Repligen Corporation has reported its financial results for the first quarter of 2024, ending on March 31, 2024. The company reported a total revenue of $151 million for the first quarter, showcasing a decrease from the previous year's revenue of $182.7 million. The decline in revenue is attributed to the absence of $23 million in COVID-related revenue from the prior year and an anticipated decline in proteins revenue.
Despite the overall decline in revenue, there were notable increases in specific segments. The company's new modalities revenue increased by 16% year-over-year, while the filtration (non-COVID) revenue saw a 12% year-over-year growth.
The company's book-to-bill ratio over the past nine months was reported at 1.03, indicating a slow but steady recovery in the markets. Repligen's CEO, Tony J. Hunt, expressed satisfaction with the first-quarter performance, emphasizing that the company is on track to achieve its first-half sales target of $300 to $310 million.
In terms of margins, the gross margin for the first quarter of 2024 was reported at 49.5% on a GAAP basis, compared to 55.2% in the first quarter of 2023. Meanwhile, the adjusted gross margin for the first quarter of 2024 was 48.6%, down from 55.2% in the same period of the previous year. The operating (EBIT) margin also showed a significant decrease, dropping from 17.1% in Q1 2023 to 1.3% in Q1 2024 on a GAAP basis.
Repligen's financial guidance for the fiscal year 2024 remains unchanged. The company expects total reported revenue for the year to range between $620 million and $650 million, with a year-over-year change estimated to be between -3% and 2%. The adjusted earnings per share for the full year are expected to be in the range of $1.42 to $1.49 on a diluted basis.
Despite the challenges reflected in the financial results, Repligen highlighted some positive business developments, including the launch of KrosFlo® RS10, a new bench-scale tangential flow filtration system, and the completion of the development of customizable 2D and 3D bags fabricated with new proprietary film.
Repligen Corporation is a life sciences company focused on bioprocessing technology leadership, catering primarily to biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. The company's global headquarters is located in Waltham, Massachusetts, with manufacturing sites in various countries including the U.S., Estonia, France, Germany, Ireland, the Netherlands, and Sweden. The market has reacted to these announcements by moving the company's shares -3.6% to a price of $158.32. If you want to know more, read the company's complete 8-K report here.
