Repligen Corporation (NASDAQ:RGEN), a life sciences company focused
on bioprocessing technology leadership, today reported financial
results for its fourth quarter and full year 2020. Provided in this
press release are financial highlights for the three - and
twelve-month periods ended December 31, 2020, followed by our
current financial guidance for the year 2021, 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 2020 with 47% organic
growth in the fourth quarter and 29% for the full year. Sales into
COVID vaccine and therapeutic accounts were a major contributor to
overall growth especially in the second half of 2020. Our non-COVID
markets also performed well, up over 18% in 2020. All our
franchises delivered robust growth during the year, and we
continued to see traction at gene therapy accounts. Strategically,
our three acquisitions position us well to accelerate growth in our
systems and fluid management businesses in 2021. With a very strong
order load and COVID tailwinds, we anticipate that 2021 will be
another excellent year for the company as we build additional
manufacturing capacity, support the manufacturing of COVID vaccines
and therapeutics and launch exciting new products.”
Fourth Quarter 2020
Highlights
- Revenue increased by 56% year-over-year as reported and 47%
organically, to $108.6 million
- GAAP operating margin was 16.0%, an increase of 750 bps
- Adjusted (non-GAAP) operating margin was 25.1%, an increase of
680 bps
- GAAP fully diluted EPS was $0.36 compared to $0.07 for the
fourth quarter of 2019
- Adjusted (non-GAAP) fully diluted EPS increased to $0.52
compared to $0.20 for the fourth quarter of 2019
Financial Details for the Fourth Quarter
and Full Year
2020 REVENUE
- Total revenue for the fourth quarter of 2020 increased to
$108.6 million compared to $69.5 million for the fourth quarter of
2019, a year-over-year gain of 56% as reported and 53% at constant
currency, with organic growth of 47%.
- Total revenue for the full year 2020 increased to $366.3
million compared to $270.2 million for the full year 2019, a
year-over-year gain of 36% as reported and 35% at constant
currency, with organic growth of 29%.
GROSS PROFIT and GROSS MARGIN
- Gross profit (GAAP) for the fourth quarter of 2020 was $60.5
million, a year-over-year increase of $21.1 million. Adjusted gross
profit (non-GAAP) for the fourth quarter of 2020 was $61.1 million,
a year-over-year increase of $21.4 million, or 53.7%.
- Gross margin (GAAP) for the fourth quarter of 2020 was 55.7%,
compared to 56.6% for the fourth quarter of 2019. Adjusted gross
margin (non-GAAP) for the fourth quarter was 56.3%, compared to
57.2% to the 2019 period.
- Gross profit (GAAP) for the full year 2020 was $209.6 million,
a year-over-year increase of $58.5 million. Adjusted gross profit
(non-GAAP) for the full year 2020 was $211.1 million, a
year-over-year increase of $57.0 million, or 37%.
- Gross margin (GAAP) was 57.2% for the full year 2020, a 130 bps
improvement from the full year 2019. Adjusted gross margin
(non-GAAP) for the full year 2020 was 57.6%, a 60 bps improvement
from the full year 2019.
OPERATING INCOME
- Operating income (GAAP) for the fourth quarter of 2020 was
$17.4 million compared to $5.9 million for the fourth quarter of
2019. Adjusted operating income (non-GAAP) for the fourth quarter
of 2020 was $27.3 million, an increase of 115% compared to $12.7
million for the fourth quarter of 2019.
- Operating income (GAAP) for the full year 2020 was $69.8
million, an increase of 94% compared to $36.1 million for the full
year 2019. Adjusted operating income (non-GAAP) for the full year
2020 was $98.1 million, an increase of 54% compared to $63.5
million for the full year 2019.
- Operating margin (GAAP) was 16% for the fourth quarter of 2020,
an increase of 750 bps year-over year. Adjusted operating margin
(non-GAAP) was 25.1% for the fourth quarter of 2020, an increase of
680 bps year-over year.
- Operating margin (GAAP) was 19.1% for the full year 2020, an
increase of 570 bps year-over-year. Adjusted operating margin
(non-GAAP) was 26.8% for the full year 2020, an increase of 330 bps
year-over-year.
NET INCOME
- Net income (GAAP) for the fourth quarter of 2020 was $19.7
million compared to $3.6 million for the fourth quarter of 2019.
Adjusted net income (non-GAAP) for the fourth quarter of 2020 was
to $28.7 million, an increase of 165% compared to $10.8 million for
the fourth quarter of 2019.
- Net income (GAAP) for the full year 2020 was $59.9 million, an
increase of 180% compared to $21.4 million for the full year 2019.
Adjusted net income (non-GAAP) for the full year 2020 was $89.1
million, an increase of 70% compared to $52.5 million for the full
year 2019.
EARNINGS PER SHARE
- Earnings per share (GAAP) for the fourth quarter of 2020 were
$0.36 on a fully diluted basis, compared to $0.07 for the fourth
quarter of 2019. Adjusted EPS (non-GAAP) for the fourth quarter of
2020 increased to $0.52 on a fully diluted basis, compared to $0.20
for the 2019 period.
- Earnings per share (GAAP) for the full year 2020 increased to
$1.11 on a fully diluted basis, compared to $0.44 for the full year
2019. Adjusted EPS (non-GAAP) for the full year 2020 increased to
$1.65 on a fully diluted basis, compared to $1.07 for the full year
2019.
EBITDA
- EBITDA, a non-GAAP financial measure, for the fourth quarter of
2020 was $25.3 million compared to $11.7 million for the fourth
quarter of 2019. Adjusted EBITDA for the fourth quarter of 2020 was
$29.8 million, an increase of 104% compared to $14.6 million for
the fourth quarter of 2019.
- EBITDA for the full year 2020 was $96.6 million, an increase of
90% compared to $51.0 million for the full year 2019. Adjusted
EBITDA for the full year 2020 was $107.9 million, an increase of
52% compared to $71.1 million for the full year 2019.
CASH
- Our cash and cash equivalents at December 31, 2020 were $717.3
million, an increase of $188.9 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 2021
Our financial guidance for the fiscal year 2021 is based on
expectations for our existing business and includes the financial
impact of our 2020 acquisitions of ARTeSYN Biosolutions (which
closed on December 3, 2020), Non-Metallic Solutions (which closed
on October 20, 2020 ) and Engineered Molding Technologies (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 2021 GUIDANCE:
- Total revenue is
expected to be in the range of $500-$525 million, reflecting
overall revenue growth of 37%-43% as reported and at constant
currency and organic growth of 26%-33%.
- Revenue
contribution from COVID-related programs are expected to be in the
range of $90-$100 million, representing incremental COVID related
revenue of $44-$54 million and 12%-15% points of overall revenue
growth. Incremental acquisition-related revenue is expected to be
in the range of $37-$40 million, representing 10%-11% points of
overall revenue growth.
- Gross margin is
expected to be 57%-58% on both a GAAP and non-GAAP basis.
- Income from
operations is expected to be in the range of $103-$109 million on a
GAAP basis. Adjusted (non-GAAP) income from operations is expected
to be in the range of $134-$140 million.
- Net income is
expected to be in the range of $74-$79 million on a GAAP basis.
Adjusted (non-GAAP) net income is expected to be in the range of
$106-$111 million. Our current guidance reflects a tax rate of
20% on adjusted pre-tax income.
- Fully diluted GAAP
EPS is expected to be in the range of $1.30-$1.38. Adjusted
(non-GAAP) fully diluted EPS is expected to be in the range of
$1.86-$1.94.
Our non-GAAP guidance for the fiscal year 2021
excludes the following items:
- $5.8 million
estimated acquisition and integration expenses; $0.1 million in
cost of product revenue, $1.0 million in R&D and $4.7 million
in SG&A.
- $23.9 million
estimated intangible amortization expense in SG&A.
- Expected inventory
step-up charges of $1.4 million related to 2020 acquisitions.
- $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 2021
includes:
- An income tax increase of $9.8 million, representing the tax
impact of acquisition and integration costs, inventory step-up
changes, 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 24, 2021, at 8:30 a.m. EST, to
discuss fourth quarter and full year 2020 financial results and
corporate developments. The conference call will be accessible by
dialing toll-free (844) 274-3999 for domestic callers or (412)
317-5607 for international callers. No passcode is required for the
live call. In addition, a webcast will be accessible via the
Investor Relations section of the Company’s website. Both the
conference call and webcast will be archived for a period of time
following the live event. The replay dial-in numbers are (877)
344-7529 from the U.S., (855) 669-9658 from Canada and (412)
317-0088 for international callers. Replay listeners must provide
the passcode 10151931.
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 SG&A, 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 Corporation
Repligen 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. Our primary customers are
biopharmaceutical drug developers and contract development and
manufacturing organizations (CDMOs) worldwide. Our corporate
headquarters are located in Waltham, Massachusetts, with additional
administrative and manufacturing operations worldwide. The majority
of our manufacturing sites are located within the U.S. (California,
Massachusetts, New Jersey and New York), and outside of the U.S. we
have sites in Estonia, Germany, Ireland, the Netherlands and
Sweden.
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 Engineered Molding Technology, Non-Metallic Solutions and
ARTeSYN Biosolutions 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 on our
business and on the U.S. and global economies constitute
forward-looking statements identified by words like “believe,”
“expect,” “may,” “will,” “should,” “seek,” “anticipate,”
“projected,” “estimated” or “could” and similar expressions.
Forward-looking statements are neither historical facts nor
assurances of future performance. Because forward-looking
statements relate to the future, they are subject to a number of
risks and uncertainties that could cause actual results to differ
materially from those anticipated, including, 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
Engineered Molding Technology, Non-Metallic Solutions and ARTeSYN
Biosolutions 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, 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. Therefore, you
should not rely on any of these forward-looking statements. These
forward-looking statements reflect management’s current views,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions, and is based on
only on information currently available to us. Repligen does not
undertake to update, whether written or oral, any of these
forward-looking statements to reflect a change in its views or
events or circumstances, whether as a result of new information,
future development or otherwise, that occur after the date hereof
except as required by law.
Repligen Contact: Sondra S. NewmanGlobal
Head of Investor Relations(781)
419-1881investors@repligen.com
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, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
|
|
|
Product revenue |
$ |
108,615 |
|
|
$ |
69,396 |
|
|
$ |
366,136 |
|
|
$ |
270,097 |
|
|
Royalty and other revenue |
|
33 |
|
|
|
78 |
|
|
|
124 |
|
|
|
148 |
|
|
Total revenue |
|
108,648 |
|
|
|
69,474 |
|
|
|
366,260 |
|
|
|
270,245 |
|
|
Costs and
expenses: |
|
|
|
|
|
|
|
|
Cost of product revenue |
|
48,163 |
|
|
|
30,121 |
|
|
|
156,634 |
|
|
|
119,099 |
|
|
Research and development |
|
6,722 |
|
|
|
5,172 |
|
|
|
20,182 |
|
|
|
19,450 |
|
|
Selling, general and administrative |
|
36,344 |
|
|
|
28,287 |
|
|
|
119,621 |
|
|
|
95,613 |
|
|
|
|
91,229 |
|
|
|
63,580 |
|
|
|
296,437 |
|
|
|
234,162 |
|
|
Income from
operations |
|
17,419 |
|
|
|
5,894 |
|
|
|
69,823 |
|
|
|
36,083 |
|
|
Investment
income |
|
42 |
|
|
|
1,708 |
|
|
|
1,741 |
|
|
|
5,324 |
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,650 |
) |
|
Interest
expense |
|
(3,101 |
) |
|
|
(2,966 |
) |
|
|
(12,133 |
) |
|
|
(9,292 |
) |
|
Other income
(expense), net |
|
418 |
|
|
|
(291 |
) |
|
|
(214 |
) |
|
|
(314 |
) |
|
Income
before income taxes |
|
14,778 |
|
|
|
4,345 |
|
|
|
59,217 |
|
|
|
26,151 |
|
|
Income tax
(benefit) provision |
|
(4,920 |
) |
|
|
741 |
|
|
|
(709 |
) |
|
|
4,740 |
|
|
Net
income |
$ |
19,698 |
|
|
$ |
3,604 |
|
|
$ |
59,926 |
|
|
$ |
21,411 |
|
|
Earnings per
share: |
|
|
|
|
|
|
|
|
Basic |
$ |
0.37 |
|
|
$ |
0.07 |
|
|
$ |
1.14 |
|
|
$ |
0.44 |
|
|
Diluted |
$ |
0.36 |
|
|
$ |
0.07 |
|
|
$ |
1.11 |
|
|
$ |
0.44 |
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
53,143,302 |
|
|
|
52,063,528 |
|
|
|
52,553,799 |
|
|
|
48,342,584 |
|
|
Diluted |
|
55,022,355 |
|
|
|
52,976,271 |
|
|
|
53,892,261 |
|
|
|
49,206,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data: |
December 31, 2020 |
|
December 31, 2019 |
|
|
|
|
|
Cash, cash
equivalents and marketable securities |
$ |
717,292 |
|
|
$ |
528,392 |
|
|
|
|
|
|
Working
capital |
|
583,426 |
|
|
|
593,515 |
|
|
|
|
|
|
Total
assets |
|
1,902,887 |
|
|
|
1,400,113 |
|
|
|
|
|
|
Long-term
obligations |
|
54,781 |
|
|
|
292,032 |
|
|
|
|
|
|
Accumulated
earnings |
|
65,769 |
|
|
|
5,843 |
|
|
|
|
|
|
Stockholders' equity |
|
1,529,150 |
|
|
|
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 December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP INCOME FROM OPERATIONS |
$ |
17,419 |
|
|
$ |
5,894 |
|
|
$ |
69,823 |
|
|
$ |
36,083 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO INCOME (LOSS) FROM OPERATIONS: |
|
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
4,929 |
|
|
|
2,934 |
|
|
|
11,465 |
|
|
|
12,508 |
|
|
|
Intangible
amortization |
|
4,355 |
|
|
|
3,879 |
|
|
|
16,032 |
|
|
|
13,441 |
|
|
|
Inventory
step-up charges |
|
590 |
|
|
|
- |
|
|
|
734 |
|
|
|
1,483 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED INCOME FROM OPERATIONS |
$ |
27,293 |
|
|
$ |
12,707 |
|
|
$ |
98,054 |
|
|
$ |
63,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
19,698 |
|
|
$ |
3,604 |
|
|
$ |
59,926 |
|
|
$ |
21,411 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO NET INCOME: |
|
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
3,943 |
|
|
|
2,934 |
|
|
|
10,479 |
|
|
|
13,008 |
|
|
|
Inventory
step-up charges |
|
590 |
|
|
|
- |
|
|
|
734 |
|
|
|
1,483 |
|
|
|
Intangible
amortization |
|
4,355 |
|
|
|
3,879 |
|
|
|
16,032 |
|
|
|
13,441 |
|
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,650 |
|
|
|
Non-cash
interest expense |
|
2,796 |
|
|
|
2,674 |
|
|
|
10,970 |
|
|
|
7,536 |
|
|
|
Tax effect
of non-GAAP charges |
|
(2,716 |
) |
|
|
(2,261 |
) |
|
|
(9,050 |
) |
|
|
(10,003 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME |
$ |
28,666 |
|
|
$ |
10,830 |
|
|
$ |
89,091 |
|
|
$ |
52,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER SHARE - DILUTED |
$ |
0.36 |
|
|
$ |
0.07 |
|
|
$ |
1.11 |
|
|
$ |
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED: |
|
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
0.07 |
|
|
|
0.06 |
|
|
|
0.19 |
|
|
|
0.26 |
|
|
|
Inventory
step-up charges |
|
0.01 |
|
|
|
- |
|
|
|
0.01 |
|
|
|
0.03 |
|
|
|
Intangible
amortization |
|
0.08 |
|
|
|
0.07 |
|
|
|
0.30 |
|
|
|
0.27 |
|
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.11 |
|
|
|
Non-cash
interest expense |
|
0.05 |
|
|
|
0.05 |
|
|
|
0.20 |
|
|
|
0.15 |
|
|
|
Tax effect
of non-GAAP charges |
|
(0.05 |
) |
|
|
(0.04 |
) |
|
|
(0.17 |
) |
|
|
(0.20 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME PER SHARE - DILUTED |
|
0.52 |
|
|
$ |
0.20 |
|
|
$ |
1.65 |
|
|
$ |
1.07 |
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
19,698 |
|
|
$ |
3,604 |
|
|
$ |
59,926 |
|
|
$ |
21,411 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS: |
|
|
|
|
|
|
|
|
|
Investment
Income |
|
(42 |
) |
|
|
(1,708 |
) |
|
|
(1,741 |
) |
|
|
(5,324 |
) |
|
|
Interest
Expense |
|
3,101 |
|
|
|
2,966 |
|
|
|
12,133 |
|
|
|
9,292 |
|
|
|
Tax
Provision |
|
(4,920 |
) |
|
|
741 |
|
|
|
(709 |
) |
|
|
4,740 |
|
|
|
Depreciation |
|
3,068 |
|
|
|
2,170 |
|
|
|
10,888 |
|
|
|
7,317 |
|
|
|
Amortization(1) |
|
4,383 |
|
|
|
3,907 |
|
|
|
16,143 |
|
|
|
13,551 |
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
25,287 |
|
|
|
11,680 |
|
|
|
96,640 |
|
|
|
50,987 |
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ADJUSTMENTS: |
|
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
3,943 |
|
|
|
2,934 |
|
|
|
10,479 |
|
|
|
13,008 |
|
|
|
Loss on
extinguishment of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,650 |
|
|
|
Inventory
step-up charges |
|
590 |
|
|
|
- |
|
|
|
734 |
|
|
|
1,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA |
$ |
29,821 |
|
|
$ |
14,614 |
|
|
$ |
107,853 |
|
|
$ |
71,128 |
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
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 Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP COST OF SALES |
$ |
48,163 |
|
|
$ |
30,121 |
|
|
$ |
156,634 |
|
|
$ |
119,099 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT TO COST OF SALES: |
|
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
(40 |
) |
|
|
(281 |
) |
|
|
(508 |
) |
|
|
(951 |
) |
|
|
Inventory
step-up charges |
|
(590 |
) |
|
|
- |
|
|
|
(734 |
) |
|
|
(1,483 |
) |
|
|
Intangible
amortization |
|
- |
|
|
|
(128 |
) |
|
|
(254 |
) |
|
|
(520 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED COST OF SALES |
$ |
47,533 |
|
|
$ |
29,712 |
|
|
$ |
155,138 |
|
|
$ |
116,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
|
RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP
(ADJUSTED) R&D EXPENSE |
|
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D |
$ |
6,722 |
|
|
$ |
5,172 |
|
|
$ |
20,182 |
|
|
$ |
19,450 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENT TO R&D: |
|
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
(53 |
) |
|
|
(282 |
) |
|
|
(525 |
) |
|
|
(687 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED R&D |
$ |
6,669 |
|
|
$ |
4,890 |
|
|
$ |
19,657 |
|
|
$ |
18,763 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A EXPENSE |
$ |
36,344 |
|
|
$ |
28,287 |
|
|
$ |
119,621 |
|
|
$ |
95,613 |
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTMENTS TO SG&A EXPENSE: |
|
|
|
|
|
|
|
|
|
Acquisition
and integration costs |
|
(4,836 |
) |
|
|
(2,371 |
) |
|
|
(10,432 |
) |
|
|
(10,870 |
) |
|
|
Intangible
amortization |
|
(4,354 |
) |
|
|
(3,751 |
) |
|
|
(15,779 |
) |
|
|
(12,921 |
) |
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED SG&A EXPENSE |
$ |
27,154 |
|
|
$ |
22,165 |
|
|
$ |
93,411 |
|
|
$ |
71,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
|
|
RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED
(NON-GAAP NET INCOME GUIDANCE) |
|
|
|
|
|
|
|
|
|
(in thousands) |
Twelve months ending December 31, 2021 |
|
|
|
|
Low End |
|
High End |
|
|
GUIDANCE ON NET INCOME |
$ |
74,000 |
|
|
$ |
79,000 |
|
|
|
ADJUSTMENTS TO GUIDANCE ON NET INCOME: |
|
|
|
|
|
|
Acquisition and integration costs |
|
5,754 |
|
|
|
5,754 |
|
|
|
|
Anticipated
pre-tax amortization of acquisition-related intangible assets |
|
23,896 |
|
|
|
23,896 |
|
|
|
|
Inventory
step-up costs |
|
1,430 |
|
|
|
1,430 |
|
|
|
|
Non-cash
interest expense |
|
10,957 |
|
|
|
10,957 |
|
|
|
|
Tax effect
of non-GAAP charges |
|
(9,774 |
) |
|
|
(9,774 |
) |
|
|
|
Guidance
rounding adjustment |
|
(263 |
) |
|
|
(263 |
) |
|
|
GUIDANCE ON ADJUSTED NET INCOME |
$ |
106,000 |
|
|
$ |
111,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
|
|
RECONCILIATION OF GAAP NET INCOME PER SHARE GUIDANCE
TO |
|
|
ADJUSTED
(NON-GAAP) NET INCOME PER SHARE GUIDANCE |
|
|
|
|
|
|
|
|
|
|
|
Twelve months ending December 31, 2021 |
|
|
|
|
Low End |
|
High End |
|
|
GUIDANCE ON NET INCOME PER SHARE - DILUTED |
$1.30 |
|
|
$1.38 |
|
|
|
ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED: |
|
|
|
|
|
Acquisition
and integration costs |
$0.10 |
|
|
$0.10 |
|
|
|
|
Anticipated
pre-tax amortization of acquisition-related intangible assets |
$0.42 |
|
|
$0.42 |
|
|
|
|
Inventory
step-up costs |
$0.03 |
|
|
$0.03 |
|
|
|
|
Non-cash
interest expense |
$0.19 |
|
|
$0.19 |
|
|
|
|
Tax effect
of non-GAAP charges |
($0.17 |
) |
|
($0.17 |
) |
|
|
|
Guidance
rounding adjustment |
($0.00 |
) |
|
($0.00 |
) |
|
|
GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED |
$1.86 |
|
|
$1.94 |
|
|
|
|
|
|
|
|
|
|
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