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Dec 31, 2022
Repligen Q4 2022 Earnings Report
Repligen's Q4 2022 financial results were released, highlighting a slight increase in revenue and a strong base business performance.
Key Takeaways
Repligen Corporation reported fourth-quarter revenue of $186.8 million, representing a 4% year-over-year organic growth (5% at constant currency). The base business demonstrated strong growth, with a 35% increase during the quarter. GAAP earnings per share increased to $0.85, while adjusted earnings per share were $0.68.
Q4 revenue reached $186.8 million, reflecting 4% year-over-year organic growth.
Base business organic growth was 35% in Q4.
GAAP gross margin was 51.4%, impacted by declining COVID-related product revenues and transition to lower margin product lines.
GAAP earnings per share increased to $0.85, while adjusted earnings per share were $0.68.
Forward Guidance
Repligen provided financial guidance for the fiscal year 2023, expecting total reported revenue in the range of $760-$800 million and gross margin between 52.5%-53.5%.
Positive Outlook
- Total reported revenue is expected to be in the range of $760-$800 million.
- Base organic revenue growth of 12%-16%, or 11%-15% as reported is expected.
- Manufacturing expenses have been optimized.
- Margins are expected to improve with higher volumes in the second half of 2023.
- Further gross margin expansion is expected in 2024.
Challenges Ahead
- COVID-related revenue is expected to decrease by $100-$110 million year-over-year.
- Gross margin is expected to be 52.5%-53.5%, down 400 basis points at the midpoint versus 2022.
- Facilities and depreciation costs are major headwinds on margins in 2023, at approximately 250 basis points.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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