Repligen Corporation (NASDAQ:RGEN), a life sciences company focused
on bioprocessing technology leadership, today reported financial
results for its third quarter of 2023, covering the three- and
nine-month fiscal periods ended September 30, 2023.
Tony J. Hunt, Chief Executive Officer of Repligen said, “While
the broader challenges that have dominated our industry over the
last twelve months continued in the third quarter, we saw positive
signs of recovery. Our order book strengthened by mid-quarter,
delivering an overall book-to-bill of 1.07 by quarter end. In
particular, orders from our Pharma customer base rebounded, with
many of the projects highlighted on our second quarter call
converting to purchase orders. In addition, we continued to see
momentum in the gene therapy space and delivered another growth
quarter for our Analytics business. Overall, we view the third
quarter as an important transition period for the company and we
are cautiously optimistic about the future in light of the strong
finish on orders in the third quarter.”
THIRD QUARTER BUSINESS
HIGHLIGHTS
- Acquired mixing innovator Metenova AB on October 2, bolstering
and expanding our Fluid Management offering.
- Expanded our executive team with two key appointments: Olivier
Loeillot, Chief Commercial Officer, and Jason Garland, Chief
Financial Officer.
- Announced with Sartorius the launch of an integrated bioreactor
system that incorporates Repligen XCell® ATF technology to
simplify intensified seed train and perfusion processes.
- Continued restructuring activities initiated in July 2023 to
rebalance and streamline our operations and to support future
margin expansion.
FINANCIAL PERFORMANCE
|
Revenue – Q3 |
Q3 2023 |
Q3 2022 |
% Change(Y/Y) |
At constant currency |
|
|
Total Reported |
$141.2M |
$200.7M |
-30% |
-31% |
|
|
Base* |
$140.1M |
$171.7M |
-18% |
-19% |
|
|
|
|
Revenue - YTD |
YTD 2023 |
YTD 2022 |
% Change(Y/Y) |
At constantcurrency |
|
|
Total Reported |
$483.0 |
$614.8 |
-21% |
-21% |
|
|
Base* |
$457.0 |
$497.5 |
-8% |
-8% |
|
|
|
- Revenue detail. For Q3 2023, our base business
accounted for approximately 99% of total revenue. There was no
COVID-related revenue in the quarter, compared to
approximately $29 million for Q3 2022.For the nine-month period YTD
2023, our base business accounted for approximately 95% of total
revenue and COVID-related revenue accounted for approximately 5%.
Inorganic revenue from acquisitions accounted for less than
1%.*Base revenue: excludes acquisition-related revenue contribution
in current periods for which there was no prior year
comparable and excludes COVID-related revenues. Totals may not
add due to rounding.
- Gross profit (GAAP)
for Q3 2023 was $36.6 million compared to $114.2 million for Q3
2022. Adjusted gross profit (non-GAAP) for Q3 2023 was $59.3
million compared to $114.4 million for Q3 2022. Gross profit (GAAP)
includes $22.7 million in one-time restructuring
charges, including severance, accelerated
depreciation and inventory write-off.
- Income from
operations (GAAP) for Q3 2023 was $4.8 million, compared
to $52.7 million for Q3 2022. Adjusted income from
operations (non-GAAP) for Q3 2023 was $5.2 million, compared
to $58.2 million for Q3 2022.Income from operations (GAAP) includes
$24.0 million in one-time restructuring charges, including
severance, accelerated depreciation and inventory write-off. Income
from operations (GAAP) also includes an approximate $34 million
contingent consideration benefit representing the change in fair
value of contingent consideration obligations associated with
previous acquisitions.
- Net income (GAAP)
for Q3 2023 was $18.2 million, compared to $40.4 million for Q3
2022. Adjusted net income (non-GAAP) for Q3 2023 was $13.2
million compared to $44.4 million for Q3 2022.
- Earnings per share
(GAAP) for Q3 2023 was $0.32 on a fully diluted basis, compared to
$0.71 for Q3 2022. Adjusted earnings per share (non-GAAP) for
Q3 2023 was $0.23 on a fully diluted basis, compared to $0.77 for
Q3 2022.
MARGIN SUMMARY
|
GAAP |
Q3 2023 |
Q3 2022 |
Q3 YTD 2023 |
Q3 YTD 2022 |
|
|
Gross Margin |
25.9% |
56.9% |
45.0% |
58.5% |
|
|
Operating (EBIT) Margin |
3.4% |
26.2% |
11.5% |
28.6% |
|
|
|
|
Adjusted (Non-GAAP) |
Q3 2023 |
Q3 2022 |
Q3 YTD 2023 |
Q3 YTD 2022 |
|
|
Gross Margin |
42.0% |
57.0% |
49.7% |
58.7% |
|
|
Operating (EBIT) Margin |
3.7% |
29.0% |
15.6% |
31.1% |
|
|
EBITDA Margin |
10.2% |
28.9% |
21.1% |
32.2% |
|
|
|
CASH POSITION
- Our cash, cash equivalents
and short-term investments at September 30, 2023 were
$630.8 million, compared to $623.8 million at December 31,
2022.
- Post quarter note: On October 2,
2023, we completed our acquisition of Metenova AB at a purchase
price of $164 million in cash and $9 million in equity
consideration.
All reconciliations of GAAP to adjusted (non-GAAP) figures
above, as well as EBITDA, are detailed in the reconciliation tables
included later in this press release.
FINANCIAL GUIDANCE FOR FISCAL YEAR 2023
Our financial guidance for the fiscal year 2023 is
based on expectations for our existing business. Our GAAP and
Adjusted (non-GAAP) guidance includes the impact of our FlexBiosys
and Metenova acquisitions and excludes the impact of potential
additional acquisitions, and future fluctuations in foreign
currency exchange rates.
|
|
CURRENT GUIDANCE(at October 31, 2023) |
PRIOR GUIDANCE(at August 2, 2023) |
|
|
FY 2023 |
GAAP |
Adjusted(Non-GAAP) |
GAAP |
Adjusted (Non-GAAP) |
|
|
Total Reported Revenue |
$635M-$645M |
$635M-$645M |
$635M-$665M |
$635M-$665M |
|
|
Year-over-Year Change |
(19.5%)-(21%) |
(19.5%)-(21%) |
(17%)-(21%) |
(17%)-(21%) |
|
|
COVID-Related Revenue |
$30M |
$30M |
$30M |
$30M |
|
|
Base Business Revenue |
(8.5%)-(9.5%) |
(8.5%)-(9.5%) |
(5%)-(9%) |
(5%)-(9%) |
|
|
Gross Margin |
45.5%-46.5% |
49%-50% |
49.5%-50.5% |
50%-51% |
|
|
Income from Operations |
$61M-$65M |
$96M-$100M |
$57M-$63M |
$104M-$110M |
|
|
Operating Margin |
10%-11% |
15%-16% |
9%-10% |
16%-17% |
|
|
Tax Rate on Pre-Tax Income |
12% |
18% |
22% |
20% |
|
|
Net Income |
$72M-$75M |
$97M-$100M |
$57M-$61M |
$98M-$102M |
|
|
Earnings Per Share - Diluted |
$1.26-$1.32 |
$1.70-$1.76 |
$1.00-$1.08 |
$1.72-$1.80 |
|
|
|
Our non-GAAP guidance for the fiscal year 2023
reflects $25.0 million in adjustments, as follows:
- $25.8 million estimated
restructuring costs(1).
- $6.8 million estimated acquisition
and integration expenses in SG&A.
- $30.9 million estimated intangible
amortization expense in SG&A.
- $1.8 million in amortization of debt
issuance expense.
- $28.5 million estimated contingent consideration benefit
related to our Avitide and FlexBiosys acquisitions.
- An income tax increase of $11.8 million, representing the tax
impact of the above adjustments.
|
|
(1) |
As previously disclosed, in July 2023 we began restructuring
activities to simplify and streamline our organization and
strengthen the overall effectiveness of our operations. In addition
to the initial streamlining and rebalancing efforts
contemplated in July, the Company is undertaking further
restructuring activities, including consolidating a portion of
our manufacturing operations, discontinuing the sale of certain
product SKUs and evaluating raw materials and components that
we proactively secured during the 2020-2022 COVID-19 pandemic
period, to meet accelerated demand during a challenging supply
chain environment in the industry. These restructuring
activities resulted in severance costs as well as non-cash
charges of accelerated depreciation and an inventory
write-off. These activities are expected to be substantially
completed by the end of 2023. |
|
|
All reconciliations of GAAP to adjusted
(non-GAAP) guidance are detailed in the tables included later in
this press release.
Conference Call and Webcast
Access
Repligen will host a conference call and webcast today, October
31, 2023, at 8:30 a.m. ET, to discuss third quarter 2023 financial
results, corporate developments and financial guidance for the year
2023. The conference call will be accessible by dialing toll-free
(844) 274-3999 for domestic callers or (412) 317-5607 for
international callers. No passcode is required for the live call.
In addition, a webcast will be accessible via the Investor
Relations section of the Company’s website. Both the conference
call and webcast will be archived for a period of time following
the live event. The replay dial-in numbers are (877) 344-7529 from
the U.S., (855) 669-9658 from Canada and (412) 317-0088 for
international callers. Replay listeners must provide the passcode
9087201.
Non-GAAP Measures of Financial
Performance
To supplement our financial statements, which are presented on
the basis of U.S. generally accepted accounting principles (GAAP),
the following non-GAAP measures of financial performance are
included in this release: book-to-bill ratios, revenue growth rate
at constant currency; adjusted gross profit, adjusted gross margin
and adjusted operating margin; adjusted cost of sales; adjusted
R&D expense; adjusted SG&A expense; adjusted pre-tax
income; adjusted income from operations; adjusted net income;
adjusted earnings per share-diluted; earnings before interest,
taxes, depreciation and amortization (EBITDA) and EBITDA margin.
The Company provides base revenue and base revenue growth rates,
which exclude COVID-related revenue, and the impact of acquisition
revenue for current year periods that have no prior year
comparables, to facilitate a comparison of its current revenue
performance. The Company provides revenue growth rates at constant
currency, which exclude the impact of foreign currency translation,
in order to facilitate a comparison of its current revenue
performance to its past revenue performance. To calculate revenue
growth rates in constant currency, the Company converts actual net
sales from local currency to U.S. dollars using constant foreign
currency exchange rates in the current and prior period.
The Company’s non-GAAP financial results and/or non-GAAP
guidance exclude the impact of: acquisition and integration costs;
restructuring charges including the costs of severance; inventory
write-off and accelerated depreciation; intangible amortization
costs; contingent consideration related to the Company’s
acquisitions; amortization of debt issuance costs related to
Company’s convertible debt; and, the related impact on tax of
non-GAAP charges. These costs are excluded because management
believes that such expenses do not have a direct correlation to
future business operations, nor do the resulting charges recorded
accurately reflect the performance of our ongoing operations for
the period in which such charges are recorded.
A reconciliation of GAAP to adjusted (non-GAAP) financial
measures is included as an attachment to this press release. When
analyzing the Company’s operating performance and guidance
investors should not consider non-GAAP measures as a substitute for
the comparable financial measures prepared in accordance with
GAAP.
About Repligen Corporation
Repligen Corporation is a global life sciences
company that develops and commercializes highly innovative
bioprocessing technologies and systems that enable efficiencies in
the process of manufacturing biological drugs. We are “inspiring
advances in bioprocessing” for the customers we serve; primarily
biopharmaceutical drug developers and contract development and
manufacturing organizations (CDMOs) worldwide. Our focus areas are
Filtration and Fluid Management, Chromatography, Process Analytics
and Proteins. Our corporate headquarters are located in Waltham,
Massachusetts, and the majority of our manufacturing sites are in
the U.S., with additional key sites in Estonia, France, Germany,
Ireland, the Netherlands and Sweden. For more information about the
company see our website at www.repligen.com, and follow us on
LinkedIn.
Forward-Looking StatementsThis
release contains forward-looking statements, which are made
pursuant to and in reliance upon the safe harbor provisions of
federal securities laws, including the Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Investors are cautioned that statements in
this release which are not strictly historical statements,
including, among others, any express or implied statements or
guidance regarding current or future financial performance and
position, including our year 2023 financial guidance and related
assumptions; demand in the markets in which we operate; the
expected performance of our business; our ability to successfully
rebalance our organization and the impact of our restructuring
activities; the expected performance and success of our strategic
partnerships and integration of our acquired businesses (including
with Sartorius, Metenova and FlexBiosys); constitute
forward-looking statements identified by words like “believe,”
“expect,” “may,” “will,” “should,” “seek,” “anticipate,”
“projected,” “estimated” or “could” and similar expressions.
Forward-looking statements are neither historical facts nor
assurances of future performance. Because forward-looking
statements relate to the future, they are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from those anticipated, including, risks associated with
our restructuring activities; the lasting effects of COVID-19 on
our business operations and the operations of our customers and
suppliers; our ability to successfully grow our bioprocessing
business; our ability to manage through and predict headwinds,
including as part of our adjusted 2023 financial guidance; our
ability to develop and commercialize products and the market
acceptance of our products; our ability to successfully integrate
any acquired businesses (including Metenova and FlexBiosys) into
our business and achieve the expected benefits of such
acquisitions; reduced demand for our products that adversely
impacts our future revenues, cash flows, results of operations and
financial condition; our ability to compete with larger, better
financed bioprocessing, pharmaceutical and biotechnology companies;
our compliance with all U.S. Food and Drug Administration and
European Medicines Evaluation Agency regulations; our volatile
stock price; and other risks detailed in Repligen’s Annual Report
on Form 10-K for the year ended December 31, 2022 and in
subsequently filed reports with the Securities and Exchange
Commission (the Commission), including our Quarterly Reports on
Form 10-Q and current reports on Form 8-K. Actual results may
differ materially from those Repligen contemplated by these
forward-looking statements; therefore, you should not rely on any
of these forward-looking statements. These forward-looking
statements reflect management’s current views, expectations, and
assumptions regarding the future of our business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions, and are based only on information
currently available to us. Repligen does not undertake to update,
whether written or oral, any of these forward-looking statements to
reflect a change in its views or events or circumstances, whether
as a result of new information, future development or otherwise,
that occur after the date hereof except as required by law.
Repligen Contact: Sondra S. NewmanGlobal Head
of Investor Relations(781) 419-1881investors@repligen.com
|
|
REPLIGEN CORPORATION |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(Unaudited, amounts in thousands, except share and per
share data) |
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
$ |
141,156 |
|
|
$ |
200,708 |
|
|
$ |
482,910 |
|
|
$ |
614,668 |
|
|
Royalty and other revenue |
|
36 |
|
|
|
33 |
|
|
|
111 |
|
|
|
106 |
|
|
Total revenue |
|
141,192 |
|
|
|
200,741 |
|
|
|
483,021 |
|
|
|
614,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
104,634 |
|
|
|
86,514 |
|
|
|
265,786 |
|
|
|
255,130 |
|
|
Research and development |
|
10,577 |
|
|
|
10,228 |
|
|
|
32,437 |
|
|
|
32,823 |
|
|
Selling, general and administrative |
|
55,465 |
|
|
|
53,643 |
|
|
|
160,601 |
|
|
|
162,592 |
|
|
Contingent consideration |
|
(34,292 |
) |
|
|
(2,309 |
) |
|
|
(31,266 |
) |
|
|
(11,604 |
) |
|
|
|
136,384 |
|
|
|
148,076 |
|
|
|
427,558 |
|
|
|
438,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
4,808 |
|
|
|
52,665 |
|
|
|
55,463 |
|
|
|
175,833 |
|
|
Investment income |
|
6,662 |
|
|
|
2,177 |
|
|
|
18,112 |
|
|
|
2,962 |
|
|
Interest expense |
|
(269 |
) |
|
|
(329 |
) |
|
|
(813 |
) |
|
|
(892 |
) |
|
Amortization of debt issuance costs* |
|
(459 |
) |
|
|
(455 |
) |
|
|
(1,373 |
) |
|
|
(1,360 |
) |
|
Other income (expenses), net |
|
895 |
|
|
|
(6,591 |
) |
|
|
1,500 |
|
|
|
(10,389 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
11,637 |
|
|
|
47,467 |
|
|
|
72,889 |
|
|
|
166,154 |
|
|
Income tax (benefit) provision |
|
(6,535 |
) |
|
|
7,062 |
|
|
|
5,824 |
|
|
|
28,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
18,172 |
|
|
$ |
40,405 |
|
|
$ |
67,065 |
|
|
$ |
137,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.33 |
|
|
$ |
0.73 |
|
|
$ |
1.20 |
|
|
$ |
2.48 |
|
|
Diluted* |
$ |
0.32 |
|
|
$ |
0.71 |
|
|
$ |
1.18 |
|
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
55,765,639 |
|
|
|
55,497,967 |
|
|
|
55,687,574 |
|
|
|
55,432,308 |
|
|
Diluted* |
|
56,939,684 |
|
|
|
57,303,537 |
|
|
|
56,933,467 |
|
|
|
57,598,190 |
|
|
|
|
*Under ASU 2020-06, the Company is required to reflect the dilutive
effect of the 2019 Notes by application of the if-converted method.
Prior to filing the Second Supplemental Indenture on March 4,
2022, the Company had the option to settle the conversion of the
2019 Notes in cash, stock or a combination of the two.
Therefore, from January 1, 2022 (the date the Company adopted ASU
2020-06) to March 4, 2022, the Company included 3,474,429 shares in
the denominator of the weighted average nine months ended
September 30, 2022 diluted EPS calculation. Subsequent to March 4,
2022, after the Second Supplemental Indenture became effective, the
Company irrevocably elected to settle the conversion principal in
cash and only the premium in shares of the Company's common
stock. Therefore, from March 5, 2022 to March 31, 2022 the Company
included 980,525 shares in the denominator of the
weighted average nine months ended September 30, 2022 diluted
EPS calculation. Under the if-converted method, the Company was
also required to exclude amortization of debt issuance cost
and interest charges applicable to the convertible debt from the
numerator of the diluted EPS calculation for the period from
January 1, 2022 to March 4, 2022, assuming the interest on
convertible debt was never recognized for that period. For the nine
months ended September 30, 2022 the Company excluded
amortization of debt issuance costs and interest charges for the
period January 1, 2022 to March 4, 2022 of $0.4 million (tax
effected) from the numerator. |
|
|
|
Balance Sheet Data: |
September 30, 2023 |
|
December 31, 2022 |
|
|
|
|
|
Cash, cash equivalents and marketable securities |
$ |
630,779 |
|
|
$ |
623,757 |
|
|
|
|
|
|
|
|
|
|
Working capital |
|
615,092 |
|
|
|
593,922 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
2,514,129 |
|
|
|
2,524,658 |
|
|
|
|
|
|
|
|
|
|
Long-term obligations* |
|
162,208 |
|
|
|
209,762 |
|
|
|
|
|
|
|
|
|
|
Accumulated earnings |
|
464,337 |
|
|
|
397,272 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
1,988,557 |
|
|
|
1,910,700 |
|
|
|
|
|
|
|
|
|
|
|
|
* Includes long-term portion of the contingent consideration
obligations related to our acquisitions. |
|
|
|
REPLIGEN CORPORATION |
|
RECONCILIATION OF GAAP INCOME FROM OPERATIONS
TO |
|
ADJUSTED INCOME FROM OPERATIONS (NON-GAAP) |
|
(Unaudited, amounts in thousands) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP INCOME FROM OPERATIONS |
$ |
4,808 |
|
|
$ |
52,665 |
|
|
$ |
55,463 |
|
|
$ |
175,833 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO INCOME FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
3,147 |
|
|
|
1,251 |
|
|
|
4,927 |
|
|
|
7,142 |
|
|
|
Restructuring(1) |
|
24,012 |
|
|
|
- |
|
|
|
24,012 |
|
|
|
- |
|
|
|
Contingent consideration |
|
(34,292 |
) |
|
|
(2,309 |
) |
|
|
(31,266 |
) |
|
|
(11,604 |
) |
|
|
Intangible amortization |
|
7,492 |
|
|
|
6,547 |
|
|
|
22,330 |
|
|
|
19,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED INCOME FROM OPERATIONS |
$ |
5,167 |
|
|
$ |
58,154 |
|
|
$ |
75,466 |
|
|
$ |
191,083 |
|
|
|
|
|
|
REPLIGEN CORPORATION |
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME
(NON-GAAP) |
|
(Unaudited, amounts in thousands) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
18,172 |
|
|
$ |
40,405 |
|
|
$ |
67,065 |
|
|
$ |
137,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO NET INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
3,147 |
|
|
|
1,512 |
|
|
|
4,927 |
|
|
|
7,403 |
|
|
|
Restructuring(1) |
|
24,012 |
|
|
|
- |
|
|
|
24,012 |
|
|
|
- |
|
|
|
Contingent consideration |
|
(34,292 |
) |
|
|
(2,309 |
) |
|
|
(31,266 |
) |
|
|
(11,604 |
) |
|
|
Intangible amortization |
|
7,492 |
|
|
|
6,547 |
|
|
|
22,330 |
|
|
|
19,712 |
|
|
|
Amortization of debt issuance costs |
|
459 |
|
|
|
455 |
|
|
|
1,373 |
|
|
|
1,360 |
|
|
|
Tax effect of non-GAAP charges |
|
(5,837 |
) |
|
|
(2,241 |
) |
|
|
(8,793 |
) |
|
|
(4,600 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME |
$ |
13,153 |
|
|
$ |
44,369 |
|
|
$ |
79,648 |
|
|
$ |
149,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
|
RECONCILIATION OF GAAP EARNINGS PER SHARE TO |
|
ADJUSTED EARNINGS PER SHARE (NON-GAAP) |
|
(Unaudited) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
GAAP EARNINGS PER SHARE - DILUTED |
$ |
0.32 |
|
|
$ |
0.71 |
|
|
$ |
1.18 |
|
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO EARNINGS PER SHARE - DILUTED: |
|
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
0.06 |
|
|
|
0.03 |
|
|
|
0.09 |
|
|
|
0.13 |
|
|
|
Restructuring(1) |
|
0.42 |
|
|
|
- |
|
|
|
0.42 |
|
|
|
- |
|
|
|
Contingent consideration |
|
(0.60 |
) |
|
|
(0.04 |
) |
|
|
(0.55 |
) |
|
|
(0.20 |
) |
|
|
Intangible amortization |
|
0.13 |
|
|
|
0.11 |
|
|
|
0.39 |
|
|
|
0.34 |
|
|
|
Amortization of debt issuance costs(2) |
|
0.01 |
|
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
Tax effect of non-GAAP charges |
|
(0.10 |
) |
|
|
(0.04 |
) |
|
|
(0.15 |
) |
|
|
(0.08 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EARNINGS PER SHARE - DILUTED |
$ |
0.23 |
|
|
$ |
0.77 |
|
|
$ |
1.40 |
|
|
$ |
2.61 |
|
|
|
|
|
|
|
|
|
|
|
|
Totals may not add due to rounding. |
|
|
|
REPLIGEN CORPORATION |
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA
(NON-GAAP) |
|
(Unaudited, amounts in thousands) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
18,172 |
|
|
$ |
40,405 |
|
|
$ |
67,065 |
|
|
$ |
137,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income |
|
(6,662 |
) |
|
|
(2,177 |
) |
|
|
(18,112 |
) |
|
|
(2,962 |
) |
|
|
Interest expense |
|
269 |
|
|
|
329 |
|
|
|
813 |
|
|
|
892 |
|
|
|
Amortization of debt issuance costs |
|
459 |
|
|
|
455 |
|
|
|
1,373 |
|
|
|
1,360 |
|
|
|
Income tax provision |
|
(6,535 |
) |
|
|
7,062 |
|
|
|
5,824 |
|
|
|
28,924 |
|
|
|
Depreciation |
|
12,186 |
|
|
|
6,097 |
|
|
|
28,530 |
|
|
|
16,810 |
|
|
|
Intangible amortization(3) |
|
7,519 |
|
|
|
6,575 |
|
|
|
22,412 |
|
|
|
19,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
25,408 |
|
|
|
58,746 |
|
|
|
107,905 |
|
|
|
202,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ADJUSTMENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
3,147 |
|
|
|
1,512 |
|
|
|
4,927 |
|
|
|
7,403 |
|
|
|
Restructuring (1)(4) |
|
20,196 |
|
|
|
- |
|
|
|
20,196 |
|
|
|
- |
|
|
|
Contingent consideration |
|
(34,292 |
) |
|
|
(2,309 |
) |
|
|
(31,266 |
) |
|
|
(11,604 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA |
$ |
14,459 |
|
|
$ |
57,949 |
|
|
$ |
101,762 |
|
|
$ |
197,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
|
RECONCILIATION OF GAAP COST OF SALES TO ADJUSTED COST OF
SALES (NON-GAAP) |
|
(Unaudited, amounts in thousands) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
GAAP COST OF SALES |
$ |
104,634 |
|
|
$ |
86,514 |
|
|
$ |
265,786 |
|
|
$ |
255,130 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT TO COST OF SALES: |
|
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
(26 |
) |
|
|
(167 |
) |
|
|
(33 |
) |
|
|
(1,201 |
) |
|
|
Restructuring(1) |
|
(22,711 |
) |
|
|
- |
|
|
|
(22,711 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED COST OF SALES |
$ |
81,897 |
|
|
$ |
86,347 |
|
|
$ |
243,042 |
|
|
$ |
253,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
|
RECONCILIATION OF GAAP R&D EXPENSE TO ADJUSTED R&D
EXPENSE (NON-GAAP) |
|
(Unaudited, amounts in thousands) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D EXPENSE |
$ |
10,577 |
|
|
$ |
10,228 |
|
|
$ |
32,437 |
|
|
$ |
32,823 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT TO R&D EXPENSE: |
|
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
- |
|
|
|
(41 |
) |
|
|
7 |
|
|
|
(566 |
) |
|
|
Restructuring(1) |
|
(35 |
) |
|
|
- |
|
|
|
(35 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED R&D EXPENSE |
$ |
10,542 |
|
|
$ |
10,187 |
|
|
$ |
32,409 |
|
|
$ |
32,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
|
RECONCILIATION OF GAAP SG&A EXPENSE TO ADJUSTED
SG&A EXPENSE (NON-GAAP) |
|
(Unaudited, amounts in thousands) |
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A EXPENSE |
$ |
55,465 |
|
|
$ |
53,643 |
|
|
$ |
160,601 |
|
|
$ |
162,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO SG&A EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
(3,121 |
) |
|
|
(1,044 |
) |
|
|
(4,901 |
) |
|
|
(5,375 |
) |
|
|
Restructuring(1) |
|
(1,266 |
) |
|
|
- |
|
|
|
(1,266 |
) |
|
|
- |
|
|
|
Intangible amortization |
|
(7,492 |
) |
|
|
(6,547 |
) |
|
|
(22,330 |
) |
|
|
(19,712 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED SG&A EXPENSE |
$ |
43,586 |
|
|
$ |
46,052 |
|
|
$ |
132,104 |
|
|
$ |
137,505 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOTNOTES FOR ALL TABLES ABOVE: |
|
(1) |
Restructuring includes charges related to severance & employee
related costs, an inventory write-off, accelerated depreciation and
facility and other exit costs. |
|
|
|
|
(2) |
The nine months ended September 30, 2022 represented amortization
of debt issuance costs for the period April 1, 2022 to
September 30, 2022 in addition to the amortization of debt
issuance costs for the period March 5, 2022 to March 31, 2022 after
the Second Supplemental Indenture was filed. Debt issuance
cost for the period January 1, 2022 to March 4, 2022 were already
reflected in the GAAP net income per share - diluted EPS under
the if-converted method of calculating diluted EPS for the nine
months ended September 30, 2022. |
|
|
|
(3) |
Includes amortization of milestone payments in accordance with GAAP
of $28 for the three months ended September 30, 2023 and
2022 and $83 for the nine months ended September 30, 2023 and
2022. |
|
|
|
(4) |
Excludes $3,816 of accelerated depreciation related to the
Restructuring Plan for the three and nine months ended September
30, 2023. This amount is included in the depreciation line
item of this table. |
|
|
REPLIGEN CORPORATION |
|
RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED NET
INCOME (NON-GAAP) GUIDANCE |
|
|
|
(in thousands) |
Twelve months ending December 31, 2023 |
|
|
Low End |
|
High End |
|
GUIDANCE ON NET INCOME |
$ |
72,000 |
|
|
$ |
75,000 |
|
|
ADJUSTMENTS TO GUIDANCE ON NET INCOME: |
|
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
6,817 |
|
|
|
6,817 |
|
|
|
Restructuring costs |
|
25,771 |
|
|
|
25,771 |
|
|
|
Anticipated pre-tax amortization of |
|
|
|
|
|
|
|
|
|
acquisition-related intangible assets |
|
30,935 |
|
|
|
30,935 |
|
|
|
Amortization of debt issuance costs |
|
1,833 |
|
|
|
1,833 |
|
|
|
Contingent consideration |
|
(28,516 |
) |
|
|
(28,516 |
) |
|
|
Tax effect of intangible amortization and integration |
|
(11,842 |
) |
|
|
(11,842 |
) |
|
|
Guidance rounding adjustment |
|
2 |
|
|
|
2 |
|
|
GUIDANCE ON ADJUSTED NET INCOME |
$ |
97,000 |
|
|
$ |
100,000 |
|
|
|
|
|
|
|
|
Totals may not add due to rounding. |
|
|
|
REPLIGEN CORPORATION |
|
RECONCILIATION OF GAAP EARNINGS PER SHARE GUIDANCE
TO |
|
ADJUSTED EARNINGS PER SHARE (NON-GAAP)
GUIDANCE |
|
|
|
|
|
Twelve months ending December 31, 2023 |
|
|
|
Low End |
|
High End |
|
GUIDANCE ON EARNINGS PER SHARE - DILUTED |
|
1.26 |
|
|
|
1.32 |
|
|
ADJUSTMENTS TO GUIDANCE ON EARNINGS PER SHARE - DILUTED: |
|
|
|
|
Acquisition and integration costs |
|
0.12 |
|
|
|
0.12 |
|
|
|
Restructuring costs |
|
0.45 |
|
|
|
0.45 |
|
|
|
Anticipated pre-tax amortization of |
|
|
|
|
|
acquisition-related intangible assets |
|
0.54 |
|
|
|
0.54 |
|
|
|
Amortization of debt issuance costs |
|
0.03 |
|
|
|
0.03 |
|
|
|
Contingent consideration |
|
(0.50 |
) |
|
|
(0.50 |
) |
|
|
Tax effect of intangible amortization and integration |
|
(0.21 |
) |
|
|
(0.21 |
) |
|
|
Guidance rounding adjustment |
|
0.00 |
|
|
|
0.00 |
|
|
GUIDANCE ON ADJUSTED EARNINGS PER SHARE - DILUTED |
$ |
1.70 |
|
|
$ |
1.76 |
|
|
|
|
|
|
|
|
Totals may not add due to rounding. |
|
|
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