- Product Revenue Increases 20% to a Record $14.3 Million - - Net Income Increases 83% to $4.3 Million - - Conference Call and Webcast Today at 8:30 a.m. EDT - WALTHAM, Mass., May 8, 2014 (GLOBE NEWSWIRE) -- Repligen Corporation (Nasdaq:RGEN) today reported financial results for the first quarter ended March 31, 2014. Below are the Company's financial and business highlights for the quarter as well as financial guidance for the year 2014. Also included is access information for today's webcast and conference call. Financial Highlights:
- Bioprocessing product revenue for the first quarter of 2014 was $14.3 million, an increase of approximately 20% over the first quarter of 2013.
- Bioprocessing product gross profit margin was 55.8% for the first quarter of 2014, compared to 42.2% for the 2013 period.
- Total revenue for the first quarter of 2014 was $16.3 million compared to $16.5 million in 2013.
- Net income was $4.3 million for the first quarter of 2014 compared to $2.3 million in 2013; earnings per diluted share were $0.13 for the first quarter of 2014 compared to $0.07 for the 2013 period.
- Cash and investments as of March 31, 2014 totaled $81.7 million compared to $73.8 million as of December 31, 2013.
- Total revenue for 2014 is expected to be $54-$57 million, consistent with our previous guidance.
- Total product revenue for 2014 is expected to be $52-$55 million, reflecting 10%-15% growth and consistent with our previous guidance.
- Product gross margin for the full year 2014 is expected to be approximately 53%, consistent with our previous guidance.
- Total income from operations for the full year 2014 is expected to be $11-$13 million, an increase from our previous guidance of $10-$12 million.
- Our effective tax rate for 2014 is expected to be 20%-22% of pre-tax net income, a decrease from our previous guidance of 24%-28%.
- Our total net income projection for 2014 is $8-$10 million, an increase from our previous guidance of $7-$9 million.
- We expect to end the year 2014 with $84-$87 million in cash and cash investments, consistent with our previous guidance.
- On May 6, 2014, we announced the appointment of Tony J. Hunt to the role of Chief Operating Officer. Mr. Hunt joins Repligen from his position as President, BioProduction at Life Technologies, a global life sciences company whose acquisition by Thermo Fisher Scientific was recently completed. At Life Technologies, Mr. Hunt played a key role in the development and growth of the company's bioprocessing business, where he focused on expanding the upstream Gibco® cell culture franchise and building the downstream purification and analytics franchises. Mr. Hunt is an accomplished life sciences industry veteran who will oversee commercial and manufacturing operations for Repligen.
- In March 2014, we formally launched OPUS® 45 cm diameter chromatography columns ("OPUS 45") which have the largest capacity currently available on the market. OPUS 45 was designed for use with large single-use bioreactors. OPUS ("Open Platform User Specified) columns are delivered pre-packed to customers with their choice of chromatography media used to purify monoclonal antibodies and other biologic drugs.
- In January 2014, we completed an asset purchase agreement with BioMarin Pharmaceutical Inc. ("BioMarin") for the sale of our histone deacetylase inhibitor (HDACi) portfolio. Under the terms of the agreement, Repligen received an upfront payment of $2 million from BioMarin and has the potential to receive up to $160 million in future milestone payments for the development, regulatory approval and commercial sale of portfolio compounds. In addition, Repligen is eligible to receive royalties on sales of qualified products developed.
|CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME|
|Three months ended March 31,|
|Product revenue||$ 14,334,687||$ 11,934,269|
|Royalty and other revenue||1,991,166||4,521,724|
|Cost of product revenue||6,335,064||6,896,608|
|Cost of royalty revenue||--||576,857|
|Research and development||1,200,990||2,183,404|
|Selling, general and administrative||3,383,610||3,308,099|
|Contingent consideration - fair value adjustments||98,320||(53,974)|
|Total operating expenses||11,017,984||12,910,994|
|Income from operations||5,307,869||3,544,999|
|Interest (expense) income||(14,085)||(13,531)|
|Other (expense) income||2,505||29,081|
|Income before income taxes||5,398,105||3,622,068|
|Income tax provision (benefit)||1,121,002||1,283,832|
|Net income||$ 4,277,103||$ 2,338,236|
|Earnings per share:|
|Basic||$ 0.13||$ 0.07|
|Diluted||$ 0.13||$ 0.07|
|Weighted average shares outstanding:|
|Comprehensive income||$ 4,136,134||$ 2,079,645|
|Balance Sheet Data:||March 31, 2014||December 31, 2013|
|Cash, cash equivalents and marketable securities*||$ 81,665,537||$ 73,841,805|
|*does not include restricted cash|
CONTACT: Sondra S. Newman Director Investor Relations Repligen Corporation (781) 419-1881 firstname.lastname@example.org