- Product Revenue Grows 10% for the Quarter - - Net Income Grows 226% to $5.9 Million - - Earnings Conference Call and Webcast Today at 9:00 a.m. EST - WALTHAM, Mass., Nov. 7, 2013 (GLOBE NEWSWIRE) -- Repligen Corporation (Nasdaq:RGEN) today reported financial results for the third quarter ended September 30, 2013. Below are the Company's financial and business highlights for the third quarter, financial guidance for the year and dial-in numbers for today's conference call. Third Quarter 2013 Financial Highlights
- Bioprocessing product revenue for the third quarter of 2013 was $12.2 million, an increase of approximately10% over the third quarter of 2012.
- Total revenue for the third quarter of 2013 was $18.8 million, an increase of approximately 25% over the third quarter of 2012.
- Bioprocessing product gross profit margin was 53.5% for the third quarter of 2013, compared to 42.3% during the third quarter of 2012.
- Net income increased to $5.9 million for the third quarter of 2013 compared to $1.8 million for the third quarter of 2012; earnings per diluted share were $0.18 for the third quarter of 2013 compared to $0.06 for the third quarter of 2012.
- Cash and investments as of September 30, 2013 totaled $67.1 million compared to $50.0 million as of December 31, 2012.
Year-to-Date Financial SummaryBioprocessing product revenue for the nine-month period ended September 30, 2013 was $37.1 million compared to $32.1 million for the same period in 2012, an increase of 16%. Total revenue for the nine-month period ended September 30, 2013 was $52.8 million compared to $43.5 million during the same period in 2012, an increase of 21%. Operating expenses for the nine-month period ended September 30, 2013 were $35.1 million compared to $38.8 million for the same period in 2012, a decrease of $3.7 million or 10%. For the first nine months of 2013 compared to the same period in 2012, R&D expense decreased by $2.2 million or 27%, and SG&A expense decreased by $639,000 or 6%. Net income for the nine-month period ended September 30, 2013 was $12.8 million compared to $4.6 million for the same period in 2012. Earnings per diluted share for the nine-month period ended September 30, 2013 were $0.40 compared to $0.15 for the same period in 2012. Third Quarter Business Updates
- We successfully completed the technical development of our first 45 cm diameter columns which have more than double the capacity of the largest column size currently marketed by ourselves or any competitor. We developed this product in response to the larger-scale downstream purification needs of our customers as a result of higher upstream fermentation volumes. We are planning for commercial launch of our 45 cm OPUS® columns during the first quarter of 2014.
- In October, we completed a 9,000 square foot expansion at our Waltham, MA headquarters to ensure that the quality, capacity and support needs of our customers continue to be met. A dedicated production suite more than doubles the manufacturing capacity for our OPUS® line of pre-packed chromatography columns, with new cleanrooms providing an appropriately controlled environment to satisfy the Good Manufacturing Practices (GMP) standards of our biopharmaceutical customers.
- We received a $1 million milestone payment from Pfizer, Inc. under the terms of our exclusive worldwide licensing agreement with Pfizer (the "Agreement") for the development of compounds to treat spinal muscular atrophy (SMA). This first milestone payment was triggered by completion of specific program activities and coincides with the successful completion of all transition obligations by Repligen. We announced the Agreement in January 2013, at which time we received an upfront payment of $5 million. Repligen remains eligible to receive up to $64 million in additional success-based milestone payments, as well as royalties on any future sales of compounds developed under the Agreement.
- Total revenue for the full year 2013 is expected to be $67-$68 million, an increase from our previous guidance of $65-$67 million. This projection includes the receipt of royalties from Bristol-Myers Squibb on its U.S. sales of Orencia® which the Company will no longer receive on sales made after December 31, 2013.
- Our projection for bioprocessing product revenue remains unchanged at $46-$48 million for the full year 2013, reflecting product sales growth of 10%-15%.
- Total income from operations for the full year 2013 is expected to be $21-$22 million, narrowed from our previous guidance of $20-$22 million.
- Total net income for the full year 2013 is expected to be $16-$18 million.
- We expect to end the year 2013 with $68-$70 million in cash and investments, an increase from our previous guidance of $66-$70 million.
|CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME|
|Three months ended September 30,||Nine months ended September 30,|
|Product revenue||$ 12,184,215||$ 11,123,236||$ 37,132,094||$ 32,125,076|
|Royalty and other revenue||6,637,838||3,981,059||15,654,919||11,327,500|
|Cost of product revenue||5,659,832||6,418,962||17,854,249||19,036,762|
|Cost of royalty revenue||723,777||594,406||1,943,370||1,593,427|
|Research and development||1,429,529||2,433,043||5,919,265||8,147,164|
|Selling, general and administrative||2,902,048||3,126,244||9,334,087||9,973,013|
|Contingent consideration - fair value adjustments||65,108||343,932||46,521||343,932|
|Gain on bargain purchase||--||--||--||(314,244)|
|Total operating expenses||10,780,294||12,916,587||35,097,492||38,780,054|
|Income from operations||8,041,759||2,187,708||17,689,521||4,672,522|
|Interest (expense) income||(11,704)||7,205||(37,637)||(42,536)|
|Other (expense) income||36,678||(500,414)||(56,504)||67,145|
|Income before income taxes||8,142,779||1,790,306||17,798,550||4,853,878|
|Income tax provision (benefit)||2,254,505||(16,183)||5,032,853||250,954|
|Net income||$ 5,888,274||$ 1,806,489||$ 12,765,697||$ 4,602,924|
|Earnings per share:|
|Basic||$ 0.18||$ 0.06||$ 0.40||$ 0.15|
|Diluted||$ 0.18||$ 0.06||$ 0.40||$ 0.15|
|Weighted average shares outstanding:|
|Comprehensive income||$ 7,298,410||$ 3,913,569||$ 13,028,716||$ 6,068,700|
|Balance Sheet Data:||September 30, 2013||December 31, 2012|
|Cash, cash equivalents and marketable securities*||$ 67,105,360||$ 49,969,871|
|*does not include restricted cash|
CONTACT: Sondra S. Newman Director Investor Relations Repligen Corporation (781) 419-1881 firstname.lastname@example.org