0001193125-23-266741.txt : 20231031 0001193125-23-266741.hdr.sgml : 20231031 20231031074801 ACCESSION NUMBER: 0001193125-23-266741 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231031 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231031 DATE AS OF CHANGE: 20231031 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: 231362321 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 d510261d8k.htm 8-K 8-K
REPLIGEN CORP false 0000730272 0000730272 2023-10-31 2023-10-31

 

 

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): October 31, 2023

 

 

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 October 31, 2023, Repligen Corporation announced its financial results for the third quarter ended September 30, 2023. 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 October 31, 2023
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: October 31, 2023     By:  

/s/ Tony J. Hunt

      Tony J. Hunt
      Chief Executive Officer
EX-99.1 2 d510261dex991.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 Third Quarter 2023 Financial Results

and Updates Full Year 2023 Financial Guidance

 

 

Reports total third quarter revenues of $141.2 million, with base business revenues of $140.1 million

 

 

Orders strengthened with total book-to-bill ratio of 1.07

 

 

Narrows full year revenue guidance to range of $635-$645 million

WALTHAM, Mass., October 31, 2023 — Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its third quarter of 2023, covering the three- and nine-month fiscal periods ended September 30, 2023.

Tony J. Hunt, Chief Executive Officer of Repligen said, “While the broader challenges that have dominated our industry over the last twelve months continued in the third quarter, we saw positive signs of recovery. Our order book strengthened by mid-quarter, delivering an overall book-to-bill of 1.07 by quarter end. In particular, orders from our Pharma customer base rebounded, with many of the projects highlighted on our second quarter call converting to purchase orders. In addition, we continued to see momentum in the gene therapy space and delivered another growth quarter for our Analytics business. Overall, we view the third quarter as an important transition period for the company and we are cautiously optimistic about the future in light of the strong finish on orders in the third quarter.”

THIRD QUARTER BUSINESS HIGHLIGHTS

 

   

Acquired mixing innovator Metenova AB on October 2, bolstering and expanding our Fluid Management offering.

 

   

Expanded our executive team with two key appointments: Olivier Loeillot, Chief Commercial Officer, and Jason Garland, Chief Financial Officer.

 

   

Announced with Sartorius the launch of an integrated bioreactor system that incorporates Repligen XCell® ATF technology to simplify intensified seed train and perfusion processes.

 

   

Continued restructuring activities initiated in July 2023 to rebalance and streamline our operations and to support future margin expansion.

 

1


FINANCIAL PERFORMANCE

 

Revenue – Q3    Q3 2023      Q3 2022      % Change
(Y/Y)
    At constant
currency
 

Total Reported

   $ 141.2M      $ 200.7M        -30     -31

Base*

   $ 140.1M      $ 171.7M        -18     -19
Revenue – YTD    YTD 2023      YTD 2022      % Change
(Y/Y)
    At constant
currency
 

Total Reported

   $ 483.0      $ 614.8        -21     -21

Base*

   $ 457.0      $ 497.5        -8     -8

 

   

Revenue detail. For Q3 2023, our base business accounted for approximately 99% of total revenue. There was no COVID-related revenue in the quarter, compared to approximately $29 million for Q3 2022.

For the nine-month period YTD 2023, our base business accounted for approximately 95% of total revenue and COVID-related revenue accounted for approximately 5%. Inorganic revenue from acquisitions accounted for less than 1%.

 

*

Base revenue: excludes acquisition-related revenue contribution in current periods for which there was no prior year comparable and excludes COVID-related revenues. Totals may not add due to rounding.

 

   

Gross profit (GAAP) for Q3 2023 was $36.6 million compared to $114.2 million for Q3 2022. Adjusted gross profit (non-GAAP) for Q3 2023 was $59.3 million compared to $114.4 million for Q3 2022. Gross profit (GAAP) includes $22.7 million in one-time restructuring charges, including severance, accelerated depreciation and inventory write-off.

 

   

Income from operations (GAAP) for Q3 2023 was $4.8 million, compared to $52.7 million for Q3 2022. Adjusted income from operations (non-GAAP) for Q3 2023 was $5.2 million, compared to $58.2 million for Q3 2022.

Income from operations (GAAP) includes $24.0 million in one-time restructuring charges, including severance, accelerated depreciation and inventory write-off. Income from operations (GAAP) also includes an approximate $34 million contingent consideration benefit representing the change in fair value of contingent consideration obligations associated with previous acquisitions.

 

   

Net income (GAAP) for Q3 2023 was $18.2 million, compared to $40.4 million for Q3 2022. Adjusted net income (non-GAAP) for Q3 2023 was $13.2 million compared to $44.4 million for Q3 2022.

 

2


   

Earnings per share (GAAP) for Q3 2023 was $0.32 on a fully diluted basis, compared to $0.71 for Q3 2022. Adjusted earnings per share (non-GAAP) for Q3 2023 was $0.23 on a fully diluted basis, compared to $0.77 for Q3 2022.

MARGIN SUMMARY

 

GAAP Margins    Q3 2023     Q3 2022     Q3 YTD 2023     Q3 YTD 2022  

Gross Margin

     25.9     56.9     45.0     58.5

Operating (EBIT) Margin

     3.4     26.2     11.5     28.6
Adjusted (Non-GAAP) Margins    Q3 2023     Q3 2022     Q3 YTD 2023     Q3 YTD 2022  

Gross Margin

     42.0     57.0     49.7     58.7

Operating (EBIT) Margin

     3.7     29.0     15.6     31.1

EBITDA Margin

     10.2     28.9     21.1     32.2

CASH POSITION

 

 

Our cash, cash equivalents and short-term investments at September 30, 2023 were $630.8 million, compared to $623.8 million at December 31, 2022.

 

 

Post quarter note: On October 2, 2023, we completed our acquisition of Metenova AB at a purchase price of $164 million in cash and $9 million in equity consideration.

All reconciliations of GAAP to adjusted (non-GAAP) figures above, as well as EBITDA, are detailed in the reconciliation tables included later in this press release.

FINANCIAL GUIDANCE FOR FISCAL YEAR 2023

Our financial guidance for the fiscal year 2023 is based on expectations for our existing business. Our GAAP and Adjusted (non-GAAP) guidance includes the impact of our FlexBiosys and Metenova acquisitions and excludes the impact of potential additional acquisitions, and future fluctuations in foreign currency exchange rates.

 

    

CURRENT GUIDANCE

(at October 31, 2023)

  

PRIOR GUIDANCE

(at August 2, 2023)

FY 2023   

GAAP

  

Adjusted

(Non-GAAP)

  

GAAP

  

Adjusted
(Non-GAAP)

Total Reported Revenue

   $635M-$645M    $635M-$645M    $635M-$665M    $635M-$665M

Year-over-Year Change

   (19.5%)-(21%)    (19.5%)-(21%)    (17%)-(21%)    (17%)-(21%)

COVID-Related Revenue

   $30M    $30M    $30M    $30M

Base Business Revenue

   (8.5%)-(9.5%)    (8.5%)-(9.5%)    (5%)-(9%)    (5%)-(9%)

Gross Margin

   45.5%-46.5%    49%-50%    49.5%-50.5%    50%-51%

Income from Operations

   $61M-$65M    $96M-$100M    $57M-$63M    $104M-$110M

Operating Margin

   10%-11%    15%-16%    9%-10%    16%-17%

Tax Rate on Pre-Tax Income

   12%    18%    22%    20%

Net Income

   $72M-$75M    $97M-$100M    $57M-$61M    $98M-$102M

Earnings Per Share - Diluted

   $1.26-$1.32    $1.70-$1.76    $1.00-$1.08    $1.72-$1.80

 

3


Our non-GAAP guidance for the fiscal year 2023 reflects $25.0 million in adjustments, as follows:

 

   

$25.8 million estimated restructuring costs(1).

 

   

$6.8 million estimated acquisition and integration expenses in SG&A.

 

   

$30.9 million estimated intangible amortization expense in SG&A.

 

   

$1.8 million in amortization of debt issuance expense.

 

   

$28.5 million estimated contingent consideration benefit related to our Avitide and FlexBiosys acquisitions.

 

   

An income tax increase of $11.8 million, representing the tax impact of the above adjustments.

 

(1)

As previously disclosed, in July 2023 we began restructuring activities to simplify and streamline our organization and strengthen the overall effectiveness of our operations. In addition to the initial streamlining and rebalancing efforts contemplated in July, the Company is undertaking further restructuring activities, including consolidating a portion of our manufacturing operations, discontinuing the sale of certain product SKUs and evaluating raw materials and components that we proactively secured during the 2020-2022 COVID-19 pandemic period, to meet accelerated demand during a challenging supply chain environment in the industry. These restructuring activities resulted in severance costs as well as non-cash charges of accelerated depreciation and an inventory write-off. These activities are expected to be substantially completed by the end of 2023.

All reconciliations of GAAP to adjusted (non-GAAP) guidance are detailed in the tables included later in this press release.

Conference Call and Webcast Access

Repligen will host a conference call and webcast today, October 31, 2023, at 8:30 a.m. ET, to discuss third quarter 2023 financial results, corporate developments and financial guidance for the year 2023. 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 9087201.

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: book-to-bill ratios, revenue growth rate at constant

 

4


currency; adjusted gross profit, adjusted gross margin and adjusted operating margin; adjusted cost of sales; adjusted R&D expense; adjusted SG&A expense; adjusted pre-tax income; adjusted income from operations; adjusted net income; adjusted earnings per share-diluted; earnings before interest, taxes, depreciation and amortization (EBITDA) and EBITDA margin. The Company provides base revenue and base revenue growth rates, which exclude COVID-related revenue, and the impact of acquisition revenue for current year periods that have no prior year comparables, to facilitate a comparison of its current revenue performance. The Company provides revenue growth rates at constant currency, which exclude the impact of foreign currency translation, 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; restructuring charges including the costs of severance; inventory write-off and accelerated depreciation; intangible amortization costs; contingent consideration related to the Company’s acquisitions; amortization of debt issuance costs related to 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 a substitute 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 enable 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 focus areas are Filtration and Fluid Management, Chromatography, Process Analytics and Proteins. Our corporate headquarters are located in Waltham, Massachusetts, and the majority of our manufacturing sites are in the U.S., with additional key sites in Estonia, France, Germany, Ireland, the Netherlands and Sweden. For more information about the company see our website at www.repligen.com, and follow us on LinkedIn.

Forward-Looking Statement

This release contains forward-looking statements, which are made pursuant to and in reliance upon the safe harbor provisions of federal securities laws, including the Private Securities Litigation Reform Act of 1995,

 

5


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 release which are not strictly historical statements, including, among others, any express or implied statements or guidance regarding current or future financial performance and position, including our year 2023 financial guidance and related assumptions; demand in the markets in which we operate; the expected performance of our business; our ability to successfully rebalance our organization and the impact of our restructuring activities; the expected performance and success of our strategic partnerships and integration of our acquired businesses (including with Sartorius, Metenova and FlexBiosys); 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, risks associated with our restructuring activities; the lasting effects of COVID-19 on our business operations and the operations of our customers and suppliers; our ability to successfully grow our bioprocessing business; our ability to manage through and predict headwinds, including as part of our adjusted 2023 financial guidance; our ability to develop and commercialize products and the market acceptance of our products; our ability to successfully integrate any acquired businesses (including Metenova and FlexBiosys) 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 European Medicines Evaluation Agency regulations; our volatile stock price; and other risks detailed in Repligen’s Annual Report on Form 10-K for the year ended December 31, 2022 and in subsequently filed reports with the Securities and Exchange Commission (the Commission), including our Quarterly Reports on Form 10-Q and current reports on Form 8-K. 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
September 30,
    Nine Months Ended
September 30,
 
     2023     2022     2023     2022  

Revenue:

        

Product revenue

   $ 141,156     $ 200,708     $ 482,910     $ 614,668  

Royalty and other revenue

     36       33       111       106  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     141,192       200,741       483,021       614,774  

Costs and expenses:

        

Cost of product revenue

     104,634       86,514       265,786       255,130  

Research and development

     10,577       10,228       32,437       32,823  

Selling, general and administrative

     55,465       53,643       160,601       162,592  

Contingent consideration

     (34,292     (2,309     (31,266     (11,604
  

 

 

   

 

 

   

 

 

   

 

 

 
     136,384       148,076       427,558       438,941  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from operations

     4,808       52,665       55,463       175,833  

Investment income

     6,662       2,177       18,112       2,962  

Interest expense

     (269     (329     (813     (892

Amortization of debt issuance costs*

     (459     (455     (1,373     (1,360

Other income (expenses), net

     895       (6,591     1,500       (10,389
  

 

 

   

 

 

   

 

 

   

 

 

 

Income before income taxes

     11,637       47,467       72,889       166,154  

Income tax (benefit) provision

     (6,535     7,062       5,824       28,924  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 18,172     $ 40,405     $ 67,065     $ 137,230  
  

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share:

        

Basic

   $ 0.33     $ 0.73     $ 1.20     $ 2.48  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted*

   $ 0.32     $ 0.71     $ 1.18     $ 2.39  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average shares outstanding:

        

Basic

     55,765,639       55,497,967       55,687,574       55,432,308  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted*

     56,939,684       57,303,537       56,933,467       57,598,190  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

*

Under ASU 2020-06, the Company is required to reflect the dilutive effect of the 2019 Notes by application of the if-converted method. Prior to filing the Second Supplemental Indenture on March 4, 2022, the Company had the option to settle the conversion of the 2019 Notes in cash, stock or a combination of the two. Therefore, from January 1, 2022 (the date the Company adopted ASU 2020-06) to March 4, 2022, the Company included 3,474,429 shares in the denominator of the weighted average nine months ended September 30, 2022 diluted EPS calculation. Subsequent to March 4, 2022, after the Second Supplemental Indenture became effective, the Company irrevocably elected to settle the conversion principal in cash and only the premium in shares of the Company’s common stock. Therefore, from March 5, 2022 to March 31, 2022 the Company included 980,525 shares in the denominator of the weighted average nine months ended September 30, 2022 diluted EPS calculation. Under the if-converted method, the Company was also required to exclude amortization of debt issuance cost and interest charges applicable to the convertible debt from the numerator of the diluted EPS calculation for the period from January 1, 2022 to March 4, 2022, assuming the interest on convertible debt was never recognized for that period. For the nine months ended September 30, 2022 the Company excluded amortization of debt issuance costs and interest charges for the period January 1, 2022 to March 4, 2022 of $0.4 million (tax effected) from the numerator.

 

Balance Sheet Data:    September 30,
2023
     December 31,
2022
 

Cash, cash equivalents and marketable securities

   $ 630,779      $ 623,757  

Working capital

     615,092        593,922  

Total assets

     2,514,129        2,524,658  

Long-term obligations*

     162,208        209,762  

Accumulated earnings

     464,337        397,272  

Stockholders’ equity

     1,988,557        1,910,700  

 

*

Includes long-term portion of the contingent consideration obligations related to our acquisitions.

 

7


REPLIGEN CORPORATION

RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO

ADJUSTED INCOME FROM OPERATIONS (NON-GAAP)

(Unaudited, amounts in thousands)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2023      2022      2023      2022  

GAAP INCOME FROM OPERATIONS

   $ 4,808      $ 52,665      $ 55,463      $ 175,833  

ADJUSTMENTS TO INCOME FROM OPERATIONS:

           

Acquisition and integration costs

     3,147        1,251        4,927        7,142  

Restructuring(1)

     24,012        —         24,012        —   

Contingent consideration

     (34,292      (2,309      (31,266      (11,604

Intangible amortization

     7,492        6,547        22,330        19,712  
  

 

 

    

 

 

    

 

 

    

 

 

 

ADJUSTED INCOME FROM OPERATIONS

   $ 5,167      $ 58,154      $ 75,466      $ 191,083  
  

 

 

    

 

 

    

 

 

    

 

 

 

REPLIGEN CORPORATION

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED NET INCOME (NON-GAAP)

(Unaudited, amounts in thousands)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2023      2022      2023      2022  

GAAP NET INCOME

   $ 18,172      $ 40,405      $ 67,065      $ 137,230  

ADJUSTMENTS TO NET INCOME:

           

Acquisition and integration costs

     3,147        1,512        4,927        7,403  

Restructuring(1)

     24,012        —         24,012        —   

Contingent consideration

     (34,292      (2,309      (31,266      (11,604

Intangible amortization

     7,492        6,547        22,330        19,712  

Amortization of debt issuance costs

     459        455        1,373        1,360  

Tax effect of non-GAAP charges

     (5,837      (2,241      (8,793      (4,600
  

 

 

    

 

 

    

 

 

    

 

 

 

ADJUSTED NET INCOME

   $ 13,153      $ 44,369      $ 79,648      $ 149,501  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

8


REPLIGEN CORPORATION

RECONCILIATION OF GAAP EARNINGS PER SHARE TO

ADJUSTED EARNINGS PER SHARE (NON-GAAP)

(Unaudited)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2023      2022      2023      2022  

GAAP EARNINGS PER SHARE - DILUTED

   $ 0.32      $ 0.71      $ 1.18      $ 2.39  

ADJUSTMENTS TO EARNINGS PER SHARE - DILUTED:

           

Acquisition and integration costs

     0.06        0.03        0.09        0.13  

Restructuring(1)

     0.42        —         0.42        —   

Contingent consideration

     (0.60      (0.04      (0.55      (0.20

Intangible amortization

     0.13        0.11        0.39        0.34  

Amortization of debt issuance costs(2)

     0.01        0.01        0.02        0.02  

Tax effect of non-GAAP charges

     (0.10      (0.04      (0.15      (0.08
  

 

 

    

 

 

    

 

 

    

 

 

 

ADJUSTED EARNINGS PER SHARE - DILUTED

   $ 0.23      $ 0.77      $ 1.40      $ 2.61  
  

 

 

    

 

 

    

 

 

    

 

 

 
Totals may not add due to rounding.            

REPLIGEN CORPORATION

RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (NON-GAAP)

(Unaudited, amounts in thousands)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2023      2022      2023      2022  

GAAP NET INCOME

   $ 18,172      $ 40,405      $ 67,065      $ 137,230  

ADJUSTMENTS:

           

Investment income

     (6,662      (2,177      (18,112      (2,962

Interest expense

     269        329        813        892  

Amortization of debt issuance costs

     459        455        1,373        1,360  

Income tax provision

     (6,535      7,062        5,824        28,924  

Depreciation

     12,186        6,097        28,530        16,810  

Intangible amortization(3)

     7,519        6,575        22,412        19,795  
  

 

 

    

 

 

    

 

 

    

 

 

 

EBITDA

     25,408        58,746        107,905        202,049  

OTHER ADJUSTMENTS:

           

Acquisition and integration costs

     3,147        1,512        4,927        7,403  

Restructuring (1)(4)

     20,196        —         20,196        —   

Contingent consideration

     (34,292      (2,309      (31,266      (11,604
  

 

 

    

 

 

    

 

 

    

 

 

 

ADJUSTED EBITDA

   $ 14,459      $ 57,949      $ 101,762      $ 197,848  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

9


REPLIGEN CORPORATION

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

(Unaudited, amounts in thousands)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2023      2022      2023      2022  

GAAP COST OF SALES

   $ 104,634      $ 86,514      $ 265,786      $ 255,130  

ADJUSTMENT TO COST OF SALES:

           

Acquisition and integration costs

     (26      (167      (33      (1,201

Restructuring(1)

     (22,711      —         (22,711      —   
  

 

 

    

 

 

    

 

 

    

 

 

 

ADJUSTED COST OF SALES

   $ 81,897      $ 86,347      $ 243,042      $ 253,929  
  

 

 

    

 

 

    

 

 

    

 

 

 

REPLIGEN CORPORATION

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

(Unaudited, amounts in thousands)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2023
     2022      2023      2022  

GAAP R&D EXPENSE

   $ 10,577      $ 10,228      $ 32,437      $ 32,823  

ADJUSTMENT TO R&D EXPENSE:

           

Acquisition and integration costs

     —         (41      7        (566

Restructuring(1)

     (35      —         (35      —   
  

 

 

    

 

 

    

 

 

    

 

 

 

ADJUSTED R&D EXPENSE

   $ 10,542      $ 10,187      $ 32,409      $ 32,257  
  

 

 

    

 

 

    

 

 

    

 

 

 

REPLIGEN CORPORATION

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

(Unaudited, amounts in thousands)

 

     Three Months Ended
September 30,
     Nine Months Ended
September 30,
 
     2023      2022      2023      2022  

GAAP SG&A EXPENSE

   $ 55,465      $ 53,643      $ 160,601      $ 162,592  

ADJUSTMENTS TO SG&A EXPENSE:

           

Acquisition and integration costs

     (3,121      (1,044      (4,901      (5,375

Restructuring(1)

     (1,266      —         (1,266      —   

Intangible amortization

     (7,492      (6,547      (22,330      (19,712
  

 

 

    

 

 

    

 

 

    

 

 

 

ADJUSTED SG&A EXPENSE

   $ 43,586      $ 46,052      $ 132,104      $ 137,505  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

FOOTNOTES FOR ALL TABLES ABOVE:

(1) 

Restructuring includes charges related to severance & employee related costs, an inventory write-off, accelerated depreciation and facility and other exit costs.

(2) 

The nine months ended September 30, 2022 represented amortization of debt issuance costs for the period April 1, 2022 to September 30, 2022 in addition to the amortization of debt issuance costs for the period March 5, 2022 to March 31, 2022 after the Second Supplemental Indenture was filed. Debt issuance cost for the period January 1, 2022 to March 4, 2022 were already reflected in the GAAP net income per share - diluted EPS under the if-converted method of calculating diluted EPS for the nine months ended September 30, 2022.

(3) 

Includes amortization of milestone payments in accordance with GAAP of $28 for the three months ended September 30, 2023 and 2022 and $83 for the nine months ended September 30, 2023 and 2022.

(4) 

Excludes $3,816 of accelerated depreciation related to the Restructuring Plan for the three and nine months ended September 30, 2023. This amount is included in the depreciation line item of this table.

 

10


REPLIGEN CORPORATION

RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED NET INCOME (NON-GAAP) GUIDANCE

 

(in thousands)    Twelve months ending December 31, 2023  
     Low End      High End  

GUIDANCE ON NET INCOME

   $ 72,000      $ 75,000  

ADJUSTMENTS TO GUIDANCE ON NET INCOME:

     

Acquisition and integration costs

     6,817        6,817  

Restructuring costs

     25,771        25,771  

Anticipated pre-tax amortization of acquisition-related intangible assets

     30,935        30,935  

Amortization of debt issuance costs

     1,833        1,833  

Contingent consideration

     (28,516      (28,516

Tax effect of intangible amortization and integration

     (11,842      (11,842

Guidance rounding adjustment

     2        2  
  

 

 

    

 

 

 

GUIDANCE ON ADJUSTED NET INCOME

   $ 97,000      $ 100,000  
  

 

 

    

 

 

 

Totals may not add due to rounding.

     

 

REPLIGEN CORPORATION

RECONCILIATION OF GAAP EARNINGS PER SHARE GUIDANCE TO

ADJUSTED EARNINGS PER SHARE (NON-GAAP) GUIDANCE

 

     Twelve months ending December 31, 2023  
     Low End      High End  

GUIDANCE ON EARNINGS PER SHARE - DILUTED

     1.26        1.32  

ADJUSTMENTS TO GUIDANCE ON EARNINGS PER SHARE - DILUTED:

     

Acquisition and integration costs

     0.12        0.12  

Restructuring costs

     0.45        0.45  

Anticipated pre-tax amortization of acquisition-related intangible assets

     0.54        0.54  

Amortization of debt issuance costs

     0.03        0.03  

Contingent consideration

     (0.50      (0.50

Tax effect of intangible amortization and integration

     (0.21      (0.21

Guidance rounding adjustment

     0.00        0.00  
  

 

 

    

 

 

 

GUIDANCE ON ADJUSTED EARNINGS PER SHARE - DILUTED

   $ 1.70      $ 1.76  
  

 

 

    

 

 

 

Totals may not add due to rounding.

     

# # #

 

11

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Document and Entity Information
Oct. 31, 2023
Cover [Abstract]  
Entity Registrant Name REPLIGEN CORP
Amendment Flag false
Entity Central Index Key 0000730272
Document Type 8-K
Document Period End Date Oct. 31, 2023
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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