0001193125-22-044916.txt : 20220217 0001193125-22-044916.hdr.sgml : 20220217 20220217074956 ACCESSION NUMBER: 0001193125-22-044916 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220217 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220217 DATE AS OF CHANGE: 20220217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REPLIGEN CORP CENTRAL INDEX KEY: 0000730272 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 042729386 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14656 FILM NUMBER: 22645659 BUSINESS ADDRESS: STREET 1: 41 SEYON STREET STREET 2: BUILDING 1, SUITE 100 CITY: WALTHAM STATE: MA ZIP: 02453 BUSINESS PHONE: 7814499560 MAIL ADDRESS: STREET 1: 41 SEYON STREET STREET 2: BUILDING 1, SUITE 100 CITY: WALTHAM STATE: MA ZIP: 02453 8-K 1 d317056d8k.htm 8-K 8-K
REPLIGEN CORP false 0000730272 0000730272 2022-02-17 2022-02-17

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 17, 2022

 

 

REPLIGEN CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-14656   04-2729386

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

41 Seyon Street, Bldg. 1, Suite 100, Waltham, MA 02453

(Address of principal executive offices, including zip code)

(781) 250-0111

(Registrant’s telephone number, including area code)

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

   

Trading

Symbol(s)

   

Name of each exchange

on which registered

Common Stock, par value $0.01 per share    RGEN    The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02. Results of Operations and Financial Condition.

On February 17, 2022, Repligen Corporation announced its financial results for the fourth quarter and year ended December 31, 2021. The full text of the press release issued in connection with the announcement is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Form 8-K and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

 

99.1    Press Release by Repligen Corporation, dated February 17, 2022
104    Cover page from this Current Report on Form 8-K, formatted in Inline XBRL

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    REPLIGEN CORPORATION
Date: February 17, 2022     By:  

/s/ Tony J. Hunt

      Tony J. Hunt
      President and Chief Executive Officer
 EX-99.1 2 d317056dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO   

Repligen Corporation

41 Seyon Street

Building #1, Suite 100

Waltham, Massachusetts 02453

 

 

Repligen Reports Fourth Quarter and Full Year 2021 Financial Results

 

•  

Record revenue of $186.5 million for the quarter, and year-over-year growth of 72%

 

•  

Record revenue of $670.5 million for the year, and year-over-year growth of 83%

 

•  

Organic revenue growth of 69% for the fourth quarter and 71% for the year 2021

 

•  

Completes acquisition of single-use fluid management component manufacturer BioFlex Solutions

WALTHAM, Mass. – Feb. 17, 2022 – Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its fourth quarter and full year 2021. Provided in this press release are financial highlights for the three—and twelve-month periods ended December 31, 2021, followed by our financial guidance for the year 2022, and access information for today’s webcast and conference call.

Tony J. Hunt, President and Chief Executive Officer said, “We are pleased with our financial results for both the fourth quarter and full year 2021, achieving year-over-year revenue growth of 72% and 83%, respectively. Our strong base business delivered 42% growth in the quarter and 38% for the year, reflecting accelerated demand for our products, on top of COVID tailwinds. At the franchise level, each generated impressive 2021 full year revenue growth topped by Filtration at approximately 130%. Strategically, our three 2021 acquisitions of Polymem, Avitide and BioFlex position us well to continue to drive above market growth in 2022. With our continuing investments in capacity and our strong market traction, we anticipate that 2022 will be another excellent year for the company, with projected overall revenue growth of 19%-24%.”

Financial Highlights for the Fourth Quarter 2021

 

  •  

Revenue increased by $77.9 million in the fourth quarter, or 72% year-over-year as reported, and 69% organically, to $186.5 million

 

  •  

GAAP operating margin was 20.1%, an increase of 400 bps

 

  •  

Adjusted (non-GAAP) operating margin was 30%, an increase of 490 bps

 

  •  

GAAP fully diluted EPS increased to $0.50 compared to $0.36 for the fourth quarter of 2020

 

  •  

Adjusted fully diluted EPS (non-GAAP) increased to $0.81 compared to $0.52 for the fourth quarter of 2020

 

1

Financial Details for the Fourth Quarter and Full Year 2021

REVENUE

 

  •  

Total revenue for the fourth quarter of 2021 increased to $186.5 million compared to $108.6 million for the fourth quarter of 2020, a year-over-year gain of 72% as reported and 73% at constant currency, with organic growth of 69%.

 

  •  

Total revenue for the full year 2021 increased to $670.5 million compared to $366.3 million for the full year 2020, a year-over-year gain of 83% as reported and 81% at constant currency, with organic growth of 71%.

REVENUE MIX

 

  •  

For the fourth quarter of 2021, our base business accounted for 64% of revenue, COVID-related sales accounted for 33% of revenue, and inorganic revenue from acquisitions made in 2020 and 2021 accounted for 3% of revenue.

 

  •  

For the full year 2021, our base business accounted for 66% of revenue, COVID-related sales accounted for 28% of revenue, and inorganic revenue from acquisitions made in 2020 and 2021 accounted for 6% of revenue.

GROSS PROFIT and GROSS MARGIN

 

  •  

Gross profit (GAAP) for the fourth quarter of 2021 was $104.5 million, a year-over-year increase of $44.0 million. Adjusted gross profit (non-GAAP) for the fourth quarter of 2021 was $105.2 million, a year-over-year increase of $44.1 million.

 

  •  

Gross margin (GAAP) for the fourth quarter of 2021 was 56.0%, an increase from 55.7% for the fourth quarter of 2020. Adjusted gross margin (non-GAAP) for the fourth quarter was 56.4%, compared to 56.3% in the 2020 period.

 

  •  

Gross profit (GAAP) for the full year 2021 was $391.3 million, a year-over-year increase of $181.6 million. Adjusted gross profit (non-GAAP) for the full year 2021 was $394.9 million, a year-over-year increase of $183.8 million.

 

  •  

Gross margin (GAAP) was 58.3% for the full year 2021, an increase from 57.2% for the fourth quarter of 2020. Adjusted gross margin (non-GAAP) for the full year 2021 was 58.9%, an increase from 57.6% for the full year 2020.

OPERATING INCOME

 

  •  

Operating income (GAAP) for the fourth quarter of 2021 was $37.4 million, a year-over-year increase of $20 million.

 

  •  

Adjusted operating income (non-GAAP) for the fourth quarter of 2021 was $55.9 million, a year-over-year increase of $28.6 million, or 105%.

 

  •  

Operating income (GAAP) for the full year 2021 was $167.2 million, a year-over-year increase of $97.4 million.

 

  •  

Adjusted operating income (non-GAAP) for the full year 2021 was $215.2 million, a year-over-year increase of $117.1 million, or 119%.

 

2

NET INCOME

 

  •  

Net income (GAAP) for the fourth quarter of 2021 increased to $29.1 million compared to $19.7 million for the fourth quarter of 2020.

 

  •  

Adjusted net income (non-GAAP) for the fourth quarter of 2021 was $46.9 million, a year-over-year increase of $18.3 million, or 64%.

 

  •  

Net income (GAAP) for the full year 2021 increased to $128.3 million, compared to $59.9 million for the full year 2020.

 

  •  

Adjusted net income (non-GAAP) for the full year 2021 was $175.3 million, a year-over-year increase of $86.2 million, or 97%.

EARNINGS PER SHARE

 

  •  

Earnings per share (GAAP) for the fourth quarter of 2021 increased to $0.50 on a fully diluted basis, compared to $0.36 for the fourth quarter of 2020.

 

  •  

Adjusted EPS (non-GAAP) for the fourth quarter of 2021 increased to $0.81 on a fully diluted basis, compared to $0.52 for the 2020 period.

 

  •  

Earnings per share (GAAP) for the full year 2021 increased to $2.24 on a fully diluted basis, compared to $1.11 for the full year 2020.

 

  •  

Adjusted EPS (non-GAAP) for the full year 2021 increased to $3.06 on a fully diluted basis, compared to $1.65 for the full year 2020.

EBITDA

 

  •  

EBITDA, a non-GAAP financial measure, for the fourth quarter of 2021 increased to $49.1 million compared to $25.3 million for the fourth quarter of 2020.

 

  •  

Adjusted EBITDA for the fourth quarter of 2021 was $61.6 million, a year-over-year increase of $31.8 million, or 107%.

 

  •  

EBITDA for the full year 2021 increased to $204.5 million, compared to $96.6 million for the full year 2020.

 

  •  

Adjusted EBITDA for the full year 2021 was $230.5 million, a year-over-year increase of $122.7 million, or 114%.

CASH

 

  •  

Our cash and cash equivalents at December 31, 2021 were $603.8 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.

 

3

Financial Guidance for 2022

Our financial guidance for the fiscal year 2022 is based on expectations for our existing business and includes the financial impact of our 2021 acquisitions of BioFlex Solutions (which closed on December 16, 2021), Avitide Inc. (which closed on September 20, 2021) and Polymem S.A. (which closed on July 1, 2021). The guidance below excludes the impact of potential additional acquisitions and future fluctuations in foreign currency exchange rates.

FISCAL YEAR 2022 GUIDANCE:

 

  •  

Total revenue is expected to be in the range of $800-$830 million, reflecting overall revenue growth of 19%-24% as reported, 21%-26% at constant currency, and organic growth of 18%-22%.

 

  •  

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 $184-190 million on a GAAP basis. Adjusted (non-GAAP) income from operations is expected to be in the range of $234-$240 million.

 

  •  

Net income is expected to be in the range of $138-$143 million on a GAAP basis. Adjusted (non-GAAP) net income is expected to be in the range of $185-$190 million. Our current guidance reflects a tax rate of 21% on adjusted pre-tax income.

 

  •  

Fully diluted GAAP EPS is expected to be in the range of $2.39-$2.48. Adjusted (non-GAAP) fully diluted EPS is expected to be in the range of $3.21-$3.30.

Our non-GAAP guidance for the fiscal year 2022 excludes the following items:

 

  •  

$13.3 million estimated acquisition and integration expenses; $1.2 million in cost of product revenue, $0.4 million in R&D and $11.7 million in SG&A.

 

  •  

$26.2 million estimated intangible amortization expense in SG&A.

 

  •  

$12.1 million of non-cash interest expense (Other income (expense)) related to our convertible debt notes.

 

  •  

$10.0 million estimated contingent consideration related to estimated time value of money impacts from our 2021 Avitide acquisition.

Our non-GAAP guidance for the fiscal year 2022 includes:

 

  •  

An income tax increase of $14.4 million, representing the tax impact on 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.

 

4

Conference Call

Repligen will host a conference call and webcast today, February 17, 2022, at 8:30 a.m. EST, to discuss fourth quarter and full year 2021 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 1177279.

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; 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 and adjusted income tax. 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, intangible amortization costs, and contingent consideration expenses 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.

 

5

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. 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, 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, France, Germany, Ireland, the Netherlands and Sweden. For more information about the company, including Repligen news releases, see our website at www.repligen.com. Follow us on LinkedIn and Twitter.

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 our acquired BioFlex Solutions, Avitide Inc. and Polymem S.A. 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 develop and commercialize products and the market acceptance of our products; our ability to successfully integrate and acquired businesses, including the BioFlex Solutions, Avitide Inc. and Polymem S.A. businesses into our business and achieve the expected benefits of such 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, 2021 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 are based 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. Newman

Global Head of Investor Relations

(781) 419-1881

investors@repligen.com

 

6

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,		  
     2021     2020     2021     2020  

Revenue:

         

Product revenue

    $ 186,485     $ 108,615     $ 670,319     $ 366,136  

Royalty and other revenue

      36       33       215       124  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenue

      186,521       108,648       670,534       366,260  

Costs and expenses:

         

Cost of product revenue

      82,048       48,163       279,280       156,634  

Research and development

      9,119       6,722       34,274       20,182  

Selling, general and administrative

      52,057       36,344       183,866       119,621  

Contingent consideration expense

      5,865       —         5,865       —    
  

 

 

    

 

 

    

 

 

    

 

 

  
     149,089       91,229       503,285       296,437  
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from operations

      37,432       17,419       167,249       69,823  

Investment income

      39       42       176       1,741  

Loss on conversion of debt

      (7 )      —         (13 )      —    

Interest expense

      (3,244 )      (3,101 )      (12,714 )      (12,133 ) 

Other expenses, net

      628       418       (1,155 )      (214 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

      34,848       14,778       153,543       59,217  

Income tax provision (benefit)

      5,738       (4,920 )      25,252       (709 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 29,110     $ 19,698     $ 128,291     $ 59,926  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share:

         

Basic

    $ 0.53     $ 0.37     $ 2.33     $ 1.14  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

    $ 0.50     $ 0.36     $ 2.24     $ 1.11  

Weighted average shares outstanding:

         

Basic

      55,304,177       53,143,302       55,015,182       52,553,799  
  

 

 

    

 

 

    

 

 

    

 

 

  

Diluted

      57,715,709       55,022,355       57,264,274       53,892,261  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

7

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,		  
     2021      2020      2021      2020  

GAAP INCOME FROM OPERATIONS

    $  37,432      $  17,419      $  167,249      $  69,823  

ADJUSTMENTS TO INCOME FROM OPERATIONS:

            

Inventory step-up charges

      262        590        2,130        734  

Acquisition and integration costs

      6,408        4,929        18,001        11,465  

Contingent consideration expense

      5,865        —          5,865        —    

Intangible amortization

      5,941        4,355        21,941        16,032  
  

 

 

     

 

 

     

 

 

     

 

 

  

ADJUSTED INCOME FROM OPERATIONS

    $ 55,908      $ 27,293      $ 215,186      $ 98,054  
  

 

 

     

 

 

     

 

 

     

 

 

  

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,		  
     2021     2020     2021     2020  

GAAP NET INCOME

    $  29,110     $  19,698     $  128,291     $  59,926  

ADJUSTMENTS TO NET INCOME:

         

Inventory step-up charges

      262       590       2,130       734  

Acquisition and integration costs

      6,408       3,943       18,001       10,479  

Contingent consideration expense

      5,865       —         5,865       —    

Intangible amortization

      5,941       4,355       21,941       16,032  

Loss on conversion of debt

      7       —         13       —    

Non-cash interest expense

      2,939       2,796       11,530       10,970  

Tax effect of non-GAAP charges

      (3,611 )      (2,716 )      (12,515 )      (9,050 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

ADJUSTED NET INCOME

    $ 46,921     $ 28,666     $ 175,256     $ 89,091  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

8

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,		  
     2021     2020     2021     2020  

GAAP NET INCOME PER SHARE - DILUTED

    $ 0.50     $ 0.36     $ 2.24     $ 1.11  

ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED:

         

Inventory step-up charges

      0.00       0.01       0.04       0.01  

Acquisition and integration costs

      0.11       0.07       0.31       0.19  

Contingent consideration

      0.10       —         0.10       —    

Intangible amortization

      0.10       0.08       0.38       0.30  

Loss on conversion of debt

      0.00       —         0.00       —    

Non-cash interest expense

      0.05       0.05       0.20       0.20  

Tax effect of non-GAAP charges

      (0.06 )      (0.05 )      (0.22 )      (0.17 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

ADJUSTED NET INCOME PER SHARE - DILUTED

    $ 0.81     $ 0.52     $ 3.06     $ 1.65  
  

 

 

    

 

 

    

 

 

    

 

 

  

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,		  
     2021     2020     2021     2020  

GAAP NET INCOME

    $  29,110     $  19,698     $  128,291     $ 59,926  

ADJUSTMENTS:

         

Investment income

      (39 )      (42 )      (176 )      (1,741 ) 

Interest expense

      3,244       3,101       12,714       12,133  

Income tax provision

      5,738       (4,920 )      25,252       (709 ) 

Depreciation

      5,036       3,068       16,395       10,888  

Amortization(1)

     5,968       4,383       22,052       16,143  
  

 

 

    

 

 

    

 

 

    

 

 

  

EBITDA

      49,057       25,288       204,528       96,640  

OTHER ADJUSTMENTS:

         

Inventory step-up charges

      262       590       2,130       734  

Acquisition and integration costs

      6,408       3,943       18,001       10,479  

Contingent consideration

      5,865       —         5,865       —    

Loss on conversion of debt

      7       —         13       —    
  

 

 

    

 

 

    

 

 

    

 

 

  

ADJUSTED EBITDA

    $ 61,599     $ 29,821     $ 230,537     $  107,853  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

(1)

Includes amortization of milestone payments in accordance with GAAP of $28 and $111 for the three- and twelve-month periods,. respectively.

 

9

REPLIGEN CORPORATION

RECONCILIATION OF GAAP COST OF SALES TO NON-GAAP (ADJUSTED) COST OF SALES

(Unaudited, amounts in thousands)

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2021     2020     2021     2020  

GAAP COST OF SALES

    $  82,048     $  48,163     $  279,280     $  156,634  

ADJUSTMENT TO COST OF SALES:

         

Inventory step-up charges

      (262 )      (590 )      (2,130 )      (734 ) 

Acquisition and integration costs

      (510 )      (40 )      (1,503 )      (508 ) 

Intangible amortization

      —         —         —         (254 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

ADJUSTED COST OF SALES

    $ 81,276     $ 47,533     $ 275,647     $ 155,138  
  

 

 

    

 

 

    

 

 

    

 

 

  

REPLIGEN CORPORATION

RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP (ADJUSTED) R&D EXPENSE

(Unaudited, amounts in thousands)

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2021     2020     2021     2020  

GAAP R&D

    $  9,119     $  6,722     $  34,274     $  20,182  

ADJUSTMENT TO R&D:

         

Acquisition and integration costs

      (431 )      (53 )      (1,393 )      (525 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

ADJUSTED R&D

    $ 8,688     $ 6,669     $ 32,881     $ 19,657  
  

 

 

    

 

 

    

 

 

    

 

 

  

REPLIGEN CORPORATION

RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP (ADJUSTED) SG&A EXPENSE

(Unaudited, amounts in thousands)

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2021     2020     2021     2020  

GAAP SG&A EXPENSE

    $  52,057     $  36,344     $  183,866     $  119,621  

ADJUSTMENTS TO SG&A EXPENSE:

         

Acquisition and integration costs

      (5,467 )      (4,836 )      (15,104 )      (10,432 ) 

Intangible amortization

      (5,941 )      (4,354 )      (21,941 )      (15,779 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

ADJUSTED SG&A EXPENSE

    $ 40,649     $ 27,154     $ 146,821     $ 93,410  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

10

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

    $  138,000     $  143,000  

ADJUSTMENTS TO GUIDANCE ON NET INCOME:

     

Acquisition and integration costs

      13,314       13,314  

Anticipated pre-tax amortization of acquisition-related intangible assets

      26,205       26,205  

Non-cash interest expense

      12,133       12,133  

Contingent consideration

      10,000       10,000  

Tax effect of intangible amortization and integration

      (14,414 )      (14,414 ) 

Guidance rounding adjustment

      (238 )      (238 ) 
  

 

 

    

 

 

  

GUIDANCE ON ADJUSTED NET INCOME

    $ 185,000     $ 190,000  
  

 

 

    

 

 

  

Totals may not add due to rounding.

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

    $ 2.39     $ 2.48  

ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED:

     

Acquisition and integration costs

    $ 0.23     $ 0.23  

Anticipated pre-tax amortization of acquisition-related intangible assets

    $ 0.45     $ 0.45  

Non-cash interest expense

    $ 0.21     $ 0.21  

Contingent consideration

    $ 0.17     $ 0.17  

Tax effect of intangible amortization and integration

    ($ 0.25 )    ($ 0.25 ) 

Guidance rounding adjustment

    ($ 0.00 )    ($ 0.00 ) 
  

 

 

    

 

 

  

GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED

    $ 2.39     $ 2.48  
  

 

 

    

 

 

  

Totals may not add due to rounding.

# # #

 

11

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Document and Entity Information
Feb. 17, 2022
Cover [Abstract]  
Entity Registrant Name REPLIGEN CORP
Amendment Flag false
Entity Central Index Key 0000730272
Document Type 8-K
Document Period End Date Feb. 17, 2022
Entity Incorporation State Country Code DE
Entity File Number 001-14656
Entity Tax Identification Number 04-2729386
Entity Address, Address Line One 41 Seyon Street
Entity Address, Address Line Two Bldg. 1
Entity Address, Address Line Three Suite 100
Entity Address, City or Town Waltham
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02453
City Area Code (781)
Local Phone Number 250-0111
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, par value $0.01 per share
Trading Symbol RGEN
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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