Reports first quarter revenue of $151 million Increased new modalities revenue by 16% year-over-year Increased Filtration (non-COVID) revenue by 12% year-over-year Achieved a nine-month book-to-bill ratio of 1.03 WALTHAM, Mass., May 01, 2024 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its first quarter (Q1) of 2024, covering the three-month period ended March 31, 2024. The company also reiterated its financial guidance for the full year 2024. Tony J. Hunt, Chief Executive Officer of Repligen said, "We delivered a solid first quarter, with revenue of $151 million and are on track to achieving our first half sales target of $300 to $310 million. For the quarter, our book-to-bill ratio was 0.99 and over the past nine months we achieved a book-to-bill of 1.03; indicative that our markets are recovering, albeit slowly. On a franchise level, our Filtration franchise excluding COVID delivered double-digit revenue growth, both sequentially and year-over-year. Our latest acquisition – Metenova – continued to achieve both revenue and orders targets. We also saw continued strength from new modality customers who are scaling up with our technologies. All in, we're pleased with our first quarter performance and we are holding our adjusted 2024 financial guidance, continuing to expect that orders will pick up during the second half of the year." Q1 2024 BUSINESS HIGHLIGHTS Launched KrosFlo® RS10, our latest bench scale TFF system featuring end-to-end automation. This single-use solution for low volume manufacturing is ideally suited for our customers' production of new modalities, including cell and gene therapies. Completed the development of customizable 2D and 3D bags, fabricated with new proprietary film. This achievement supports our Fluid Management portfolio and ties to Metenova's single-use mixing technology. Recognized over $5 million in revenue from our October 2023 acquisition of Metenova AB, in line with our first quarter expectations for this mixing and drive train technology innovator. FINANCIAL PERFORMANCE Q1 2024 FINANCIAL PERFORMANCE (compared to prior year, Q1 2023)All Adjusted figures are non-GAAP Total reported revenue was $151.3 million compared to $182.7 million. The decline is primarily driven by $23 million of COVID-related revenue in the prior year that has not repeated, and the anticipated decline in Proteins revenue. GAAP gross profit was $75.0 million compared to $100.8 million. Adjusted gross profit was $73.6 million compared to $100.8 million. GAAP income from operations was $2.0 million, compared to $31.3 million. Adjusted income from operations was $11.8 million, compared to $40.9 million. GAAP net income (GAAP) was $2.1 million, compared to $28.8 million. Adjusted net income was $15.8 million compared to $36.3 million. GAAP earnings per share was $0.04 on a fully diluted basis, compared to $0.51. Adjusted earnings per share was $0.28 on a fully diluted basis, compared to $0.64. MARGIN SUMMARY GAAP Margins Q1 2024 Q1 2023 Gross Margin 49.5% 55.2% Operating (EBIT) Margin 1.3% 17.1% Adjusted (non-GAAP) Margins Q1 2024 Q1 2023 Gross Margin 48.6% 55.2% Operating (EBIT) Margin 7.8% 22.4% EBITDA Margin 13.4% 26.7%       Cash, cash equivalents and short-term investments at March 31, 2024, were $780.6 million, compared to $751.3 million at December 31, 2023. FINANCIAL GUIDANCE FOR FISCAL YEAR (FY) 2024All Adjusted figures are non-GAAP Our Adjusted financial guidance is unchanged from our previous guidance at February 21, 2024. Our financial guidance for the fiscal year 2024 is based on expectations for our existing business. Our GAAP and Adjusted guidance includes the expected impact of businesses acquired in 2023 (FlexBiosys and Metenova) and excludes the impact of any potential business acquisitions in 2024, and future fluctuations in foreign currency exchange rates.    CURRENT GUIDANCE(at May 1, 2024) FY 2024 GAAP Adjusted (non-GAAP) Total Reported Revenue $620M - $650M $620M - $650M             Year-over-Year Change (3%) - 2% (3%) - 2% Base Revenue Growth - (1%) - 4% Gross Margin 49% - 50% 49% - 50% Income from Operations $38.5M - $43.5M $83M - $88M Operating Margin 6%-7% 13% - 14% Other Income (Expense) ($1M) - $0 $18M - $19M Adjusted EBITDA Margin - 18% - 19% Tax Rate on Pre-Tax Income 23% 21% Net Income $28.5M - $32.5M $80M - $84M Earnings Per Share - Diluted $0.51 - $0.58 $1.42 - $1.49 Conference Call and Webcast AccessRepligen will host a conference call and webcast today, May 1, 2024, at 8:30 a.m. ET, to discuss first quarter 2024 financial results, corporate developments and financial guidance for the year 2024. 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 3623615. About Repligen CorporationRepligen 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. Non-GAAP Measures of Financial PerformanceTo supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following Adjusted (non-GAAP) measures of financial performance are included in this release: book-to-bill ratios, base business revenue growth, adjusted gross profit, adjusted gross margin and adjusted operating margin; adjusted cost of goods sold; adjusted R&D expense; adjusted SG&A expense; adjusted pre-tax income; adjusted income from operations; adjusted net income; adjusted earnings per share-diluted; adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted 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 the impact of foreign currency translation, to enable determination of 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 the impact of foreign currency translation, 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 adjustments and accelerated depreciation among other charges; contingent consideration related to the Company's acquisitions; intangible amortization costs; non-cash interest expense related to the accretion of the debt discount; amortization of debt issuance costs related to Company's convertible debt; foreign currency impact of certain intercompany loans; 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. NOTE:All reconciliations of above GAAP figures (reported or guidance) to adjusted (non-GAAP) figures are detailed in the tables included later in 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. Forward-Looking StatementThis 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 2024 financial guidance and related assumptions; expected demand in the markets in which we operate (including the belief that such markets will improve and the impact of such improvement on our business); the expected performance of our business; planned efficiencies and results from our restructuring and rebalancing activities; the expected performance and success of our strategic partnerships and integration of our acquired businesses, 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 and our ability to successfully rebalance our organization; our ability to successfully grow our bioprocessing business; our ability to manage through and predict headwinds, including to achieve our adjusted 2024 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; that demand for our products could continue to decline, which could adversely impact 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 filings with the U.S. Securities and Exchange Commission (the Commission), including Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequently filed reports with 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)         REPLIGEN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except share and per share data)       Three Months EndedMarch 31,     2024       2023           Revenue:       Product revenue $ 151,310     $ 182,621   Royalty and other revenue   36       39   Total revenue   151,346       182,660   Costs and expenses:       Cost of goods sold   76,391       81,845   Research and development   11,238       12,154   Selling, general and administrative   61,686       56,170   Contingent consideration   -       1,235       149,315       151,404   Income from operations   2,031       31,256   Investment income   8,993       5,486   Interest expense   (4,891 )     (270 ) Amortization of debt issuance costs   (483 )     (457 ) Other (expenses) income, net   (3,536 )     77   Income before income taxes   2,114       36,092   Income tax provision   20       7,263   Net income $ 2,094     $ 28,829   Earnings per share:       Basic $ 0.04     $ 0.52   Diluted $ 0.04     $ 0.51   Weighted average shares outstanding:       Basic   55,791,289       55,590,270   Diluted   56,531,476       57,049,079                     Balance Sheet Data: March 31,2024   December 31,2023 Cash, cash equivalents and marketable securities $ 780,617     $ 751,323   Working capital   954,703       952,881   Total assets   2,849,269       2,824,411   Long-term obligations   700,353       695,046   Accumulated earnings   440,943       438,849   Stockholders' equity   1,970,601       1,971,203           REPLIGEN CORPORATION RECONCILIATIONS OF GAAP to Non-GAAP FINANCIAL MEASURES (Unaudited, amounts in thousands, except percentage and earnings per share data) In all tables below, totals may not add due to rounding               Reconciliation of Reported Revenue (GAAP) Growth to Organic Revenue Growth (Non-GAAP)                   Three Months EndedMarch 31,           2024       2023                     TOTAL REPORTED REVENUE (GAAP) GROWTH   (17 %)     (12 %)                     Acquisition revenue   (3 %)     0 %