Repligen Corporation (NASDAQ:RGEN), a life sciences company focused
on bioprocessing technology leadership, today reported financial
results for its fourth quarter and full year 2019. Provided in this
press release are financial highlights for the three - and
twelve-month periods ended December 31, 2019, followed by our
current financial guidance for the year 2020, 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 finished off 2019 with 21% organic
growth in the fourth quarter and 33% for the full year. Our
Filtration and Chromatography franchises accelerated in 2019 as we
expanded our market presence as customers scaled these technologies
into late stage processes. We also captured greater share in gene
therapy manufacturing where sales more than doubled in 2019 to 15%
of total revenue. Strategically, our acquisition of C Technologies
established an important new Process Analytics franchise that
delivered over $16M in the first 7 months of ownership. We
anticipate that 2020 will be another positive year for the company
as we continue to bring on additional manufacturing capacity,
launch exciting new products and deliver on strong organic growth
and earnings to our shareholders.”
Fourth Quarter 2019
Highlights
- Revenue increased by 34% year-over-year as reported (35% at
constant currency), to $69.5 million
- Organic revenue growth was 21%
- GAAP fully diluted EPS was $0.07 compared to $0.12 for the
fourth quarter of 2018
- Adjusted (non-GAAP) fully diluted EPS increased to $0.20
compared to $0.19 for the fourth quarter of 2018
Full Year 2019 Highlights
- Revenue increased by 39% year-over-year (41% at constant
currency), to $270.2 million
- Organic revenue growth was 33%
- GAAP fully diluted EPS increased to $0.44 compared to $0.37 for
the year 2018
- Adjusted (non-GAAP) fully diluted EPS increased to $1.07
compared to $0.66 for the year 2018
Financial Details for the Fourth Quarter
and Full Year
2019 REVENUE
- Total revenue for the fourth quarter of 2019 increased to $69.5
million compared to $51.9 million for the fourth quarter of 2018, a
year-over-year gain of 34% as reported and 35% at constant
currency, with organic growth of 21%.
- Total revenue for the full year 2019 increased to $270.2
million compared to $194.0 million for the full year 2018, a
year-over-year gain of 39% as reported and 41% at constant
currency, with organic growth of 33%.
GROSS PROFIT and GROSS MARGIN
- Gross profit (GAAP) for the fourth quarter of 2019 was $39.4
million, a year-over-year increase of $11.0 million. Adjusted gross
profit (non-GAAP) for the fourth quarter of 2019 was $39.8 million,
a year-over-year increase of $11.3 million.
- Gross margin (GAAP) for the fourth quarter of 2019 was 56.6%, a
210 bps improvement from the fourth quarter of 2018. Adjusted gross
margin (non-GAAP) for the fourth quarter of 2019 was 57.2%, a 240
bps improvement compared to the 2018 period.
- Gross profit (GAAP) for the full year 2019 was $151.1 million,
a year-over-year increase of $43.6 million. Adjusted gross profit
(non-GAAP) for the full year 2019 was $154.1 million, a
year-over-year increase of $45.9 million.
- Gross margin (GAAP) for the full year 2019 was 55.9%, a 50 bps
improvement from the full year 2018. Adjusted gross margin
(non-GAAP) for the full year 2019 was 57.0%, a 120 bps improvement
from the full year 2018.
OPERATING INCOME
- Operating income (GAAP) for the fourth quarter of 2019 was $5.9
million compared to $7.9 million for the fourth quarter of 2018.
Adjusted operating income (non-GAAP) for the fourth quarter of 2019
was $12.7 million, an increase of 15% compared to $11.1 million for
the fourth quarter of 2018.
- Operating income (GAAP) for the full year 2019 was $36.1
million, an increase of 39% compared to $26.0 million for the full
year 2018. Adjusted operating income (non-GAAP) for the full year
2019 was $63.5 million, an increase of 61% compared to $39.4
million for the full year 2018.
NET INCOME
- Net income (GAAP) for the fourth quarter of 2019 was $3.6
million compared to $5.6 million for the fourth quarter of 2018.
Adjusted net income (non-GAAP) for the fourth quarter of 2019 was
to $10.8 million, an increase of 21% compared to $8.9 million for
the fourth quarter of 2018.
- Net income (GAAP) for the full year 2019 was $21.4 million, an
increase of 29% compared to $16.6 million for the full year 2018.
Adjusted net income (non-GAAP) for the full year 2019 was $52.5
million, an increase of 74% compared to $30.1 million for the full
year 2018.
EARNINGS PER SHARE
- Earnings per share (GAAP) for the fourth quarter of 2019 were
$0.07 on a fully diluted basis, compared to $0.12 for the fourth
quarter of 2018. Adjusted EPS (non-GAAP) for the fourth quarter of
2019 increased to $0.20 on a fully diluted basis, compared to $0.19
for the 2018 period.
- Earnings per share (GAAP) for the full year 2019 increased to
$0.44 on a fully diluted basis, compared to $0.37 for the full year
2018. Adjusted EPS (non-GAAP) for the full year 2019 increased to
$1.07 on a fully diluted basis, compared to $0.66 for the full year
2018.
EBITDA
- EBITDA, a non-GAAP financial measure, for the fourth quarter of
2019 was $11.7 million compared to $11.9 million for the fourth
quarter of 2018. Adjusted EBITDA for the fourth quarter of 2019 was
$14.6 million, an increase of 17% compared to $12.5 million for the
fourth quarter of 2018.
- EBITDA for the full year 2019 was $51.0 million, an increase of
21% compared to $42.0 million for the full year 2018. Adjusted
EBITDA for the full year 2019 was $71.1 million, an increase of 58%
compared to $45.0 million for the full year 2018.
CASH
- Our cash and cash equivalents at December 31, 2019 were $528.4
million, an increase of $334.6 million from $193.8 million at
December 31, 2018.
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). 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 $309-$319
million, reflecting overall revenue growth of 14%-18% as reported
and at constant currency and organic growth of 10%-14%.
- Gross margin is expected to be 55%-56% on both a GAAP and
non-GAAP basis.
- Income from operations is expected to be in the range of
$50-$54 million on a GAAP basis. Adjusted (non-GAAP) income from
operations is expected to be in the range of $70-$74 million.
- Net income is expected to be in the range of $33.5-$36.5
million on a GAAP basis. Adjusted (non-GAAP) net income is expected
to be in the range of $57-$60 million. Our current guidance
reflects a tax rate of 23% on adjusted pre-tax income.
- Fully diluted GAAP EPS is expected to be in the range of
$0.63-$0.68. Adjusted (non-GAAP) fully diluted EPS is expected to
be in the range of $1.07-$1.12.
Our non-GAAP guidance for the fiscal year 2020
excludes the following items:
- $4.8 million estimated acquisition and integration expenses;
$0.5 million in cost of product revenue, $0.5 million in R&D
and $3.8 million in SG&A.
- $15.5 million estimated intangible amortization expense; $0.3
million in cost of product revenue and $15.1 million in
G&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 increase of $7.6 million, representing the tax
impact of acquisition and integration costs, intangible
amortization and non-cash interest.
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 20, 2020, at 8:30 a.m. EST, to
discuss fourth quarter and full year 2019 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 10137263.
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, 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, and adjusted selling, general and administrative expense.
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
related to the Company’s acquisitions of Spectrum Lifesciences, LLC
(formerly known as Spectrum, Inc.), and C Technologies Inc.;
intangible amortization costs; non-cash interest expense; the
impact on tax of intangible amortization and acquisition costs;
and, in the case of EBITDA, cash interest expense related to the
Company’s convertible debt. 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; 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 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;
our ability to integrate the C Technologies business successfully
into our business and achieve the expected benefits of the
acquisition; 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 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. 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 EndedDecember 31, |
|
Twelve Months EndedDecember 31, |
| |
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
| |
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
Product revenue |
$ |
69,396 |
|
|
$ |
51,849 |
|
|
$ |
270,097 |
|
|
$ |
193,891 |
|
|
Royalty and other revenue |
|
78 |
|
|
|
93 |
|
|
|
148 |
|
|
|
141 |
|
|
Total revenue |
|
69,474 |
|
|
|
51,942 |
|
|
|
270,245 |
|
|
|
194,032 |
|
| Costs and
expenses: |
|
|
|
|
|
|
|
|
Cost of product revenue |
|
30,121 |
|
|
|
23,592 |
|
|
|
119,099 |
|
|
|
86,531 |
|
|
Research and development |
|
5,172 |
|
|
|
3,152 |
|
|
|
19,450 |
|
|
|
15,821 |
|
|
Selling, general and administrative |
|
28,287 |
|
|
|
17,345 |
|
|
|
95,613 |
|
|
|
65,692 |
|
|
|
|
63,580 |
|
|
|
44,089 |
|
|
|
234,162 |
|
|
|
168,044 |
|
| Income from
operations |
|
5,894 |
|
|
|
7,853 |
|
|
|
36,083 |
|
|
|
25,988 |
|
| Investment
income |
|
1,708 |
|
|
|
644 |
|
|
|
5,324 |
|
|
|
1,895 |
|
| Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
(5,650 |
) |
|
|
- |
|
| Interest
expense |
|
(2,966 |
) |
|
|
(1,701 |
) |
|
|
(9,292 |
) |
|
|
(6,709 |
) |
| Other
(expenses) income, net |
|
(291 |
) |
|
|
75 |
|
|
|
(314 |
) |
|
|
262 |
|
| Income
before income taxes |
|
4,345 |
|
|
|
6,871 |
|
|
|
26,151 |
|
|
|
21,436 |
|
| Income tax
provision |
|
741 |
|
|
|
1,233 |
|
|
|
4,740 |
|
|
|
4,819 |
|
| Net
income |
$ |
3,604 |
|
|
$ |
5,638 |
|
|
$ |
21,411 |
|
|
$ |
16,617 |
|
| Earnings per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.07 |
|
|
$ |
0.13 |
|
|
$ |
0.44 |
|
|
$ |
0.38 |
|
|
Diluted |
$ |
0.07 |
|
|
$ |
0.12 |
|
|
$ |
0.44 |
|
|
$ |
0.37 |
|
| Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
52,063,528 |
|
|
|
43,881,151 |
|
|
|
48,342,584 |
|
|
|
43,767,402 |
|
|
Diluted |
|
52,976,271 |
|
|
|
46,291,014 |
|
|
|
49,206,242 |
|
|
|
45,471,169 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Balance Sheet Data: |
December 31,2019 |
|
December 31, 2018 |
|
|
|
|
| Cash and
cash equivalents |
$ |
528,392 |
|
|
$ |
193,822 |
|
|
|
|
|
| Working
capital |
|
593,515 |
|
|
|
145,897 |
|
|
|
|
|
| Total
assets |
|
1,400,113 |
|
|
|
774,621 |
|
|
|
|
|
| Long-term
obligations |
|
292,032 |
|
|
|
29,211 |
|
|
|
|
|
| Accumulated
earnings (deficit) |
|
5,843 |
|
|
|
(15,568 |
) |
|
|
|
|
|
Stockholders' equity |
|
1,059,768 |
|
|
|
615,568 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
| REPLIGEN
CORPORATION |
|
|
RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO NON-GAAP
(ADJUSTED) INCOME FROM OPERATIONS |
|
| (Unaudited,
amounts in thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Three Months EndedDecember 31, |
|
Twelve Months EndedDecember 31, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
GAAP INCOME FROM OPERATIONS |
$ |
5,894 |
|
|
$ |
7,853 |
|
|
$ |
36,083 |
|
|
$ |
25,988 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO INCOME FROM OPERATIONS: |
|
|
|
|
|
|
|
|
| |
Acquisition
and integration costs |
|
2,934 |
|
|
|
615 |
|
|
|
12,508 |
|
|
|
2,928 |
|
|
| |
Intangible
amortization |
|
3,879 |
|
|
|
2,612 |
|
|
|
13,441 |
|
|
|
10,518 |
|
|
| |
Inventory
step-up charges |
|
- |
|
|
|
- |
|
|
|
1,483 |
|
|
|
- |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTED INCOME FROM OPERATIONS |
$ |
12,707 |
|
|
$ |
11,080 |
|
|
$ |
63,515 |
|
|
$ |
39,434 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| REPLIGEN
CORPORATION |
|
|
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED)
NET INCOME |
|
| (Unaudited,
amounts in thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Three Months EndedDecember 31, |
|
Twelve Months EndedDecember 31, |
|
| |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
3,604 |
|
|
$ |
5,638 |
|
|
$ |
21,411 |
|
|
$ |
16,617 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO NET INCOME: |
|
|
|
|
|
|
|
|
| |
Acquisition
and integration costs |
|
2,934 |
|
|
|
615 |
|
|
|
13,008 |
|
|
|
2,928 |
|
|
| |
Inventory
step-up charges |
|
- |
|
|
|
- |
|
|
|
1,483 |
|
|
|
- |
|
|
| |
Intangible
amortization |
|
3,879 |
|
|
|
2,612 |
|
|
|
13,441 |
|
|
|
10,518 |
|
|
| |
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
5,650 |
|
|
|
- |
|
|
| |
Non-cash
interest expense |
|
2,674 |
|
|
|
1,088 |
|
|
|
7,536 |
|
|
|
4,248 |
|
|
| |
Tax effect
of intangible amortization and acquisition costs(1) |
|
(2,261 |
) |
|
|
(1,033 |
) |
|
|
(10,003 |
) |
|
|
(4,204 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME |
$ |
10,830 |
|
|
$ |
8,920 |
|
|
$ |
52,526 |
|
|
$ |
30,107 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
(1) |
Effective as of the
quarter ended September 30, 2019, the Company changed its
methodology for calculating its non-GAAP financial measures to
reflect the tax effect of non-cash interest. Accordingly, the
non-GAAP financial measures for the three and twelve months ended
December 31, 2018 have been updated to be consistent with the
methodology used to calculate such measures for the current
periods. |
|
| |
|
| |
|
| REPLIGEN
CORPORATION |
|
|
RECONCILIATION OF GAAP NET INCOME PER SHARE TO NON-GAAP
(ADJUSTED) NET INCOME PER SHARE |
|
|
(Unaudited) |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Three Months EndedDecember 31, |
|
Twelve Months EndedDecember 31, |
|
| |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER SHARE - DILUTED |
$ |
0.07 |
|
|
$ |
0.12 |
|
|
$ |
0.44 |
|
|
$ |
0.37 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED: |
|
|
|
|
|
|
|
|
| |
Acquisition
and integration costs |
|
0.06 |
|
|
|
0.01 |
|
|
|
0.26 |
|
|
$ |
0.06 |
|
|
| |
Inventory
step-up charges |
|
- |
|
|
|
- |
|
|
|
0.03 |
|
|
$ |
- |
|
|
| |
Intangible
amortization |
|
0.07 |
|
|
|
0.06 |
|
|
|
0.27 |
|
|
$ |
0.23 |
|
|
| |
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
0.11 |
|
|
$ |
- |
|
|
| |
Non-cash
interest expense |
|
0.05 |
|
|
|
0.02 |
|
|
|
0.15 |
|
|
$ |
0.09 |
|
|
| |
Tax effect
of intangible amortization and acquisition costs(1) |
|
(0.04 |
) |
|
|
(0.02 |
) |
|
|
(0.20 |
) |
|
$ |
(0.09 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME PER SHARE - DILUTED |
$ |
0.20 |
|
|
$ |
0.19 |
|
|
$ |
1.07 |
|
|
$ |
0.66 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
Totals may not add due to rounding. |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
(1) |
Effective as of the
quarter ended September 30, 2019, the Company changed its
methodology for calculating its non-GAAP financial measures to
reflect the tax effect of non-cash interest. Accordingly, the
non-GAAP financial measures for the three and twelve months ended
December 31, 2018 have been updated to be consistent with the
methodology used to calculate such measures for the current
periods. |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
| REPLIGEN
CORPORATION |
|
|
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED
EBITDA |
|
| (Unaudited,
amounts in thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Three Months EndedDecember 31, |
|
Twelve Months EndedDecember 31, |
|
| |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
3,604 |
|
|
$ |
5,638 |
|
|
$ |
21,411 |
|
|
$ |
16,617 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS: |
|
|
|
|
|
|
|
|
| |
Investment
Income |
|
(1,708 |
) |
|
|
(644 |
) |
|
|
(5,324 |
) |
|
|
(1,895 |
) |
|
| |
Interest
Expense |
|
2,966 |
|
|
|
1,701 |
|
|
|
9,292 |
|
|
|
6,709 |
|
|
| |
Tax
Provision |
|
741 |
|
|
|
1,233 |
|
|
|
4,740 |
|
|
|
4,819 |
|
|
| |
Depreciation |
|
2,170 |
|
|
|
1,305 |
|
|
|
7,317 |
|
|
|
5,213 |
|
|
| |
Amortization(1) |
|
3,907 |
|
|
|
2,659 |
|
|
|
13,551 |
|
|
|
10,565 |
|
|
|
EBITDA |
|
11,680 |
|
|
|
11,892 |
|
|
|
50,987 |
|
|
|
42,028 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
OTHER ADJUSTMENTS: |
|
|
|
|
|
|
|
|
| |
Acquisition
and integration costs |
|
2,934 |
|
|
|
615 |
|
|
|
13,008 |
|
|
|
2,928 |
|
|
| |
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
5,650 |
|
|
|
- |
|
|
| |
Inventory
step-up charges |
|
- |
|
|
|
- |
|
|
|
1,483 |
|
|
|
- |
|
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA |
$ |
14,614 |
|
|
$ |
12,507 |
|
|
$ |
71,128 |
|
|
$ |
44,956 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
(1) |
Fiscal 2019 includes
amortization of milestone payments in accordance with GAAP of $28
and $111 for the three- and twelve-month periods,
respectively. |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| REPLIGEN
CORPORATION |
|
|
RECONCILIATION OF GAAP COST OF SALES TO NON-GAAP (ADJUSTED)
COST OF SALES |
|
| (Unaudited,
amounts in thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Three Months EndedDecember 31, |
|
Twelve Months EndedDecember 31, |
|
| |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
GAAP COST OF SALES |
$ |
30,121 |
|
|
$ |
23,592 |
|
|
$ |
119,099 |
|
|
$ |
86,531 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT TO COST OF SALES: |
|
|
|
|
|
|
|
|
| |
Acquisition
and integration costs |
|
(281 |
) |
|
|
8 |
|
|
|
(951 |
) |
|
|
(162 |
) |
|
| |
Inventory
step-up charges |
|
- |
|
|
|
- |
|
|
|
(1,483 |
) |
|
|
- |
|
|
| |
Intangible
amortization |
|
(128 |
) |
|
|
(135 |
) |
|
|
(520 |
) |
|
|
(565 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTED COST OF SALES |
$ |
29,712 |
|
|
$ |
23,465 |
|
|
$ |
116,145 |
|
|
$ |
85,804 |
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| REPLIGEN
CORPORATION |
|
|
RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP
(ADJUSTED) R&D EXPENSE |
|
| (Unaudited,
amounts in thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Three Months EndedDecember 31, |
|
Twelve Months EndedDecember 31, |
|
| |
|
|
2019 |
|
|
2018(1) |
|
|
2019 |
|
|
2018(1) |
|
| |
|
|
|
|
|
|
|
|
|
|
GAAP R&D EXPENSE |
$ |
5,172 |
|
|
$ |
3,152 |
|
|
$ |
19,450 |
|
|
$ |
15,821 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO R&D EXPENSE: |
|
|
|
|
|
|
|
|
| |
Acquisition
and integration costs |
|
(282 |
) |
|
|
(166 |
) |
|
|
(687 |
) |
|
|
(166 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTED R&D EXPENSE |
$ |
4,890 |
|
|
$ |
2,986 |
|
|
$ |
18,763 |
|
|
$ |
15,655 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
(1) |
Certain prior year balances have changed to reflect current year
presentation. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| REPLIGEN
CORPORATION |
|
|
RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP
(ADJUSTED) SG&A EXPENSE |
|
| (Unaudited,
amounts in thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
Three Months EndedDecember 31, |
|
Twelve Months EndedDecember 31, |
|
| |
|
|
2019 |
|
|
2018(1) |
|
|
2019 |
|
|
2018(1) |
|
| |
|
|
|
|
|
|
|
|
|
|
GAAP SG&A EXPENSE |
$ |
28,287 |
|
|
$ |
17,345 |
|
|
$ |
95,613 |
|
|
$ |
65,692 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO SG&A EXPENSE: |
|
|
|
|
|
|
|
|
| |
Acquisition
and integration costs |
|
(2,371 |
) |
|
|
(457 |
) |
|
|
(10,870 |
) |
|
|
(2,600 |
) |
|
| |
Intangible
amortization |
|
(3,751 |
) |
|
|
(2,477 |
) |
|
|
(12,921 |
) |
|
|
(9,953 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
ADJUSTED SG&A EXPENSE |
$ |
22,165 |
|
|
$ |
14,411 |
|
|
$ |
71,822 |
|
|
$ |
53,139 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
(1) |
Certain prior year balances have changed to reflect current year
presentation. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| 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 |
$ |
33,500 |
|
|
$ |
36,500 |
|
|
| ADJUSTMENTS
TO GUIDANCE ON NET INCOME: |
|
|
|
|
|
Acquisition and integration costs |
|
4,810 |
|
|
|
4,810 |
|
|
|
Anticipated pre-tax amortization of acquisition-related intangible
assets |
|
15,398 |
|
|
|
15,398 |
|
|
|
Non-cash interest expense |
|
10,957 |
|
|
|
10,957 |
|
|
|
Tax effect of intangible amortization and integration |
|
(7,636 |
) |
|
|
(7,636 |
) |
|
|
Guidance rounding adjustment |
|
(29 |
) |
|
|
(29 |
) |
|
| GUIDANCE ON
ADJUSTED NET INCOME |
$ |
57,000 |
|
|
$ |
60,000 |
|
|
| |
|
|
|
|
| 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 |
$0.63 |
|
|
$0.68 |
|
|
| ADJUSTMENTS
TO GUIDANCE ON NET INCOME PER SHARE - DILUTED: |
. |
|
|
|
|
Acquisition and integration costs |
$0.09 |
|
|
$0.09 |
|
|
|
Anticipated pre-tax amortization of acquisition-related intangible
assets |
$0.29 |
|
|
$0.29 |
|
|
|
Non-cash interest expense |
$0.21 |
|
|
$0.21 |
|
|
|
Tax effect of intangible amortization and integration |
($0.14 |
) |
|
($0.14 |
) |
|
|
Guidance rounding adjustment |
($0.00 |
) |
|
($0.00 |
) |
|
| GUIDANCE ON
ADJUSTED NET INCOME PER SHARE - DILUTED |
$1.07 |
|
|
$1.12 |
|
|
| |
|
|
|
|
| Totals may
not add due to rounding. |
|
|
|
|
| |
|
|
|
|
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