ended June 30, 2021.



    The conference call will be accessible by dialing toll-free (844) 274-3999 for domestic callers and (412) 317-5607 for international callers. No passcode is required for the live call. In addition, a webcast will be accessible via the Investor Relations section of the Company's website. Both the conference call and webcast will be archived for a period of time following the live event. The replay dial-in numbers are (877) 344-7529 for callers in the U.S., (855) 669-9658 for callers in Canada and (412) 317-0088 for international callers. Replay listeners must provide the passcode 10158519.



    About Repligen Corporation



    Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that increase efficiencies in the process of manufacturing biological drugs. Our primary customers are biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our corporate headquarters are located in Waltham, Massachusetts, with additional administrative and manufacturing operations worldwide. The majority of our manufacturing sites are located in the U.S. (California, Massachusetts, New Jersey and New York), and outside of the U.S. we have sites in Estonia, France, Germany, Ireland, the Netherlands and Sweden.



    This press release may contain forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that statements in this press release which are not strictly historical statements including, without limitation, statements identified by words like "believe," "expect," "may," "will," "should," "seek," or "could" and similar expressions, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including risks discussed from time to time in our filings with the Securities and Exchange Commission. We expressly disclaim any responsibility to update any forward-looking statements, except as required by law.



    Repligen Contact:

    Sondra S. Newman

    Global Head of Investor Relations

    (781) 419-1881

     



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  2. WALTHAM, Mass., June 22, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it has entered into an agreement to acquire Toulouse, France based Polymem S.A. ("Polymem"), a leading industrial expert in the development and manufacture of hollow fiber membranes and modules.

    Tony J. Hunt, President and CEO of Repligen, said, "We are delighted to have Jean-Michel, Franc and the Polymem team join the Repligen family. The acquisition significantly expands our hollow fiber membrane and module production capabilities and adds core R&D, engineering and production expertise in hollow fiber technology for both industrial and bioprocessing markets. The…

    WALTHAM, Mass., June 22, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it has entered into an agreement to acquire Toulouse, France based Polymem S.A. ("Polymem"), a leading industrial expert in the development and manufacture of hollow fiber membranes and modules.

    Tony J. Hunt, President and CEO of Repligen, said, "We are delighted to have Jean-Michel, Franc and the Polymem team join the Repligen family. The acquisition significantly expands our hollow fiber membrane and module production capabilities and adds core R&D, engineering and production expertise in hollow fiber technology for both industrial and bioprocessing markets. The business complements what we have already in place at our Rancho Dominguez site and establishes a world-class center of excellence in Europe to meet the accelerating demand for hollow fiber products and to serve our rapidly expanding global customer base."

    Jean-Michel Espenan, President of Polymem, said, "Since co-founding the company in 1997, Polymem has remained true to our expertise in hollow fiber membrane development and manufacturing for industrial and life sciences applications. By joining forces with Repligen, we now have the opportunity to focus on two market segments, Municipal/Industrial and Bioprocessing, each with very similar needs and demands. This deal further extends our market reach, allowing us to boost our growth across both our historical Municipal/Industrial markets and the Bioprocessing market. We continue to increase capacity with the extension of our production site in Castanet-Tolosan, south of Toulouse, and we look forward to working together with Repligen to further penetrate our core markets."

    Jean-Michel Espenan and Franc Saux will stay on with the company in their current respective roles of President and Technical Director. The proposed acquisition is expected to close during Repligen's third fiscal quarter of 2021, subject to the satisfaction of customary closing conditions. To fund the transaction, Repligen intends to use its cash on hand which totaled approximately $711 million at March 31, 2021. Additional financial details were not disclosed. Perella Weinberg Partners LP is acting as financial advisor and Goodwin Procter LLP is serving as legal counsel to Repligen.

    About Repligen Corporation

    Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that increase efficiencies in the process of manufacturing biological drugs. We are inspiring advances in bioprocessing for the customers we serve; primarily biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our corporate headquarters are located in Waltham, Massachusetts, with additional administrative and manufacturing operations worldwide. The majority of our manufacturing sites are located within the U.S. (California, Massachusetts, New Jersey and New York), and outside of the U.S. we have sites in Estonia, Germany, Ireland, the Netherlands and Sweden.

    About Polymem 

    Polymem S.A., located outside of Toulouse in southwestern France, was established in 1997 by two engineers specializing in hollow fiber membrane technology. The company has grown into a team of 60 people, dedicated to the development and manufacture of hollow fiber membranes, membrane modules and systems. These products are used in water treatment, solid/liquid separation, gas separation, liquid/gas transfer and bioprocessing applications. Polymem anticipated the demands of the worldwide municipal and industrial markets and is now recognized not only for its ability to develop innovative products, but also for the quality of its production of membranes, cartridges and modules for various applications and sectors.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that statements in this press release which are not strictly historical statements including, without limitation, express or implied statements or guidance regarding the expected results of the proposed acquisition of Polymem on Repligen's future financial performance, including the accretive nature and the timing of the accretive nature of the acquisition, expected synergies following the acquisition of Polymem, customer adoption of Polymem's products, the expected expansion of Repligen's product lines, the timing of the closing of the acquisition and other statements identified by words like "believe," "expect," "may," "will," "should," "seek," or "could" and similar expressions, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with: the risk that the proposed acquisition may not be completed in a timely manner, or at all; the occurrence of any event, change or other circumstance that could give rise to the termination of the acquisition; our ability to integrate Polymem's business and personnel and to achieve expected synergies; our ability to maintain or expand Polymem's historical sales; our ability to accurately forecast the acquisition, related restructuring costs and allocation of the purchase price, goodwill and other intangibles acquisition related and other asset adjustments; and other risks detailed in Repligen's most recent Annual Report on Form 10-K on file with the Securities and Exchange Commission and the other reports that Repligen periodically files with the Securities and Exchange Commission. Actual results may differ materially from those Repligen contemplated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements reflect management's current views and are based only on information currently available to us. Repligen does not undertake to update, whether written or oral, any of these forward-looking statements to reflect a change in its views or events or circumstances, whether as a result of new information or otherwise, that occur after the date hereof except as required by law.

    Repligen Contact:

    Sondra S. Newman

    Global Head of Investor Relations

    (781) 419-1881

     

    Polymem S.A. Contact:

    Isabelle Duchemin

    Marketing and Commercial Manager

    +33 (0) 786 008 625

     



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  3. WALTHAM, Mass., May 25, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at two upcoming investor conferences.

    • William Blair 41st Annual Growth Stock conference being held June 1 - 3.  Tony J. Hunt, President and Chief Executive Officer, will participate in a fireside chat on Tuesday, June 1, at 1:40 p.m. EST.  
    • Jefferies Virtual Healthcare Conference being held June 1 - 3.   Tony J. Hunt, President and Chief Executive Officer and Jon K. Snodgres, Chief Financial Officer, will participate in a fireside chat on Thursday, June 3, at 2:30 p.m. EST.

    A live webcast of the discussions will be accessible through the Investor

    WALTHAM, Mass., May 25, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at two upcoming investor conferences.

    • William Blair 41st Annual Growth Stock conference being held June 1 - 3.  Tony J. Hunt, President and Chief Executive Officer, will participate in a fireside chat on Tuesday, June 1, at 1:40 p.m. EST.  
    • Jefferies Virtual Healthcare Conference being held June 1 - 3.   Tony J. Hunt, President and Chief Executive Officer and Jon K. Snodgres, Chief Financial Officer, will participate in a fireside chat on Thursday, June 3, at 2:30 p.m. EST.

    A live webcast of the discussions will be accessible through the Investor Relations section of the Company's website, and will be available for replay for a limited period of time following the conference event.

    About Repligen Corporation

    Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that increase efficiencies in the process of manufacturing biological drugs. Our primary customers are biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our corporate headquarters are located in Waltham, Massachusetts, with additional administrative and manufacturing operations worldwide. The majority of our manufacturing sites are located within the U.S. (California, Massachusetts, New Jersey and New York), and outside of the U.S. we have sites in Estonia, Germany, Ireland, the Netherlands and Sweden.

    Repligen Contact:

    Sondra S. Newman

    Global Head of Investor Relations

    (781) 419-1881



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    • Reported revenue was $142.8 million for the quarter, representing year-over-year growth of 88% and organic growth of 69%
    • Growth driven by combination of COVID-related demand, base business strength and acquisition revenue

    WALTHAM, Mass., May 04, 2021 (GLOBE NEWSWIRE) --  Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its first quarter ended March 31, 2021. Provided in this press release are financial highlights for the quarter, updates to our financial guidance for the year 2021, and access information for today's webcast and conference call.

    Tony J. Hunt, President and Chief Executive Officer said, "I am extremely proud of the way our team executed…

    • Reported revenue was $142.8 million for the quarter, representing year-over-year growth of 88% and organic growth of 69%

    • Growth driven by combination of COVID-related demand, base business strength and acquisition revenue

    WALTHAM, Mass., May 04, 2021 (GLOBE NEWSWIRE) --  Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its first quarter ended March 31, 2021. Provided in this press release are financial highlights for the quarter, updates to our financial guidance for the year 2021, and access information for today's webcast and conference call.

    Tony J. Hunt, President and Chief Executive Officer said, "I am extremely proud of the way our team executed here in the first quarter.  With unprecedented demand driven by strong COVID tailwinds, our whole team pivoted to deliver an impressive quarter with 88% growth and 69% organic. COVID revenue contribution ticked up to 25% of revenues in the first quarter and equally impressive was the performance of our non-COVID base business which was up 31% year-on-year. This is an endorsement of the differentiation we have in the marketplace with our technologies and the focus and execution of our global team. With accelerating orders, new product launches, planned new capacity and impressive growth across all four franchises, we are confident about the full year outlook for the Company and are updating our financial guidance to reflect our expectations for operating margin expansion and for organic revenue growth in the range of 42%-49%."

    First Quarter 2021 Highlights

    • Revenue increased by 88% year-over-year as reported and 69% organically, to $142.8 million
      • COVID contributed 46 points, or 53% of revenue growth
      • Base business (excluding COVID) contributed 27 points, or 31% of revenue growth
      • Acquisitions made in 2020 contributed 14 points, or 16% of revenue growth
    • GAAP operating margin was 25.5%, an increase of 980 bps
    • Adjusted (non-GAAP) operating margin was 32.0%, an increase of 790 bps
    • GAAP fully diluted EPS was $0.52 compared to $0.18 for the first quarter of 2020
    • Adjusted (non-GAAP) fully diluted EPS increased to $0.68 compared to $0.32 for the first quarter of 2020

    Financial Details for the First Quarter 2021

    REVENUE

    • Total revenue for the first quarter of 2021 increased to $142.8 million compared to $76.1 million for the first quarter of 2020, a year-over-year gain of 88% as reported and 83% at constant currency, with organic growth of 69%.

    GROSS PROFIT and GROSS MARGIN

    • Gross profit (GAAP) for the first quarter of 2021 was $83.1 million, a year-over-year increase of $39.0 million. Adjusted gross profit (non-GAAP) for the first quarter of 2021 was $84.8 million, a year-over-year increase of $40.3 million, or 90%.
    • Gross margin (GAAP) for the first quarter of 2021 was 58.2%, compared to 58.0% for the first quarter of 2020. Adjusted gross margin (non-GAAP) for the first quarter was 59.3%, compared to 58.5% in the 2020 period.

    OPERATING INCOME

    • Operating income (GAAP) for the first quarter of 2021 was $36.4 million, a year-over-year increase of $24.5 million. Adjusted operating income (non-GAAP) for the first quarter of 2021 was $45.7 million, a year-over-year increase of $27.4 million or 149%.
    • Operating margin (GAAP) was 25.5% for the first quarter of 2021, compared to 15.6% for the first quarter of 2020. Adjusted operating margin (non-GAAP) for the first quarter was 32.0%, compared to 24.1% in the 2020 period.

    NET INCOME

    • Net income (GAAP) for the first quarter of 2021 was $29.5 million compared to $9.8 million for the first quarter of 2020.
    • Adjusted net income (non-GAAP) for the first quarter of 2021 was $38.8 million, a year-over-year increase of $22.0 million or 131%.

    EARNINGS PER SHARE

    • Earnings per share (GAAP) for the first quarter of 2021 were $0.52 on a fully diluted basis, compared to $0.18 for the first quarter of 2020.
    • Adjusted EPS (non-GAAP) for the first quarter of 2021 increased to $0.68 on a fully diluted basis, compared to $0.32 for the 2020 period.

    EBITDA

    • EBITDA, a non-GAAP financial measure, for the first quarter of 2021 was $44.6 million compared to $18.7 million for the first quarter of 2020.
    • Adjusted EBITDA for the first quarter of 2021 was $48.8 million, a year-over-year increase of $27.5 million or 130%.

    CASH

    • Our cash and cash equivalents at March 31, 2021 were $711.3 million, compared to $717.3 million at December 31, 2020.  

    All reconciliations of GAAP to adjusted (non-GAAP) figures above, as well as EBITDA to adjusted EBITDA, are detailed in the reconciliation tables included later in this press release.

    Financial Guidance for 2021

    Our financial guidance for the fiscal year 2021 is based on expectations for our existing business and includes the financial impact of our 2020 acquisitions of ARTeSYN Biosolutions Holdings Ireland Limited (which closed on December 3, 2020), Non-Metallic Solutions, Inc. (which closed on October 20, 2020 ) and Engineered Molding Technologies LLC (which closed on July 13, 2020). The guidance below excludes the impact of potential additional acquisitions and future fluctuations in foreign currency exchange rates. 

    FISCAL YEAR 2021 GUIDANCE:

    • Total revenue is expected to be in the range of $565-$590 million, an increase from our previous guidance of $500-$525 million. We expect overall revenue growth of 54%-61% and 52%-59% at constant currency. Organic growth is expected to be in the range of 42%-49%, an increase from our previous guidance of 26%-33%.  
    • Revenue from COVID-related programs is expected to be in the range of $140-$160 million, an increase from our previous guidance of $90-$100 million. This represents incremental COVID-related revenue of $94-$114 million compared to 2020, representing 26-31 points of overall revenue growth.
    • Our expectations for incremental revenue related to acquisitions made in 2020 is unchanged, in the range of $37-$40 million and representing 10-11 points of overall revenue growth.
    • Gross margin is expected to be 57%-58% on both a GAAP and non-GAAP basis.
    • Income from operations is expected to be in the range of $127-$133 million on a GAAP basis, an increase from our previous guidance of $103-$109 million. Adjusted (non-GAAP) income from operations is expected to be in the range of $156-$162 million, an increase from our previous guidance of $134-$140 million.
    • Net income is expected to be in the range of $95-$99 million on a GAAP basis, an increase from our previous guidance of $74-$79 million. Adjusted (non-GAAP) net income is expected to be in the range of $126-$130 million, an increase from our previous guidance of $106-$111 million. Our current guidance reflects a tax rate of 19% on adjusted pre-tax income.
    • Fully diluted GAAP EPS is expected to be in the range of $1.67-$1.74, an increase from our previous guidance of $1.30-$1.38. Adjusted (non-GAAP) fully diluted EPS is expected to be in the range of $2.21-$2.28, an increase from our previous guidance of $1.86-$1.94.

    Our non-GAAP guidance for the fiscal year 2021 excludes the following items:  

    • $6.5 million estimated acquisition and integration expenses; $0.3 million in cost of product revenue, $1.1 million in research and development (R&D) and $5.1 million in selling, general and administrative expenses (SG&A).
    • $20.7 million estimated intangible amortization expense in SG&A.
    • Expected inventory step-up charges of $1.8 million related to 2020 acquisitions.
    • $11.1 million of non-cash interest expense (Other income (expense)) related to our convertible debt notes.

    Our non-GAAP guidance for the fiscal year 2021 includes:

    • An income tax increase of $9.3 million, representing the tax impact of acquisition and integration costs, inventory step-up changes, intangible amortization and non-cash interest.

    All reconciliations of GAAP to adjusted (non-GAAP) guidance are detailed in the tables included later in this press release.

    Conference Call

    Repligen will host a conference call and webcast today, May 4, 2021, at 8:30 a.m. EST, to discuss first quarter financial results and corporate developments. The conference call will be accessible by dialing toll-free (844) 274-3999 for domestic callers or (412) 317-5607 for international callers. No passcode is required for the live call. In addition, a webcast will be accessible via the Investor Relations section of the Company's website. Both the conference call and webcast will be archived for a period of time following the live event. The replay dial-in numbers are (877) 344-7529 from the U.S., (855) 669-9658 from Canada and (412) 317-0088 for international callers. Replay listeners must provide the passcode 10155233.  

    Non-GAAP Measures of Financial Performance

    To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: revenue growth rate at constant currency, adjusted gross profit and adjusted gross margin, adjusted income from operations and adjusted operating margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted net income, adjusted net income per share, adjusted earnings per diluted share (EPS), adjusted cost of sales, adjusted R&D expense, adjusted SG&A, adjusted income tax expense and adjusted income tax rate. The Company provides organic revenue growth rates in constant currency to exclude the impact of both foreign currency translation, and the impact of acquisition revenue for current year periods that have no prior year comparable, in order to facilitate a comparison of its current revenue performance to its past revenue performance. The Company provides revenue growth rates in constant currency in order to facilitate a comparison of its current revenue performance to its past revenue performance. To calculate revenue growth rates in constant currency, the Company converts actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior period.

    The Company's non-GAAP financial results and/or non-GAAP guidance exclude the impact of: acquisition and integration costs, inventory step-up charges and intangible amortization costs related to the Company's acquisitions, as well as non-cash interest expenses and loss on conversion of debt related to the Company's convertible debt, and the related impact on tax of non-GAAP charges. These costs are excluded because management believes that such expenses do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of our ongoing operations for the period in which such charges are recorded.

    A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. When analyzing the Company's operating performance and guidance investors should not consider non-GAAP measures as substitutable for the comparable financial measures prepared in accordance with GAAP.

    About Repligen Corporation

    Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that increase efficiencies in the process of manufacturing biological drugs. Our primary customers are biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our corporate headquarters are located in Waltham, Massachusetts, with additional administrative and manufacturing operations worldwide. The majority of our manufacturing sites are located within the U.S. (California, Massachusetts, New Jersey and New York), and outside of the U.S. we have sites in Estonia, Germany, Ireland, the Netherlands and Sweden.

    The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, express or implied statements or guidance regarding current or future financial performance and position, including cash and investment position, demand in the markets in which we operate, the expected performance of our business, the expected performance of the Engineered Molding Technology, Non-Metallic Solutions and ARTeSYN Biosolutions businesses, the expected performance and success of our strategic partnerships, management's strategy, plans and objectives for future operations or acquisitions, product development and sales, selling, general and administrative expenditures, intellectual property, development and manufacturing plans, availability of materials and product and adequacy of capital resources, our financing plans, and the projected impact of, and response to, the COVID-19 coronavirus pandemic on our business and on the U.S. and global economies constitute forward-looking statements identified by words like "believe," "expect," "may," "will," "should," "seek," "anticipate," "projected," "estimated," "planned," or "could" and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, without limitation, risks associated with the following: the effect of the COVID-19 coronavirus pandemic, including mitigation efforts and economic effects, on our business operations and the operations of our customers and suppliers; the ultimate impact of the COVID-19 coronavirus pandemic on our business or financial results; our ability to successfully grow our bioprocessing business, including as a result of acquisition, commercialization or partnership opportunities; our ability to successfully integrate any acquisitions, our ability to develop and commercialize products and the market acceptance of our products; our ability to integrate the Engineered Molding Technology, Non-Metallic Solutions and ARTeSYN Biosolutions businesses successfully into our business and achieve the expected benefits of the acquisitions; reduced demand for our products that adversely impacts our future revenues, cash flows, results of operations and financial condition; our ability to compete with larger, better financed bioprocessing, pharmaceutical and biotechnology companies; our compliance with all U.S. Food and Drug Administration and EMEA regulations; our volatile stock price; and other risks detailed in Repligen's Annual Report on Form 10-K for the year ended December 31, 2020 and the most recently filed Quarterly Report on Form-10-Q on file with the Securities and Exchange Commission and the other reports that Repligen periodically files with the Securities and Exchange Commission. Actual results may differ materially from those Repligen contemplated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements reflect management's current views, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and is based on only on information currently available to us. Repligen does not undertake to update, whether written or oral, any of these forward-looking statements to reflect a change in its views or events or circumstances, whether as a result of new information, future development or otherwise, that occur after the date hereof except as required by law.

    Repligen Contact:

    Sondra S. Newman

    Global Head of Investor Relations

    (781) 419-1881





    REPLIGEN CORPORATION 
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS 
    (Unaudited, amounts in thousands, except share and per share data) 
        
     Three Months Ended March 31,  
      2021   2020   
          
    Revenue:     
    Product revenue$142,737  $76,060   
    Royalty and other revenue 100   30   
    Total revenue 142,837   76,090   
    Costs and expenses:     
    Cost of product revenue 59,747   31,982   
    Research and development 7,612   4,702   
    Selling, general and administrative 39,095   27,500   
      106,454   64,184   
    Income from operations 36,383   11,906   
    Investment income 52   1,364   
    Interest expense (3,106)  (2,976)  
    Other (expenses) income, net (224)  382   
    Income before income taxes 33,105   10,676   
    Income tax provision 3,655   861   
    Net income$29,450  $9,815   
    Earnings per share:     
    Basic$0.54  $0.19   
    Diluted$0.52  $0.18   
    Weighted average shares outstanding:     
    Basic 54,805,051   52,138,673   
    Diluted 56,868,793   53,108,847   
          
          
          
    Balance Sheet Data:March 31,

    2021
     December 31,

    2020
      
    Cash, cash equivalents and marketable securities$711,318  $717,292   
    Working capital 613,007   583,426   
    Total assets 1,927,327   1,902,887   
    Long-term obligations 57,783   54,781   
    Accumulated earnings 95,219   65,769   
    Stockholders' equity 1,556,216   1,529,150   
          





    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO

    NON-GAAP (ADJUSTED) INCOME FROM OPERATIONS
    (Unaudited, amounts in thousands)
          
      Three Months Ended

    March 31,
     
       2021   2020  
          
    GAAP INCOME FROM OPERATIONS$36,383  $11,906  
          
    ADJUSTMENTS TO INCOME FROM OPERATIONS:    
     Inventory step-up charges 1,598   -  
     Acquisition and integration costs 2,551   2,553  
     Intangible amortization 5,162   3,878  
          
          
    ADJUSTED INCOME FROM OPERATIONS$45,694  $18,337  
          
          
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) NET INCOME
    (Unaudited, amounts in thousands)
          
      Three Months Ended

    March 31,
     
       2021   2020  
          
    GAAP NET INCOME$29,450  $9,815  
          
    ADJUSTMENTS TO NET INCOME:    
     Inventory step-up charges 1,598   -  
     Acquisition and integration costs 2,551   2,553  
     Intangible amortization 5,162   3,878  
     Loss on conversion of debt 1   -  
     Non-cash interest expense 2,828   2,691  
     Tax effect of non-GAAP charges (2,822)  (2,177) 
          
          
    ADJUSTED NET INCOME$38,768  $16,760  
          
          
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP NET INCOME PER SHARE TO

    NON-GAAP (ADJUSTED) NET INCOME PER SHARE
    (Unaudited)
          
      Three Months Ended

    March 31,
     
       2021   2020  
          
    GAAP NET INCOME PER SHARE - DILUTED$0.52  $0.18  
          
    ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED:    
     Inventory step-up charges 0.03   -  
     Acquisition and integration costs 0.04   0.05  
     Intangible amortization 0.09   0.07  
     Loss on conversion of debt -   -  
     Non-cash interest expense 0.05   0.05  
     Tax effect of non-GAAP charges (0.05)  (0.04) 
          
          
    ADJUSTED NET INCOME PER SHARE - DILUTED$0.68  $0.32  
          
    Totals may not add due to rounding.    
          
          
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
    (Unaudited, amounts in thousands)
          
      Three Months Ended

    March 31,
     
       2021   2020  
          
    GAAP NET INCOME$29,450  $9,815  
          
    ADJUSTMENTS:    
     Investment Income (52)  (1,364) 
     Interest Expense 3,106   2,976  
     Tax Provision 3,655   861  
     Depreciation 3,255   2,485  
     Amortization(1) 5,189   3,905  
          
    EBITDA 44,603   18,678  
          
    OTHER ADJUSTMENTS:    
     Inventory step-up charges 1,598   -  
     Acquisition and integration costs 2,551   2,553  
     Loss on conversion of debt 1   -  
          
          
    ADJUSTED EBITDA$48,753  $21,231  
          
    (1)Includes amortization of milestone payments in accordance with GAAP of $27 for each period presented.
          
          
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP COST OF SALES TO NON-GAAP (ADJUSTED) COST OF SALES
    (Unaudited, amounts in thousands)
          
      Three Months Ended

    March 31,
     
       2021   2020  
          
    GAAP COST OF SALES$59,747  $31,982  
          
    ADJUSTMENT TO COST OF SALES:    
     Inventory step-up charges (1,598)  -  
     Acquisition and integration costs (81)  (280) 
     Intangible amortization -   (127) 
          
          
    ADJUSTED COST OF SALES$58,068  $31,575  
          
          
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP (ADJUSTED) R&D EXPENSE
    (Unaudited, amounts in thousands)
          
      Three Months Ended

    March 31,
     
       2021   2020  
          
    GAAP R&D$7,612  $4,702  
          
    ADJUSTMENT TO R&D:    
     Acquisition and integration costs (220)  (282) 
          
          
    ADJUSTED R&D$7,392  $4,420  
          
          
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP (ADJUSTED) SG&A EXPENSE
    (Unaudited, amounts in thousands)
          
      Three Months Ended

    March 31,
     
       2021   2020  
          
    GAAP SG&A EXPENSE$39,095  $27,500  
          
    ADJUSTMENTS TO SG&A EXPENSE:    
     Acquisition and integration costs (2,250)  (1,990) 
     Intangible amortization (5,162)  (3,751) 
          
          
    ADJUSTED SG&A EXPENSE$31,683  $21,759  
          





          
     REPLIGEN CORPORATION
     RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED (NON-GAAP NET INCOME GUIDANCE)
          
     (in thousands)Twelve months ending December 31, 2020
       Low End High End
     GUIDANCE ON NET INCOME$95,000  $99,000 
     ADJUSTMENTS TO GUIDANCE ON NET INCOME:   
      Acquisition and integration costs 6,517   6,517 
      Inventory Step-Up Costs 1,798   1,798 
      Anticipated pre-tax amortization of   
            acquisition-related intangible assets 20,651   20,651 
      Non-cash interest expense 11,097   11,097 
      Loss on conversion of debt 1   1 
      Tax effect of intangible amortization and integration (9,315)  (9,315)
      Guidance rounding adjustment 251   251 
     GUIDANCE ON ADJUSTED NET INCOME$126,000  $130,000 
          
          
     REPLIGEN CORPORATION
     RECONCILIATION OF GAAP NET INCOME PER SHARE GUIDANCE TO
     ADJUSTED (NON-GAAP) NET INCOME PER SHARE GUIDANCE
          
       Twelve months ending December 31, 2020
       Low End High End
     GUIDANCE ON NET INCOME PER SHARE - DILUTED$1.67  $1.74 
     ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED: .  
      Acquisition and integration costs$0.11  $0.11 
      Inventory Step-Up Costs$0.03  $0.03 
      Anticipated pre-tax amortization of   
            acquisition-related intangible assets$0.36  $0.36 
      Non-cash interest expense$0.19  $0.19 
      Loss on conversion of debt$0.00  $0.00 
      Tax effect of intangible amortization and integration($0.16) ($0.16)
      Guidance rounding adjustment$0.00  $0.00 
     GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED$2.21  $2.28 
          
     Totals may not add due to rounding.   
          


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