Repligen Corporation (NASDAQ:RGEN), a life sciences company focused
on bioprocessing technology leadership, today reported financial
results for its second quarter of 2020. Provided in this press
release are financial highlights for the three- and six- month
periods ended June 30, 2020, updates to our financial guidance for
the fiscal year 2020 and access information for today’s webcast and
conference call.
Tony J. Hunt, President and Chief Executive Officer said, “I’m
pleased to report that the company delivered outstanding financial
performance during the second quarter as we continue to focus on
keeping all our manufacturing sites fully operational and managing
our supply chain and logistics while also prioritizing the health
and safety of our employees. During the second quarter, we saw
increased demand in all of our product franchises, highlighted by
strong growth in Asia and a significant pick up in orders both in
the quarter and into the second half of 2020 related to COVID-19
vaccine and therapeutic programs. We finished the quarter by
announcing our acquisition of Engineered Molding Technology, which
closed in July, to enhance our single-use portfolio. We are
confident about the full year outlook for the company and are
updating guidance to reflect our expectations for margin expansion
and revenue growth in the range of 23%-26%.”.
Financial Highlights for the Second
Quarter 2020
- Revenue increased by 24% year-over-year as reported and 19%
organically, to $87.5 million
- GAAP gross margin increased to 57.9%, and adjusted gross margin
(non-GAAP) was 58.2%
- GAAP fully diluted EPS increased to $0.30 compared to $0.17 for
the second quarter of 2019
- Adjusted fully diluted EPS (non-GAAP) increased to $0.42
compared to $0.33 for the second quarter of 2019
Financial Highlights for the First Half
of 2020
- Revenue increased by 25% year-over-year as reported and 17%
organically, to $163.6 million
- GAAP gross margin increased to 57.9%, and adjusted gross margin
(non-GAAP) was 58.3%
- GAAP fully diluted EPS increased to $0.48 compared to $0.34 for
the first half of 2019
- Adjusted fully diluted EPS (non-GAAP) increased to $0.74
compared to $0.59 for the first half of 2019
Financial Details for the Second Quarter
and First Half of 2020REVENUE
- Total revenue for the second quarter of 2020 increased to $87.5
million compared to $70.7 million for the second quarter of 2019, a
year-over-year gain of 24% as reported and 25% at constant
currency, with organic growth of 19%.
- Total revenue for the first half of 2020 increased to $163.6
million compared to $131.3 million for the first half of 2019, a
year-over-year gain of 25% as reported.
GROSS PROFIT and GROSS MARGIN
- Gross profit (GAAP) for the second quarter of 2020 was $50.6
million, a year-over-year increase of $10.6 million and
representing 57.9% gross margin.
- Adjusted gross profit (non-GAAP) for the second quarter of 2020
was $50.9 million, a year-over-year increase of $9.5 million and
representing 58.2% gross margin.
- Gross profit (GAAP) for the first half of 2020 was $94.7
million, a year-over-year increase of $20.9 million and
representing 57.9% gross margin.
- Adjusted gross profit (non-GAAP) for the first half of 2020 was
$95.4 million, a year-over-year increase of $20.1 million and
representing 58.3% gross margin.
OPERATING INCOME
- Operating income (GAAP) for the second quarter of 2020 was
$19.5 million compared to $11.1 million for the second quarter of
2019. Adjusted operating income (non-GAAP) for the second quarter
of 2020 was $25.5 million, an increase of 27% compared to $20.1
million for the second quarter of 2019.
- Operating income (GAAP) for the first half of 2020 was $31.4
million compared to $22.2 million for the first half of 2019.
Adjusted operating income (non-GAAP) for the first half of 2020 was
$43.9 million, an increase of 23% compared to $35.7 million for the
first half of 2019.
NET INCOME
- Net income (GAAP) for the second quarter of 2020 was $15.9
million, an increase of 96% compared to $8.1 million for the second
quarter of 2019. Adjusted net income (non-GAAP) for the second
quarter of 2020 was $22.5 million, an increase of 39% compared to
$16.2 million for the second quarter of 2019.
- Net income (GAAP) for the first half of 2020 was $25.7 million,
an increase of 59% compared to $16.1 million for the first half of
2019. Adjusted net income (non-GAAP) for the first half of 2020 was
$39.3 million, an increase of 38% compared to $28.4 million for the
first half of 2019.
EARNINGS PER SHARE
- Earnings per share (GAAP) for the second quarter of 2020
increased to $0.30 on a fully diluted basis, compared to $0.17 for
the second quarter of 2019. Adjusted EPS (non-GAAP) for the second
quarter of 2020 increased to $0.42 on a fully diluted basis,
compared to $0.33 for the 2019 period.
- Earnings per share (GAAP) for the first half of 2020 increased
to $0.48 on a fully diluted basis, compared to $0.34 for the first
half of 2019. Adjusted EPS (non-GAAP) for the first half of 2020
increased to $0.74 on a fully diluted basis, compared to $0.59 for
the first half of 2019.
EBITDA
- EBITDA, a non-GAAP financial measure, increased to $25.3
million for the second quarter of 2020, compared to $15.2 million
for the second quarter of 2019. Adjusted EBITDA for the second
quarter of 2020 increased to $27.4 million, compared to $21.7
million for the second quarter of 2019.
- EBITDA increased to $43.9 million for the first half of 2020,
compared to $30.9 million for the first half of 2019. Adjusted
EBITDA for the first half of 2020 increased to $48.6 million,
compared to $39.2 million for the first half of 2019.
CASH
- Our cash and cash equivalents at June 30, 2020 were $560.4
million, an increase of $32 million from $528.4 million at December
31, 2019.
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 2020
Our financial guidance for the fiscal year 2020 is based on
expectations for our existing business and includes the financial
impact of our acquisition of C Technologies (which closed on May
31, 2019) and Engineered Molding Technology (which closed on July
13, 2020). The guidance below excludes the impact of potential
additional acquisitions and future fluctuations in foreign currency
exchange rates.
FISCAL YEAR 2020 GUIDANCE:
- Total revenue is projected to be in the range of $332-$340
million, an increase from our previous guidance of $309-$319
million. Our current guidance reflects overall revenue growth of
23%-26%, and organic revenue growth of 18%-21%.
- Gross margin is expected to be in the range of 56.5%-57.0% on
both a GAAP and non-GAAP basis, compared to our previous guidance
of 56%-57%.
- Income from operations is expected to be in the range of
$59-$62 million on a GAAP basis, an increase from our previous
guidance of $52-$56 million. Adjusted (non-GAAP) income from
operations is expected to be in the range of $81-$84 million, an
increase from our previous guidance of $72-$76 million.
- Net income is expected to be in the range of $41-$44 million on
a GAAP basis, an increase from our previous guidance of $34.5-$37.5
million. Adjusted (non-GAAP) net income is expected to be in the
range of $66-$69 million, an increase from our previous guidance of
$58-$61 million. Our current guidance reflects an adjusted tax
rate of 18% on adjusted pre-tax income, compared to our previous
guidance of 20%.
- Fully diluted GAAP EPS is expected to be in the range of
$0.77-$0.82, an increase from our previous guidance of $0.65-$0.70.
Adjusted (non-GAAP) fully diluted EPS is expected to be in the
range of $1.24-$1.29, an increase from our previous guidance of
$1.09-$1.14.
Our non-GAAP guidance for the fiscal year 2020 excludes
the following items:
- $5.7 million estimated acquisition and integration expenses;
$0.5 million in cost of product revenue, $0.5 million in R&D
and $4.7 million in SG&A.
- Expected inventory step-up charges of $0.2 million related to
the acquisition of Engineered Molding Technology.
- $15.7 million estimated intangible amortization expense; $0.3
million in cost of product revenue and $15.5 million in
SG&A.
- $11.0 million of non-cash interest expense (Other income
(expense)) related to our convertible debt notes.
Our non-GAAP guidance for the fiscal year 2020
includes:
- An income tax expense of $7.8 million, representing the tax
impact of acquisition and integration, inventory step-up, and
intangible amortization expenses, as well as non-cash interest
expenses related to our convertible debt notes.
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, July 30, 2020, at 8:30 a.m. EDT, to discuss
second quarter 2020 financial results and corporate developments.
The conference call will be accessible by dialing toll-free (844)
701-1063 for domestic callers or (412) 317-5487 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 10146361.
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, adjusted net income per share, adjusted
earnings per diluted share (EPS), adjusted cost of sales, adjusted
research & development expense, adjusted selling, general and
administrative expense, adjusted income tax expense and adjusted
income tax rate. 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 and integration costs,
inventory step-up charges and intangible amortization costs related
to the Company’s acquisitions, as well as non-cash interest
expenses related to the 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 substitutable for the comparable
financial measures prepared in accordance with GAAP.
About Repligen CorporationRepligen Corporation
is a global life sciences company that develops and commercializes
highly innovative bioprocessing technologies and systems that
increase 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
corporate headquarters are located in Waltham, MA (USA), and we
have additional administrative and manufacturing operations in
Marlborough, MA; Bridgewater, NJ; Rancho Dominguez, CA; Clifton
Park, NY; Lund, Sweden; Breda, The Netherlands 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 our business, the expected performance of
the C Technologies and Engineered Molding Technology businesses,
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, our financing plans, and the
projected impact of, and response to, the COVID-19 coronavirus
pandemic, and the related downturn of the U.S. and global economies
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 the following:
the effect of the COVID-19 coronavirus pandemic, including
mitigation efforts and economic effects, on our business operations
and the operations of our customers and suppliers; the ultimate
impact of the COVID-19 coronavirus pandemic on our business or
financial results; 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;
our ability to integrate the C Technologies and Engineered Molding
Technology businesses successfully into our business and achieve
the expected benefits of the 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 EMEA regulations; our volatile stock price;
and other risks detailed in Repligen’s Annual Report on Form 10-K
for the year ended December 31, 2019 and Quarterly Report on Form
10-Q for the quarter ended March 31, 2020 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. 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 June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
Product revenue |
$ |
87,432 |
|
|
$ |
70,670 |
|
|
$ |
163,492 |
|
|
$ |
131,282 |
|
Royalty and other revenue |
|
30 |
|
|
|
22 |
|
|
|
60 |
|
|
|
44 |
|
Total revenue |
|
87,462 |
|
|
|
70,692 |
|
|
|
163,552 |
|
|
|
131,326 |
|
Costs and
expenses: |
|
|
|
|
|
|
|
Cost of product revenue |
|
36,863 |
|
|
|
30,708 |
|
|
|
68,845 |
|
|
|
57,553 |
|
Research and development |
|
4,336 |
|
|
|
5,231 |
|
|
|
9,038 |
|
|
|
8,851 |
|
Selling, general and administrative |
|
26,726 |
|
|
|
23,699 |
|
|
|
54,226 |
|
|
|
42,697 |
|
|
|
67,925 |
|
|
|
59,638 |
|
|
|
132,109 |
|
|
|
109,101 |
|
Income from
operations |
|
19,537 |
|
|
|
11,054 |
|
|
|
31,443 |
|
|
|
22,225 |
|
Investment
income |
|
253 |
|
|
|
1,005 |
|
|
|
1,617 |
|
|
|
1,718 |
|
Interest
expense |
|
(3,004 |
) |
|
|
(1,743 |
) |
|
|
(5,980 |
) |
|
|
(3,469 |
) |
Other
income, net |
|
(766 |
) |
|
|
(697 |
) |
|
|
(384 |
) |
|
|
(339 |
) |
Income
before income taxes |
|
16,020 |
|
|
|
9,619 |
|
|
|
26,696 |
|
|
|
20,135 |
|
Income tax
provision |
|
159 |
|
|
|
1,524 |
|
|
|
1,020 |
|
|
|
3,987 |
|
Net
income |
$ |
15,861 |
|
|
$ |
8,095 |
|
|
$ |
25,676 |
|
|
$ |
16,148 |
|
Earnings per
share: |
|
|
|
|
|
|
|
Basic |
$ |
0.30 |
|
|
$ |
0.17 |
|
|
$ |
0.49 |
|
|
$ |
0.36 |
|
Diluted |
$ |
0.30 |
|
|
$ |
0.17 |
|
|
$ |
0.48 |
|
|
$ |
0.34 |
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
52,381,201 |
|
|
|
46,367,187 |
|
|
|
52,259,937 |
|
|
|
45,174,134 |
|
Diluted |
|
53,305,827 |
|
|
|
49,055,814 |
|
|
|
53,212,596 |
|
|
|
47,691,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data: |
June 30, 2020 |
|
December 31, 2019 |
|
|
|
|
Cash, cash
equivalents and marketable securities |
$ |
560,364 |
|
|
$ |
528,392 |
|
|
|
|
|
Working
capital |
|
642,756 |
|
|
|
593,515 |
|
|
|
|
|
Total
assets |
|
1,442,045 |
|
|
|
1,400,113 |
|
|
|
|
|
Long-term
obligations |
|
297,617 |
|
|
|
292,032 |
|
|
|
|
|
Accumulated
earnings |
|
31,519 |
|
|
|
5,843 |
|
|
|
|
|
Stockholders' equity |
|
1,100,027 |
|
|
|
1,059,768 |
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO NON-GAAP
(ADJUSTED) INCOME FROM OPERATIONS |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
GAAP INCOME FROM OPERATIONS |
$ |
19,537 |
|
|
$ |
11,054 |
|
|
$ |
31,443 |
|
|
$ |
22,225 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO INCOME (LOSS) FROM OPERATIONS: |
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
2,134 |
|
|
|
4,822 |
|
|
|
4,687 |
|
|
|
6,621 |
|
|
Intangible
amortization |
|
3,874 |
|
|
|
3,051 |
|
|
|
7,752 |
|
|
|
5,662 |
|
|
Inventory
step-up charges |
|
- |
|
|
|
1,169 |
|
|
|
- |
|
|
|
1,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED INCOME FROM OPERATIONS |
$ |
25,545 |
|
|
$ |
20,096 |
|
|
$ |
43,882 |
|
|
$ |
35,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED)
NET INCOME |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
15,861 |
|
|
$ |
8,095 |
|
|
$ |
25,676 |
|
|
$ |
16,148 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO NET INCOME: |
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
2,134 |
|
|
|
5,322 |
|
|
|
4,687 |
|
|
|
7,121 |
|
|
Inventory
step-up charges |
|
- |
|
|
|
1,169 |
|
|
|
- |
|
|
|
1,169 |
|
|
Intangible
amortization |
|
3,874 |
|
|
|
3,051 |
|
|
|
7,752 |
|
|
|
5,662 |
|
|
Non-cash
interest expense |
|
2,724 |
|
|
|
1,124 |
|
|
|
5,415 |
|
|
|
2,231 |
|
|
Tax effect
of non-GAAP charges (1) |
|
(2,085 |
) |
|
|
(2,610 |
) |
|
|
(4,262 |
) |
|
|
(3,961 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME |
$ |
22,508 |
|
|
$ |
16,151 |
|
|
$ |
39,268 |
|
|
$ |
28,370 |
|
|
|
|
|
|
|
|
|
|
(1) |
|
Effective as of the
quarter ended June 30, 2019, the Company changed its methodology
for calculating its non-GAAP financial measures to reflect certain
tax effects related to acquisition and integration costs,
intangible amortization and non-cash interest expense. Accordingly,
the non-GAAP financial measures for the three months ended
June 30, 2019 have been updated to be consistent with the
methodology used to calculate such measures for the current
period. |
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP NET INCOME PER SHARE TO NON-GAAP
(ADJUSTED) NET INCOME PER SHARE |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER SHARE - DILUTED |
$ |
0.30 |
|
|
$ |
0.17 |
|
|
$ |
0.48 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED: |
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
0.04 |
|
|
|
0.11 |
|
|
|
0.09 |
|
|
|
0.15 |
|
|
Inventory
step-up charges |
|
- |
|
|
|
0.02 |
|
|
|
- |
|
|
|
0.02 |
|
|
Intangible
amortization |
|
0.07 |
|
|
|
0.06 |
|
|
|
0.15 |
|
|
|
0.12 |
|
|
Non-cash
interest expense |
|
0.05 |
|
|
|
0.02 |
|
|
|
0.10 |
|
|
|
0.05 |
|
|
Tax effect
of non-GAAP charges(1) |
|
(0.04 |
) |
|
|
(0.05 |
) |
|
|
(0.08 |
) |
|
|
(0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME PER SHARE - DILUTED |
|
0.42 |
|
|
$ |
0.33 |
|
|
$ |
0.74 |
|
|
$ |
0.59 |
|
|
|
|
|
|
|
|
|
|
Totals may not add due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
|
Effective as of the
quarter ended June 30, 2019, the Company changed its methodology
for calculating its non-GAAP financial measures to reflect certain
tax effects related to acquisition and integration costs,
intangible amortization and non-cash interest expense. Accordingly,
the non-GAAP financial measures for the three months ended
June 30, 2019 have been updated to be consistent with the
methodology used to calculate such measures for the current
period. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED
EBITDA |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
15,861 |
|
|
$ |
8,095 |
|
|
$ |
25,676 |
|
|
$ |
16,148 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS: |
|
|
|
|
|
|
|
|
Investment
Income |
|
(253 |
) |
|
|
(1,005 |
) |
|
|
(1,617 |
) |
|
|
(1,718 |
) |
|
Interest
Expense |
|
3,004 |
|
|
|
1,743 |
|
|
|
5,980 |
|
|
|
3,469 |
|
|
Tax
Provision |
|
159 |
|
|
|
1,524 |
|
|
|
1,020 |
|
|
|
3,987 |
|
|
Depreciation |
|
2,578 |
|
|
|
1,762 |
|
|
|
5,063 |
|
|
|
3,337 |
|
|
Amortization(1) |
|
3,902 |
|
|
|
3,079 |
|
|
|
7,807 |
|
|
|
5,716 |
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
25,251 |
|
|
|
15,198 |
|
|
|
43,929 |
|
|
|
30,939 |
|
|
|
|
|
|
|
|
|
|
OTHER ADJUSTMENTS: |
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
2,134 |
|
|
|
5,322 |
|
|
|
4,687 |
|
|
|
7,121 |
|
|
Inventory
step-up charges |
|
- |
|
|
|
1,169 |
|
|
|
- |
|
|
|
1,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA |
$ |
27,385 |
|
|
$ |
21,689 |
|
|
$ |
48,616 |
|
|
$ |
39,229 |
|
|
|
|
|
|
|
|
|
|
(1 |
) |
Includes amortization
of milestone payments in accordance with GAAP of $27 for the three
months ended June 30, 2020 and 2019 and $55 for the six months
ended June 30, 2020 and 2019. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP COST OF SALES TO NON-GAAP (ADJUSTED)
COST OF SALES |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
GAAP COST OF SALES |
$ |
36,863 |
|
|
$ |
30,708 |
|
|
$ |
68,845 |
|
|
$ |
57,553 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT TO COST OF SALES: |
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
(185 |
) |
|
|
(133 |
) |
|
|
(465 |
) |
|
|
(151 |
) |
|
Inventory
step-up charges |
|
- |
|
|
|
(1,169 |
) |
|
|
- |
|
|
|
(1,169 |
) |
|
Intangible
amortization |
|
(127 |
) |
|
|
(130 |
) |
|
|
(254 |
) |
|
|
(264 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED COST OF SALES |
$ |
36,551 |
|
|
$ |
29,276 |
|
|
$ |
68,126 |
|
|
$ |
55,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP
(ADJUSTED) R&D EXPENSE |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
GAAP R&D |
$ |
4,336 |
|
|
$ |
5,231 |
|
|
$ |
9,038 |
|
|
$ |
8,851 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT TO R&D: |
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
(189 |
) |
|
|
(100 |
) |
|
|
(471 |
) |
|
|
(127 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED R&D |
$ |
4,147 |
|
|
$ |
5,131 |
|
|
$ |
8,567 |
|
|
$ |
8,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP
(ADJUSTED) SG&A EXPENSE |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
GAAP SG&A EXPENSE |
$ |
26,726 |
|
|
$ |
23,699 |
|
|
$ |
54,226 |
|
|
$ |
42,697 |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO SG&A EXPENSE: |
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
(1,760 |
) |
|
|
(4,590 |
) |
|
|
(3,750 |
) |
|
|
(6,343 |
) |
|
Intangible
amortization |
|
(3,747 |
) |
|
|
(2,921 |
) |
|
|
(7,498 |
) |
|
|
(5,398 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED SG&A EXPENSE |
$ |
21,219 |
|
|
$ |
16,188 |
|
|
$ |
42,977 |
|
|
$ |
30,956 |
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED
(NON-GAAP NET INCOME GUIDANCE) |
|
|
|
|
|
(in thousands) |
Twelve months ending December 31, 2020 |
|
|
Low End |
|
High End |
GUIDANCE ON NET INCOME |
$ |
41,000 |
|
|
$ |
44,000 |
|
ADJUSTMENTS TO GUIDANCE ON NET INCOME: |
|
|
|
|
Acquisition and integration costs |
|
5,706 |
|
|
|
5,706 |
|
|
Anticipated
pre-tax amortization of acquisition-related intangible assets |
|
15,733 |
|
|
|
15,733 |
|
|
Inventory
step-up costs |
|
233 |
|
|
|
233 |
|
|
Non-cash
interest expense |
|
10,963 |
|
|
|
10,963 |
|
|
Tax effect
of non-GAAP charges |
|
(7,790 |
) |
|
|
(7,790 |
) |
|
Guidance
rounding adjustment |
|
155 |
|
|
|
155 |
|
GUIDANCE ON ADJUSTED NET INCOME |
$ |
66,000 |
|
|
$ |
69,000 |
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP NET INCOME PER SHARE GUIDANCE
TO |
ADJUSTED
(NON-GAAP) NET INCOME PER SHARE GUIDANCE |
|
|
|
|
|
|
|
Twelve months ending December 31, 2020 |
|
|
Low End |
|
High End |
GUIDANCE ON NET INCOME PER SHARE - DILUTED |
$0.77 |
|
|
$0.82 |
|
ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED: |
|
|
|
Acquisition
and integration costs |
$0.11 |
|
|
$0.11 |
|
|
Anticipated
pre-tax amortization of acquisition-related intangible
assets |
$0.29 |
|
|
$0.29 |
|
|
Inventory
step-up costs |
$0.00 |
|
|
$0.00 |
|
|
Non-cash
interest expense |
$0.21 |
|
|
$0.21 |
|
|
Tax effect
of non-GAAP charges |
|
($0.15 |
) |
|
|
($0.15 |
) |
|
Guidance
rounding adjustment |
$0.00 |
|
|
$0.00 |
|
GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED |
$1.24 |
|
|
$1.29 |
|
|
|
|
|
|
Totals may not add due to rounding. |
|
|
|
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