RGEN Repligen Corporation

147.54
-3.05  -2%
Previous Close 150.59
Open 149.98
52 Week Low 72.32
52 Week High 159.97
Market Cap $7,746,232,129
Shares 52,502,590
Float 46,458,384
Enterprise Value $7,440,633,455
Volume 610,852
Av. Daily Volume 396,437
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Drug Pipeline

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

Latest News

    • Reports record quarterly revenue of $87.5 million
    • Overall revenue grew 24% year-over-year, with organic growth of 19%
    • Raises revenue guidance to $332-$340 million for full year 2020, representing 18%-21% organic growth
    • Completes acquisition of silicone molding and tubing manufacturer Engineered Molding Technology

    WALTHAM, Mass., July 30, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its second quarter of 2020. Provided in this press release are financial highlights for the three- and six- month periods ended June 30, 2020, updates to our financial guidance for the fiscal year 2020 and access information for today's webcast…

    • Reports record quarterly revenue of $87.5 million

    • Overall revenue grew 24% year-over-year, with organic growth of 19%
    • Raises revenue guidance to $332-$340 million for full year 2020, representing 18%-21% organic growth
    • Completes acquisition of silicone molding and tubing manufacturer Engineered Molding Technology

    WALTHAM, Mass., July 30, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its second quarter of 2020. Provided in this press release are financial highlights for the three- and six- month periods ended June 30, 2020, updates to our financial guidance for the fiscal year 2020 and access information for today's webcast and conference call.

    Tony J. Hunt, President and Chief Executive Officer said, "I'm pleased to report that the company delivered outstanding financial performance during the second quarter as we continue to focus on keeping all our manufacturing sites fully operational and managing our supply chain and logistics while also prioritizing the health and safety of our employees. During the second quarter, we saw increased demand in all of our product franchises, highlighted by strong growth in Asia and a significant pick up in orders both in the quarter and into the second half of 2020 related to COVID-19 vaccine and therapeutic programs. We finished the quarter by announcing our acquisition of Engineered Molding Technology, which closed in July, to enhance our single-use portfolio. We are confident about the full year outlook for the company and are updating guidance to reflect our expectations for margin expansion and revenue growth in the range of 23%-26%.".

    Financial Highlights for the Second Quarter 2020

    • Revenue increased by 24% year-over-year as reported and 19% organically, to $87.5 million
    • GAAP gross margin increased to 57.9%, and adjusted gross margin (non-GAAP) was 58.2%
    • GAAP fully diluted EPS increased to $0.30 compared to $0.17 for the second quarter of 2019
    • Adjusted fully diluted EPS (non-GAAP) increased to $0.42 compared to $0.33 for the second quarter of 2019

    Financial Highlights for the First Half of 2020

    • Revenue increased by 25% year-over-year as reported and 17% organically, to $163.6 million
    • GAAP gross margin increased to 57.9%, and adjusted gross margin (non-GAAP) was 58.3%
    • GAAP fully diluted EPS increased to $0.48 compared to $0.34 for the first half of 2019
    • Adjusted fully diluted EPS (non-GAAP) increased to $0.74 compared to $0.59 for the first half of 2019

    Financial Details for the Second Quarter and First Half of 2020



    REVENUE

    • Total revenue for the second quarter of 2020 increased to $87.5 million compared to $70.7 million for the second quarter of 2019, a year-over-year gain of 24% as reported and 25% at constant currency, with organic growth of 19%.
    • Total revenue for the first half of 2020 increased to $163.6 million compared to $131.3 million for the first half of 2019, a year-over-year gain of 25% as reported.

    GROSS PROFIT and GROSS MARGIN

    • Gross profit (GAAP) for the second quarter of 2020 was $50.6 million, a year-over-year increase of $10.6 million and representing 57.9% gross margin.
    • Adjusted gross profit (non-GAAP) for the second quarter of 2020 was $50.9 million, a year-over-year increase of $9.5 million and representing 58.2% gross margin.
    • Gross profit (GAAP) for the first half of 2020 was $94.7 million, a year-over-year increase of $20.9 million and representing 57.9% gross margin.
    • Adjusted gross profit (non-GAAP) for the first half of 2020 was $95.4 million, a year-over-year increase of $20.1 million and representing 58.3% gross margin. 

    OPERATING INCOME

    • Operating income (GAAP) for the second quarter of 2020 was $19.5 million compared to $11.1 million for the second quarter of 2019. Adjusted operating income (non-GAAP) for the second quarter of 2020 was $25.5 million, an increase of 27% compared to $20.1 million for the second quarter of 2019.
    • Operating income (GAAP) for the first half of 2020 was $31.4 million compared to $22.2 million for the first half of 2019. Adjusted operating income (non-GAAP) for the first half of 2020 was $43.9 million, an increase of 23% compared to $35.7 million for the first half of 2019.

    NET INCOME

    • Net income (GAAP) for the second quarter of 2020 was $15.9 million, an increase of 96% compared to $8.1 million for the second quarter of 2019. Adjusted net income (non-GAAP) for the second quarter of 2020 was $22.5 million, an increase of 39% compared to $16.2 million for the second quarter of 2019.
    • Net income (GAAP) for the first half of 2020 was $25.7 million, an increase of 59% compared to $16.1 million for the first half of 2019. Adjusted net income (non-GAAP) for the first half of 2020 was $39.3 million, an increase of 38% compared to $28.4 million for the first half of 2019.

    EARNINGS PER SHARE

    • Earnings per share (GAAP) for the second quarter of 2020 increased to $0.30 on a fully diluted basis, compared to $0.17 for the second quarter of 2019. Adjusted EPS (non-GAAP) for the second quarter of 2020 increased to $0.42 on a fully diluted basis, compared to $0.33 for the 2019 period.
    • Earnings per share (GAAP) for the first half of 2020 increased to $0.48 on a fully diluted basis, compared to $0.34 for the first half of 2019. Adjusted EPS (non-GAAP) for the first half of 2020 increased to $0.74 on a fully diluted basis, compared to $0.59 for the first half of 2019.

    EBITDA

    • EBITDA, a non-GAAP financial measure, increased to $25.3 million for the second quarter of 2020, compared to $15.2 million for the second quarter of 2019. Adjusted EBITDA for the second quarter of 2020 increased to $27.4 million, compared to $21.7 million for the second quarter of 2019.
    • EBITDA increased to $43.9 million for the first half of 2020, compared to $30.9 million for the first half of 2019. Adjusted EBITDA for the first half of 2020 increased to $48.6 million, compared to $39.2 million for the first half of 2019.

    CASH

    • Our cash and cash equivalents at June 30, 2020 were $560.4 million, an increase of $32 million from $528.4 million at December 31, 2019.

    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 2020

    Our financial guidance for the fiscal year 2020 is based on expectations for our existing business and includes the financial impact of our acquisition of C Technologies (which closed on May 31, 2019) and Engineered Molding Technology (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 2020 GUIDANCE:

    • Total revenue is projected to be in the range of $332-$340 million, an increase from our previous guidance of $309-$319 million. Our current guidance reflects overall revenue growth of 23%-26%, and organic revenue growth of 18%-21%.

       
    • Gross margin is expected to be in the range of 56.5%-57.0% on both a GAAP and non-GAAP basis, compared to our previous guidance of 56%-57%.

       
    • Income from operations is expected to be in the range of $59-$62 million on a GAAP basis, an increase from our previous guidance of $52-$56 million. Adjusted (non-GAAP) income from operations is expected to be in the range of $81-$84 million, an increase from our previous guidance of $72-$76 million.

       
    • Net income is expected to be in the range of $41-$44 million on a GAAP basis, an increase from our previous guidance of $34.5-$37.5 million. Adjusted (non-GAAP) net income is expected to be in the range of $66-$69 million, an increase from our previous guidance of $58-$61 million. Our current guidance reflects an adjusted tax rate of 18% on adjusted pre-tax income, compared to our previous guidance of 20%.
    • Fully diluted GAAP EPS is expected to be in the range of $0.77-$0.82, an increase from our previous guidance of $0.65-$0.70. Adjusted (non-GAAP) fully diluted EPS is expected to be in the range of $1.24-$1.29, an increase from our previous guidance of $1.09-$1.14.

     Our non-GAAP guidance for the fiscal year 2020 excludes the following items:

    • $5.7 million estimated acquisition and integration expenses; $0.5 million in cost of product revenue, $0.5 million in R&D and $4.7 million in SG&A.
    • Expected inventory step-up charges of $0.2 million related to the acquisition of Engineered Molding Technology.
    • $15.7 million estimated intangible amortization expense; $0.3 million in cost of product revenue and $15.5 million in SG&A.
    • $11.0 million of non-cash interest expense (Other income (expense)) related to our convertible debt notes.

    Our non-GAAP guidance for the fiscal year 2020 includes:

    • An income tax expense of $7.8 million, representing the tax impact of acquisition and integration, inventory step-up, and intangible amortization expenses, as well as non-cash interest expenses related to our convertible debt notes.

    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 30, 2020, at 8:30 a.m. EDT, to discuss second quarter 2020 financial results and corporate developments. The conference call will be accessible by dialing toll-free (844) 701-1063 for domestic callers or (412) 317-5487 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 10146361.

    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 research & development expense, adjusted selling, general and administrative expense, 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 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. 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, MA (USA), and we have additional administrative and manufacturing operations in Marlborough, MA; Bridgewater, NJ; Rancho Dominguez, CA; Clifton Park, NY; Lund, Sweden; Breda, The Netherlands and Ravensburg, Germany.

    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 C Technologies and Engineered Molding Technology 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, and the related downturn of the U.S. and global economies constitute forward-looking statements identified by words like "believe," "expect," "may," "will," "should," "seek," "anticipate," or "could" and similar expressions. 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 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 C Technologies and Engineered Molding Technology 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, 2019 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 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. These forward-looking statements reflect management's current views and Repligen does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law. 

    Repligen Contact: 

    Sondra S. Newman

    Global Head of Investor Relations

    (781) 419-1881

    .com



    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,
      2020   2019   2020   2019 
            
    Revenue:       
    Product revenue$87,432  $70,670  $163,492  $131,282 
    Royalty and other revenue 30   22   60   44 
    Total revenue 87,462   70,692   163,552   131,326 
    Costs and expenses:       
    Cost of product revenue 36,863   30,708   68,845   57,553 
    Research and development 4,336   5,231   9,038   8,851 
    Selling, general and administrative 26,726   23,699   54,226   42,697 
      67,925   59,638   132,109   109,101 
    Income from operations 19,537   11,054   31,443   22,225 
    Investment income 253   1,005   1,617   1,718 
    Interest expense (3,004)  (1,743)  (5,980)  (3,469)
    Other income, net (766)  (697)  (384)  (339)
    Income before income taxes 16,020   9,619   26,696   20,135 
    Income tax provision 159   1,524   1,020   3,987 
    Net income$15,861  $8,095  $25,676  $16,148 
    Earnings per share:       
    Basic$0.30  $0.17  $0.49  $0.36 
    Diluted$0.30  $0.17  $0.48  $0.34 
    Weighted average shares outstanding:       
    Basic 52,381,201   46,367,187   52,259,937   45,174,134 
    Diluted 53,305,827   49,055,814   53,212,596   47,691,772 
            
            
            
    Balance Sheet Data:June 30,

    2020
     December 31,

    2019
        
    Cash, cash equivalents and marketable securities$560,364  $528,392     
    Working capital 642,756   593,515     
    Total assets 1,442,045   1,400,113     
    Long-term obligations 297,617   292,032     
    Accumulated earnings 31,519   5,843     
    Stockholders' equity 1,100,027   1,059,768     



    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,
       2020   2019   2020   2019 
             
    GAAP INCOME FROM OPERATIONS$19,537  $11,054  $31,443  $22,225 
             
    ADJUSTMENTS TO INCOME (LOSS) FROM OPERATIONS:       
     Acquisition and integration costs 2,134   4,822   4,687   6,621 
     Intangible amortization 3,874   3,051   7,752   5,662 
     Inventory step-up charges -   1,169   -   1,169 
             
             
    ADJUSTED INCOME FROM OPERATIONS$25,545  $20,096  $43,882  $35,677 
             
             
    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,
       2020   2019   2020   2019 
             
    GAAP NET INCOME$15,861  $8,095  $25,676  $16,148 
             
    ADJUSTMENTS TO NET INCOME:       
     Acquisition and integration costs 2,134   5,322   4,687   7,121 
     Inventory step-up charges -   1,169   -   1,169 
     Intangible amortization 3,874   3,051   7,752   5,662 
     Non-cash interest expense 2,724   1,124   5,415   2,231 
     Tax effect of non-GAAP charges (1)  (2,085)  (2,610)  (4,262)  (3,961)
             
             
    ADJUSTED NET INCOME$22,508  $16,151  $39,268  $28,370 
             
    (1) Effective as of the quarter ended June 30, 2019, the Company changed its methodology for calculating its non-GAAP financial measures to reflect certain tax effects related to acquisition and integration costs, intangible amortization and non-cash interest expense. Accordingly, the non-GAAP financial measures for the three months ended June 30, 2019 have been updated to be consistent with the methodology used to calculate such measures for the current period.
      
             
    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,
       2020   2019   2020   2019 
             
    GAAP NET INCOME PER SHARE - DILUTED$0.30  $0.17  $0.48  $0.34 
             
    ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED:       
     Acquisition and integration costs 0.04   0.11   0.09   0.15 
     Inventory step-up charges -   0.02   -   0.02 
     Intangible amortization 0.07   0.06   0.15   0.12 
     Non-cash interest expense 0.05   0.02   0.10   0.05 
     Tax effect of non-GAAP charges(1) (0.04)  (0.05)  (0.08)  (0.09)
             
             
    ADJUSTED NET INCOME PER SHARE - DILUTED 0.42  $0.33  $0.74  $0.59 
             
    Totals may not add due to rounding.       
             
    (1) Effective as of the quarter ended June 30, 2019, the Company changed its methodology for calculating its non-GAAP financial measures to reflect certain tax effects related to acquisition and integration costs, intangible amortization and non-cash interest expense. Accordingly, the non-GAAP financial measures for the three months ended June 30, 2019 have been updated to be consistent with the methodology used to calculate such measures for the current period.
             
             
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
    (Unaudited, amounts in thousands)
             
      Three Months Ended

    June 30,
     Six Months Ended

    June 30,
       2020   2019   2020   2019 
             
    GAAP NET INCOME$15,861  $8,095  $25,676  $16,148 
             
    ADJUSTMENTS:       
     Investment Income (253)  (1,005)  (1,617)  (1,718)
     Interest Expense 3,004   1,743   5,980   3,469 
     Tax Provision 159   1,524   1,020   3,987 
     Depreciation 2,578   1,762   5,063   3,337 
     Amortization(1) 3,902   3,079   7,807   5,716 
             
    EBITDA 25,251   15,198   43,929   30,939 
             
    OTHER ADJUSTMENTS:       
     Acquisition and integration costs 2,134   5,322   4,687   7,121 
     Inventory step-up charges -   1,169   -   1,169 
             
             
    ADJUSTED EBITDA$27,385  $21,689  $48,616  $39,229 
             
    (1)Includes amortization of milestone payments in accordance with GAAP of $27 for the three months ended June 30, 2020 and 2019 and $55 for the six months ended June 30, 2020 and 2019.
             
             
    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,
       2020   2019   2020   2019 
             
    GAAP COST OF SALES$36,863  $30,708  $68,845  $57,553 
             
    ADJUSTMENT TO COST OF SALES:       
     Acquisition and integration costs (185)  (133)  (465)  (151)
     Inventory step-up charges -   (1,169)  -   (1,169)
     Intangible amortization (127)  (130)  (254)  (264)
             
             
    ADJUSTED COST OF SALES$36,551  $29,276  $68,126  $55,969 
             
             
    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,
       2020   2019   2020   2019 
             
    GAAP R&D$4,336  $5,231  $9,038  $8,851 
             
    ADJUSTMENT TO R&D:       
     Acquisition and integration costs (189)  (100)  (471)  (127)
             
             
    ADJUSTED R&D$4,147  $5,131  $8,567  $8,724 
             
             
    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,
       2020   2019   2020   2019 
             
    GAAP SG&A EXPENSE$26,726  $23,699  $54,226  $42,697 
             
    ADJUSTMENTS TO SG&A EXPENSE:       
     Acquisition and integration costs (1,760)  (4,590)  (3,750)  (6,343)
     Intangible amortization (3,747)  (2,921)  (7,498)  (5,398)
             
             
    ADJUSTED SG&A EXPENSE$21,219  $16,188  $42,977  $30,956 





    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$41,000  $44,000 
    ADJUSTMENTS TO GUIDANCE ON NET INCOME:   
     Acquisition and integration costs 5,706   5,706 
     Anticipated pre-tax amortization of acquisition-related intangible assets 15,733   15,733 
     Inventory step-up costs 233   233 
     Non-cash interest expense 10,963   10,963 
     Tax effect of non-GAAP charges (7,790)  (7,790)
     Guidance rounding adjustment 155   155 
    GUIDANCE ON ADJUSTED NET INCOME$66,000  $69,000 
         
         
    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$0.77  $0.82 
    ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED:  
     Acquisition and integration costs$0.11  $0.11 
     Anticipated pre-tax amortization of acquisition-related intangible assets$0.29  $0.29 
     Inventory step-up costs$0.00  $0.00 
     Non-cash interest expense$0.21  $0.21 
     Tax effect of non-GAAP charges ($0.15)  ($0.15)
     Guidance rounding adjustment$0.00  $0.00 
    GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED$1.24  $1.29 
         
    Totals may not add due to rounding.   

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  1. WALTHAM, Mass., July 15, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that the Company will report its second quarter 2020 financial results on Thursday, July 30, 2020. 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 periods ended June 30, 2020.

    The conference call will be accessible by dialing toll-free (844) 701-1063 for domestic callers and (412) 317-5487 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…

    WALTHAM, Mass., July 15, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that the Company will report its second quarter 2020 financial results on Thursday, July 30, 2020. 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 periods ended June 30, 2020.

    The conference call will be accessible by dialing toll-free (844) 701-1063 for domestic callers and (412) 317-5487 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 10146361.



    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 (CDMO's) worldwide. Our corporate headquarters are located in Waltham, MA (USA), and we have additional administrative and manufacturing operations in Marlborough, MA; Bridgewater, NJ; Rancho Dominguez, CA; Lund, Sweden; Breda, The Netherlands and Ravensburg, Germany.



    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 29, 2020 (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 Albany, New York based Engineered Molding Technology ("EMT"), an innovator and manufacturer of single-use silicone assemblies and components used in the manufacturing of biologic drugs. EMT's standard and custom molded and over-molded connectors and silicone tubing products are key components in single-use filtration and chromatography systems.

    Tony J. Hunt, President and CEO of Repligen, said, "The acquisition of EMT expands our line of single-use ProConnex® flow paths, streamlines our supply chain for ATF, and gives…

    WALTHAM, Mass., June 29, 2020 (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 Albany, New York based Engineered Molding Technology ("EMT"), an innovator and manufacturer of single-use silicone assemblies and components used in the manufacturing of biologic drugs. EMT's standard and custom molded and over-molded connectors and silicone tubing products are key components in single-use filtration and chromatography systems.

    Tony J. Hunt, President and CEO of Repligen, said, "The acquisition of EMT expands our line of single-use ProConnex® flow paths, streamlines our supply chain for ATF, and gives us more flexibility as we scale and expand our single-use and systems portfolios." He continued, "The EMT portfolio also enables us to offer bioprocessing customers faster lead-times on single-use flow path solutions and to provide biopharmaceutical and CDMO customers with a more fully integrated and complete product offering in Filtration and Chromatography."

    Michael Pandori, co-founder of Engineered Molding Technology, said, "Over the last ten years, EMT has grown to become a key player in the supply of extruded and molded silicone products into the bioprocessing industry. We are at a transition point now where it makes sense to join forces with Repligen, who has an impressive history of scaling companies to the next level.  For EMT, this means taking our products global, expanding our commercial footprint and integrating select EMT technologies into Repligen product lines while continuing to innovate."

    The proposed acquisition is expected to close during Repligen's third quarter of 2020. 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, MA (USA), and we have additional administrative and manufacturing operations in Marlborough, MA; Bridgewater, NJ; Rancho Dominguez, CA; Lund, Sweden; Breda, The Netherlands and Ravensburg, Germany.

    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 EMT 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 EMT, customer adoption of EMT'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 EMT's business and personnel and to achieve expected synergies; our ability to maintain or expand EMT'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. These forward looking statements reflect management's current views and Repligen does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances that occur after the date hereof except as required by law.

    Repligen Contact: 

    Sondra S. Newman

    Global Head of Investor Relations

    (781) 419-1881

     

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  3. WALTHAM, Mass., June 15, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced the appointment of healthcare industry executive Carrie Eglinton Manner to its Board of Directors. Ms. Eglinton Manner brings to the director role over 23 years of leadership experience across multiple disciplines. She currently serves as Senior Vice President, Advanced Diagnostics at Quest Diagnostics (NYSE:DGX), the world's leading provider of diagnostic information services, which she joined in 2017. Prior to Quest, Ms. Eglinton Manner held various roles of increasing scope and responsibility over a period of 20 years at GE Healthcare (NYSE:GE). From 2009 through 2016, she served as President & CEO of four distinct GE Healthcare global businesses…

    WALTHAM, Mass., June 15, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced the appointment of healthcare industry executive Carrie Eglinton Manner to its Board of Directors. Ms. Eglinton Manner brings to the director role over 23 years of leadership experience across multiple disciplines. She currently serves as Senior Vice President, Advanced Diagnostics at Quest Diagnostics (NYSE:DGX), the world's leading provider of diagnostic information services, which she joined in 2017. Prior to Quest, Ms. Eglinton Manner held various roles of increasing scope and responsibility over a period of 20 years at GE Healthcare (NYSE:GE). From 2009 through 2016, she served as President & CEO of four distinct GE Healthcare global businesses in the areas of diagnostic imaging, lab services and medical devices, ranging in size from approximately $150 million to $3 billion in revenue.

    "We are truly pleased to welcome Carrie as a director to our Board," said Karen A. Dawes, Chairperson of the Board of Directors for Repligen. "Her industry knowledge, leadership, and strategic business acumen will be of great value to the Company and its plans for continued success. Carrie has a proven track record of building businesses and leading rapidly growing companies. She is an ideal addition to our Board."

    Tony J. Hunt, President and Chief Executive Officer said, "Carrie's leadership skills are supported by a depth of disciplinary experience, from early sales and marketing roles at GE Healthcare to divisional GM and CEO roles entailing acquisition integration, global market creation, operations excellence, quality and process improvement. Her history of delivering on business expansion and profitability will be valuable as we continue to execute on our innovation-based growth strategy."

    In her role at Quest Diagnostics, Ms. Eglinton Manner is responsible for growing the company's nearly $2 billion genetic and molecular diagnostics portfolio.  Under her leadership, the advanced diagnostics portfolio has grown revenue and margin through innovation in specialty genetic offerings and services, productivity programs, key strategic alliances, and acquisitions. At GE Healthcare, Ms. Eglinton Manner also led improvements in financial performance and expanded the industry presence as President and CEO of Maternal Infant Care, Clarient Diagnostic Services, Inc., Surgery, and Detection & Guidance Solutions. In addition to joining the Repligen board, Ms. Eglinton Manner serves as board director for the not-for-profit Thrive Networks, where she retains a personal and professional commitment to advancing women and transforming health in underserved communities with reliable sanitation, water, and education. Ms. Eglinton Manner holds a Bachelor of Science degree in Mechanical Engineering from the University of Notre Dame.

    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, MA (USA), and we have additional administrative and manufacturing operations in Marlborough, MA; Bridgewater, NJ; Rancho Dominguez, CA; Lund, Sweden; Breda, The Netherlands and Ravensburg, Germany.

    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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    • Reports record quarterly revenue of $76.1 million
    • Overall revenue grew 25% year-over-year, with organic growth of 16%
    • Strong order load through first four months

    WALTHAM, Mass., May 06, 2020 (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, 2020. Provided in this press release are financial highlights for the quarter, updates to our financial guidance for the year 2020 and access information for today's webcast and conference call.

    Tony J. Hunt, President and Chief Executive Officer said, "I'm really pleased with our flexibility and performance during the first quarter, while adapting to the…

    • Reports record quarterly revenue of $76.1 million
    • Overall revenue grew 25% year-over-year, with organic growth of 16%
    • Strong order load through first four months

    WALTHAM, Mass., May 06, 2020 (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, 2020. Provided in this press release are financial highlights for the quarter, updates to our financial guidance for the year 2020 and access information for today's webcast and conference call.

    Tony J. Hunt, President and Chief Executive Officer said, "I'm really pleased with our flexibility and performance during the first quarter, while adapting to the challenging economic environment. We exceeded our financial goals, reporting record quarterly revenue and organic growth of 16% backed by strong order demand. The story of the quarter was the continued momentum at gene therapy accounts and strength in our chromatography and filtration franchises, with our proteins business performing above expectations."

    Mr. Hunt added, "The majority of our focus in Q1 and here again in Q2 is on employee health and safety while working together to keep our factories and supply chain fully open and operational during the COVID-19 pandemic. The dedication of our employees has been remarkable, and I especially want to thank those in our manufacturing and customer-facing organizations who have helped deliver on our commitments. While there are clearly uncertainties as to how the year plays out, we remain optimistic about 2020 as we execute on our strategy of bringing new products to market, further developing the gene therapy space and continuing to pace our investments as we expand our manufacturing capacity."

    Financial Highlights for the First Quarter 2020

    • Revenue increased by 25% year-over-year as reported and 16% organically, to $76.1 million
    • GAAP gross margin increased to 58.0%, a year-over-year increase of 220 bps
    • Adjusted gross margin (non-GAAP) increased to 58.5%, a year-over-year increase of 250 bps
    • GAAP fully diluted EPS increased to $0.18 compared to $0.17 for the first quarter of 2019
    • Adjusted fully diluted EPS (non-GAAP) increased to $0.32 compared to $0.26 for the first quarter of 2019

    Financial Details for the First Quarter 2020

    REVENUE

    • Total revenue for the first quarter of 2020 increased to $76.1 million compared to $60.6 million for the first quarter of 2019, a year-over-year gain of 25% as reported and 26% at constant currency, with organic growth of 16%.

    GROSS PROFIT and GROSS MARGIN

    • Gross profit (GAAP) for the first quarter of 2020 was $44.1 million, a year-over-year increase of $10.3 million and representing 58.0% gross margin.
    • Adjusted gross profit (non-GAAP) for the first quarter of 2020 was $44.5 million, a year-over-year increase of $10.6 million and representing 58.5% gross margin. 

    OPERATING INCOME

    • Operating income (GAAP) for the first quarter of 2020 was $11.9 million compared to $11.2 million for the first quarter of 2019.
    • Adjusted operating income (non-GAAP) for the first quarter of 2020 was $18.3 million, an increase of 18% compared to $15.6 million for the first quarter of 2019.

    NET INCOME

    • Net income (GAAP) for the first quarter of 2020 was $9.8 million, an increase of 22% compared to $8.1 million for the first quarter of 2019.
    • Adjusted net income (non-GAAP) for the first quarter of 2020 was $16.8 million, an increase of 37% compared to $12.2 million for the first quarter of 2019. 

    EARNINGS PER SHARE

    • Earnings per share (GAAP) for the first quarter of 2020 were $0.18 on a fully diluted basis, compared to $0.17 for the first quarter of 2019.
    • Adjusted EPS (non-GAAP) for the first quarter of 2020 were $0.32 on a fully diluted basis, compared to $0.26 for the 2019 period.

    EBITDA

    • EBITDA, a non-GAAP financial measure, for the first quarter of 2020 was $18.7 million compared to $15.7 million for the first quarter of 2019.
    • Adjusted EBITDA for the first quarter of 2020 was $21.2 million, an increase of 21% compared to $17.5 million for the first quarter of 2019.

    CASH

    • Our cash and cash equivalents at March 31, 2020 were $529.5 million, an increase of $1.1 million from $528.4 million at December 31, 2019. 

    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 2020

    Our financial guidance for the fiscal year 2020 is based on expectations for our existing business and includes the financial impact of our acquisition of C Technologies (which closed on May 31, 2019). The guidance below excludes the impact of potential additional acquisitions and future fluctuations in foreign currency exchange rates. 

    FISCAL YEAR 2020 GUIDANCE:

    • We are maintaining our previous guidance for revenue in the range of $309-$319 million, reflecting overall revenue growth of 14%-18% and organic growth of 10%-14%.
    • Gross margin is expected to be 56%-57% on both a GAAP and non-GAAP basis, an increase from our previous guidance of 55%-56%.
    • Income from operations is expected to be in the range of $52-$56 million on a GAAP basis, an increase from our previous guidance of $50-$54 million. Adjusted (non-GAAP) income from operations is expected to be in the range of $72-$76 million, an increase from our previous guidance of $70-$74 million.
    • Net income is expected to be in the range of $34.5-$37.5 million on a GAAP basis, an increase from our previous guidance of $33.5-$36.5 million. Adjusted (non-GAAP) net income is expected to be in the range of $58-$61 million, an increase from our previous guidance of $57-$60 million. Our current guidance reflects a tax rate of 20% on adjusted pre-tax income, an improvement from our previous guidance of 23%.
    • Fully diluted GAAP EPS is expected to be in the range of $0.65-$0.70, an increase from our previous guidance of $0.63-$0.68. Adjusted (non-GAAP) fully diluted EPS is expected to be in the range of $1.09-$1.14, an increase from our previous guidance of $1.07-$1.12.

    Our non-GAAP guidance for the fiscal year 2020 excludes the following items:

    • $4.7 million estimated acquisition and integration expenses; $0.5 million in cost of product revenue, $0.5 million in R&D and $3.7 million in SG&A.
    • $15.3 million estimated intangible amortization expense; $0.3 million in cost of product revenue and $15.0 million in G&A.
    • $11.0 million of non-cash interest expense (Other income (expense)) related to our convertible debt notes.

    Our non-GAAP guidance for the fiscal year 2020 includes:

    • An income tax expense of $7.4 million, representing the tax impact of the acquisition and integration of C Technologies, intangible amortization, and non-cash interest expenses.

    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 6, 2020, at 8:30 a.m. EDT, to discuss first quarter 2020 financial results and corporate developments. The conference call will be accessible by dialing toll-free (844) 701-1063 for domestic callers or (412) 317-5487 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 10141587. 

    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 research & development expense, adjusted selling, general and administrative expense, 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 related to the Company's acquisitions of TangenX Technology Corporation, Spectrum Lifesciences, LLC (formerly known as Spectrum, Inc.), and C Technologies Inc.; inventory step-up charges; intangible amortization costs; non-cash interest expense; the impact on tax of intangible amortization and acquisition and integration costs; and, in the case of EBITDA, cash interest expense related to the Company's convertible debt. 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. 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, MA (USA), and we have additional administrative and manufacturing operations in Marlborough, MA; Bridgewater, NJ; Rancho Dominguez, CA; Lund, Sweden; Breda, The Netherlands and Ravensburg, Germany.

    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 C Technologies business, 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, the projected impact of, and response to, the COVID-19 pandemic, and financing plans constitute forward-looking statements identified by words like "believe," "expect," "may," "will," "should," "seek," "anticipate," or "could" and similar expressions. 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 following: the ultimate impact of the COVID-19 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 C Technologies business successfully into our business and achieve the expected benefits of the acquisition; 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; the effect of the COVID-19 pandemic, including mitigation efforts and economic effects, on our business operations; our volatile stock price; 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. These forward-looking statements reflect management's current views and Repligen does not undertake to update any of these forward-looking statements to reflect a change in its views or events or circumstances 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,
          2020       2019  
             
    Revenue:        
    Product revenue   $ 76,060     $ 60,612  
    Royalty and other revenue     30       22  
    Total revenue     76,090       60,634  
    Costs and expenses:        
    Cost of product revenue     31,982       26,845  
    Research and development     4,702       3,620  
    Selling, general and administrative     27,500       18,998  
          64,184       49,463  
    Income from operations     11,906       11,171  
    Investment income     1,364       713  
    Interest expense     (2,976 )     (1,726 )
    Other income, net     382       358  
    Income before income taxes     10,676       10,516  
    Income tax provision     861       2,463  
    Net income   $ 9,815     $ 8,053  
    Earnings per share:        
    Basic   $ 0.19     $ 0.18  
    Diluted   $ 0.18     $ 0.17  
    Weighted average shares outstanding:        
    Basic     52,138,673       43,967,824  
    Diluted     53,108,847       46,279,017  
             
             
    Balance Sheet Data:   March 31,
    2020
      December 31,
    2019
    Cash, cash equivalents and marketable securities   $ 529,525     $ 528,392  
    Working capital     609,525       593,515  
    Total assets     1,406,481       1,400,113  
    Long-term obligations     294,870       292,032  
    Accumulated earnings     15,658       5,843  
    Stockholders' equity     1,069,758       1,059,768  


    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO NON-GAAP (ADJUSTED) INCOME FROM OPERATIONS
    (Unaudited, amounts in thousands)
               
          Three Months Ended March 31,
            2020       2019  
               
    GAAP INCOME FROM OPERATIONS $ 11,906     $ 11,171  
               
    ADJUSTMENTS TO INCOME (LOSS) FROM OPERATIONS:      
      Acquisition and integration costs     2,553       1,799  
      Intangible amortization     3,878       2,611  
               
               
    ADJUSTED INCOME FROM OPERATIONS $ 18,337     $ 15,581  
               
               
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) NET INCOME
    (Unaudited, amounts in thousands)
               
          Three Months Ended March 31,
            2020       2019  
               
    GAAP NET INCOME $ 9,815     $ 8,053  
               
    ADJUSTMENTS TO NET INCOME:      
      Acquisition and integration costs     2,553       1,799  
      Intangible amortization     3,878       2,611  
      Non-cash interest expense     2,691       1,107  
      Tax effect of intangible amortization and acquisition costs (1)     (2,177 )     (1,351 )
               
               
    ADJUSTED NET INCOME $ 16,760     $ 12,219  
               
    (1) Effective as of the quarter ended June 30, 2019, the Company changed its methodology for calculating its non-GAAP financial measures to reflect certain tax effects related to acquisition and integration costs, intangible amortization and non-cash interest expense. Accordingly, the non-GAAP financial measures for the three months ended March 31, 2019 have been updated to be consistent with the methodology used to calculate such measures for the current period.
               
     
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP NET INCOME PER SHARE TO NON-GAAP (ADJUSTED) NET INCOME PER SHARE
    (Unaudited)
               
          Three Months Ended March 31,
            2020       2019  
               
    GAAP NET INCOME PER SHARE - DILUTED $ 0.18     $ 0.17  
               
    ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED:      
      Acquisition and integration costs     0.05       0.04  
      Intangible amortization     0.07       0.06  
      Non-cash interest expense     0.05       0.02  
      Tax effect of intangible amortization and acquisition costs     (0.04 )     (0.03 )
               
               
    ADJUSTED NET INCOME PER SHARE - DILUTED   0.32     $ 0.26  
               
    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,
            2020       2019  
               
    GAAP NET INCOME $ 9,815     $ 8,053  
               
    ADJUSTMENTS:      
      Investment Income     (1,364 )     (713 )
      Interest Expense     2,976       1,726  
      Tax Provision     861       2,463  
      Depreciation     2,485       1,575  
      Amortization(1)     3,905       2,638  
               
    EBITDA   18,678       15,742  
               
    OTHER ADJUSTMENTS:      
      Acquisition and integration costs     2,553       1,799  
               
               
    ADJUSTED EBITDA $ 21,231     $ 17,541  
               
    (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,
            2020       2019  
               
    GAAP COST OF SALES $ 31,982     $ 26,845  
               
    ADJUSTMENT TO COST OF SALES:      
      Acquisition and integration costs     (280 )     (18 )
      Intangible amortization     (127 )     (134 )
               
               
    ADJUSTED COST OF SALES $ 31,575     $ 26,693  
               
               
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP (ADJUSTED) R&D EXPENSE
    (Unaudited, amounts in thousands)
               
          Three Months Ended March 31,
            2020       2019  
               
    GAAP R&D $ 4,702     $ 3,620  
               
    ADJUSTMENT TO R&D:      
      Acquisition and integration costs     (282 )     (27 )
               
               
    ADJUSTED R&D $ 4,420     $ 3,593  
               
               
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP (ADJUSTED) SG&A EXPENSE
    (Unaudited, amounts in thousands)
               
          Three Months Ended March 31,
            2020       2019  
               
    GAAP SG&A EXPENSE $ 27,500     $ 18,998  
               
    ADJUSTMENTS TO SG&A EXPENSE:      
      Acquisition and integration costs     (1,990 )     (1,753 )
      Intangible amortization     (3,751 )     (2,474 )
               
               
    ADJUSTED SG&A EXPENSE $ 21,759     $ 14,771  


    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 $ 34,500     $ 37,500  
    ADJUSTMENTS TO GUIDANCE ON NET INCOME:      
      Acquisition and integration costs     4,659       4,659  
      Anticipated pre-tax amortization of        
      acquisition-related intangible assets     15,251       15,251  
      Non-cash interest expense     10,960       10,960  
      Tax effect of intangible amortization and integration     (7,360 )     (7,360 )
      Guidance rounding adjustment     (10 )     (10 )
    GUIDANCE ON ADJUSTED NET INCOME $ 58,000     $ 61,000  
               
               
    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 $ 0.65     $ 0.70  
    ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED:    
      Acquisition and integration costs   $ 0.09     $ 0.09  
      Anticipated pre-tax amortization of        
      acquisition-related intangible assets   $ 0.29     $ 0.29  
      Non-cash interest expense   $ 0.21     $ 0.21  
      Tax effect of intangible amortization and integration   ($ 0.14 )   ($ 0.14 )
      Guidance rounding adjustment   ($ 0.00 )   ($ 0.00 )
    GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED $ 1.09     $ 1.14  
               

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