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Repligen
🇺🇸 NASDAQ:RGEN
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•
Mar 31, 2023

Repligen Q1 2023 Earnings Report

Repligen's financial performance declined due to decreased COVID-related revenue and overall softness in AsiaPac, but was offset by strong performance in Chromatography and Proteins franchises.

Key Takeaways

Repligen reported a 12% decrease in revenue for Q1 2023, totaling $182.7 million compared to $206.4 million in Q1 2022. The company's gross margin was 55.2%, and net income was $28.8 million, a 39% decrease year-over-year. Despite the decline, Repligen is optimistic about long-term growth in bioprocessing, supported by strategic acquisitions and new product development.

First quarter revenue was reported at $182.7 million, with base business growth of 4% as reported and 7% at constant currency.

Gross margin for the first quarter was 55.2% on both GAAP and adjusted (non-GAAP) basis.

The acquisition of single-use bag manufacturer FlexBiosys Inc. was closed in April, expanding the fluid management portfolio.

The company saw strong performance from Chromatography and Proteins franchises, offset by a decline in Filtration revenue.

Total Revenue
$183M
Previous year: $206M
-11.5%
EPS
$0.64
Previous year: $0.92
-30.4%
Gross Margin
55.2%
Previous year: 60.1%
-8.2%
Gross Profit
$101M
Previous year: $124M
-18.7%
Cash and Equivalents
$618M
Previous year: $585M
+5.7%
Free Cash Flow
$2.65M
Previous year: -$4.09M
-164.7%
Total Assets
$2.54B
Previous year: $2.38B
+6.5%

Repligen

Repligen

Repligen Revenue by Segment

Forward Guidance

Repligen adjusted its full year 2023 financial guidance, expecting total revenue between $720 and $760 million, and base business growth of 4% to 8%.

Positive Outlook

  • Total reported revenue is expected to be in the range of $720-$760 million.
  • COVID-related revenue is expected to be in the range of $30-$40 million.
  • Base business is expected to grow 4%-8% as reported and at constant currency.
  • Gross margin is expected to be 52%-53% on both a GAAP and non-GAAP basis.
  • Adjusted net income per share is expected to be in the range of $2.35-$2.42 on a fully diluted basis.

Challenges Ahead

  • Total reported revenue guidance was adjusted down from $760-$800 million.
  • Base business growth expectation was adjusted down from 11%-15% as reported and 12%-16% at constant currency.
  • Gross margin guidance was adjusted down from 52.5%-53.5%.
  • Income from operations is expected to be in the range of $111-$116 million on a GAAP basis, compared to previous guidance of $135-$141 million.
  • Adjusted operating margin is expected to be in the range of 20.5%-21.5%, compared to previous guidance of 22.5%-23.5%.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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