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Mar 31, 2022
Repligen Q1 2022 Earnings Report
Repligen's first quarter was marked by record revenue and substantial organic growth, driven by the base business, COVID-related demand, and acquisitions.
Key Takeaways
Repligen Corporation reported record revenue of $206.4 million for Q1 2022, a 45% increase year-over-year, with organic growth of 44%. The company's base business grew by 37%, while COVID-related sales accounted for 26% of revenue. Increased guidance for full year non-COVID business performance was provided.
Revenue reached a record $206.4 million, representing a 45% year-over-year increase as reported and 48% at constant currency.
Organic revenue growth was 44% for the quarter, with base business growth at 37%.
GAAP gross margin increased to 60.1%, and adjusted gross margin increased to 60.4%.
GAAP EPS increased to $0.81, while adjusted EPS increased to $0.92.
Repligen
Repligen
Repligen Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comRoyalty and Other Revenue
CapyFin.com Forward Guidance
Repligen expects total revenue to be in the range of $770-$800 million. Base business revenue is expected to increase by 24%-31%. Overall revenue growth of 15%-19% is projected as reported.
Positive Outlook
- Base business revenue expected to increase by 24%-31%.
- Overall revenue growth of 15%-19% as reported.
- Gross margin is expected to be 57%-58% on both a GAAP and non-GAAP basis.
- Adjusted net income is expected to be in the range of $177-$182 million.
- Adjusted EPS is expected to be in the range of $3.07-$3.15.
Challenges Ahead
- Total revenue guidance reduced by $30 million due to lower expected COVID-related demand.
- Adjusted income from operations expected to be in the range of $225-$231 million, compared to previous guidance of $234-$240 million.
- Net income is expected to be in the range of $139-$144 million on a GAAP basis.
- Adjusted EPS is expected to be in the range of $3.07-$3.15, compared to previous guidance of $3.21-$3.30.
- Acquisition and integration expenses are estimated at $13.7 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income