Repligen Corporation (NASDAQ:RGEN), a life sciences company focused
on bioprocessing technology leadership, today reported financial
results for its third quarter and first nine months of 2018.
Provided in this press release are financial highlights for the
three- and nine-month periods ended September 30, 2018, updates to
our 2018 financial guidance and access information for today's
webcast and conference call.
Tony J. Hunt, President and Chief Executive Officer said, “Our
third quarter financial performance was highlighted by across the
board strength with overall 24% organic revenue growth. Spectrum
product sales continued to exceed our expectations, delivering 28%
pro forma growth during the third quarter compared to the same
period in 2017, and tracking ahead of plan on 2018 revenue
synergies. We continue to develop strategic partnerships, signing
key agreements in the quarter with Sartorius Stedim Biotech (SSB)
around our XCell™ ATF technology and with Purolite Life Sciences,
where we extended our ligand agreement. Looking beyond the third
quarter, we are seeing accelerating demand and strong order growth,
thus we are increasing our full year revenue guidance.”
Third Quarter 2018
Highlights
- Total revenue increased by 35% year-over-year, to a new
quarterly record of $49.5 million
- Overall organic revenue growth was 24%
- Spectrum product sales contributed $13.2 million, a pro forma
increase of 28% year-over year
- GAAP gross margin was 55.2% and adjusted gross margin was
55.6%
- GAAP fully-diluted EPS was $0.10 compared to $0.11 for the
third quarter of 2017
- Adjusted (non-GAAP) fully-diluted EPS was $0.20 compared to
$0.15 for the third quarter of 2017
First Nine Months of 2018
Highlights
- Total revenue increased by 43% year-over-year to $142.1
million
- Overall organic revenue growth was 13%
- Spectrum product sales contributed $37.2 million, a pro forma
increase of 28% year-over-year
- GAAP gross margin was 55.7% and adjusted gross margin was
56.1%
- GAAP fully-diluted EPS was $0.24 compared to $0.43 for the
first nine months of 2017
- Adjusted (non-GAAP) fully-diluted EPS was $0.52 compared to
$0.50 for the first nine months of 2017
Financial Details for the Third Quarter
and First Nine Months of 2018
REVENUE
- Total revenue for the third quarter of 2018 increased to $49.5
million compared to $36.6 million for the third quarter of 2017, a
year-over-year gain of 35% as reported, or 36% at constant
currency.
- Total revenue for the first nine months of 2018 increased to
$142.1 million compared to $99.6 million for the first nine months
of 2017, a year-over-year gain of 43% as reported and 42% at
constant currency.
GROSS PROFIT and GROSS MARGIN
- Gross profit (GAAP) for the third quarter of 2018 was $27.3
million, a year-over-year increase of $10.8 million or 65%, and
representing 55.2% gross margin. Adjusted gross profit (non-GAAP)
for the third quarter of 2018 was $27.5 million, a year-over-year
increase of $8.1 million, or 41%.
- Gross profit (GAAP) for the first nine months of 2018 was $79.2
million, a year-over-year increase of $27.4 million or 53% and
representing 55.7% gross margin. Adjusted gross profit for the
first nine months of 2018 was $79.8 million, a year-over-year
increase of $24.6 million, or 45%.
The EPS, operating income, net income, EBITDA
and adjusted EBITDA figures below for the first nine months of 2018
include the impact of our $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 third quarter of 2018 was $7.9
million, an increase from an operating loss of $0.4 million for the
third quarter of 2017. Adjusted operating income (non-GAAP) for the
third quarter of 2018 was $11.3 million, a 47% increase from $7.7
million for the third quarter of 2017.
- Operating income (GAAP) for the first nine months of 2018 was
$18.1 million, an increase from $10.7 million for the first nine
months of 2017. Adjusted operating income for the first nine months
of 2018 was $28.4 million, a 22% increase from $23.3 million for
the first nine months of 2017.
NET INCOME
- Net income (GAAP) for the third quarter of 2018 was $4.8
million, compared to $4.7 million for the third quarter of 2017.
Adjusted net income (non-GAAP) for the third quarter of 2018 was
$9.0 million, a 37% increase from $6.6 million for the third
quarter of 2017.
- Net income (GAAP) for the first nine months of 2018 was $11.0
million, compared to $16.2 million for the first nine months of
2017. Adjusted net income for the first nine months of 2018 was
$23.6 million, a 26% increase from $18.7 million for the first nine
months of 2017.
EARNINGS PER SHARE
- Earnings per share (GAAP) for the third quarter of 2018 were
$0.10 on a fully diluted basis compared to $0.11 for the third
quarter of 2017. Adjusted EPS (non-GAAP) for the third quarter of
2018 was $0.20 per fully diluted share, an increase from $0.15 for
the 2017 period.
- Earnings per share (GAAP) for the first nine months of 2018
were $0.24 on a fully diluted basis compared to $0.43 for the first
nine months of 2017. Adjusted earnings per share were $0.52 on a
fully-diluted basis for the first nine months of 2018 compared with
$0.50 for the same period in 2017.
EBITDA
- EBITDA, a non-GAAP financial measure, for the third quarter of
2018 was $11.6 million, an increase from $2.6 million for the third
quarter of 2017. Adjusted EBITDA for the third quarter of 2018 was
$12.4 million, an increase from $8.7 million for the third quarter
of 2017.
- EBITDA for the first nine months of 2018 was $30.1 million, an
increase from $16.7 million for the first nine months of 2017.
Adjusted EBITDA for the first nine months of 2018 was $32.4
million, an increase from $25.8 million for the first nine months
of 2017.
CASH
- Our cash, cash equivalents and marketable securities at
September 30, 2018 were $190.3 million compared to $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 2018Our financial
guidance for the year 2018 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. This guidance includes the first
full year of sales from our acquisition of Spectrum Inc. on August
1, 2017, as well as the impact of our upfront payment of $2.3
million to Navigo Proteins GmbH in June 2018. The updated guidance
below includes revisions to the full year 2018 guidance that we
provided on August 2, 2018.
YEAR 2018 GUIDANCE UPDATES:
- Total revenue is projected to be $191-$194 million, an increase
from our previous guidance of $185-$190 million. This guidance
reflects total revenue growth of 35%-37%, both as reported and at
constant currency. We expect organic growth of 15%-17%, an increase
from our previous guidance of 11%-15%.
- Gross margin is expected to be approximately 55.5% on a GAAP
basis, compared to our previous guidance of 55.5%-56.5%.
Adjusted gross margin is expected to be approximately 56%, compared
to our previous guidance of 56%-57%.
- Income from operations is expected to be $26.5-$28.5 million on
a GAAP basis, an increase from our previous guidance of $25.5-$27.5
million. Adjusted (non-GAAP) income from operations is
expected to be $40-$42 million, an increase from our previous
guidance of $39-$41 million.
- Net income is expected to be $15.5-$17.5 million on a GAAP
basis, an increase from our previous guidance of $14.5-$16.5
million. Adjusted (non-GAAP) net income is expected to be
$32-$34 million, an increase from our previous guidance of $31-$33
million.
- Fully diluted GAAP EPS for the year 2018 is expected to be in
the range of $0.34-$0.38, an increase from our previous guidance of
$0.32-$0.36. Adjusted (non-GAAP) fully diluted EPS is
expected to be in the range of $0.71-$0.75, an increase from our
previous guidance of $0.69-$0.73.
Our non-GAAP guidance for the year 2018 excludes
the following items:
- $10.5 million estimated intangible amortization expense; $0.5
million in cost of product revenue and $10.0 million in
G&A.
- $2.8 million estimated acquisition and integration expenses
associated with the Spectrum acquisition.
- $4.2 million of non-cash interest expense (Other income
(expense)) related to our debt financing.
Our non-GAAP guidance for the year 2018
includes:
- An income tax increase of $1.0 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, November 1, 2018, at 8:30 a.m. EST, to
discuss third quarter of 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
10125616.
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: 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 revenue growth rates in
constant currency to 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 costs related to the
Company’s acquisitions 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, 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, the impact on tax of
intangible amortization, tax benefits associated with variable
integration expenses 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 systems, TangenX™ Sius™
flat sheet TFF cassettes, and Spectrum KrosFlo™ hollow fiber TFF
cartridges and systems). The Protein A ligands and growth factor
products that we produce are essential components of Protein A
affinity resins and cell culture media, respectively. Protein A
affinity resins are the industry standard for downstream separation
and purification of monoclonal antibody-based therapeutics. Our
growth factors are used in upstream processes to accelerate cell
growth and productivity in a bioreactor. Our innovative line of
OPUS® chromatography columns, used in downstream processes for
bench-scale through commercial-scale purification needs, are
delivered pre-packed to our customers with their choice of resin.
Our XCell™ ATF Systems, available in stainless steel and single-use
configurations, are used upstream to continuously eliminate waste
from a bioreactor, to concentrate cells and increase product yield.
Single-use Sius™ TFF cassettes and hardware are used for biologic
drug concentration in downstream filtration processes. Spectrum
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 or our integration of
Spectrum, 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 Contact: Sondra S. NewmanSenior
Director Investor Relations(781) 419-1881
| REPLIGEN CORPORATION |
| CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
| (unaudited) |
|
|
|
|
|
|
|
|
|
| (in
thousands, except share and per share data) |
Three months ended September
30, |
|
Nine months ended September
30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
| Revenue: |
|
|
|
|
|
|
|
| Product revenue |
$ |
49,500 |
|
|
$ |
36,514 |
|
|
$ |
142,042 |
|
|
$ |
99,516 |
|
| Royalty
and other revenue |
|
29 |
|
|
|
66 |
|
|
|
48 |
|
|
|
108 |
|
| Total
revenue |
|
49,529 |
|
|
|
36,580 |
|
|
|
142,090 |
|
|
|
99,624 |
|
| Costs and
expenses: |
|
|
|
|
|
|
|
| Cost of
product revenue |
|
22,183 |
|
|
|
19,987 |
|
|
|
62,939 |
|
|
|
47,913 |
|
| Research
and development |
|
3,601 |
|
|
|
2,001 |
|
|
|
12,669 |
|
|
|
5,603 |
|
| Selling,
general and administrative |
|
15,859 |
|
|
|
14,998 |
|
|
|
48,347 |
|
|
|
35,365 |
|
|
|
|
41,643 |
|
|
|
36,986 |
|
|
|
123,955 |
|
|
|
88,881 |
|
| Income from
operations |
|
7,886 |
|
|
|
(406 |
) |
|
|
18,135 |
|
|
|
10,743 |
|
| Investment income |
|
558 |
|
|
|
102 |
|
|
|
1,251 |
|
|
|
308 |
|
| Interest expense |
|
(1,687 |
) |
|
|
(1,618 |
) |
|
|
(5,008 |
) |
|
|
(4,804 |
) |
| Other (expense)
income |
|
(134 |
) |
|
|
(100 |
) |
|
|
187 |
|
|
|
(548 |
) |
| Income before income
taxes |
|
6,623 |
|
|
|
(2,022 |
) |
|
|
14,565 |
|
|
|
5,699 |
|
| Income tax (benefit)
provision |
|
1,829 |
|
|
|
(6,691 |
) |
|
|
3,586 |
|
|
|
(10,476 |
) |
| Net income |
$ |
4,794 |
|
|
$ |
4,669 |
|
|
$ |
10,979 |
|
|
$ |
16,175 |
|
| Earnings per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.11 |
|
|
$ |
0.11 |
|
|
$ |
0.25 |
|
|
$ |
0.44 |
|
|
Diluted |
$ |
0.10 |
|
|
$ |
0.11 |
|
|
$ |
0.24 |
|
|
$ |
0.43 |
|
| Weighted
average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
43,822,472 |
|
|
|
41,236,554 |
|
|
|
43,728,503 |
|
|
|
36,435,591 |
|
|
Diluted |
|
45,828,175 |
|
|
|
42,563,002 |
|
|
|
45,132,115 |
|
|
|
37,386,333 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance Sheet
Data: |
September 30, 2018 |
|
|
December 31, 2017 |
|
|
|
|
|
| Cash, cash equivalents
and marketable securities |
$ |
190,304 |
|
|
$ |
173,759 |
|
|
|
|
|
| Working capital |
|
137,401 |
|
|
|
217,571 |
|
|
|
|
|
| Total assets |
|
762,332 |
|
|
|
743,519 |
|
|
|
|
|
| Long-term
obligations |
|
25,792 |
|
|
|
126,760 |
|
|
|
|
|
| Accumulated
deficit |
|
(21,206 |
) |
|
|
(31,508 |
) |
|
|
|
|
| Stockholders'
equity |
|
606,487 |
|
|
|
591,548 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| REPLIGEN CORPORATION |
| RECONCILIATION OF GAAP INCOME (LOSS) FROM
OPERATIONS TO NON-GAAP (ADJUSTED) INCOME FROM
OPERATIONS |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| (in thousands) |
Three months ended September 30, |
|
Nine months ended September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
| GAAP INCOME (LOSS) FROM
OPERATIONS |
$ |
7,886 |
|
|
$ |
(406 |
) |
|
$ |
18,135 |
|
|
$ |
10,743 |
|
| |
|
|
|
|
|
|
|
| ADJUSTMENTS TO INCOME
(LOSS) FROM OPERATIONS: |
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
805 |
|
|
|
3,378 |
|
|
|
2,313 |
|
|
|
6,165 |
|
| Inventory
step-up charges |
|
- |
|
|
|
2,720 |
|
|
|
- |
|
|
|
2,944 |
|
|
Intangible amortization |
|
2,608 |
|
|
|
1,993 |
|
|
|
7,906 |
|
|
|
3,476 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| ADJUSTED INCOME FROM
OPERATIONS |
$ |
11,299 |
|
|
$ |
7,685 |
|
|
$ |
28,354 |
|
|
$ |
23,328 |
|
| |
|
|
|
|
|
|
|
| REPLIGEN CORPORATION |
| RECONCILIATION OF GAAP NET INCOME TO NON-GAAP
(ADJUSTED) NET INCOME |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| (in thousands) |
Three months ended September 30, |
|
Nine months ended September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
| GAAP NET INCOME |
$ |
4,794 |
|
|
$ |
4,669 |
|
|
$ |
10,979 |
|
|
$ |
16,175 |
|
| |
|
|
|
|
|
|
|
| ADJUSTMENTS TO NET
INCOME: |
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
805 |
|
|
|
3,378 |
|
|
|
2,313 |
|
|
|
6,165 |
|
| Inventory
step-up charges |
|
- |
|
|
|
2,720 |
|
|
|
- |
|
|
|
2,944 |
|
|
Intangible amortization |
|
2,608 |
|
|
|
1,993 |
|
|
|
7,906 |
|
|
|
3,476 |
|
| Non-cash
interest expense |
|
1,071 |
|
|
|
1,002 |
|
|
|
3,160 |
|
|
|
2,958 |
|
| Tax
effect of intangible amortization and acquisition costs |
|
(248 |
) |
|
|
(577 |
) |
|
|
(779 |
) |
|
|
(781 |
) |
| Release
of valuation allowance on deferred tax assets |
|
- |
|
|
|
(6,611 |
) |
|
|
- |
|
|
|
(12,236 |
) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| ADJUSTED NET
INCOME |
$ |
9,030 |
|
|
$ |
6,574 |
|
|
$ |
23,579 |
|
|
$ |
18,701 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| REPLIGEN CORPORATION |
| RECONCILIATION OF GAAP NET INCOME PER SHARE TO
NON-GAAP (ADJUSTED) NET INCOME PER SHARE |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| |
Three months ended September 30, |
|
Nine months ended September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
| GAAP NET INCOME PER
SHARE - DILUTED |
$ |
0.10 |
|
|
$ |
0.11 |
|
|
$ |
0.24 |
|
|
$ |
0.43 |
|
| |
|
|
|
|
|
|
|
| ADJUSTMENTS TO NET
INCOME PER SHARE - DILUTED: |
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
0.02 |
|
|
|
0.08 |
|
|
|
0.05 |
|
|
|
0.16 |
|
| Inventory
step-up charges |
|
- |
|
|
|
0.06 |
|
|
|
- |
|
|
|
0.08 |
|
|
Intangible amortization |
|
0.06 |
|
|
|
0.05 |
|
|
|
0.18 |
|
|
|
0.09 |
|
| Non-cash
interest expense |
|
0.02 |
|
|
|
0.02 |
|
|
|
0.07 |
|
|
|
0.08 |
|
| Tax
effect of intangible amortization and acquisition costs |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.02 |
) |
|
|
(0.02 |
) |
| Release
of valuation allowance on deferred tax assets |
|
- |
|
|
|
(0.16 |
) |
|
|
- |
|
|
|
(0.33 |
) |
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| ADJUSTED NET INCOME PER
SHARE - DILUTED |
$ |
0.20 |
|
|
$ |
0.15 |
|
|
$ |
0.52 |
|
|
$ |
0.50 |
|
| |
|
|
|
|
|
|
|
Totals may not add due to rounding.
| REPLIGEN CORPORATION |
| RECONCILIATION OF GAAP NET INCOME TO ADJUSTED
EBITDA |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| (in thousands) |
Three months ended September 30, |
|
Nine months ended September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
| GAAP NET INCOME |
$ |
4,794 |
|
|
$ |
4,669 |
|
|
$ |
10,979 |
|
|
$ |
16,175 |
|
| |
|
|
|
|
|
|
|
| ADJUSTMENTS: |
|
|
|
|
|
|
|
|
Investment Income |
|
(558 |
) |
|
|
(102 |
) |
|
|
(1,251 |
) |
|
|
(308 |
) |
| Interest
Expense |
|
1,687 |
|
|
|
1,618 |
|
|
|
5,008 |
|
|
|
4,804 |
|
| Tax
Provision |
|
1,829 |
|
|
|
(6,691 |
) |
|
|
3,586 |
|
|
|
(10,476 |
) |
|
Depreciation |
|
1,273 |
|
|
|
1,130 |
|
|
|
3,871 |
|
|
|
2,988 |
|
|
Amortization |
|
2,608 |
|
|
|
1,993 |
|
|
|
7,906 |
|
|
|
3,476 |
|
| EBITDA |
|
11,633 |
|
|
|
2,617 |
|
|
|
30,099 |
|
|
|
16,659 |
|
| |
|
|
|
|
|
|
|
| OTHER ADJUSTMENTS: |
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
805 |
|
|
|
3,378 |
|
|
|
2,313 |
|
|
|
6,165 |
|
| Inventory
step-up charges |
|
- |
|
|
|
2,720 |
|
|
|
- |
|
|
|
2,944 |
|
| |
|
|
|
|
|
|
|
| ADJUSTED EBITDA |
$ |
12,438 |
|
|
$ |
8,715 |
|
|
$ |
32,412 |
|
|
$ |
25,768 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| REPLIGEN CORPORATION |
| RECONCILIATION OF GAAP COST OF SALES TO
NON-GAAP (ADJUSTED) COST OF SALES |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| (in thousands) |
Three months ended September 30, |
|
Nine months ended September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
| GAAP COST OF SALES |
$ |
22,183 |
|
|
$ |
19,987 |
|
|
$ |
62,939 |
|
|
$ |
47,913 |
|
| |
|
|
|
|
|
|
|
| ADJUSTMENT TO COST OF
SALES: |
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
(59 |
) |
|
|
(23 |
) |
|
|
(170 |
) |
|
|
(23 |
) |
| Inventory
step-up charges |
|
- |
|
|
|
(2,720 |
) |
|
|
- |
|
|
|
(2,944 |
) |
|
Intangible amortization |
|
(137 |
) |
|
|
(153 |
) |
|
|
(430 |
) |
|
|
(430 |
) |
| |
|
|
|
|
|
|
|
| ADJUSTED COST OF
SALES |
$ |
21,987 |
|
|
$ |
17,091 |
|
|
$ |
62,339 |
|
|
$ |
44,516 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| REPLIGEN CORPORATION |
| RECONCILIATION OF GAAP SG&A EXPENSE TO
NON-GAAP (ADJUSTED) SG&A EXPENSE |
| (Unaudited) |
| |
|
|
|
|
|
|
|
| (in thousands) |
Three months ended September 30, |
|
Nine months ended September 30, |
| |
2018 |
|
2017 |
|
2018 |
|
2017 |
| |
|
|
|
|
|
|
|
| GAAP SG&A
EXPENSE |
$ |
15,859 |
|
|
$ |
14,998 |
|
|
$ |
48,347 |
|
|
$ |
35,365 |
|
| |
|
|
|
|
|
|
|
| ADJUSTMENTS TO SG&A
EXPENSE: |
|
|
|
|
|
|
|
|
Acquisition and integration costs |
|
(746 |
) |
|
|
(3,355 |
) |
|
|
(2,143 |
) |
|
|
(6,142 |
) |
|
Intangible amortization |
|
(2,471 |
) |
|
|
(1,840 |
) |
|
|
(7,476 |
) |
|
|
(3,047 |
) |
| |
|
|
|
|
|
|
|
| ADJUSTED SG&A
EXPENSE |
$ |
12,642 |
|
|
$ |
9,803 |
|
|
$ |
38,727 |
|
|
$ |
26,176 |
|
| |
|
|
|
|
|
|
|
| REPLIGEN CORPORATION |
| RECONCILIATION OF GAAP NET INCOME GUIDANCE TO
NON-GAAP (ADJUSTED) NET INCOME GUIDANCE |
| |
|
|
|
| (in thousands) |
Twelve months ending December 31, 2018 |
| |
Low End |
|
High End |
| GUIDANCE ON NET
INCOME |
$ |
15,500 |
|
|
$ |
17,500 |
|
| ADJUSTMENTS TO GUIDANCE
ON NET INCOME: |
|
|
|
|
Acquisition and integration costs |
|
2,784 |
|
|
|
2,784 |
|
|
Anticipated pre-tax amortization of acquisition-related intangible
assets |
|
10,530 |
|
|
|
10,530 |
|
| Non-cash
interest expense |
|
4,249 |
|
|
|
4,249 |
|
| Tax
effect of intangible amortization and integration |
|
(968 |
) |
|
|
(968 |
) |
| Guidance
rounding adjustment |
|
(95 |
) |
|
|
(95 |
) |
| GUIDANCE ON ADJUSTED
NET INCOME |
$ |
32,000 |
|
|
$ |
34,000 |
|
| |
|
|
|
| |
|
|
|
| REPLIGEN CORPORATION |
| RECONCILIATION OF GAAP NET INCOME PER SHARE
GUIDANCE TO |
| NON-GAAP (ADJUSTED) NET INCOME PER SHARE
GUIDANCE |
| |
|
|
|
| |
Twelve months ending December 31, 2018 |
| |
Low End |
|
High End |
| GUIDANCE ON NET
INCOME |
$ |
0.34 |
|
|
$ |
0.38 |
|
| ADJUSTMENTS TO GUIDANCE
ON NET INCOME: |
|
|
|
|
Acquisition and integration costs |
$ |
0.06 |
|
|
$ |
0.06 |
|
|
Anticipated pre-tax amortization of acquisition-related intangible
assets |
$ |
0.23 |
|
|
$ |
0.23 |
|
| Non-cash
interest expense |
$ |
0.09 |
|
|
$ |
0.09 |
|
| Tax
effect of intangible amortization and integration |
$ |
(0.02 |
) |
|
$ |
(0.02 |
) |
| Guidance
rounding adjustment |
$ |
0.00 |
|
|
$ |
0.00 |
|
| GUIDANCE ON ADJUSTED
NET INCOME |
$ |
0.71 |
|
|
$ |
0.75 |
|
| |
|
|
|
Totals may not add due to rounding.
Repligen (NASDAQ:RGEN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Repligen (NASDAQ:RGEN)
Historical Stock Chart
From Apr 2023 to Apr 2024
