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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.
Repligen
Repligen
Repligen Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comRoyalty and Other Revenue
CapyFin.com 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