Repligen Corporation (NASDAQ:RGEN), a life sciences company focused
on bioprocessing technology leadership, today reported financial
results for its fourth quarter and full year 2018. Provided in this
press release are financial highlights for the three- and
twelve-month periods ended December 31, 2018, followed by our
current financial guidance for the year 2019, and access
information for today's webcast and conference call.
Tony J. Hunt, President and Chief Executive Officer, said, “We
are delighted with the way we closed out 2018 with both revenues
and orders accelerating in the second half of the year and overall
organic growth coming in at 17% for the year and 25% for the fourth
quarter. Our direct products continue to gain broad market
acceptance as we focus on improving yield and lowering biologic
drug manufacturing costs for our customers. Our team delivered on
major programs in 2018: we strengthened our position in the
chromatography and filtration markets through strategic
partnerships; we increased our investment in R&D, bringing
three key products to market; we completed the integration of
Spectrum; and we invested in capacity expansion to stay ahead of
demand. We remain committed to bringing high-impact technologies
and solutions to our bioprocessing customers and believe we are
well-positioned to deliver another year of above-industry growth in
2019.”
Fourth Quarter 2018
Highlights
- Total revenue increased by 25% year-over-year, to a new
quarterly record of $51.9 million
- Overall organic revenue growth was 25%
- Spectrum product sales contributed $13.5 million, an increase
of 14% year-over year
- GAAP fully-diluted EPS was $0.12 compared to $0.27 for the
fourth quarter of 2017 which included the $0.22 positive net impact
of benefits related to U.S. tax reform
- Adjusted (non-GAAP) fully-diluted EPS increased to $0.21 from
$0.20 for the fourth quarter of 2017
Full Year 2018 Highlights
- Total revenue increased by 37% year-over-year to a new annual
record of $194.0 million
- Overall organic revenue growth was 17%
- Spectrum product sales contributed $50.8 million, a pro forma
increase of 24% year-over-year
- GAAP fully-diluted EPS was $0.37 compared to $0.72 for the year
2017 which included a $0.55 positive net impact of valuation
allowance reversals triggered by our acquisition of Spectrum and by
benefits related to U.S. tax reform
- Adjusted (non-GAAP) fully-diluted EPS increased to $0.73
compared to $0.69 for the year 2017
Financial Details for the Fourth Quarter
and Full Year 2018
REVENUE
- Total revenue for the fourth quarter of 2018 increased to $51.9
million compared to $41.6 million for the fourth quarter of 2017, a
year-over-year gain of 25% as reported and at constant
currency.
- Total revenue for the year 2018 increased to $194.0 million
compared to $141.2 million for the year 2017, a year-over-year gain
of 37% as reported and at constant currency.
GROSS PROFIT and GROSS MARGIN
- Gross profit (GAAP) for the fourth quarter of 2018 was $28.9
million, a year-over-year increase of $6.5 million or 29%, and
representing 55.7% gross margin. Adjusted gross profit (non-GAAP)
for the fourth quarter of 2018 was $29.1 million, a year-over-year
increase of $5.3 million, or 22%, and representing 55.9% gross
margin.
- Gross profit for the year 2018 was $108.1 million, a
year-over-year increase of $33.9 million or 46% and representing
55.7% gross margin. Adjusted gross profit for the year 2018 was
$108.8 million, a year-over-year increase of $30.2 million, or 38%,
and representing 56.1% gross margin.
The operating income, net income, EPS, EBITDA and adjusted
EBITDA figures below for the year 2018 include the impact of a $2.3
million upfront payment to Navigo Proteins GmbH, which was
recognized during the second quarter of 2018 as an R&D expense
and had a ($0.04) tax-effected impact on EPS.
OPERATING INCOME
- Operating income (GAAP) for the fourth quarter of 2018 was $7.9
million, a 141% increase from $3.3 million for the fourth quarter
of 2017. Adjusted operating income (non-GAAP) for the fourth
quarter of 2018 was $11.1 million, a 31% increase from $8.5 million
for the fourth quarter of 2017.
- Operating income for the year 2018 was $26.0 million, an 86%
increase from $14.0 million for the year 2017. Adjusted operating
income for the year 2018 was $39.4 million, a 25% increase from
$31.6 million for the year 2017.
The net income and EPS figures below include the impacts in
fiscal year 2017 of valuation allowance reversals driven by our
acquisition of Spectrum and benefits related to U.S. tax reform.
Combined, these resulted in a positive net impact of $0.22 on GAAP
EPS in the fourth quarter of 2017, and a positive net impact of
$0.55 on GAAP EPS for the full year 2017.
NET INCOME
- Net income (GAAP) for the fourth quarter of 2018 was $5.6
million, compared to $12.2 million for the fourth quarter of 2017
which included the positive $9.6 million net impact of benefits
related to U.S. tax reform. Adjusted net income (non-GAAP) for the
fourth quarter of 2018 increased to $9.8 million from $8.7 million
for the fourth quarter of 2017.
- Net income for the year 2018 was $16.6 million, compared to
$28.4 million for the year 2017 which included the positive $21.8
million net impact of valuation allowance reversals triggered by
our acquisition of Spectrum and benefits related to U.S. tax
reform. Adjusted net income for the year 2018 increased to $33.3
million from $27.2 million for the year 2017.
EARNINGS PER SHARE
- Earnings per share (GAAP) for the fourth quarter of 2018 were
$0.12 on a fully diluted basis compared to $0.27 for the fourth
quarter of 2017 which included the positive $0.22 net impact of
benefits related to U.S. tax reform legislation. Adjusted EPS
(non-GAAP) for the fourth quarter of 2018 increased to $0.21 per
fully diluted share, compared to $0.20 for the 2017 period.
- Earnings per share for the year 2018 were $0.37 on a fully
diluted basis compared to $0.72 for the year 2017 which included a
combined positive $0.55 net impact of valuation allowance reversals
triggered by our acquisition of Spectrum ($0.31 net impact) and
benefits related to U.S. tax reform ($0.24 net impact). Adjusted
earnings per share increased to $0.73 on a fully-diluted basis for
the year 2018 compared with $0.69 for the same period in 2017.
EBITDA
- EBITDA, a non-GAAP financial measure, for the fourth quarter of
2018 was $11.9 million, an increase from $7.1 million for the
fourth quarter of 2017. Adjusted EBITDA for the fourth quarter of
2018 was $12.5 million, an increase from $9.6 million for the
fourth quarter of 2017.
- EBITDA for the year 2018 was $42.0 million, an increase from
$23.8 million for the year 2017. Adjusted EBITDA for the year 2018
was $45.0 million, an increase from $35.1 million for the year
2017.
CASH
- Our cash, cash equivalents and marketable securities at
December 31, 2018 were $193.8 million, an increase of $20.0 million
from $173.8 million at December 31, 2017.
All reconciliations of GAAP to adjusted
(non-GAAP) figures above, as well as EBITDA to adjusted EBITDA, are
detailed in the reconciliation tables included later in this press
release.
Financial Guidance for 2019Our financial
guidance for the year 2019 is based on expectations for our
existing business and does not include the financial impact of
potential new acquisitions or future fluctuations in foreign
currency exchange rates.
YEAR 2019 GUIDANCE:
- Total revenue is projected to be in the range of $218-$225
million, reflecting overall revenue growth of 12%-16% as reported
and organic growth of 13%-17%, which anticipates a 1.0% foreign
currency headwind.
- Gross margin is expected to be 56%-57% on both a GAAP and
non-GAAP basis.
- Income from operations is expected to be in the range of
$36-$39 million on a GAAP basis. Adjusted (non-GAAP) income from
operations is expected to be in the range of $48-$51 million.
- Net income is expected to be in the range of $23-$25 million on
a GAAP basis. Adjusted (non-GAAP) net income is expected to be in
the range of $38-$40 million.
- Fully diluted GAAP EPS is expected to be in the range of
$0.48-$0.53. Adjusted (non-GAAP) fully diluted EPS is expected to
be in the range of $0.81-$0.86.
Our non-GAAP guidance for the year 2019 excludes
the following items:
- $10.4 million estimated intangible amortization expense; $0.5
million in cost of product revenue and $9.9 million in
G&A.
- $1.2 million estimated acquisition and integration expenses
associated with the Spectrum acquisition.
- $4.5 million of non-cash interest expense (Other income
(expense)) related to our debt financing.
Our non-GAAP guidance for the year 2019
includes:
- An income tax increase of $0.8 million, representing the tax
impact of acquisition costs and intangible amortization.
All reconciliations of GAAP to adjusted
(non-GAAP) guidance are detailed in the tables included later in
this press release.
Conference CallRepligen will host a conference
call and webcast today, February 21, 2019, at 8:30 a.m. EST, to
discuss fourth quarter and full year 2018 financial results and
corporate developments. The conference call will be accessible by
dialing toll-free (866) 777-2509 for domestic callers or (412)
317-5413 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 10128740.
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 non-GAAP measures of financial performance are included
in this release: revenue growth rate at constant currency, adjusted
gross profit and adjusted gross margin, adjusted income from
operations and adjusted operating margin, earnings before interest,
taxes, depreciation and amortization (EBITDA), adjusted EBITDA,
adjusted net income and adjusted earnings per diluted share (EPS).
The Company provides organic revenue growth rates in constant
currency to exclude the impact of both foreign currency
translation, and the impact of acquisition revenue for current year
periods that have no prior year comparable, in order to facilitate
a comparison of its current revenue performance to its past revenue
performance. The Company provides revenue growth rates in constant
currency 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 costs related to the
Company’s acquisition of Atoll GmbH, TangenX Technology
Corporation, and Spectrum Lifesciences, LLC (formerly known as
Spectrum, Inc.), inventory step-up charges related to the
acquisition of Spectrum Inc., intangible amortization costs,
non-cash interest expense, the impact on tax of intangible
amortization, tax benefits associated with variable integration
expenses and in the case of EBITDA, cash interest expense related
to the Company’s May 2016 convertible debt issuance. Also excluded
are tax benefits associated with valuation allowances on deferred
tax assets, and tax benefits associated with tax reform. 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 substitutable for the comparable
financial measures prepared in accordance with GAAP.
About Repligen CorporationRepligen Corporation
(NASDAQ:RGEN) is a global bioprocessing company that develops and
commercializes highly innovative products that deliver cost and
process efficiencies to biological drug manufacturers worldwide.
Our portfolio includes protein products (Protein A affinity
ligands, cell culture growth factors), chromatography products
(OPUS® pre-packed columns, chromatography resins, ELISA kits) and
filtration products (including XCell™ ATF, TangenX™ SIUS™ TFF and
Spectrum KrosFlo™ TFF filters and systems). The Protein A ligands
and growth factor products that we produce are essential components
of Protein A affinity resins used in biologics purification, and
cell culture media used to accelerate cell growth in a bioreactor.
Our innovative line of OPUS® chromatography columns, used in
bench-scale through commercial-scale biologics purification, are
delivered pre-packed to our customers with their choice of affinity
resin. Our XCell™ ATF Systems, available in stainless steel and
single-use configurations, are used in perfusion processes to
continuously concentrate cells and increase product yield from a
bioreactor. Single-use SIUS™ TFF cassettes and hardware are used
for biologic drug concentration in downstream filtration processes.
KrosFlo™ TFF cartridges and systems are used in both upstream and
downstream filtration processes. Repligen’s corporate headquarters
are in Waltham, MA (USA), with additional administrative and
manufacturing operations in Shrewsbury, MA, Rancho Dominguez, CA,
Lund, Sweden and Ravensburg, Germany.
The following constitutes a “Safe Harbor” statement under the
Private Securities Litigation Reform Act of 1995: This press
release contains forward-looking statements, which are made
pursuant to the safe harbor provisions of 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 press release which are not
strictly historical statements, including, without limitation,
express or implied statements or guidance regarding current or
future financial performance and position, including cash and
investment position, demand in the markets in which we operate, the
expected performance of the Spectrum business, the expected
performance and success of our strategic partnerships, management’s
strategy, plans and objectives for future operations or
acquisitions, product development and sales, selling, general and
administrative expenditures, intellectual property, development and
manufacturing plans, availability of materials and product and
adequacy of capital resources and financing plans constitute
forward-looking statements identified by words like “believe,”
“expect,” “may,” “will,” “should,” “seek,” “anticipate,” or “could”
and similar expressions. Such forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from those anticipated,
including, without limitation, risks associated with: our ability
to successfully grow our bioprocessing business, including as a
result of acquisition, commercialization or partnership
opportunities; our ability to successfully integrate any
acquisitions, our ability to develop and commercialize products and
the market acceptance of our products; 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 Food and Drug
Administration and EMEA regulations; our volatile stock price; and
other risks detailed in Repligen’s most recent Annual Report on
Form 10-K on file with the Securities and Exchange Commission and
the other reports that Repligen periodically files with the
Securities and Exchange Commission. Actual results may differ
materially from those Repligen contemplated by these
forward-looking statements. These forward looking statements
reflect management’s current views and Repligen does not undertake
to update any of these forward-looking statements to reflect a
change in its views or events or circumstances that occur after the
date hereof except as required by law.
|
REPLIGEN CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited, amounts in thousands, except share
and per share data) |
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, |
|
Twelve Months Ended
December 31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
|
Product
revenue |
$ |
51,849 |
|
$ |
41,572 |
|
$ |
193,891 |
|
$ |
141,089 |
|
Royalty
and other revenue |
93 |
|
39 |
|
141 |
|
|
147 |
|
Total
revenue |
51,942 |
|
41,611 |
|
194,032 |
|
|
141,236 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
|
Cost of
product revenue |
23,014 |
|
19,137 |
|
85,953 |
|
|
67,050 |
|
Research
and development |
3,099 |
|
3,068 |
|
15,768 |
|
|
8,672 |
|
Selling,
general and administrative |
17,976 |
|
16,145 |
|
66,323 |
|
|
51,509 |
|
|
44,089 |
|
38,350 |
|
168,044 |
|
|
127,231 |
|
Income
from operations |
7,853 |
|
3,261 |
|
25,988 |
|
|
14,005 |
|
Investment income |
644 |
|
63 |
|
1,895 |
|
|
371 |
|
Interest expense |
(1,701 |
) |
(1,637 |
) |
(6,709 |
) |
|
(6,441 |
) |
Other expense, net |
75 |
|
(138 |
) |
262 |
|
|
(687 |
) |
Income
before income taxes |
6,871 |
|
1,549 |
|
21,436 |
|
|
7,248 |
|
Income tax provision
(benefit) |
1,233 |
|
(10,629 |
) |
4,819 |
|
|
(21,105 |
) |
Net income |
$ |
5,638 |
|
$ |
12,178 |
|
$ |
16,617 |
|
$ |
28,353 |
|
Earnings per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.13 |
|
$ |
0.28 |
|
$ |
0.38 |
|
$ |
0.74 |
|
Diluted |
$ |
0.12 |
|
$ |
0.27 |
|
$ |
0.37 |
|
$ |
0.72 |
|
Weighted average shares
outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
43,881,151 |
|
43,568,706 |
|
43,767,402 |
|
|
38,233,527 |
|
Diluted |
46,291,014 |
|
44,385,472 |
|
45,471,169 |
|
|
39,150,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data: |
December 31, 2018 |
|
December 31, 2017 |
|
|
|
|
Cash,
cash equivalents and marketable securities |
$ |
193,822 |
|
$ |
173,759 |
|
|
|
|
Working
capital |
145,695 |
|
217,571 |
|
|
|
|
Total
assets |
770,766 |
|
743,519 |
|
|
|
|
Long-term obligations |
24,474 |
|
126,760 |
|
|
|
|
Accumulated deficit |
(15,568 |
) |
(31,508 |
) |
|
|
|
Stockholders' equity |
615,748 |
|
591,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
RECONCILIATION OF GAAP INCOME FROM OPERATIONS
TO NON-GAAP (ADJUSTED) INCOME FROM OPERATIONS |
(Unaudited, amounts in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP INCOME
FROM OPERATIONS |
$ |
7,853 |
|
$ |
3,261 |
|
$ |
25,988 |
|
$ |
14,005 |
|
ADJUSTMENTS
TO INCOME FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration costs |
$ |
615 |
|
1,354 |
|
$ |
2,928 |
|
|
7,519 |
|
|
Inventory step-up
charges |
$ |
- |
|
1,096 |
|
$ |
- |
|
|
3,816 |
|
|
Intangible
amortization |
$ |
2,612 |
|
2,739 |
|
$ |
10,518 |
|
|
6,215 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
INCOME FROM OPERATIONS |
$ |
11,080 |
|
$ |
8,450 |
|
$ |
39,434 |
|
$ |
31,555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP
(ADJUSTED) NET INCOME |
(Unaudited, amounts in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET
INCOME |
$ |
5,638 |
|
$ |
12,178 |
|
$ |
16,617 |
|
$ |
28,353 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS
TO NET INCOME: |
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration costs |
615 |
|
1,354 |
|
2,928 |
|
|
7,519 |
|
|
Inventory step-up
charges |
- |
|
1,096 |
|
- |
|
|
3,816 |
|
|
Intangible
amortization |
2,612 |
|
2,739 |
|
10,518 |
|
|
6,215 |
|
|
Non-cash interest
expense |
1,088 |
|
1,019 |
|
4,248 |
|
|
3,977 |
|
|
Tax effect of
intangible amortization and acquisition costs |
(200 |
) |
(101 |
) |
(979 |
) |
|
(882 |
) |
|
Release of valuation
allowance on deferred tax assets |
- |
|
- |
|
- |
|
|
(12,236 |
) |
|
Net impact of tax
reform legislation |
- |
|
(9,586 |
) |
- |
|
|
(9,586 |
) |
ADJUSTED
NET INCOME |
$ |
9,753 |
|
$ |
8,699 |
|
$ |
33,332 |
|
$ |
27,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
RECONCILIATION OF GAAP NET INCOME PER SHARE TO
NON-GAAP (ADJUSTED) NET INCOME PER SHARE |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET
INCOME PER SHARE - DILUTED |
$ |
0.12 |
|
$ |
0.27 |
|
$ |
0.37 |
|
$ |
0.72 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS
TO NET INCOME PER SHARE - DILUTED: |
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration costs |
0.01 |
|
0.03 |
|
0.06 |
|
|
0.19 |
|
|
Inventory step-up
charges |
- |
|
0.02 |
|
- |
|
|
0.10 |
|
|
Intangible
amortization |
0.06 |
|
0.06 |
|
0.23 |
|
|
0.16 |
|
|
Non-cash interest
expense |
0.02 |
|
0.02 |
|
0.09 |
|
|
0.10 |
|
|
Tax effect of
intangible amortization and acquisition costs |
(0.00 |
) |
(0.00 |
) |
(0.02 |
) |
|
(0.02 |
) |
|
Release of valuation
allowance on deferred tax assets |
- |
|
- |
|
- |
|
|
(0.31 |
) |
|
Net impact of tax
reform legislation |
- |
|
(0.22 |
) |
- |
|
|
(0.24 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
NET INCOME PER SHARE - DILUTED |
0.21 |
|
$ |
0.20 |
|
0.73 |
|
$ |
0.69 |
|
|
|
|
|
|
|
|
|
|
|
|
Totals may
not add due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED
EBITDA |
(Unaudited, amounts in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET
INCOME |
$ |
5,638 |
|
$ |
12,178 |
|
$ |
16,617 |
|
$ |
28,353 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS: |
|
|
|
|
|
|
|
|
|
|
Investment Income |
(644 |
) |
(63 |
) |
(1,895 |
) |
|
(371 |
) |
|
Interest Expense |
1,701 |
|
1,637 |
|
6,709 |
|
|
6,441 |
|
|
Tax Provision |
1,233 |
|
(10,629 |
) |
4,819 |
|
|
(21,105 |
) |
|
Depreciation |
1,305 |
|
1,250 |
|
5,213 |
|
|
4,237 |
|
|
Amortization |
2,659 |
|
2,739 |
|
10,565 |
|
|
6,215 |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
11,892 |
|
7,112 |
|
42,028 |
|
|
23,770 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER
ADJUSTMENTS: |
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration costs |
615 |
|
1,354 |
|
2,928 |
|
|
7,519 |
|
|
Inventory step-up
charges |
- |
|
1,096 |
|
- |
|
|
3,816 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
EBITDA |
$ |
12,507 |
|
$ |
9,562 |
|
$ |
44,956 |
|
$ |
35,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
RECONCILIATION OF GAAP COST OF SALES TO
NON-GAAP (ADJUSTED) COST OF SALES |
(Unaudited, amounts in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP COST
OF SALES |
$ |
23,014 |
|
$ |
19,137 |
|
$ |
85,953 |
|
$ |
67,050 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT
TO COST OF SALES: |
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration costs |
8 |
|
(33 |
) |
(162 |
) |
|
(53 |
) |
|
Inventory step-up
charges |
- |
|
(1,096 |
) |
- |
|
|
(3,816 |
) |
|
Intangible
amortization |
(135 |
) |
(148 |
) |
(565 |
) |
|
(578 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
COST OF SALES |
$ |
22,887 |
|
$ |
17,860 |
|
$ |
85,226 |
|
$ |
62,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
RECONCILIATION OF GAAP SG&A EXPENSE TO
NON-GAAP (ADJUSTED) SG&A EXPENSE |
(Unaudited, amounts in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
SG&A EXPENSE |
$ |
17,976 |
|
$ |
16,145 |
|
$ |
66,323 |
|
$ |
51,509 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS
TO SG&A EXPENSE: |
|
|
|
|
|
|
|
|
|
|
Acquisition and
integration costs |
(624 |
) |
(1,291 |
) |
(2,600 |
) |
|
(7,416 |
) |
|
Intangible
amortization |
(2,477 |
) |
(2,591 |
) |
(9,953 |
) |
|
(5,637 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED
SG&A EXPENSE |
$ |
14,875 |
|
$ |
12,263 |
|
$ |
53,770 |
|
$ |
38,456 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
RECONCILIATION OF GAAP NET INCOME GUIDANCE TO
NON-GAAP (ADJUSTED) NET INCOME GUIDANCE |
|
|
|
|
|
(in
thousands) |
Twelve months ending December 31, 2019 |
|
|
|
Low End |
|
High End |
|
GUIDANCE ON
NET INCOME |
$ |
23,000 |
|
$ |
25,000 |
|
ADJUSTMENTS
TO GUIDANCE ON NET INCOME: |
|
|
|
|
|
|
Acquisition and
integration costs |
1,167 |
|
|
1,167 |
|
|
Anticipated pre-tax
amortization of |
|
|
|
|
|
|
acquisition-related intangible assets |
10,401 |
|
|
10,401 |
|
|
Non-cash interest
expense |
4,538 |
|
|
4,538 |
|
|
Tax effect of
intangible amortization and integration |
(778 |
) |
|
(778 |
) |
|
Guidance rounding
adjustment |
(328 |
) |
|
(328 |
) |
GUIDANCE ON
ADJUSTED NET INCOME |
$ |
38,000 |
|
$ |
40,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN CORPORATION |
RECONCILIATION OF GAAP NET INCOME PER SHARE
GUIDANCE TO |
NON-GAAP (ADJUSTED) NET INCOME PER SHARE
GUIDANCE |
|
|
|
|
|
|
|
Twelve months ending December 31, 2019 |
|
|
|
Low End |
|
High End |
|
GUIDANCE ON
NET INCOME |
$ |
0.48 |
|
$ |
0.53 |
|
ADJUSTMENTS
TO GUIDANCE ON NET INCOME: |
|
|
|
|
Acquisition and
integration costs |
$ |
0.02 |
|
$ |
0.02 |
|
|
Anticipated pre-tax
amortization of |
|
|
|
|
acquisition-related intangible assets |
$ |
0.22 |
|
$ |
0.22 |
|
|
Non-cash interest
expense |
$ |
0.10 |
|
$ |
0.10 |
|
|
Tax effect of
intangible amortization and integration |
$ |
(0.02 |
) |
$ |
(0.02 |
) |
|
Guidance rounding
adjustment |
$ |
0.01 |
|
$ |
0.00 |
|
GUIDANCE ON
ADJUSTED NET INCOME |
$ |
0.81 |
|
$ |
0.86 |
|
|
|
|
|
|
|
|
Totals may
not add due to rounding. |
|
|
|
|
|
|
|
|
Repligen Contact:
Sondra S. Newman
Senior Director Investor Relations
(781) 419-1881
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