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Sep 30, 2021
Repligen Q3 2021 Earnings Report
Repligen's Q3 2021 performance was strong, marked by record revenue and significant organic growth, driven by base business and COVID-related sales.
Key Takeaways
Repligen reported record revenue of $178.2 million for Q3 2021, representing an 89% year-over-year increase and 77% organic growth. The company's base business grew by 49%, with COVID programs accounting for approximately 27% of revenue. The acquisition of Avitide Inc. was completed, strengthening the Proteins franchise. Full-year revenue guidance was raised to $655-$665 million.
Revenue reached a record $178.2 million, with an 89% year-over-year increase and 77% organic growth.
Base business revenue increased by 49% year-over-year, accounting for 67% of total revenue.
COVID-related sales grew 247% year-over-year and accounted for 27% of revenue.
GAAP operating margin was 25.4%, an increase of 310 bps, and adjusted operating margin was 32%, an increase of 340 bps.
Repligen
Repligen
Forward Guidance
Repligen updated its financial guidance for fiscal year 2021, expecting total revenue in the range of $655-$665 million, reflecting overall revenue growth of 79%-82% and organic growth of 65%-68%.
Positive Outlook
- Total revenue is expected to be in the range of $655-$665 million, an increase from the previous guidance of $625-$645 million.
- Overall revenue growth is projected at 79%-82% and 77%-80% at constant currency.
- Organic growth is expected to be in the range of 65%-68%, an increase from the previous guidance of 57%-62%.
- GAAP income from operations is expected to be in the range of $165-$169 million, an increase from the previous guidance of $156-$161 million.
- Adjusted (non-GAAP) income from operations is expected to be in the range of $204-$208 million, an increase from the previous guidance of $192-$197 million.
Challenges Ahead
- Guidance excludes the impact of potential additional acquisitions.
- Guidance excludes future fluctuations in foreign currency exchange rates.
- Acquisition and integration expenses are estimated at $14.7 million.
- Expected inventory step-up charges of $1.9 million related to acquisitions.
- Estimated intangible amortization expense of $22.1 million.