Repligen Corporation (NASDAQ:RGEN), a life
sciences company focused on bioprocessing technology leadership,
today reported financial results for its first quarter ended March
31, 2021. Provided in this press release are financial highlights
for the quarter, updates to our 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, “I am
extremely proud of the way our team executed here in the first
quarter. With unprecedented demand driven by strong COVID
tailwinds, our whole team pivoted to deliver an impressive quarter
with 88% growth and 69% organic. COVID revenue contribution
ticked up to 25% of revenues in the first quarter and equally
impressive was the performance of our non-COVID base business which
was up 31% year-on-year. This is an endorsement of the
differentiation we have in the marketplace with our technologies
and the focus and execution of our global team. With accelerating
orders, new product launches, planned new capacity and impressive
growth across all four franchises, we are confident about the full
year outlook for the Company and are updating our financial
guidance to reflect our expectations for operating margin expansion
and for organic revenue growth in the range of 42%-49%.”
First Quarter 2021
Highlights
- Revenue increased by 88% year-over-year as reported and 69%
organically, to $142.8 million
- COVID contributed 46 points, or 53% of revenue growth
- Base business (excluding COVID) contributed 27 points, or 31%
of revenue growth
- Acquisitions made in 2020 contributed 14 points, or 16% of
revenue growth
- GAAP operating margin was 25.5%, an increase of 980 bps
- Adjusted (non-GAAP) operating margin was 32.0%, an increase of
790 bps
- GAAP fully diluted EPS was $0.52 compared to $0.18 for the
first quarter of 2020
- Adjusted (non-GAAP) fully diluted EPS increased to $0.68
compared to $0.32 for the first quarter of 2020
Financial Details for the First Quarter
2021
REVENUE
- Total revenue for the first quarter of 2021 increased to $142.8
million compared to $76.1 million for the first quarter of 2020, a
year-over-year gain of 88% as reported and 83% at constant
currency, with organic growth of 69%.
GROSS PROFIT and GROSS MARGIN
- Gross profit (GAAP) for the first quarter of 2021 was $83.1
million, a year-over-year increase of $39.0 million. Adjusted gross
profit (non-GAAP) for the first quarter of 2021 was $84.8 million,
a year-over-year increase of $40.3 million, or 90%.
- Gross margin (GAAP) for the first quarter of 2021 was 58.2%,
compared to 58.0% for the first quarter of 2020. Adjusted gross
margin (non-GAAP) for the first quarter was 59.3%, compared to
58.5% in the 2020 period.
OPERATING INCOME
- Operating income (GAAP) for the first quarter of 2021 was $36.4
million, a year-over-year increase of $24.5 million. Adjusted
operating income (non-GAAP) for the first quarter of 2021 was $45.7
million, a year-over-year increase of $27.4 million or 149%.
- Operating margin (GAAP) was 25.5% for the first quarter of
2021, compared to 15.6% for the first quarter of 2020. Adjusted
operating margin (non-GAAP) for the first quarter was 32.0%,
compared to 24.1% in the 2020 period.
NET INCOME
- Net income (GAAP) for the first quarter of 2021 was $29.5
million compared to $9.8 million for the first quarter of
2020.
- Adjusted net income (non-GAAP) for the first quarter of 2021
was $38.8 million, a year-over-year increase of $22.0 million or
131%.
EARNINGS PER SHARE
- Earnings per share (GAAP) for the first quarter of 2021 were
$0.52 on a fully diluted basis, compared to $0.18 for the first
quarter of 2020.
- Adjusted EPS (non-GAAP) for the first quarter of 2021 increased
to $0.68 on a fully diluted basis, compared to $0.32 for the 2020
period.
EBITDA
- EBITDA, a non-GAAP financial measure, for the first quarter of
2021 was $44.6 million compared to $18.7 million for the first
quarter of 2020.
- Adjusted EBITDA for the first quarter of 2021 was $48.8
million, a year-over-year increase of $27.5 million or 130%.
CASH
- Our cash and cash equivalents at
March 31, 2021 were $711.3 million, compared to $717.3 million at
December 31, 2020.
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 Holdings
Ireland Limited (which closed on December 3, 2020), Non-Metallic
Solutions, Inc. (which closed on October 20, 2020 ) and Engineered
Molding Technologies LLC (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 $565-$590 million, an increase from
our previous guidance of $500-$525 million. We expect overall
revenue growth of 54%-61% and 52%-59% at constant currency. Organic
growth is expected to be in the range of 42%-49%, an increase from
our previous guidance of 26%-33%.
- Revenue from
COVID-related programs is expected to be in the range of $140-$160
million, an increase from our previous guidance of $90-$100
million. This represents incremental COVID-related revenue of
$94-$114 million compared to 2020, representing 26-31 points of
overall revenue growth.
- Our expectations
for incremental revenue related to acquisitions made in 2020 is
unchanged, in the range of $37-$40 million and 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 $127-$133 million on a
GAAP basis, an increase from our previous guidance of $103-$109
million. Adjusted (non-GAAP) income from operations is expected to
be in the range of $156-$162 million, an increase from our previous
guidance of $134-$140 million.
- Net income is
expected to be in the range of $95-$99 million on a GAAP basis, an
increase from our previous guidance of $74-$79 million. Adjusted
(non-GAAP) net income is expected to be in the range of $126-$130
million, an increase from our previous guidance of $106-$111
million. Our current guidance reflects a tax rate of 19% on
adjusted pre-tax income.
- Fully diluted GAAP
EPS is expected to be in the range of $1.67-$1.74, an increase from
our previous guidance of $1.30-$1.38. Adjusted (non-GAAP) fully
diluted EPS is expected to be in the range of $2.21-$2.28, an
increase from our previous guidance of $1.86-$1.94.
Our non-GAAP guidance for the fiscal year 2021
excludes the following items:
- $6.5 million
estimated acquisition and integration expenses; $0.3 million in
cost of product revenue, $1.1 million in research and development
(R&D) and $5.1 million in selling, general and administrative
expenses (SG&A).
- $20.7 million
estimated intangible amortization expense in SG&A.
- Expected inventory
step-up charges of $1.8 million related to 2020 acquisitions.
- $11.1 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 $9.3
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, May 4, 2021, at 8:30 a.m.
EST, to discuss first quarter 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
10155233.
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 R&D 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 and loss on conversion of debt 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,” “planned,” 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 and the most recently filed
Quarterly Report on Form-10-Q 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 March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
Product revenue |
$ |
142,737 |
|
|
$ |
76,060 |
|
|
|
Royalty and other revenue |
|
100 |
|
|
|
30 |
|
|
|
Total revenue |
|
142,837 |
|
|
|
76,090 |
|
|
|
Costs and
expenses: |
|
|
|
|
|
Cost of product revenue |
|
59,747 |
|
|
|
31,982 |
|
|
|
Research and development |
|
7,612 |
|
|
|
4,702 |
|
|
|
Selling, general and administrative |
|
39,095 |
|
|
|
27,500 |
|
|
|
|
|
106,454 |
|
|
|
64,184 |
|
|
|
Income from
operations |
|
36,383 |
|
|
|
11,906 |
|
|
|
Investment
income |
|
52 |
|
|
|
1,364 |
|
|
|
Interest
expense |
|
(3,106 |
) |
|
|
(2,976 |
) |
|
|
Other
(expenses) income, net |
|
(224 |
) |
|
|
382 |
|
|
|
Income
before income taxes |
|
33,105 |
|
|
|
10,676 |
|
|
|
Income tax
provision |
|
3,655 |
|
|
|
861 |
|
|
|
Net
income |
$ |
29,450 |
|
|
$ |
9,815 |
|
|
|
Earnings per
share: |
|
|
|
|
|
Basic |
$ |
0.54 |
|
|
$ |
0.19 |
|
|
|
Diluted |
$ |
0.52 |
|
|
$ |
0.18 |
|
|
|
Weighted
average shares outstanding: |
|
|
|
|
|
Basic |
|
54,805,051 |
|
|
|
52,138,673 |
|
|
|
Diluted |
|
56,868,793 |
|
|
|
53,108,847 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data: |
March 31, 2021 |
|
December 31, 2020 |
|
|
Cash, cash
equivalents and marketable securities |
$ |
711,318 |
|
|
$ |
717,292 |
|
|
|
Working
capital |
|
613,007 |
|
|
|
583,426 |
|
|
|
Total
assets |
|
1,927,327 |
|
|
|
1,902,887 |
|
|
|
Long-term
obligations |
|
57,783 |
|
|
|
54,781 |
|
|
|
Accumulated
earnings |
|
95,219 |
|
|
|
65,769 |
|
|
|
Stockholders' equity |
|
1,556,216 |
|
|
|
1,529,150 |
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO NON-GAAP
(ADJUSTED) INCOME FROM OPERATIONS |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
GAAP INCOME FROM OPERATIONS |
$ |
36,383 |
|
|
$ |
11,906 |
|
|
|
|
|
|
|
|
ADJUSTMENTS TO INCOME FROM OPERATIONS: |
|
|
|
|
|
Inventory
step-up charges |
|
1,598 |
|
|
|
- |
|
|
|
Acquisition
and integration costs |
|
2,551 |
|
|
|
2,553 |
|
|
|
Intangible
amortization |
|
5,162 |
|
|
|
3,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED INCOME FROM OPERATIONS |
$ |
45,694 |
|
|
$ |
18,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED)
NET INCOME |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
29,450 |
|
|
$ |
9,815 |
|
|
|
|
|
|
|
|
ADJUSTMENTS TO NET INCOME: |
|
|
|
|
|
Inventory
step-up charges |
|
1,598 |
|
|
|
- |
|
|
|
Acquisition
and integration costs |
|
2,551 |
|
|
|
2,553 |
|
|
|
Intangible
amortization |
|
5,162 |
|
|
|
3,878 |
|
|
|
Loss on
conversion of debt |
|
1 |
|
|
|
- |
|
|
|
Non-cash
interest expense |
|
2,828 |
|
|
|
2,691 |
|
|
|
Tax effect
of non-GAAP charges |
|
(2,822 |
) |
|
|
(2,177 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME |
$ |
38,768 |
|
|
$ |
16,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP NET INCOME PER SHARE TO NON-GAAP
(ADJUSTED) NET INCOME PER SHARE |
(Unaudited) |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
GAAP NET INCOME PER SHARE - DILUTED |
$ |
0.52 |
|
|
$ |
0.18 |
|
|
|
|
|
|
|
|
ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED: |
|
|
|
|
|
Inventory
step-up charges |
|
0.03 |
|
|
|
- |
|
|
|
Acquisition
and integration costs |
|
0.04 |
|
|
|
0.05 |
|
|
|
Intangible
amortization |
|
0.09 |
|
|
|
0.07 |
|
|
|
Loss on
conversion of debt |
|
- |
|
|
|
- |
|
|
|
Non-cash
interest expense |
|
0.05 |
|
|
|
0.05 |
|
|
|
Tax effect
of non-GAAP charges |
|
(0.05 |
) |
|
|
(0.04 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED NET INCOME PER SHARE - DILUTED |
$ |
0.68 |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
Totals may not add due to rounding. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP NET INCOME TO ADJUSTED
EBITDA |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
GAAP NET INCOME |
$ |
29,450 |
|
|
$ |
9,815 |
|
|
|
|
|
|
|
|
ADJUSTMENTS: |
|
|
|
|
|
Investment
Income |
|
(52 |
) |
|
|
(1,364 |
) |
|
|
Interest
Expense |
|
3,106 |
|
|
|
2,976 |
|
|
|
Tax
Provision |
|
3,655 |
|
|
|
861 |
|
|
|
Depreciation |
|
3,255 |
|
|
|
2,485 |
|
|
|
Amortization(1) |
|
5,189 |
|
|
|
3,905 |
|
|
|
|
|
|
|
|
EBITDA |
|
44,603 |
|
|
|
18,678 |
|
|
|
|
|
|
|
|
OTHER ADJUSTMENTS: |
|
|
|
|
|
Inventory
step-up charges |
|
1,598 |
|
|
|
- |
|
|
|
Acquisition
and integration costs |
|
2,551 |
|
|
|
2,553 |
|
|
|
Loss on
conversion of debt |
|
1 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED EBITDA |
$ |
48,753 |
|
|
$ |
21,231 |
|
|
|
|
|
|
|
|
(1 |
) |
Includes amortization of milestone payments in accordance with GAAP
of $27 for each period presented. |
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP COST OF SALES TO NON-GAAP (ADJUSTED)
COST OF SALES |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
GAAP COST OF SALES |
$ |
59,747 |
|
|
$ |
31,982 |
|
|
|
|
|
|
|
|
ADJUSTMENT TO COST OF SALES: |
|
|
|
|
|
Inventory
step-up charges |
|
(1,598 |
) |
|
|
- |
|
|
|
Acquisition
and integration costs |
|
(81 |
) |
|
|
(280 |
) |
|
|
Intangible
amortization |
|
- |
|
|
|
(127 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED COST OF SALES |
$ |
58,068 |
|
|
$ |
31,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP
(ADJUSTED) R&D EXPENSE |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
GAAP R&D |
$ |
7,612 |
|
|
$ |
4,702 |
|
|
|
|
|
|
|
|
ADJUSTMENT TO R&D: |
|
|
|
|
|
Acquisition
and integration costs |
|
(220 |
) |
|
|
(282 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED R&D |
$ |
7,392 |
|
|
$ |
4,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REPLIGEN
CORPORATION |
RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP
(ADJUSTED) SG&A EXPENSE |
(Unaudited,
amounts in thousands) |
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
GAAP SG&A EXPENSE |
$ |
39,095 |
|
|
$ |
27,500 |
|
|
|
|
|
|
|
|
ADJUSTMENTS TO SG&A EXPENSE: |
|
|
|
|
|
Acquisition
and integration costs |
|
(2,250 |
) |
|
|
(1,990 |
) |
|
|
Intangible
amortization |
|
(5,162 |
) |
|
|
(3,751 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED SG&A EXPENSE |
$ |
31,683 |
|
|
$ |
21,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$ |
95,000 |
|
|
$ |
99,000 |
|
|
ADJUSTMENTS TO GUIDANCE ON NET INCOME: |
|
|
|
|
Acquisition and integration costs |
|
6,517 |
|
|
|
6,517 |
|
|
Inventory Step-Up Costs |
|
1,798 |
|
|
|
1,798 |
|
|
Anticipated pre-tax amortization of |
|
|
|
|
acquisition-related
intangible assets |
|
20,651 |
|
|
|
20,651 |
|
|
Non-cash interest expense |
|
11,097 |
|
|
|
11,097 |
|
|
Loss on conversion of debt |
|
1 |
|
|
|
1 |
|
|
Tax effect of intangible amortization and integration |
|
(9,315 |
) |
|
|
(9,315 |
) |
|
Guidance rounding adjustment |
|
251 |
|
|
|
251 |
|
|
GUIDANCE ON ADJUSTED NET INCOME |
$ |
126,000 |
|
|
$ |
130,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
$1.67 |
|
|
$1.74 |
|
|
ADJUSTMENTS
TO GUIDANCE ON NET INCOME PER SHARE - DILUTED: |
|
. |
|
|
|
Acquisition and integration costs |
$0.11 |
|
|
$0.11 |
|
|
Inventory Step-Up Costs |
$0.03 |
|
|
$0.03 |
|
|
Anticipated pre-tax amortization of |
|
|
|
|
acquisition-related
intangible assets |
$0.36 |
|
|
$0.36 |
|
|
Non-cash interest expense |
$0.19 |
|
|
$0.19 |
|
|
Loss on conversion of debt |
$0.00 |
|
|
$0.00 |
|
|
Tax effect of intangible amortization and integration |
($0.16 |
) |
|
($0.16 |
) |
|
Guidance rounding adjustment |
$0.00 |
|
|
$0.00 |
|
|
GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED |
$2.21 |
|
|
$2.28 |
|
|
|
|
|
|
|
|
Totals may not add due to rounding. |
|
|
|
|
|
|
|
|
|
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