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Repligen
🇺🇸 NASDAQ:RGEN
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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.

Total Revenue
$178M
Previous year: $94.1M
+89.5%
EPS
$0.78
Previous year: $0.4
+95.0%
Gross Margin
57.6%
Previous year: 57.9%
-0.5%
Gross Profit
$103M
Previous year: $54.4M
+88.8%
Cash and Equivalents
$621M
Previous year: $553M
+12.3%
Free Cash Flow
$11.6M
Previous year: $17.7M
-34.6%
Total Assets
$2.24B
Previous year: $1.48B
+51.8%

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.

Company Overview

Full financial data and analysis

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