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Jun 30, 2020
Repligen Q2 2020 Earnings Report
Reported record quarterly revenue and updated full year financial guidance.
Key Takeaways
Repligen Corporation reported strong financial results for the second quarter of 2020, with record quarterly revenue of $87.5 million, a 24% increase year-over-year. The company also raised its full-year revenue guidance to $332-$340 million, reflecting expected organic growth of 18%-21%.
Reported record quarterly revenue of $87.5 million.
Overall revenue grew 24% year-over-year, with organic growth of 19%.
Raised revenue guidance to $332-$340 million for full year 2020, representing 18%-21% organic growth.
Completed acquisition of silicone molding and tubing manufacturer Engineered Molding Technology.
Repligen
Repligen
Repligen Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comRoyalty and Other Revenue
CapyFin.com Forward Guidance
Repligen updated its financial guidance for the fiscal year 2020, projecting total revenue in the range of $332-$340 million and gross margin between 56.5%-57.0% on both a GAAP and non-GAAP basis.
Positive Outlook
- Total revenue is projected to be in the range of $332-$340 million, an increase from our previous guidance of $309-$319 million.
- Our current guidance reflects overall revenue growth of 23%-26%, and organic revenue growth of 18%-21%.
- Gross margin is expected to be in the range of 56.5%-57.0% on both a GAAP and non-GAAP basis, compared to our previous guidance of 56%-57%.
- Income from operations is expected to be in the range of $59-$62 million on a GAAP basis, an increase from our previous guidance of $52-$56 million.
- Adjusted (non-GAAP) income from operations is expected to be in the range of $81-$84 million, an increase from our previous guidance of $72-$76 million.
Challenges Ahead
- $5.7 million estimated acquisition and integration expenses; $0.5 million in cost of product revenue, $0.5 million in R&D and $4.7 million in SG&A.
- Expected inventory step-up charges of $0.2 million related to the acquisition of Engineered Molding Technology.
- $15.7 million estimated intangible amortization expense; $0.3 million in cost of product revenue and $15.5 million in SG&A.
- $11.0 million of non-cash interest expense (Other income (expense)) related to our convertible debt notes.
- An income tax expense of $7.8 million, representing the tax impact of acquisition and integration, inventory step-up, and intangible amortization expenses, as well as non-cash interest expenses related to our convertible debt notes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income