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Repligen
🇺🇸 NASDAQ:RGEN
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Jun 30, 2023

Repligen Q2 2023 Earnings Report

Repligen's financial performance declined due to bioprocessing challenges and inventory overhang.

Key Takeaways

Repligen reported a decrease in revenue for Q2 2023, with total revenue at $159.2 million, a 23.3% decrease year-over-year. The company adjusted its full-year revenue guidance to $635-$665 million. The decline was primarily due to headwinds in Filtration. Despite these challenges, the Analytics, Proteins, and Chromatography franchises saw growth. The company remains optimistic about managing through these headwinds by the end of the year.

Second quarter revenues were reported at $159.2 million, with base business revenues at $157.1 million, a 9% year-over-year decrease.

Full year revenue guidance was adjusted to a range of $635-$665 million.

Analytics, Proteins, and Chromatography franchises experienced mid-single to double-digit growth.

Sequential revenue growth in Cell & Gene Therapy was 7% due to customer scaling and new drug approvals.

Total Revenue
$159M
Previous year: $208M
-23.3%
EPS
$0.53
Previous year: $0.91
-41.8%
Gross Margin
50.2%
Previous year: 58.5%
-14.2%
Gross Profit
$79.9M
Previous year: $121M
-34.2%
Cash and Equivalents
$604M
Previous year: $597M
+1.2%
Free Cash Flow
$26.2M
Previous year: $20.3M
+28.9%
Total Assets
$2.56B
Previous year: $2.44B
+4.6%

Repligen

Repligen

Repligen Revenue by Segment

Forward Guidance

Repligen provided financial guidance for the fiscal year 2023. Total reported revenue is expected to be in the range of $635-$665 million. Gross margin is expected to be 49.5%-50.5% on a GAAP basis, and 50%-51% on a non-GAAP basis. Net income per share (GAAP) is expected to be in the range of $1.00-$1.08 on a fully diluted basis, and adjusted net income per share (non-GAAP) is expected to be in the range of $1.72-$1.80 on a fully diluted basis.

Positive Outlook

  • Total reported revenue is expected to be in the range of $635-$665 million.
  • Gross margin is expected to be 49.5%-50.5% on a GAAP basis, and 50%-51% on a non-GAAP basis.
  • Income from operations is expected to be in the range of $57-$63 million on a GAAP basis.
  • Adjusted income from operations is expected to be in the range of $104-$110 million.
  • Net income is expected to be in the range of $57-$61 million on a GAAP basis.

Challenges Ahead

  • Revenue guidance was revised down from $720-$760 million.
  • Base business revenue is expected to be down 5%-10%.
  • Gross margin is expected to be lower than previous guidance of 52%-53%.
  • Income from operations is expected to be lower than previous guidance of $111-$116 million.
  • Adjusted operating margin is expected to be in the range of 16%-17%, compared to previous guidance of 20.5%-21.5%.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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