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- Total Revenue and Bioprocessing Revenue Grow 28% Over First Quarter 2012 - - Net Income Increases 91% to $2.3 million – - Earnings Conference Call and Webcast Today at 9:00 a.m. EDT -
WALTHAM, Mass., May 2, 2013 (GLOBE NEWSWIRE) -- Repligen Corporation (Nasdaq:RGEN) today reported financial results for the first quarter ended March 31, 2013. Below are financial and business highlights for the first quarter of 2013, financial guidance for the year and access information for today's discussion.
Bioprocessing product revenue for the first quarter of 2013 was $11.9 million, a 28% increase over the first quarter of 2012.
Total revenue for the first quarter of 2013 was $16.5 million, a 28% increase over the first quarter of 2012.
Net income increased to $2.3 million for the first quarter of 2013 compared to $1.2 million for the first quarter of 2012; earnings per diluted share were $0.07 for the first quarter of 2013 compared to $0.04 for the first quarter of 2012.
Cash and investments as of March 31, 2013 totaled $54.1 million compared to $50.0 million as of December 31, 2012.
Operating expenses for the three-month period ended March 31, 2013 were $12.9 million compared to $11.7 million for the same period in 2012, an increase of $1.3 million or 11%. These operating expenses included an increase in cost of product revenue due to higher product sales, partially offset by decreases in both research and development expenses and selling, general and administrative expenses. For the first quarter of 2013 compared to the same period in 2012, research and development (R&D) expense decreased by $625,000, or 22%, primarily due to lower spending on our clinical development programs as a result of our strategic decision to focus on building our core bioprocessing business. This is the Company's first financial reporting period for which both the current and preceding year's periods reflect combined financial results since the Company's acquisition of Novozymes Biopharma AB (now Repligen Sweden AB) in December 2011.