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- 2013 Product Revenue Growth of 13.5% - - Year-over-Year Net Income Up 13.7% to $16.1 Million - - Earnings Conference Call and Webcast Today at 9:00 a.m. EST -
WALTHAM, Mass., March 6, 2014 (GLOBE NEWSWIRE) -- Repligen Corporation (Nasdaq:RGEN) today reported financial results for the full year and fourth quarter ended December 31, 2013. Below are the Company's financial and business highlights for these periods, followed by financial guidance for the year 2014 and access information for today's webcast and conference call.
2013 Financial Highlights
Bioprocessing product revenue for the full year 2013 was $47.5 million, an increase of approximately 13.5% over 2012.
Total revenue for the full year 2013 was $68.2 million, an increase of approximately 9.5% over 2012.
Bioprocessing product gross profit margin was 52.7% for the year 2013, compared to 40.3% for 2012.
Net income increased to $16.1 million for the year 2013 compared to $14.2 million for 2012; earnings per diluted share were $0.50 for the year 2013 compared to $0.45 for 2012.
Cash and investments as of December 31, 2013 totaled $73.8 million compared to $50.0 million as of December 31, 2012.
Operating expenses for the twelve-month period ended December 31, 2013 were $45.3 million compared to $51.2 million for the year 2012, a decrease of $5.9 million or 11.5%. This decrease was driven by a 9.9% reduction in cost of product revenue to $22.5 million and a 30.0% decrease in research and development (R&D) expense to $7.3 million. The decrease in cost of product revenue was generally the result of improved capacity utilization and process yields. The decrease in R&D expense was primarily the result of lower spending on clinical development programs since the Company's strategic realignment to focus on building its bioprocessing business. For the year 2013, sales, general and administrative (SG&A) expense decreased by $526,000 or 4.0%.