• Proposed acquisition strengthens Repligen's Proteins business
    • Adds a market leader in affinity ligand discovery and development and complements established partnership with Navigo GmbH
    • Strategically moves Repligen into affinity resin solutions for gene therapy
    • Avitide is expected to contribute approximately $10 million in revenue in 2022 and be accretive to Repligen's adjusted earnings per share in 2023

    WALTHAM, Mass., Sept. 16, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it has entered into a definitive agreement to acquire privately-held Avitide Inc., for approximately $150 million, comprised of $75 million in cash plus $75 million in…

    • Proposed acquisition strengthens Repligen's Proteins business
    • Adds a market leader in affinity ligand discovery and development and complements established partnership with Navigo GmbH
    • Strategically moves Repligen into affinity resin solutions for gene therapy
    • Avitide is expected to contribute approximately $10 million in revenue in 2022 and be accretive to Repligen's adjusted earnings per share in 2023

    WALTHAM, Mass., Sept. 16, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it has entered into a definitive agreement to acquire privately-held Avitide Inc., for approximately $150 million, comprised of $75 million in cash plus $75 million in Repligen common stock in addition to performance-based earnout payments over the next three years. Avitide is a leading chromatography developer with diverse affinity ligand libraries and best-in-class ligand-to-resin development timelines.

    Tony J. Hunt, President and CEO of Repligen said, "The addition of Avitide is a major step forward in building out our Proteins business and in particular our affinity ligand discovery engine. This acquisition builds off the excellent partnership we have already established with Navigo GmbH and really strengthens and expands our ligand discovery and development capabilities. We are excited to have the entire Avitide team join Repligen and look forward to accelerating the commercialization of Avitide's discovery platform. Together, we anticipate bringing many new products to market over the coming years, directly addressing the growing need for affinity solutions in gene therapy and other emerging modalities."  

    Kevin Isett, President and CEO of Avitide said, "We have made tremendous progress in affinity ligand and chromatography development over the past decade. Avitide's culture of rapid and continuous technology innovation is what differentiates us from other companies and it is where we feel a strong kinship with Repligen. Repligen is the ideal partner to drive the expanded adoption of existing products and introduction of new products to the market through the combination of their established global operational and commercial capabilities and Avitide's unique and differentiated affinity chromatography discovery platform."

    Approvals and Financing

    The transaction is expected to be completed during the third 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 $734 million at June 30, 2021. Perella Weinberg Partners LP is acting as financial advisor and Goodwin Procter LLP is serving as legal counsel to Repligen. EC M&A is acting as the financial advisor and Morgan, Lewis & Bockius LLP is serving as the legal counsel to Avitide for the transaction.

    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, France, Germany, Ireland, the Netherlands and Sweden. For more information about the company, including Repligen news releases, see our website at www.repligen.com. Follow us on LinkedIn and Twitter.

    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 Avitide, Inc. 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 Avitide, customer adoption of Avitide'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," "anticipate," "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 Avitide's business and personnel and to achieve expected synergies; our ability to maintain or expand Avitide'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 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 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

    investors@repligen.com



    Primary Logo

    View Full Article Hide Full Article
  1. WALTHAM, Mass., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, and Navigo Proteins GmbH ("Navigo"), today announced they have completed development and validation of a novel protein A ligand that overcomes challenges associated with the purification of pH sensitive antibodies and Fc-fusion proteins. Named NGL-Impact® A Hi pH, the new ligand is the first to address antibody aggregation in low pH elution buffers. While developed specifically to address pH sensitive antibodies and Fc-fusion proteins, NGL-Impact A Hi pH ligand demonstrates high performance for all antibodies, and can be considered for "platform" use due to its broad pH operating range…

    WALTHAM, Mass., Sept. 09, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, and Navigo Proteins GmbH ("Navigo"), today announced they have completed development and validation of a novel protein A ligand that overcomes challenges associated with the purification of pH sensitive antibodies and Fc-fusion proteins. Named NGL-Impact® A Hi pH, the new ligand is the first to address antibody aggregation in low pH elution buffers. While developed specifically to address pH sensitive antibodies and Fc-fusion proteins, NGL-Impact A Hi pH ligand demonstrates high performance for all antibodies, and can be considered for "platform" use due to its broad pH operating range.

    Ralf Kuriyel, Repligen Senior Vice President R&D, said, "This new best-in-class ligand addresses one of the major pain points in antibody drug purification which is the formation of aggregates during Protein A elution. Our new NGL-Impact A Hi pH ligand has demonstrated in customer evaluations two-fold lower levels of aggregate formation while maintaining high dynamic binding capacity and excellent caustic stability. We have completed all scale-up and validation work and now look forward to this ligand being commercialized on a new resin later this year, through our partnership with Purolite."

    Dr. Henning Afflerbach, CEO of Navigo Proteins, said, "The rapid deployment of our Precision Capturing® technology and working in parallel with the Repligen team has again resulted in delivering a differentiated ligand product that addresses an industry bottleneck. The introduction of a high pH, high performing ligand into the market represents a potential real cost- and time savings for developers of pH sensitive antibodies and Fc-fusion proteins. We believe the performance enabled by this ligand will prove very attractive in the market, for purification of all antibodies and Fc containing proteins."

    Protein A affinity ligands are the critical component of Protein A chromatography media that enable the affinity purification of monoclonal antibody-based biologic drugs. There are currently more than 120 monoclonal antibodies and Fc-fusion proteins that have received U.S. FDA regulatory approval and more than 600 are at various stages of clinical development.  

    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, France, Germany, Ireland, the Netherlands and Sweden.

    About Navigo Proteins GmbH

    Navigo Proteins is a premier protein engineering company, specialized in creating novel affinity ligands for custom affinity purification of complex biologics (Precision Capturing®) and as ligands in biotherapeutic drug candidates (Precision Targeting). Navigo's unique protein engineering expertise is based on the company's proprietary platform of different small and stable, yet highly engineerable scaffold proteins. Navigo's Precision Capturing unit creates affinity ligands and chromatography resins that specifically bind and purify biologics, even without Fc part and notably enables platformized one-step downstream processes. Precision Capturing is based on an artificial Protein A scaffold, combining the downstream processing industry-accepted virtues of Protein A with novel selectivities and mild elution conditions. Precision Capturing is applicable for purifying recombinant proteins, monoclonal antibodies, viruses, VLPs and other biologics. Navigo works with renowned global partners to convert its affinity ligands into ready-to-use, GMP-compliant affinity resins for large-scale, commercial biologics downstream processing.

    Repligen Forward Looking Statements

    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 regarding market demand for high pH ligands and related resins, customer acceptance of these ligands and resins, manufacturing scale-up and validation activities for the commercialization of high pH ligands and related resins, and the expected synergies from Repligen's partnership with Navigo 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: 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; 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 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 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

    snewman@repligen.com

    Navigo GmbH Contact:

    Laura Müller

    Business Development Manager

    +49 (0)345 27996337

    laura.mueller@navigo-proteins.com 



    Primary Logo

    View Full Article Hide Full Article
    • 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

    investors@repligen.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,
     
      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.    


    Primary Logo

    View Full Article Hide Full Article
  2. 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

    investors@repligen.com 



    Primary Logo

    View Full Article Hide Full Article
  3. 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

    investors@repligen.com 

    Polymem S.A. Contact:

    Isabelle Duchemin

    Marketing and Commercial Manager

    +33 (0) 786 008 625

    iduchemin@polymem.fr 



    Primary Logo

    View Full Article Hide Full Article
  4. 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

    investors@repligen.com



    Primary Logo

    View Full Article Hide Full Article
    • 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

    investors@repligen.com





    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.   
          


    Primary Logo

    View Full Article Hide Full Article
  5. WALTHAM, Mass., April 20, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that the Company will report its first quarter 2021 financial results on Tuesday, May 4, 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-month reporting period ended March 31, 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…

    WALTHAM, Mass., April 20, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that the Company will report its first quarter 2021 financial results on Tuesday, May 4, 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-month reporting period ended March 31, 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 10155233.



    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, 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

    investors@repligen.com



    Primary Logo

    View Full Article Hide Full Article
  6. WALTHAM, Mass., March 17, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at the KeyBanc Life Science and MedTech Investor Forum being held March 23-24.  Tony Hunt, President & Chief Executive Officer, will participate in a fireside chat on Wednesday, March 24, at 9:15 a.m. EDT.

    A live webcast of the discussion 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…

    WALTHAM, Mass., March 17, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at the KeyBanc Life Science and MedTech Investor Forum being held March 23-24.  Tony Hunt, President & Chief Executive Officer, will participate in a fireside chat on Wednesday, March 24, at 9:15 a.m. EDT.

    A live webcast of the discussion 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

    investors@repligen.com



    Primary Logo

    View Full Article Hide Full Article
  7. WALTHAM, Mass., March 03, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at the Barclays Global Healthcare Conference being held March 9-11. Jon Snodgres, Chief Financial Officer, will participate in a fireside chat on Wednesday, March 10, at 1:50 p.m. EST.

    A live webcast of the discussion 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…

    WALTHAM, Mass., March 03, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at the Barclays Global Healthcare Conference being held March 9-11. Jon Snodgres, Chief Financial Officer, will participate in a fireside chat on Wednesday, March 10, at 1:50 p.m. EST.

    A live webcast of the discussion 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

    investors@repligen.com



    Primary Logo

    View Full Article Hide Full Article
    • Reports quarterly revenue of $108.6 million, representing 56% year-over-year growth, and annual revenue of $366.3 million represents 36% year-over-year growth
    • Organic revenue growth was 47% for the fourth quarter and 29% for the year 2020

    WALTHAM, Mass., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its fourth quarter and full year 2020. Provided in this press release are financial highlights for the three - and twelve-month periods ended December 31, 2020, followed by our current financial guidance for the year 2021, and access information for today's webcast and conference call.

    Tony J. Hunt, President and Chief…

    • Reports quarterly revenue of $108.6 million, representing 56% year-over-year growth, and annual revenue of $366.3 million represents 36% year-over-year growth

    • Organic revenue growth was 47% for the fourth quarter and 29% for the year 2020

    WALTHAM, Mass., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its fourth quarter and full year 2020. Provided in this press release are financial highlights for the three - and twelve-month periods ended December 31, 2020, followed by our current 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, "We are delighted with the way we finished off 2020 with 47% organic growth in the fourth quarter and 29% for the full year. Sales into COVID vaccine and therapeutic accounts were a major contributor to overall growth especially in the second half of 2020. Our non-COVID markets also performed well, up over 18% in 2020. All our franchises delivered robust growth during the year, and we continued to see traction at gene therapy accounts. Strategically, our three acquisitions position us well to accelerate growth in our systems and fluid management businesses in 2021. With a very strong order load and COVID tailwinds, we anticipate that 2021 will be another excellent year for the company as we build additional manufacturing capacity, support the manufacturing of COVID vaccines and therapeutics and launch exciting new products."

    Fourth Quarter 2020 Highlights 

    • Revenue increased by 56% year-over-year as reported and 47% organically, to $108.6 million
    • GAAP operating margin was 16.0%, an increase of 750 bps
    • Adjusted (non-GAAP) operating margin was 25.1%, an increase of 680 bps
    • GAAP fully diluted EPS was $0.36 compared to $0.07 for the fourth quarter of 2019
    • Adjusted (non-GAAP) fully diluted EPS increased to $0.52 compared to $0.20 for the fourth quarter of 2019

    Financial Details for the Fourth Quarter and Full Year 2020

                 

    REVENUE     

    • Total revenue for the fourth quarter of 2020 increased to $108.6 million compared to $69.5 million for the fourth quarter of 2019, a year-over-year gain of 56% as reported and 53% at constant currency, with organic growth of 47%.
    • Total revenue for the full year 2020 increased to $366.3 million compared to $270.2 million for the full year 2019, a year-over-year gain of 36% as reported and 35% at constant currency, with organic growth of 29%.

    GROSS PROFIT and GROSS MARGIN 

    • Gross profit (GAAP) for the fourth quarter of 2020 was $60.5 million, a year-over-year increase of $21.1 million. Adjusted gross profit (non-GAAP) for the fourth quarter of 2020 was $61.1 million, a year-over-year increase of $21.4 million, or 53.7%.
    • Gross margin (GAAP) for the fourth quarter of 2020 was 55.7%, compared to 56.6% for the fourth quarter of 2019. Adjusted gross margin (non-GAAP) for the fourth quarter was 56.3%, compared to 57.2% to the 2019 period.
    • Gross profit (GAAP) for the full year 2020 was $209.6 million, a year-over-year increase of $58.5 million. Adjusted gross profit (non-GAAP) for the full year 2020 was $211.1 million, a year-over-year increase of $57.0 million, or 37%.
    • Gross margin (GAAP) was 57.2% for the full year 2020, a 130 bps improvement from the full year 2019. Adjusted gross margin (non-GAAP) for the full year 2020 was 57.6%, a 60 bps improvement from the full year 2019.

    OPERATING INCOME

    • Operating income (GAAP) for the fourth quarter of 2020 was $17.4 million compared to $5.9 million for the fourth quarter of 2019. Adjusted operating income (non-GAAP) for the fourth quarter of 2020 was $27.3 million, an increase of 115% compared to $12.7 million for the fourth quarter of 2019.
    • Operating income (GAAP) for the full year 2020 was $69.8 million, an increase of 94% compared to $36.1 million for the full year 2019. Adjusted operating income (non-GAAP) for the full year 2020 was $98.1 million, an increase of 54% compared to $63.5 million for the full year 2019.  
    • Operating margin (GAAP) was 16% for the fourth quarter of 2020, an increase of 750 bps year-over year. Adjusted operating margin (non-GAAP) was 25.1% for the fourth quarter of 2020, an increase of 680 bps year-over year.
    • Operating margin (GAAP) was 19.1% for the full year 2020, an increase of 570 bps year-over-year. Adjusted operating margin (non-GAAP) was 26.8% for the full year 2020, an increase of 330 bps year-over-year.

    NET INCOME

    • Net income (GAAP) for the fourth quarter of 2020 was $19.7 million compared to $3.6 million for the fourth quarter of 2019. Adjusted net income (non-GAAP) for the fourth quarter of 2020 was to $28.7 million, an increase of 165% compared to $10.8 million for the fourth quarter of 2019.  
    • Net income (GAAP) for the full year 2020 was $59.9 million, an increase of 180% compared to $21.4 million for the full year 2019. Adjusted net income (non-GAAP) for the full year 2020 was $89.1 million, an increase of 70% compared to $52.5 million for the full year 2019. 

    EARNINGS PER SHARE

    • Earnings per share (GAAP) for the fourth quarter of 2020 were $0.36 on a fully diluted basis, compared to $0.07 for the fourth quarter of 2019. Adjusted EPS (non-GAAP) for the fourth quarter of 2020 increased to $0.52 on a fully diluted basis, compared to $0.20 for the 2019 period.
    • Earnings per share (GAAP) for the full year 2020 increased to $1.11 on a fully diluted basis, compared to $0.44 for the full year 2019. Adjusted EPS (non-GAAP) for the full year 2020 increased to $1.65 on a fully diluted basis, compared to $1.07 for the full year 2019.

    EBITDA

    • EBITDA, a non-GAAP financial measure, for the fourth quarter of 2020 was $25.3 million compared to $11.7 million for the fourth quarter of 2019. Adjusted EBITDA for the fourth quarter of 2020 was $29.8 million, an increase of 104% compared to $14.6 million for the fourth quarter of 2019.
    • EBITDA for the full year 2020 was $96.6 million, an increase of 90% compared to $51.0 million for the full year 2019. Adjusted EBITDA for the full year 2020 was $107.9 million, an increase of 52% compared to $71.1 million for the full year 2019.

    CASH

    • Our cash and cash equivalents at December 31, 2020 were $717.3 million, an increase of $188.9 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 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 (which closed on December 3, 2020), Non-Metallic Solutions (which closed on October 20, 2020 ) and Engineered Molding Technologies (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 $500-$525 million, reflecting overall revenue growth of 37%-43% as reported and at constant currency and organic growth of 26%-33%. 
    • Revenue contribution from COVID-related programs are expected to be in the range of $90-$100 million, representing incremental COVID related revenue of $44-$54 million and 12%-15% points of overall revenue growth. Incremental acquisition-related revenue is expected to be in the range of $37-$40 million, 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 $103-$109 million on a GAAP basis. Adjusted (non-GAAP) income from operations is expected to be in the range of $134-$140 million.
    • Net income is expected to be in the range of $74-$79 million on a GAAP basis. Adjusted (non-GAAP) net income is expected to be in the range of $106-$111 million. Our current guidance reflects a tax rate of 20% on adjusted pre-tax income.
    • Fully diluted GAAP EPS is expected to be in the range of $1.30-$1.38. Adjusted (non-GAAP) fully diluted EPS is expected to be in the range of $1.86-$1.94.

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

    • $5.8 million estimated acquisition and integration expenses; $0.1 million in cost of product revenue, $1.0 million in R&D and $4.7 million in SG&A.
    • $23.9 million estimated intangible amortization expense in SG&A.
    • Expected inventory step-up charges of $1.4 million related to 2020 acquisitions.
    • $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 2021 includes:

    • An income tax increase of $9.8 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, February 24, 2021, at 8:30 a.m. EST, to discuss fourth quarter and full year 2020 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 10151931. 

    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 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 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" 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 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

    investors@repligen.com 





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

    December 31,
     Twelve Months Ended

    December 31,
     
      2020   2019   2020   2019  
             
    Revenue:        
    Product revenue$108,615  $69,396  $366,136  $270,097  
    Royalty and other revenue 33   78   124   148  
    Total revenue 108,648   69,474   366,260   270,245  
    Costs and expenses:        
    Cost of product revenue 48,163   30,121   156,634   119,099  
    Research and development 6,722   5,172   20,182   19,450  
    Selling, general and administrative 36,344   28,287   119,621   95,613  
      91,229   63,580   296,437   234,162  
    Income from operations 17,419   5,894   69,823   36,083  
    Investment income 42   1,708   1,741   5,324  
    Loss on extinguishment of debt -   -   -   (5,650) 
    Interest expense (3,101)  (2,966)  (12,133)  (9,292) 
    Other income (expense), net 418   (291)  (214)  (314) 
    Income before income taxes 14,778   4,345   59,217   26,151  
    Income tax (benefit) provision (4,920)  741   (709)  4,740  
    Net income$19,698  $3,604  $59,926  $21,411  
    Earnings per share:        
    Basic$0.37  $0.07  $1.14  $0.44  
    Diluted$0.36  $0.07  $1.11  $0.44  
    Weighted average shares outstanding:        
    Basic 53,143,302   52,063,528   52,553,799   48,342,584  
    Diluted 55,022,355   52,976,271   53,892,261   49,206,242  
             
             
    Balance Sheet Data:December 31, 2020 December 31, 2019     
    Cash, cash equivalents and marketable securities$717,292  $528,392      
    Working capital 583,426   593,515      
    Total assets 1,902,887   1,400,113      
    Long-term obligations 54,781   292,032      
    Accumulated earnings 65,769   5,843      
    Stockholders' equity 1,529,150   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

    December 31,
     Twelve Months Ended

    December 31,
     
       2020   2019   2020   2019  
              
    GAAP INCOME FROM OPERATIONS$17,419  $5,894  $69,823  $36,083  
              
    ADJUSTMENTS TO INCOME (LOSS) FROM OPERATIONS:        
     Acquisition and integration costs 4,929   2,934   11,465   12,508  
     Intangible amortization 4,355   3,879   16,032   13,441  
     Inventory step-up charges 590   -   734   1,483  
              
    ADJUSTED INCOME FROM OPERATIONS$27,293  $12,707  $98,054  $63,515  
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) NET INCOME 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended December 31, Twelve Months Ended December 31, 
       2020   2019   2020   2019  
              
    GAAP NET INCOME$19,698  $3,604  $59,926  $21,411  
              
    ADJUSTMENTS TO NET INCOME:        
     Acquisition and integration costs 3,943   2,934   10,479   13,008  
     Inventory step-up charges 590   -   734   1,483  
     Intangible amortization 4,355   3,879   16,032   13,441  
     Loss on extinguishment of debt -   -   -   5,650  
     Non-cash interest expense 2,796   2,674   10,970   7,536  
     Tax effect of non-GAAP charges (2,716)  (2,261)  (9,050)  (10,003) 
              
    ADJUSTED NET INCOME$28,666  $10,830  $89,091  $52,526  
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP NET INCOME PER SHARE TO NON-GAAP (ADJUSTED) NET INCOME PER SHARE 
    (Unaudited) 
              
      Three Months Ended December 31, Twelve Months Ended December 31, 
       2020   2019   2020   2019  
              
    GAAP NET INCOME PER SHARE - DILUTED$0.36  $0.07  $1.11  $0.44  
              
    ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED:        
     Acquisition and integration costs 0.07   0.06   0.19   0.26  
     Inventory step-up charges 0.01   -   0.01   0.03  
     Intangible amortization 0.08   0.07   0.30   0.27  
     Loss on extinguishment of debt -   -   -   0.11  
     Non-cash interest expense 0.05   0.05   0.20   0.15  
     Tax effect of non-GAAP charges (0.05)  (0.04)  (0.17)  (0.20) 
              
    ADJUSTED NET INCOME PER SHARE - DILUTED 0.52  $0.20  $1.65  $1.07  
              
    Totals may not add due to rounding.        
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended December 31, Twelve Months Ended December 31, 
       2020   2019   2020   2019  
              
    GAAP NET INCOME$19,698  $3,604  $59,926  $21,411  
              
    ADJUSTMENTS:        
     Investment Income (42)  (1,708)  (1,741)  (5,324) 
     Interest Expense 3,101   2,966   12,133   9,292  
     Tax Provision (4,920)  741   (709)  4,740  
     Depreciation 3,068   2,170   10,888   7,317  
     Amortization(1) 4,383   3,907   16,143   13,551  
              
    EBITDA 25,287   11,680   96,640   50,987  
              
    OTHER ADJUSTMENTS:        
     Acquisition and integration costs 3,943   2,934   10,479   13,008  
     Loss on extinguishment of debt -   -   -   5,650  
     Inventory step-up charges 590   -   734   1,483  
              
              
    ADJUSTED EBITDA$29,821  $14,614  $107,853  $71,128  
              
    (1)Includes amortization of milestone payments in accordance with GAAP of $28 and $111 for the three- and twelve-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 December 31, Twelve Months Ended December 31, 
       2020   2019   2020   2019  
              
    GAAP COST OF SALES$48,163  $30,121  $156,634  $119,099  
              
    ADJUSTMENT TO COST OF SALES:        
     Acquisition and integration costs (40)  (281)  (508)  (951) 
     Inventory step-up charges (590)  -   (734)  (1,483) 
     Intangible amortization -   (128)  (254)  (520) 
              
    ADJUSTED COST OF SALES$47,533  $29,712  $155,138  $116,145  
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP (ADJUSTED) R&D EXPENSE 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended December 31, Twelve Months Ended December 31, 
       2020   2019   2020   2019  
              
    GAAP R&D$6,722  $5,172  $20,182  $19,450  
              
    ADJUSTMENT TO R&D:        
     Acquisition and integration costs (53)  (282)  (525)  (687) 
              
    ADJUSTED R&D$6,669  $4,890  $19,657  $18,763  
              
              
    REPLIGEN CORPORATION 
    RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP (ADJUSTED) SG&A EXPENSE 
    (Unaudited, amounts in thousands) 
              
      Three Months Ended December 31, Twelve Months Ended December 31, 
       2020   2019   2020   2019  
              
    GAAP SG&A EXPENSE$36,344  $28,287  $119,621  $95,613  
              
    ADJUSTMENTS TO SG&A EXPENSE:        
     Acquisition and integration costs (4,836)  (2,371)  (10,432)  (10,870) 
     Intangible amortization (4,354)  (3,751)  (15,779)  (12,921) 
              
    ADJUSTED SG&A EXPENSE$27,154  $22,165  $93,411  $71,822  
              



           
     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$74,000  $79,000  
     ADJUSTMENTS TO GUIDANCE ON NET INCOME:    
      Acquisition and integration costs 5,754   5,754  
      Anticipated pre-tax amortization of acquisition-related intangible assets 23,896   23,896  
      Inventory step-up costs 1,430   1,430  
      Non-cash interest expense 10,957   10,957  
      Tax effect of non-GAAP charges (9,774)  (9,774) 
      Guidance rounding adjustment (263)  (263) 
     GUIDANCE ON ADJUSTED NET INCOME$106,000  $111,000  
           
           
     REPLIGEN CORPORATION 
     RECONCILIATION OF GAAP NET INCOME PER SHARE GUIDANCE TO  
     ADJUSTED (NON-GAAP) NET INCOME PER SHARE GUIDANCE 
           
       Twelve months ending December 31, 2021 
       Low End High End 
     GUIDANCE ON NET INCOME PER SHARE - DILUTED$1.30  $1.38  
     ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED:   
      Acquisition and integration costs$0.10  $0.10  
      Anticipated pre-tax amortization of acquisition-related intangible assets$0.42  $0.42  
      Inventory step-up costs$0.03  $0.03  
      Non-cash interest expense$0.19  $0.19  
      Tax effect of non-GAAP charges($0.17) ($0.17) 
      Guidance rounding adjustment($0.00) ($0.00) 
     GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED$1.86  $1.94  
           
     Totals may not add due to rounding.    
           


    Primary Logo

    View Full Article Hide Full Article
  8. WALTHAM, Mass., Feb. 22, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at the 10th Annual SVB Leerink Healthcare conference being held February 22-26.  Tony J. Hunt, President and Chief Executive Officer, will participate in a fireside chat on Friday, February 26, at 12:00 p.m. EST.

    A live webcast of the discussion 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…

    WALTHAM, Mass., Feb. 22, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at the 10th Annual SVB Leerink Healthcare conference being held February 22-26.  Tony J. Hunt, President and Chief Executive Officer, will participate in a fireside chat on Friday, February 26, at 12:00 p.m. EST.

    A live webcast of the discussion 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

    investors@repligen.com



    Primary Logo

    View Full Article Hide Full Article
  9. Webcast and Conference Call to Be Held Wednesday, February 24, 2021 at 8:30 a.m. EST

    WALTHAM, Mass., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that the Company will report its fourth quarter and full year 2020 financial results on Wednesday, February 24, 2021. The Company will issue a press release before the market opens and will host a conference call at 8:30 a.m. EST to discuss business updates and financial results for the three- and twelve- month reporting periods ended December 31, 2020.

    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…

    Webcast and Conference Call to Be Held Wednesday, February 24, 2021 at 8:30 a.m. EST



    WALTHAM, Mass., Feb. 11, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that the Company will report its fourth quarter and full year 2020 financial results on Wednesday, February 24, 2021. The Company will issue a press release before the market opens and will host a conference call at 8:30 a.m. EST to discuss business updates and financial results for the three- and twelve- month reporting periods ended December 31, 2020.



    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 10151931.



    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, 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

    investors@repligen.com



    Primary Logo

    View Full Article Hide Full Article
  10. WALTHAM, Mass. and HALLE (Saale), Germany, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, and Navigo Proteins GmbH ("Navigo"), a premier protein engineering company specializing in novel affinity ligand development, today announced that they have completed the development and initiated the commercial launch of NGL COVID-19 Spike Protein Affinity Resin, a novel affinity resin to be utilized in the purification of COVID-19 vaccines.

    The availability of this COVID-19 affinity resin is the result of an accelerated program to provide COVID-19 vaccine manufacturers with a high purity capture step, decreasing processing time and significantly improving…

    WALTHAM, Mass. and HALLE (Saale), Germany, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, and Navigo Proteins GmbH ("Navigo"), a premier protein engineering company specializing in novel affinity ligand development, today announced that they have completed the development and initiated the commercial launch of NGL COVID-19 Spike Protein Affinity Resin, a novel affinity resin to be utilized in the purification of COVID-19 vaccines.

    The availability of this COVID-19 affinity resin is the result of an accelerated program to provide COVID-19 vaccine manufacturers with a high purity capture step, decreasing processing time and significantly improving overall yield in the production of these critical vaccines.

    Working closely with Navigo Proteins on the ligand development and partnering with Purolite Life Sciences on Praesto® agarose bead technology, the resulting product meets all the expected requirements of a high-performance resin including very high selectivity, high dynamic binding capacities and caustic stability over multi-cycle use.

    Ralf Kuriyel, Repligen Senior Vice President R&D said, "We are very pleased to launch this resin and are very encouraged by the positive customer feedback on its overall performance in the development and manufacture of Spike Protein based vaccines."

    Dr. Henning Afflerbach, CEO of Navigo Proteins said, "The rapid deployment of our Precision Capturing® technology and working in parallel with the Repligen team has resulted in getting a Spike resin into the market in less than 10 months – it's a tremendous achievement."

    NGL COVID-19 Spike Protein Affinity Resin will be manufactured and marketed by Repligen.   Resin samples are available immediately and can be ordered in Repligen's pre-packed OPUS® columns to expedite and support evaluations and scale-up.  Orders for validated and commercial resin are also being accepted currently.

    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.

    About Navigo Proteins GmbH

    Navigo Proteins is a premier protein engineering company, specialized in creating novel affinity ligands for custom affinity purification of complex biologics (PRECISION CAPTURING®) and as ligands in biotherapeutic drug candidates (PRECISION TARGETING). Navigo's unique protein engineering expertise is based on the company's proprietary platform of different small and stable, yet highly engineerable scaffold proteins. Navigo's PRECISION CAPTURING® unit creates affinity ligands and chromatography resins that specifically bind and purify biologics, even without Fc part and notably enables platformized one-step downstream processes. PRECISION CAPTURING® is based on an artificial Protein A scaffold, combining the downstream processing industry-accepted virtues of Protein A with novel selectivities and mild elution conditions. PRECISION CAPTURING® is applicable for purifying recombinant proteins, monoclonal antibodies, viruses, VLPs and other biologics. Navigo works with renowned global partners to convert its affinity ligands into ready-to-use, GMP-compliant affinity resins for large-scale, commercial biologics downstream processing.

    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 regarding market demand for spike protein ligands and related resins, customer acceptance of these ligands and resins, manufacturing scale-up and validation activities for the commercialization of spike protein ligands and related resins, and the expected synergies from Repligen's partnership with Navigo 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: 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; 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 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

    snewman@repligen.com

    Navigo Contact:

    Dr. Oliver Schub

    Director Business Development

    +49 (345) 2799 6 363

    oliver.schub@navigo-proteins.com 



    Primary Logo

    View Full Article Hide Full Article
  11. WALTHAM, Mass., Jan. 04, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at the 39th Annual J.P. Morgan Healthcare conference being held January 11-14.  Tony J. Hunt, President and Chief Executive Officer, will make a formal presentation on Wednesday, January 13, at 9:10 a.m. EST.

    A live webcast of the presentation 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…

    WALTHAM, Mass., Jan. 04, 2021 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today announced that it will present virtually at the 39th Annual J.P. Morgan Healthcare conference being held January 11-14.  Tony J. Hunt, President and Chief Executive Officer, will make a formal presentation on Wednesday, January 13, at 9:10 a.m. EST.

    A live webcast of the presentation 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 in 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

    investors@repligen.com



    Primary Logo

    View Full Article Hide Full Article
  12. WALTHAM, Mass., Dec. 10, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced the closing of its previously announced underwritten public offering of an aggregate of 1.725 million shares of its common stock at a public offering price of $181 per share for gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, of approximately $312.2 million, which includes the exercise in full of the underwriters' option to purchase 225,000 additional shares. The offering of the shares is expected to result in approximately $298 million in net proceeds to Repligen after deducting underwriting discounts and commissions and other estimated offering expenses payable by Repligen.

    Repligen…

    WALTHAM, Mass., Dec. 10, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced the closing of its previously announced underwritten public offering of an aggregate of 1.725 million shares of its common stock at a public offering price of $181 per share for gross proceeds, before deducting underwriting discounts and commissions and estimated offering expenses, of approximately $312.2 million, which includes the exercise in full of the underwriters' option to purchase 225,000 additional shares. The offering of the shares is expected to result in approximately $298 million in net proceeds to Repligen after deducting underwriting discounts and commissions and other estimated offering expenses payable by Repligen.

    Repligen Corporation intends to use the net proceeds from this offering for working capital and other general corporate purposes. Net proceeds from this offering may also be used to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies. Repligen has not entered into any agreements or commitments with respect to any acquisitions or investments at this time.

    J.P. Morgan Securities LLC and Stifel, Nicolaus & Company, Incorporated acted as joint book-running managers for the offering. Craig-Hallum Capital Group, Stephens Inc., SVB Leerink LLC and William Blair & Company, L.L.C. acted as co-managers for the offering.

    These securities were issued and sold pursuant to an automatically effective shelf registration statement (including a base prospectus) that was previously filed with the Securities and Exchange Commission ("SEC"). A final prospectus supplement relating to this offering has been filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com and from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com.

    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    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, Germany, Ireland, the Netherlands and Sweden.

    Cautionary Language Concerning Forward-Looking Statements

    This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding the anticipated use of proceeds of the proposed offering, 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 and uncertainties related to market conditions. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Repligen's most recent Annual Report on Form 10-K for the year ended December 31, 2019 and in our 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.

    Source:

    Repligen Corporation

    Sondra Newman

    Global Head of Investor Relations

    snewman@repligen.com



    Primary Logo

    View Full Article Hide Full Article
  13. NEW YORK, Dec. 8, 2020 /PRNewswire/ -- EC Mergers & Acquisitions ("EC M&A") is pleased to confirm the sale of ARTeSYN BioSolutions ("ARTeSYN")

    ARTeSYN is a manufacturer of innovative single-use solutions for the downstream bioprocessing industry. The Company is growing rapidly, led by the success of its single-use chromatography and filtration systems which are considered the gold standards in downstream bioprocessing due to their performance, automation and low hold-up volumes. ARTeSYN's suite of single-use solutions have been created with the goal of enabling abundance in medicine by allowing 10x greater efficiency in biologics manufacturing. Over the past decade, ARTeSYN has established downstream processing leadership with a suite of state of the art single-use systems for chromatography, filtration, continuous manufacturing and media/buffer prep workflows. In addition, the Company has integrated unique flow path assemblies to deliver highly differentiated, low hold-up volume systems that minimize product loss during processing. ARTeSYN's product portfolio also includes single-use valves with fully disposable valve liners, XO® skeletal supports and a hybrid small parts offering for de-bottlenecking traditional facilities. The Company is headquartered in Waterford, Ireland with additional locations in the United States and Estonia.

    Repligen Corporation (NASDAQ:RGEN) 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. Repligen's mission is to inspire advances in bioprocessing for biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide.

    Michael Gagne founder of ARTeSYN said, "We were thrilled with the opportunity to partner with EC M&A on this transaction. EC M&A patiently and professionally supported us in our evaluation of numerous different offers and opportunities, including potential capital raises, partnership with various growth equity funds, and tremendous offers from various strategic acquirers. In the end, with EC M&A's support and counsel, we moved forward with Repligen Corporation. We believe Repligen is the perfect partner to continue the development of ARTeSYN BioSolutions and pursue my goal of enabling abundance in medicine."  

    The transaction totals $200M, $130M of which will be paid in cash and $70M in Repligen common stock. ARTeSYN is projected to generate approximately $30M in pro forma revenue in 2020, representing 6x-7x 2020e revenue. The business is expected to contribute approximately $33M-36M of revenue in 2021E.

    About EC Mergers & Acquisitions

    EC M&A is a premier middle-market advisory firm, having advised on over 275 completed life sciences and industrial technologies transactions. Since 1992, we have developed strong relationships with many of the most innovative companies in biopharma technologies, life sciences, medical devices, industrial technologies, and digital solutions. Our focus is generating highly compelling valuations by virtue of our deep domain expertise and genuine global buyer access for middle market life sciences and industrial technology transactions.  EC M&A offers global, seamless client coverage and senior-level attention across our offices in New York, Chicago, London, Paris, Frankfurt, Prague, Zurich, Milan, Beijing and Hong Kong. www.ec-ma.com

    Contact

    Richard Hale

    +44 (0) 207 665 6869

    richard.hale@ec-ma.com

    Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/ec-mergers--acquisitions-advised-artesyn-on-its-sale-to-repligen-301188629.html

    SOURCE EC M&A

    View Full Article Hide Full Article
  14. WALTHAM, Mass., Dec. 07, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced the pricing of an underwritten public offering of 1.5 million shares of its common stock at a public offering price of $181 per share. In addition, Repligen Corporation has granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. Repligen expects proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, to be approximately $271.5 million, excluding any exercise of the underwriters' option to purchase additional shares. The offering is expected to close on or about…

    WALTHAM, Mass., Dec. 07, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced the pricing of an underwritten public offering of 1.5 million shares of its common stock at a public offering price of $181 per share. In addition, Repligen Corporation has granted the underwriters a 30-day option to purchase up to an additional 225,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. Repligen expects proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses, to be approximately $271.5 million, excluding any exercise of the underwriters' option to purchase additional shares. The offering is expected to close on or about December 10, 2020 subject to customary closing conditions.



    Repligen Corporation intends to use the net proceeds from this offering for working capital and other general corporate purposes. Net proceeds from this offering may also be used to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies. Repligen has not entered into any agreements or commitments with respect to any acquisitions or investments at this time.



    J.P. Morgan Securities LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers for the offering. Craig-Hallum Capital Group, Stephens Inc., SVB Leerink LLC and William Blair & Company, L.L.C. are acting as co-managers for the offering.



    These securities will be issued and sold pursuant to an automatically effective shelf registration statement (including a base prospectus) that was previously filed with the Securities and Exchange Commission ("SEC"). A preliminary prospectus supplement relating to this offering has been filed with the SEC. Copies of the final prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com and from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com.



    This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.



    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, Germany, Ireland, the Netherlands and Sweden.

    Cautionary Language Concerning Forward-Looking Statements

    This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding completion of the proposed offering and the anticipated use of proceeds of the proposed offering, 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, uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Repligen's most recent Annual Report on Form 10-K for the year ended December 31, 2019 and in our 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.

    Source:

    Repligen Corporation

    Sondra Newman

    Global Head of Investor Relations

    snewman@repligen.com



    Primary Logo

    View Full Article Hide Full Article
  15. WALTHAM, Mass., Dec. 07, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that it has commenced an underwritten public offering of 1.5 million shares of its common stock. In addition, Repligen Corporation expects to grant the underwriters a 30-day option to purchase up to an additional 225,000 shares of its common stock in connection with the proposed public offering. All shares of common stock will be offered by Repligen Corporation. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.

    Repligen Corporation intends to use the net proceeds from this offering for working capital…

    WALTHAM, Mass., Dec. 07, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN) today announced that it has commenced an underwritten public offering of 1.5 million shares of its common stock. In addition, Repligen Corporation expects to grant the underwriters a 30-day option to purchase up to an additional 225,000 shares of its common stock in connection with the proposed public offering. All shares of common stock will be offered by Repligen Corporation. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.

    Repligen Corporation intends to use the net proceeds from this offering for working capital and other general corporate purposes. Net proceeds from this offering may also be used to fund possible acquisitions of, or investments in, complementary businesses, products, services and technologies. Repligen has not entered into any agreements or commitments with respect to any acquisitions or investments at this time.

    J.P. Morgan Securities LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers for the offering. Craig-Hallum Capital Group, Stephens Inc., SVB Leerink LLC and William Blair are acting as co-managers for the offering.

    These securities will be issued and sold pursuant to an automatically effective shelf registration statement (including a base prospectus) that was previously filed with the Securities and Exchange Commission ("SEC"). A preliminary prospectus supplement relating to this offering will be filed with the SEC (together with such base prospectus, the "Prospectus"). Before investing in the common stock, investors should read the Prospectus, including the documents incorporated by reference therein, and any free writing prospectus related to this offering. These documents may be freely obtained by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies may be obtained, when available, from J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (866) 803-9204, or by email at prospectus-eq_fi@jpmchase.com and from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720, or by email at syndprospectus@stifel.com.

    The offering will be made only by means of a prospectus. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    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, Germany, Ireland, the Netherlands and Sweden.

    Cautionary Language Concerning Forward-Looking Statements

    This press release contains forward-looking statements regarding our future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding the size of the proposed offering, completion of the proposed offering and the anticipated use of proceeds of the proposed offering, 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, uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Repligen's most recent Annual Report on Form 10-K for the year ended December 31, 2019 and in our 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.

    Source:

    Repligen Corporation

    Sondra Newman

    Global Head of Investor Relations

    snewman@repligen.com



    Primary Logo

    View Full Article Hide Full Article
    • Reports record quarterly revenue of $94.1 million with strong margin expansion
    • Overall revenue grew 35% year-over-year, with organic growth of 31%
    • Raises revenue guidance to $348-$352 million and overall revenue growth to 29%-30% for full year 2020, representing 23%-24% organic growth
    • Completes acquisition of Non-Metallic Solutions and announces agreement to acquire bioprocess systems innovator ARTeSYN Biosolutions

    WALTHAM, Mass., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its third quarter of 2020. Provided in this press release are financial highlights for the three- and nine- month periods ended September…

    • Reports record quarterly revenue of $94.1 million with strong margin expansion

    • Overall revenue grew 35% year-over-year, with organic growth of 31%
    • Raises revenue guidance to $348-$352 million and overall revenue growth to 29%-30% for full year 2020, representing 23%-24% organic growth
    • Completes acquisition of Non-Metallic Solutions and announces agreement to acquire bioprocess systems innovator ARTeSYN Biosolutions

    WALTHAM, Mass., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its third quarter of 2020. Provided in this press release are financial highlights for the three- and nine- month periods ended September 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, "We are pleased with our momentum during the third quarter, reporting over $94 million in revenue and robust organic growth of 31%. COVID programs accounted for approximately 14% of revenue during the quarter, and approximately 55% of revenue growth. We continued to see strong revenue and order demand as both COVID customers and gene therapy accounts drove accelerated growth across our franchises, with Filtration performing exceptionally well. Direct product orders were up over 100% year-on-year, positioning us well for an excellent finish to 2020 and a strong start to 2021."

    Mr. Hunt added, "In addition to our strong business performance we were delighted to close on our deal to acquire Non-Metallic Solutions and also sign an agreement to acquire ARTeSYN Biosolutions. These acquisitions broaden and strengthen our systems strategy - where single-use systems and consumables - including flow path assemblies - come together for an enhanced customer offering with meaningful process and yield advantages."

    Financial Highlights for the Third Quarter 2020

    • Revenue increased by 35% year-over-year as reported and 31% organically, to reach a quarterly record $94.1 million.
    • Gross margin (GAAP) was 57.9%, an increase of 3.1 points, and adjusted gross margin (non-GAAP) was 58.0%, an increase of 1.9 points compared to third quarter of 2019.
    • Operating margin (GAAP) was 22.3%, an increase of 10.8 points, and adjusted operating margin (non-GAAP) was 28.6%, an increase of 6.8 points compared to the third quarter of 2019.
    • Fully diluted EPS (GAAP) increased to $0.27 compared to $0.03 for the third quarter of 2019, and adjusted fully diluted EPS (non-GAAP) increased to $0.40 compared to $0.26 for the third quarter of 2019.

    Financial Details for the Third Quarter and First Nine Months of 2020

    REVENUE

    • Total revenue for the third quarter of 2020 increased to $94.1 million compared to $69.4 million for the third quarter of 2019, a year-over-year gain of 35% as reported and 34% at constant currency, with organic growth of 31%.
    • Total revenue for the first nine months of 2020 increased to $257.6 million compared to $200.8 million for the first nine months of 2019, a year-over-year gain of 28% as reported and at constant currency, with organic growth of 22%.

    GROSS PROFIT and GROSS MARGIN

    • Gross profit (GAAP) for the third quarter of 2020 was $54.4 million, a year-over-year increase of $16.4 million and representing 57.9% gross margin.
    • Adjusted gross profit (non-GAAP) for the third quarter of 2020 was $54.6 million, a year-over-year increase of $15.6 million and representing 58% gross margin.
    • Gross profit (GAAP) for the first nine months of 2020 was $149.1 million, a year-over-year increase of $37.3 million and representing 57.9% gross margin.
    • Adjusted gross profit (non-GAAP) for the first nine months of 2020 was $150.0 million, a year-over-year increase of $35.7 million and representing 58.2% gross margin.

    OPERATING INCOME

    • Operating income (GAAP) for the third quarter of 2020 was $21.0 million, an increase of $13 million compared to $8.0 million for the third quarter of 2019. Adjusted operating income (non-GAAP) for the third quarter of 2020 was $26.9 million, an increase of $11.7 million compared to $15.1 million for the third quarter of 2019.
    • Operating income (GAAP) for the first nine months of 2020 was $52.4 million, an increase of $22.2 million compared to $30.2 million for the first nine months of 2019. Adjusted operating income (non-GAAP) for the first nine months of 2020 was $70.8 million, an increase of $20.0 million compared to $50.8 million for the first nine months of 2019.

    NET INCOME

    • Net income (GAAP) for the third quarter of 2020 was $14.6 million, an increase of $12.9 million compared to $1.7 million for the third quarter of 2019. Adjusted net income (non-GAAP) for the third quarter of 2020 was $21.2 million, an increase of $7.8 million compared to $13.3 million for the third quarter of 2019.
    • Net income (GAAP) for the first nine months of 2020 was $40.2 million, an increase of $22.4 million compared to $17.8 million for the first nine months of 2019. Adjusted net income (non-GAAP) for the first nine months of 2020 was $60.4 million, an increase of $18.7 million compared to $41.7 million for the first nine months of 2019.

    EARNINGS PER SHARE

    • Earnings per share (GAAP) for the third quarter of 2020 increased to $0.27 on a fully diluted basis, compared to $0.03 for the third quarter of 2019. Adjusted EPS (non-GAAP) for the third quarter of 2020 increased to $0.40 on a fully diluted basis, compared to $0.26 for the 2019 period.
    • Earnings per share (GAAP) for the first nine months of 2020 increased to $0.75 on a fully diluted basis, compared to $0.37 for the first nine months of 2019. Adjusted EPS (non-GAAP) for the first nine months of 2020 increased to $1.13 on a fully diluted basis, compared to $0.87 for the first nine months of 2019.

    EBITDA

    • EBITDA, a non-GAAP financial measure, increased to $27.4 million for the third quarter of 2020, compared to $8.4 million for the third quarter of 2019. Adjusted EBITDA for the third quarter of 2020 increased to $29.4 million, compared to $17.3 million for the third quarter of 2019.
    • EBITDA increased to $71.4 million for the first nine months of 2020, compared to $39.3 million for the first nine months of 2019. Adjusted EBITDA for the first nine months of 2020 increased to $78.0 million, compared to $56.5 million for the first nine months of 2019.

    CASH

    • Our cash and cash equivalents at September 30, 2020 were $553.3 million, an increase of $24.9 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 acquisitions of C Technologies (which closed on May 31, 2019), Engineered Molding Technology (which closed on July 13, 2020) and Non-Metallic Solutions, Inc. (which closed on October 20, 2020). The guidance below does not include the impact of our proposed acquisition of ARTeSYN Biosolutions, which is expected to close during the fourth quarter of 2020. The guidance also 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 $348-$352 million, an increase from our previous guidance of $332-$340 million. This updated revenue guidance includes approximately $1 million in projected revenue from Non-Metallic Solutions, and reflects overall revenue growth of 29%-30%, with organic revenue growth in the range of 23%-24%.



    • COVID programs are expected to account for approximately 10% of revenue.



    • Gross margin is expected to be in the range of 57.5%-58.0% on both a GAAP and non-GAAP basis, compared to our previous guidance of 56.5%-57%.
    • Income from operations is expected to be in the range of $66-$68 million on a GAAP basis, an increase from our previous guidance of $59-$62 million. Adjusted income from operations (non-GAAP) is expected to be in the range of $91-$93 million, an increase from our previous guidance of $81-$84 million.



    • Net income is expected to be in the range of $47.5-$49.5 million on a GAAP basis, an increase from our previous guidance of $41-$44 million. Adjusted net income (non-GAAP) is expected to be in the range of $75-$77 million, an increase from our previous guidance of $66-$69 million. Our current guidance reflects an adjusted tax rate of 17% on adjusted pre-tax income, compared to our previous guidance of 18%.



    • Fully diluted EPS (GAAP) is expected to be in the range of $0.89-$0.93, an increase from our previous guidance of $0.77-$0.82. Adjusted fully diluted EPS (non-GAAP) is expected to be in the range of $1.41-$1.45, an increase from our previous guidance of $1.24-$1.29.

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

    • $9.2 million estimated acquisition and integration expenses; $0.5 million in cost of product revenue, $0.5 million in R&D and $8.2 million in selling, general and administrative expense ("SG&A").



    • Expected inventory step-up charges of $0.2 million related to the acquisitions of Engineered Molding Technology and Non-Metallic Solutions.



    • $15.8 million estimated intangible amortization expense; $0.3 million in cost of product revenue and $15.6 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 $8.6 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, November 5, 2020, at 8:30 a.m. EST, to discuss third quarter 2020 financial results and corporate developments. The conference call will be accessible by dialing toll-free (844) 763-8274 for domestic callers or (412) 717-9224 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 10149396.

    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 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 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, as well as EBITDA to adjusted EBITDA, 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 Rancho Dominguez, CA; Marlborough and Auburn, MA; Bridgewater, NJ; Clifton Park, NY; Dallas, TX; Ravensburg, Germany; Breda, the Netherlands and Lund, 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 C Technologies, Engineered Molding Technology and Non-Metallic Solutions businesses, the expected closing of the acquisition of ARTeSYN Biosolutions, 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," 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, Engineered Molding Technology and Non-Metallic Solutions 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

    investors@repligen.com







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

    September 30,
     Nine Months Ended

    September 30,
      2020   2019   2020   2019 
            
    Revenue:       
    Product revenue$94,029  $69,419  $257,521  $200,701 
    Royalty and other revenue 31   26   91   70 
    Total revenue 94,060   69,445   257,612   200,771 
    Costs and expenses:       
    Cost of product revenue 39,626   31,425   108,471   88,978 
    Research and development 4,422   5,427   13,460   14,278 
    Selling, general and administrative 29,051   24,629   83,277   67,326 
      73,099   61,481   205,208   170,582 
    Income from operations 20,961   7,964   52,404   30,189 
    Investment income 82   1,898   1,699   3,616 
    Loss on extinguishment of debt -   (5,650)  -   (5,650)
    Interest expense (3,052)  (2,857)  (9,032)  (6,326)
    Other (expense) income, net (248)  316   (632)  (23)
    Income before income taxes 17,743   1,671   44,439   21,806 
    Income tax provision 3,191   12   4,211   3,999 
    Net income$14,552  $1,659  $40,228  $17,807 
    Earnings per share:       
    Basic$0.28  $0.03  $0.77  $0.38 
    Diluted$0.27  $0.03  $0.75  $0.37 
    Weighted average shares outstanding:       
    Basic 52,545,100   50,851,623   52,341,037   47,086,779 
    Diluted 53,468,658   51,809,289   53,299,544   47,929,581 
            
            
            
    Balance Sheet Data:September 30,

    2020
     December 31,

    2019
        
    Cash, cash equivalents and marketable securities$553,302  $528,392     
    Working capital 645,744   593,515     
    Total assets 1,476,316   1,400,113     
    Long-term obligations 300,462   292,032     
    Accumulated earnings 46,071   5,843     
    Stockholders' equity 1,124,870   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

    September 30,
     Nine Months Ended

    September 30,
       2020   2019   2020   2019 
             
    GAAP INCOME FROM OPERATIONS$20,961  $7,964  $52,404  $30,189 
             
    ADJUSTMENTS TO INCOME (LOSS) FROM OPERATIONS:       
     Acquisition and integration costs 1,849   2,953   6,536   9,573 
     Intangible amortization 3,925   3,900   11,677   9,562 
     Inventory step-up charges 144   314   144   1,483 
             
             
    ADJUSTED INCOME FROM OPERATIONS$26,879  $15,131  $70,761  $50,807 
             
             
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) NET INCOME
    (Unaudited, amounts in thousands)
             
      Three Months Ended

    September 30,
     Nine Months Ended

    September 30,
       2020   2019   2020   2019 
             
    GAAP NET INCOME$14,552  $1,659  $40,228  $17,807 
             
    ADJUSTMENTS TO NET INCOME:       
     Acquisition and integration costs 1,849   2,953   6,536   10,074 
     Inventory step-up charges 144   314   144   1,483 
     Intangible amortization 3,925   3,900   11,677   9,562 
     Loss on extinguishment of debt -   5,650   -   5,650 
     Non-cash interest expense 2,759   2,631   8,174   4,863 
     Tax effect of non-GAAP charges (2,072)  (3,781)  (6,334)  (7,742)
             
             
    ADJUSTED NET INCOME$21,157  $13,326  $60,425  $41,697 
             
             
    REPLIGEN CORPORATION
    RECONCILIATION OF GAAP NET INCOME PER SHARE TO

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

    September 30,
     Nine Months Ended

    September 30,
       2020   2019   2020   2019 
             
    GAAP NET INCOME PER SHARE - DILUTED$0.27  $0.03  $0.75  $0.37 
             
    ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED:       
     Acquisition and integration costs 0.03   0.06   0.12   0.21 
     Inventory step-up charges 0.00   0.01