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- Product Revenue Grows 12% for the Quarter on Record Bioprocessing Sales - - Net Income Grows 189% to $4.5 Million - - Earnings Conference Call and Webcast Today at 9:00 a.m. EDT -
WALTHAM, Mass., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Repligen Corporation (Nasdaq:RGEN) today reported financial results for the second quarter ended June 30, 2013. Below are the Company's financial and business highlights for the second quarter of 2013, financial guidance for the year and dial-in numbers for today's conference call.
Second Quarter 2013 Financial Highlights
Bioprocessing product revenue for the second quarter of 2013 reached a record $13.0 million, an increase of 12% over the second quarter of 2012.
Total revenue for the second quarter of 2013 was $17.5 million, an increase of 13% over the second quarter of 2012.
Bioprocessing product gross profit margin was 59% for the second quarter of 2013, compared with 37% during the second quarter of 2012.
Net income increased to $4.5 million for the second quarter of 2013 compared to $1.6 million for the second quarter of 2012; earnings per diluted share were $0.14 for the second quarter of 2013 compared to $0.05 for the second quarter of 2012.
Cash and investments as of June 30, 2013 totaled $62.8 million compared to $50.0 million as of December 31, 2012.
Operating expenses for the three-month period ended June 30, 2013 were $11.4 million compared to $14.2 million for the same period in 2012, a decrease of $2.8 million or 20%. This decrease was driven by across-the-board reductions in operating expenses during the second quarter of 2013 compared to the same period in 2012. Cost of product revenue decreased by $2.0 million or 28%; research and development (R&D) expense (including therapeutic program related expense) decreased by $600,000 or 21%; and sales, general and administrative (SG&A) expense decreased by $294,000 or 9%. The reductions in R&D and SG&A expense were primarily due to lower spending on clinical development programs as a result of the Company's strategic realignment announced in August 2012 to focus on building its bioprocessing business.