Summary of Repligen (RGEN) Conference Call Company Overview - **Company**: Repligen Corporation (RGEN) - **Event**: RBC Capital Markets 2025 Global Healthcare Conference - **Date**: May 20, 2025 Key Points Financial Guidance and Performance - The guidance for Q1 included the acquisition of the nine zero eight devices, contributing approximately $10 million in sales, slightly accretive to gross margin but dilutive to operating margin by 50 basis points [2][3] - Foreign exchange (FX) had a significant impact, initially projected as a 1.5-point headwind but later adjusted to a 0.5-point tailwind, indicating improved conditions [3][5] - Tariffs were not included in the initial guidance, but potential sales increases from surcharges and pricing adjustments were noted, estimated at just under a point of sales increase [5][9] Tariff Impacts - Majority of manufacturing is in the U.S., with 90% of U.S. sales also produced domestically, minimizing tariff impacts [9][10] - Approximately 2% of sales are exposed to China, with less than $5 million in sales exposure anticipated due to tariffs [12][13] - The company is exploring dual manufacturing capabilities in Europe to mitigate potential tariff impacts [16][18] - Customer response to surcharges has been generally positive, with no significant pushback reported [21][22] Market Dynamics and Growth - Repligen reported a 14% growth in Q1, significantly above the high single-digit growth of the bioproduction market, indicating strong performance [29][32] - The company expects organic non-COVID growth to be between 11.5% and 15.5% for the year, aligning with broader market trends [31][32] - The ATF (Alternating Tangential Flow) product line is expected to see growth in the second half of the year, despite tough comparisons in Q1 [34][36] Customer Engagement and Opportunities - Repligen is engaged with nine out of the ten largest Contract Development and Manufacturing Organizations (CDMOs), indicating strong market positioning and potential for expansion [35][36] - The company is optimistic about growth opportunities in China, despite current headwinds, and has strengthened its leadership in the region [45][47] Manufacturing and Capital Deployment - The company is considering expanding U.S. manufacturing capabilities in response to industry trends towards onshoring [48][49] - Repligen has a consistent M&A strategy focused on acquiring differentiated products that can enhance their portfolio, particularly in bioprocessing workflows [56][57] - The company aims for a balance between revenue growth and margin improvement in its acquisition strategy [58][59] Conclusion - Repligen is navigating a complex landscape of tariffs, FX fluctuations, and market dynamics while maintaining a strong growth trajectory. The company is well-positioned to capitalize on opportunities in both domestic and international markets, particularly through strategic acquisitions and enhanced manufacturing capabilities.

Company Overview - Repligen Corporation is a global life sciences company focused on developing and commercializing innovative bioprocessing technologies and systems for manufacturing biological drugs [3] - The company operates primarily in areas such as Filtration and Fluid Management, Chromatography, Process Analytics, and Proteins [3] - Repligen's headquarters is located in Waltham, Massachusetts, with manufacturing sites in the U.S. and additional locations in Estonia, France, Germany, Ireland, the Netherlands, and Sweden [3] Upcoming Events - Repligen will participate in the RBC Capital Markets' 2025 Global Healthcare Conference in New York on May 20-21, where CFO Jason K. Garland will engage in an analyst-led discussion and one-on-one meetings with investors [4] - The company will also attend Craig-Hallum's 22nd Annual Institutional Investor Conference in Minneapolis on May 28, with CFO Jason K. Garland participating in one-on-one meetings [4] Investor Relations - A live webcast of the RBC conference presentation will be available on Repligen's Investor Relations website, with a replay accessible for a limited time after the event [2]

Core Insights - Repligen Corporation reported first-quarter 2025 adjusted earnings per share of 39 cents, exceeding the Zacks Consensus Estimate of 35 cents and up from 30 cents in the same quarter last year [1][5] - Total revenues reached $169 million, reflecting a 10% year-over-year increase, and an 11% organic growth when excluding acquisition and currency impacts, surpassing the Zacks Consensus Estimate of $164 million [2][6] - The company anticipates total revenues for 2025 to be between $695 million and $720 million, slightly higher than previous guidance, while adjusted EPS is expected to be between $1.63 and $1.72, down from earlier estimates [10][11] Financial Performance - Product revenues were $169.1 million, marking a 10.5% increase from the previous year, while royalty and other revenues decreased by 2.7% to $0.04 million [5][6] - Adjusted gross margin improved to 53.7% from 49.2% year-over-year, with adjusted operating income rising to $23.4 million compared to $13.6 million in the prior year [8][9] - Total orders grew nearly 20%, with all four business franchises experiencing double-digit growth [6] Business Segments - Revenues from biopharma and consumables increased by over 20% year-over-year, driven by strong orders, although CDMO sales saw a slight decline [7] - The company reported 14% organic non-COVID revenue growth for the first quarter, indicating robust performance in its core business segments [6] Guidance and Outlook - Repligen expects adjusted gross margin for 2025 to be between 52% and 53%, reflecting a 100 basis point increase from previous expectations [11] - The updated guidance incorporates the impact of the acquisition of 908 Devices' bioprocessing analytics business, which aims to enhance Repligen's process analytical technology portfolio [11] - The company reiterated its organic revenue growth guidance for 2025 in the range of 9.5% to 13.5% [11]

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Repligen Corporation's unaudited condensed consolidated financial statements for Q1 2025 and 2024, along with detailed notes on significant financial activities [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased slightly to **$2.85 billion** as of March 31, 2025, driven by goodwill and intangible assets from acquisitions, while total liabilities rose to **$866.7 million** Condensed Consolidated Balance Sheets (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $697,229 | $757,355 | | Total current assets | $1,032,465 | $1,066,041 | | Goodwill | $1,082,413 | $1,030,995 | | Intangible assets, net | $409,225 | $397,897 | | **Total assets** | **$2,852,143** | **$2,829,666** | | **Liabilities & Equity** | | | | Total current liabilities | $151,996 | $126,787 | | Convertible Senior Notes due 2028, net | $529,605 | $525,567 | | **Total liabilities** | **$866,660** | **$856,948** | | **Total stockholders' equity** | **$1,985,483** | **$1,972,718** | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Q1 2025 total revenue increased **10.4%** to **$169.2 million**, with net income rising to **$5.8 million** and diluted EPS reaching **$0.10** Q1 2025 vs Q1 2024 Performance (in thousands, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Revenue | $169,172 | $153,182 | | Income from Operations | $6,578 | $3,750 | | Net Income | $5,830 | $3,296 | | Diluted EPS | $0.10 | $0.06 | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Total stockholders' equity increased to **$1.985 billion** by March 31, 2025, primarily due to **$5.8 million** in net income and **$7.3 million** in stock-based compensation - Key changes in stockholders' equity for Q1 2025 include a **$5.8 million** increase from net income and a **$7.3 million** increase from stock-based compensation expense[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 operating cash flow significantly decreased to **$15.0 million**, with investing activities using **$74.1 million** primarily for an acquisition, leading to a **$60.1 million** overall cash decrease Cash Flow Summary (in thousands) | Activity | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $15,005 | $44,708 | | Net cash used in investing activities | ($74,108) | ($8,362) | | Net cash used in financing activities | ($5,030) | ($8,974) | | **Net (decrease) increase in cash** | **($60,126)** | **$29,294** | - The primary use of cash in investing activities was **$69.7 million** for an acquisition, net of cash acquired[15](index=15&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes detail significant accounting policies, fair value measurements, recent acquisitions, restructuring, revenue recognition, goodwill, debt, equity, income taxes, and segment reporting - On March 4, 2025, the Company acquired 908 Devices Inc.'s PAT Portfolio for cash consideration of **$69.9 million**, resulting in **$50.1 million** of goodwill[39](index=39&type=chunk)[41](index=41&type=chunk)[43](index=43&type=chunk) - The company recorded pre-tax restructuring charges of **$2.0 million** in Q1 2025 as part of its ongoing Restructuring Plan initiated in July 2023[52](index=52&type=chunk)[53](index=53&type=chunk) - The effective tax rate for Q1 2025 was **26.6%**, compared to **10.8%** for Q1 2024, primarily due to higher pre-tax income and lower stock windfall tax benefits[92](index=92&type=chunk) - The company operates as a single reportable segment, with Q1 2025 revenue geographically distributed as **50% North America**, **35% Europe**, and **15% APAC/Other**[100](index=100&type=chunk)[102](index=102&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2025 financial results, highlighting a **10.4%** revenue increase driven by product performance, the impact of acquisitions, and the company's liquidity position [Results of Operations](index=26&type=section&id=Results%20of%20Operations) Q1 2025 total revenue increased **10.4%** to **$169.2 million**, with gross margin improving to **53.6%**, while operating expenses, particularly SG&A, also rose Revenue and Gross Margin Comparison | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $169.2M | $153.2M | +10.4% | | Gross Margin | 53.6% | 50.1% | +3.5 p.p. | - The increase in product revenue was mainly due to timing of sales for Proteins and strong performance in the Chromatography and Analytics franchises, with newly acquired 908 Devices products contributing **$1.0 million**[119](index=119&type=chunk) - SG&A costs increased by **$9.5 million** (**15.3%**), primarily driven by a **$6.3 million** increase in professional services related to acquisition and integration activities[128](index=128&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) Cash and cash equivalents decreased to **$697.2 million** by March 31, 2025, primarily due to the **$69.7 million** acquisition, with operating cash flow also declining due to working capital changes - Cash and cash equivalents stood at **$697.2 million** at the end of Q1 2025[135](index=135&type=chunk) - Working capital decreased by **$58.8 million** to **$880.5 million**, primarily due to the 908 Devices PAT Portfolio acquisition in March 2025[136](index=136&type=chunk) - Cash from operating activities decreased by **$29.7 million** YoY, driven by an increase in accounts receivable and a decrease in accounts payable and accrued expenses[139](index=139&type=chunk)[140](index=140&type=chunk) - The company believes current cash balances are adequate to meet cash needs for at least the next 24 months, absent major acquisitions or debt conversions[148](index=148&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to the company's market risk exposure were reported during Q1 2025 compared to the prior annual report - There were no material changes to the company's market risk exposure during Q1 2025[155](index=155&type=chunk) [Item 4. Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective as of March 31, 2025, due to previously identified material weaknesses in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were not effective as of March 31, 2025[157](index=157&type=chunk) - The ineffectiveness is due to three previously reported material weaknesses concerning: 1) revenue recognition controls, 2) IT general controls (access and change management), and 3) business process controls for inventory valuation and financial close[158](index=158&type=chunk)[162](index=162&type=chunk) - A remediation plan is being implemented to address the deficiencies, but the material weaknesses have not yet been remediated[159](index=159&type=chunk)[160](index=160&type=chunk)[163](index=163&type=chunk) [PART II - OTHER INFORMATION](index=34&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is not aware of any material legal proceedings or claims that would adversely affect its business or financial condition - The company is not aware of any material legal proceedings or claims against it[166](index=166&type=chunk) [Item 1A. Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors from the most recent Form 10-K have been reported - No material changes to risk factors from the most recent Form 10-K have been reported[167](index=167&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=34&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[168](index=168&type=chunk) [Item 5. Other Information](index=34&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 trading plan activities by directors or officers were reported for the fiscal quarter ended March 31, 2025 - No Rule 10b5-1 trading plan activities by directors or officers were reported for the quarter[171](index=171&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents

Financial Data and Key Metrics Changes - The company reported first quarter revenue of $169 million, exceeding expectations despite a $2 million foreign exchange headwind, representing a 10% increase year-on-year [26][27] - Organic revenue growth was 11%, and organic non-COVID revenue growth was 14%, with acquisitions contributing approximately 1% to reported growth [28][34] - Adjusted net income was $22 million, up 29% from the previous year, with adjusted fully diluted earnings per share increasing to $0.39 from $0.30 [31][32] Business Line Data and Key Metrics Changes - Organic revenue growth in Q1 was driven by proteins, chromatography, and analytics, with proteins showing the highest growth [11][22] - Consumables revenue grew over 20% year-on-year, while capital equipment revenues declined as expected [15][20] - Chromatography orders increased by over 50%, marking the highest quarterly order intake in three years [22] Market Data and Key Metrics Changes - North America represented 50% of total revenue, Europe 35%, and Asia Pacific 15%, with North America and Europe both up 13% [28] - China accounted for only 2% of total revenue, continuing to decline, while other regions showed strong growth [17][29] Company Strategy and Development Direction - The company is focused on executing its strategic plan for 2025, including the acquisition of the nine zero eight devices bioprocessing portfolio and launching new products [10][18] - The management emphasized the importance of a diversified customer base, with no single customer representing more than 6% of total revenue [12][13] - The company aims to leverage its global manufacturing network to mitigate tariff impacts and maintain growth [9][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macro uncertainties but expressed confidence in the underlying trends and opportunities within the business [6][10] - The company expects revenue growth to accelerate throughout the year, supported by a strong backlog and order trends [15][24] - Management remains optimistic about the mid to long-term outlook for new modalities, despite short-term challenges [58][59] Other Important Information - The company made investments in finance and quality to enhance visibility and customer experience [19][20] - Adjusted gross profit was $91 million, resulting in a 53.7% adjusted gross margin, up nearly 450 basis points year-on-year [29][30] Q&A Session Summary Question: Impact of tariffs on CDMO order trends - Management noted no acceleration in orders due to tariffs, with strong order intake growth across all customer segments, particularly from CDMOs [46][47] Question: Revenue exposure to tariffs - Management indicated that potential revenue exposure to tariffs is low, with minimal impact on EPS, and emphasized the ability to pass through costs via surcharges [49][50] Question: Outlook for new modalities - Management remains optimistic about new modalities, with sales and orders showing growth, and no significant disruptions reported from customers regarding clinical trials [58][59] Question: Changes in clinical versus commercial mix - The company reported a stable mix of 65% clinical to 35% commercial, with expectations of a gradual shift towards more commercial business in the coming years [64][66] Question: FDA guidance on animal testing - Management has not observed any significant customer concerns regarding FDA guidance on phasing out animal testing, and clinical trial starts have been increasing [96][97] Question: Manufacturing flexibility in response to tariffs - The company has dual manufacturing sites and is exploring further opportunities to shift manufacturing as needed to mitigate tariff impacts [97][98]

Core Viewpoint - Repligen (RGEN) reported quarterly earnings of $0.39 per share, exceeding the Zacks Consensus Estimate of $0.35 per share, and showing an increase from $0.28 per share a year ago, indicating a positive earnings surprise of 11.43% [1][2] Financial Performance - The company achieved revenues of $169.17 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.85% and up from $151.35 million year-over-year [2] - Over the last four quarters, Repligen has exceeded consensus EPS estimates three times and topped revenue estimates two times [2] Stock Performance and Outlook - Repligen shares have declined approximately 0.2% since the beginning of the year, contrasting with the S&P 500's decline of 6% [3] - The company's future stock performance will largely depend on management's commentary during the earnings call and the trends in earnings estimate revisions [3][4] Earnings Estimates - The current consensus EPS estimate for the upcoming quarter is $0.42 on revenues of $174.55 million, and for the current fiscal year, it is $1.69 on revenues of $701.98 million [7] - The estimate revisions trend for Repligen is currently mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The Medical - Biomedical and Genetics industry, to which Repligen belongs, is currently ranked in the top 31% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Data and Key Metrics Changes - The company reported first quarter revenue of $169 million, exceeding expectations despite a $2 million foreign exchange headwind, representing a 10% increase year-on-year [29] - Organic revenue growth was 11%, and organic non-COVID revenue growth was 14%, indicating strong underlying performance [29][30] - Adjusted net income was $22 million, up 29% from the previous year, with adjusted fully diluted earnings per share increasing to $0.39 from $0.30 [33][35] Business Line Data and Key Metrics Changes - Organic revenue growth in the first quarter was driven by proteins, chromatography, and analytics, with proteins showing the highest growth [13] - Filtration revenues were slightly up, while capital equipment saw some softness due to timing, but a backlog supports growth in the latter half of the year [13][17] - Chromatography grew double digits, with orders increasing over 50%, marking the highest quarterly order intake in three years [24] Market Data and Key Metrics Changes - Biopharma revenues grew more than 20% year-on-year, supported by strong execution from strategic accounts [16] - North America represented 50% of total revenue, Europe 35%, and Asia Pacific 15%, with North America and Europe both up 13% [30] - China represented only 2% of total revenue, continuing to decline, but the company believes it can offset this due to strong performance in other regions [30][19] Company Strategy and Development Direction - The company is focused on executing its strategic plan for 2025, including the acquisition of the nine zero eight devices bioprocessing portfolio and launching new products [12][20] - The management emphasized the importance of a diversified customer base, with no single customer representing more than 6% of total revenue [14] - The company aims to leverage its global manufacturing network to mitigate tariff impacts and maintain strong growth [11][10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macro uncertainties but expressed confidence in the underlying trends and opportunities within the business [8][9] - The company expects revenue growth to accelerate throughout the year, with strong order trends indicating momentum [27] - Management remains optimistic about the mid to long-term outlook for new modalities, despite short-term challenges [63] Other Important Information - The company made investments in finance and quality to improve visibility and customer experience [21] - Adjusted gross profit was $91 million, with a gross margin of 53.7%, up nearly 450 basis points year-on-year [31] - The company expects adjusted income from operations to be between $95 million to $102 million for the full year [41] Q&A Session Summary Question: CDMO order trends and tariff impacts - Management noted no acceleration in orders due to tariffs, with strong order intake across all CDMO customers [50][51] Question: Tariff dynamics and revenue exposure - Management indicated minimal revenue exposure to tariffs, estimating less than 1% sales increase from surcharges [54][56] Question: Emerging modalities and FDA changes - Management remains optimistic about new modalities, with no significant disruptions reported from customers regarding FDA changes [64] Question: Small biotech customer trends - Orders from small biotech were flat, with a decline in sales to emerging markets, raising concerns about the health of that segment [80] Question: Impact of FDA's guidance on animal testing - Management has not heard any tangible impacts from FDA guidance on animal testing, with no significant changes reported by customers [99]

Financial Data and Key Metrics Changes - The company reported first quarter revenue of $169 million, exceeding expectations despite a $2 million foreign exchange headwind, representing a 10% increase year-on-year [29] - Organic revenue growth was 11%, and organic non-COVID revenue growth was 14%, indicating strong underlying performance [29][30] - Adjusted net income was $22 million, up 29% from the previous year, with adjusted fully diluted earnings per share increasing to $0.39 from $0.30 [33][35] Business Line Data and Key Metrics Changes - Organic revenue growth in the first quarter was driven by proteins, chromatography, and analytics, with proteins showing the highest growth [13][24] - Consumables revenue grew over 20% year-on-year, while capital equipment revenues declined as expected [17][22] - Chromatography orders increased by over 50%, marking the highest quarterly order intake in three years [24] Market Data and Key Metrics Changes - Biopharma revenues grew more than 20% year-on-year, supported by strong execution from strategic accounts [16] - North America represented 50% of total revenue, with both North America and Europe up 13%, while Asia excluding China grew by 12% [30] - China represented only 2% of total revenue, continuing to decline [19][30] Company Strategy and Development Direction - The company is focused on executing its strategic plan for 2025, including the acquisition of the nine zero eight devices bioprocessing portfolio [12][20] - The management emphasized the importance of diversifying the customer base, with the largest customer representing only 6% of revenue [14] - Continued investment in R&D and product development is a priority, with new product launches expected to drive future growth [21][45] Management Comments on Operating Environment and Future Outlook - Management acknowledged macro uncertainties but expressed confidence in the underlying trends and opportunities within the business [8][9] - The company expects revenue growth to accelerate throughout the year, with a strong backlog supporting growth in capital equipment [17][27] - Management remains optimistic about the mid to long-term outlook for new modalities, despite short-term challenges [63] Other Important Information - The company is navigating tariff impacts with minimal expected effects on earnings per share, as most manufacturing is based in the U.S. [10][12] - Adjusted gross profit was $91 million, with a gross margin of 53.7%, reflecting strong volume leverage and favorable product mix [31][32] - The company plans to maintain a strong balance sheet while being prudent in spending and preparing for potential acquisitions [45] Q&A Session Summary Question: CDMO order trends and tariff impact - Management noted no acceleration in orders due to tariffs, with strong order intake across all customer sizes and product lines [50][51] Question: Tariff dynamics and pricing pass-through - Management indicated a potential less than 1% sales increase from tariffs, primarily through surcharges, with minimal impact on gross margins [54][56] Question: Emerging modalities and FDA changes - Management remains optimistic about new modalities, with no significant disruptions reported from customers regarding clinical trials [62][64] Question: Small biotech customer trends - Orders from small biotech customers were flat, with a decline in sales to emerging markets, raising concerns about the health of that segment [78][80] Question: Impact of FDA guidance on animal testing - Management has not heard of any tangible impacts from FDA guidance on animal testing, with no significant changes reported by customers [98][99] Question: Manufacturing flexibility in response to tariffs - The company has multiple manufacturing sites and is exploring dual manufacturing options to mitigate potential tariff impacts [100][101] Question: Clarification on revenue guidance - Management confirmed an increase in organic non-COVID revenue growth guidance, indicating positive demand fundamentals [106]

[Repligen Corporation Overview](index=1&type=section&id=Repligen%20Corporation%20Overview) Repligen Corporation, a life sciences company, announced strong Q1 2025 earnings and updated full-year guidance, driven by organic growth and strategic acquisitions [Company Information](index=1&type=section&id=Company%20Information) Repligen Corporation (NASDAQ:RGEN) is a life sciences company specializing in bioprocessing technology, headquartered in Waltham, Massachusetts - Repligen Corporation (NASDAQ:RGEN) is a life sciences company focused on bioprocessing technology leadership, headquartered in Waltham, Massachusetts[1](index=1&type=chunk)[2](index=2&type=chunk) [Q1 2025 Earnings Announcement](index=1&type=section&id=Q1%202025%20Earnings%20Announcement) Repligen Corporation announced its Q1 2025 financial results and provided updated financial guidance for the full year 2025 - Repligen reported financial results for Q1 2025 (three months ended March 31, 2025) and provided updated financial guidance for the full year 2025[2](index=2&type=chunk) [CEO Commentary](index=1&type=section&id=CEO%20Commentary) CEO Olivier Loeillot highlighted strong Q1 2025 revenue and order growth, with significant adjusted operating margin expansion and strategic acquisitions - Q1 2025 revenue was **$169 million**, representing **14% organic non-COVID growth** and driving meaningful adjusted operating margin expansion[3](index=3&type=chunk) - Total orders grew nearly **20% year-over-year**, with all four franchises achieving double-digit growth[3](index=3&type=chunk) - The Analytics franchise was strategically strengthened with the acquisition of 908 Devices' bioprocessing portfolio[3](index=3&type=chunk) [Q1 2025 Business and Financial Highlights](index=1&type=section&id=Q1%202025%20Business%20and%20Financial%20Highlights) Repligen reported strong Q1 2025 financial performance with increased revenue, orders, and significant margin expansion, alongside key operational achievements [Key Financial Performance](index=1&type=section&id=Key%20Financial%20Performance) Repligen reported a 10% year-over-year revenue increase to $169 million, driven by 14% organic non-COVID growth, reiterating full-year guidance Q1 2025 Key Financial Performance Highlights (YoY) | Metric | Q1 2025 | Change YoY | | :-------------------------- | :-------- | :--------- | | Revenue | $169M | +10% (reported), +14% (organic non-COVID) | | Orders | Increased sequentially | High-teens | | Adjusted Operating Income | N/A | +72% | | 2025 Full Year Organic Revenue Guidance | 9.5% - 13.5% | Reiterated | [Operational Highlights](index=1&type=section&id=Operational%20Highlights) In Q1 2025, Repligen achieved record biopharma revenues, acquired 908 Devices' bioprocessing portfolio, and launched the new CTech™ SoloVPE® Plus System - Biopharma and consumables revenues increased greater than **20% year-over-year**, reaching record levels excluding COVID-related sales[6](index=6&type=chunk) - Completed the acquisition of 908 Devices' bioprocessing portfolio, complementing and strengthening the process analytical technology (PAT) offering with upstream capabilities[6](index=6&type=chunk) - Launched the CTech™ SoloVPE® Plus System, a next-generation UV-based Variable Pathlength Technology system[6](index=6&type=chunk) [Detailed Q1 2025 Financial Performance](index=1&type=section&id=Detailed%20Q1%202025%20Financial%20Performance) Repligen reported Q1 2025 total revenue of $169 million, a 10% reported increase, with significant growth in GAAP and Adjusted net income and EPS Q1 2025 Detailed Financial Performance (YoY Comparison) | Metric | Q1 2025 | Q1 2024 | Change YoY | | :-------------------------- | :-------- | :-------- | :--------- | | Total Reported Revenue | $169M | $153M | +10% (reported), +14% (organic non-COVID) | | GAAP Gross Profit | $91M | $77M | +18.2% | | Adjusted Gross Profit | $91M | $75M | +21.3% | | GAAP Income from Operations | $7M | $4M | +75.0% | | Adjusted Income from Operations | $23M | $14M | +64.3% | | GAAP Net Income | $6M | $3M | +100.0% | | Adjusted Net Income | $22M | $17M | +29.4% | | GAAP EPS (Diluted) | $0.10 | $0.06 | +66.7% | | Adjusted EPS (Diluted) | $0.39 | $0.30 | +30.0% | [Margin Summary](index=2&type=section&id=Margin%20Summary) Repligen demonstrated significant margin expansion in Q1 2025, with GAAP gross margin increasing to 53.6% and adjusted operating margin reaching 13.8% Q1 2025 Margin Summary (YoY Comparison) | Margin Type | Q1 2025 | Q1 2024 | Change (bps) | | :-------------------- | :------ | :------ | :----------- | | GAAP Gross Margin | 53.6% | 50.1% | +350 | | GAAP Operating (EBIT) Margin | 3.9% | 2.4% | +150 | | Adjusted Gross Margin | 53.7% | 49.2% | +450 | | Adjusted Operating (EBIT) Margin | 13.8% | 8.9% | +490 | | Adjusted EBITDA Margin | 19.3% | 14.4% | +490 | - Cash and cash equivalents at March 31, 2025, were **$697 million**, compared to **$757 million** at December 31, 2024[7](index=7&type=chunk) [Financial Guidance for Fiscal Year 2025](index=2&type=section&id=Financial%20Guidance%20for%20Fiscal%20Year%202025) Repligen provided updated FY 2025 financial guidance, projecting total reported revenue between $695M and $720M, with adjusted operating margin of 13.5% - 14.5% [FY 2025 Guidance Details](index=2&type=section&id=FY%202025%20Guidance%20Details) Repligen provided updated financial guidance for fiscal year 2025, projecting total reported revenue between $695M and $720M and adjusted diluted EPS of $1.63 - $1.72 FY 2025 Financial Guidance | Metric | GAAP Guidance | Adjusted (non-GAAP) Guidance | | :-------------------------- | :---------------- | :--------------------------- | | Total Reported Revenue | $695M - $720M | $695M - $720M | | Reported Growth | 9.5% - 13.5% | 9.5% - 13.5% | | Organic Growth | - | 9.5% - 13.5% | | Organic, Non-COVID Growth | - | 11.5% - 15.5% | | Gross Margin | 52% - 53% | 52% - 53% | | Income from Operations | $48M - $55M | $95M - $102M | | Operating Margin | 7% - 8% | 13.5% - 14.5% | | Other Income (Expense) | $7M - $8M | $23M - $24M | | Adjusted EBITDA Margin | - | 19.5% - 20.5% | | Tax Rate on Pre-Tax Income | 23% - 24% | 22% - 23% | | Net Income | $43M - $48M | $92M - $97M | | Earnings Per Share - Diluted | $0.76 - $0.85 | $1.63 - $1.72 | [Guidance Updates and Impact](index=2&type=section&id=Guidance%20Updates%20and%20Impact) The updated FY 2025 guidance incorporates the 908 Devices acquisition, increasing revenue by $10 million but reducing income from operations by $4 million - Updated guidance incorporates the acquisition of 908 Devices' Bioprocessing Analytics business, including a revenue increase of **$10 million**[9](index=9&type=chunk) - The acquisition is expected to result in a **$4 million reduction** in income from operations[9](index=9&type=chunk) - There is a **100-basis point increase** in gross margin versus prior guidance, primarily due to a shift in costs to operating expenses from cost of goods sold, with no impact on operating income[9](index=9&type=chunk) [Additional Information](index=2&type=section&id=Additional%20Information) This section provides details on Repligen's conference call, company overview, non-GAAP financial measures, forward-looking statements, and investor contact [Conference Call and Webcast](index=2&type=section&id=Conference%20Call%20and%20Webcast) Repligen hosted a conference call and webcast on April 29, 2025, to discuss Q1 2025 financial results, corporate developments, and 2025 financial guidance - Repligen hosted a conference call and webcast on April 29, 2025, at 8:30 a.m. ET, to discuss Q1 2025 financial results, corporate developments, and 2025 financial guidance[10](index=10&type=chunk) [About Repligen Corporation](index=2&type=section&id=About%20Repligen%20Corporation) Repligen Corporation is a global life sciences company developing innovative bioprocessing technologies and systems to enhance biological drug manufacturing for biopharmaceutical developers and CDMOs - Repligen develops and commercializes highly innovative bioprocessing technologies and systems that enable efficiencies in the process of manufacturing biological drugs[11](index=11&type=chunk) - The company's focus areas are Filtration and Fluid Management, Chromatography, Process Analytics, and Proteins[11](index=11&type=chunk) - Repligen primarily serves biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide, with manufacturing sites in the U.S., Estonia, France, Germany, Ireland, the Netherlands, and Sweden[11](index=11&type=chunk)[12](index=12&type=chunk) [Non-GAAP Financial Measures Explanation](index=3&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) This section explains Repligen's use of non-GAAP financial measures, which exclude specific items like acquisition costs and intangible amortization, to better reflect ongoing performance - Non-GAAP measures include organic non-COVID revenue growth, adjusted cost of goods sold, adjusted gross profit, adjusted income from operations, adjusted net income, and adjusted EBITDA[13](index=13&type=chunk) - Non-GAAP financial results exclude the impact of acquisition and integration costs, restructuring charges, intangible amortization costs, non-cash interest expense, and the related tax impact[14](index=14&type=chunk) - Management believes these excluded expenses do not have a direct correlation to future business operations nor accurately reflect the performance of ongoing operations[14](index=14&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements regarding future financial performance and business expectations, which are subject to various risks and uncertainties - Forward-looking statements include any express or implied statements or guidance regarding current or future financial performance and position, expected demand, expectations regarding acquisitions, and expected business performance[16](index=16&type=chunk) - Risks and uncertainties include the ability to successfully grow the bioprocessing business, manage headwinds, achieve financial guidance, successfully integrate acquired businesses, and potential declines in product demand[17](index=17&type=chunk) - Repligen cautions investors not to place undue reliance on any forward-looking statements, which speak only as of the date they are made and may differ materially from actual results[17](index=17&type=chunk)[18](index=18&type=chunk) [Investor Contact](index=4&type=section&id=Investor%20Contact) For investor inquiries, contact Jacob Johnson, VP, Investor Relations, via phone or email - Investor relations contact is Jacob Johnson, VP, Investor Relations, at **(781) 419-0204** or **investors@repligen.com**[19](index=19&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents Repligen's condensed consolidated statements of operations and balance sheet data for Q1 2025 and prior periods [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The condensed consolidated statements of operations show Repligen's Q1 2025 total revenue increased to $169.172 million, leading to a net income of $5.830 million Condensed Consolidated Statements of Operations (Three Months Ended March 31, in thousands) | Metric | Q1 2025 | Q1 2024 | | :-------------------------- | :------ | :------ | | Product revenue | $169,137 | $153,146 | | Royalty and other revenue | $35 | $36 | | **Total revenue** | **$169,172** | **$153,182** | | Cost of goods sold | $78,415 | $76,391 | | Research and development | $12,924 | $11,238 | | Selling, general and administrative | $71,255 | $61,803 | | **Total costs and expenses** | **$162,594** | **$149,432** | | **Income from operations** | **$6,578** | **$3,750** | | Investment income | $7,314 | $8,993 | | Interest expense | $(5,250) | $(5,029) | | Amortization of debt issuance costs | $(413) | $(483) | | Other income (expenses), net | $(286) | $(3,536) | | **Income before income taxes** | **$7,943** | **$3,695** | | Income tax provision | $2,113 | $399 | | **Net income** | **$5,830** | **$3,296** | | Basic EPS | $0.10 | $0.06 | | Diluted EPS | $0.10 | $0.06 | [Balance Sheet Data](index=5&type=section&id=Balance%20Sheet%20Data) As of March 31, 2025, Repligen reported cash and cash equivalents of $697.229 million, total assets of $2,852.143 million, and stockholders' equity of $1,985.483 million Balance Sheet Data (as of March 31, 2025 and December 31, 2024, in thousands) | Metric | March 31, 2025 | December 31, 2024 | | :-------------------- | :------------- | :---------------- | | Cash and cash equivalents | $697,229 | $757,355 | | Working capital | $880,469 | $939,254 | | Total assets | $2,852,143 | $2,829,666 | | Long-term obligations | $714,664 | $730,161 | | Accumulated earnings | $413,184 | $407,354 | | Stockholders' equity | $1,985,483 | $1,972,718 | [Reconciliations of GAAP to Non-GAAP Financial Measures](index=6&type=section&id=Reconciliations%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section provides detailed reconciliations from GAAP to non-GAAP financial measures for revenue, income, EPS, EBITDA, and various expenses [Revenue Growth Reconciliation](index=6&type=section&id=Revenue%20Growth%20Reconciliation) This reconciliation details the adjustments from GAAP total reported revenue growth of 10% to non-GAAP organic non-COVID revenue growth of 14% for Q1 2025 Reconciliation of Total Revenue (GAAP) Growth to Organic Non-COVID Revenue Growth (Non-GAAP) | Metric | Q1 2025 | Q1 2024 | | :------------------------------------ | :------ | :------ | | TOTAL REPORTED REVENUE (GAAP) GROWTH | 10% | (7)% | | Acquisition revenue | (1)% | (4)% | | Currency exchange | 1% | 1% | | ORGANIC REVENUE GROWTH (NON-GAAP) | 11% | (11)% | | COVID revenue | 2% | 1% | | ORGANIC NON-COVID REVENUE GROWTH (NON-GAAP) | 14% | (10)% | [Income from Operations Reconciliation](index=6&type=section&id=Income%20from%20Operations%20Reconciliation) GAAP income from operations of $6.578 million for Q1 2025 was adjusted to $23.405 million non-GAAP adjusted income from operations, resulting in an adjusted operating margin of 13.8% Reconciliation of Income from Operations (GAAP) to Adjusted Income from Operations (Non-GAAP, in thousands) | Metric | Q1 2025 | Q1 2024 | | :------------------------------------ | :------ | :------ | | INCOME FROM OPERATIONS (GAAP) | $6,578 | $3,750 | | Acquisition and integration costs | $6,033 | $1,755 | | Restructuring activities and other related charges | $1,089 | $(584) | | Intangible amortization | $9,121 | $8,716 | | Other | $584 | — | | ADJUSTED INCOME FROM OPERATIONS (NON-GAAP) | $23,405 | $13,637 | | OPERATING (EBIT) MARGIN | 3.9% | 2.4% | | ADJUSTED OPERATING (EBIT) MARGIN | 13.8% | 8.9% | [Net Income Reconciliation](index=6&type=section&id=Net%20Income%20Reconciliation) GAAP net income of $5.830 million for Q1 2025 was reconciled to $22.241 million adjusted net income (non-GAAP) by adding back various non-cash and non-recurring expenses Reconciliation of Net Income (GAAP) to Adjusted Net Income (Non-GAAP, in thousands) | Metric | Q1 2025 | Q1 2024 | | :------------------------------------ | :------ | :------ | | NET INCOME (GAAP) | $5,830 | $3,296 | | Acquisition and integration costs | $6,033 | $1,755 | | Restructuring activities and other related charges | $1,089 | $(584) | | Intangible amortization | $9,121 | $8,716 | | Non-cash interest expense | $3,747 | $3,464 | | Amortization of debt issuance costs | $413 | $483 | | Foreign currency impact of certain intercompany loans | — | $3,787 | | Other | $584 | — | | Tax effect of non-GAAP charges | $(4,576) | $(3,690) | | ADJUSTED NET INCOME (NON-GAAP) | $22,241 | $17,227 | [Earnings Per Share Reconciliation](index=7&type=section&id=Earnings%20Per%20Share%20Reconciliation) Diluted GAAP EPS of $0.10 for Q1 2025 was reconciled to $0.39 adjusted diluted EPS (non-GAAP) by adjusting for non-cash and non-recurring per-share impacts Reconciliation of Earnings Per Share (GAAP) to Adjusted Earnings Per Share (Non-GAAP) | Metric | Q1 2025 | Q1 2024 | | :------------------------------------ | :------ | :------ | | EARNINGS PER SHARE (GAAP) - DILUTED | $0.10 | $0.06 | | Acquisition and integration costs | $0.11 | $0.03 | | Restructuring activities and other related charges | $0.02 | $(0.01) | | Intangible amortization | $0.16 | $0.15 | | Non-cash interest expense | $0.07 | $0.06 | | Amortization of debt issuance costs | $0.01 | $0.01 | | Foreign currency impact of certain intercompany loans | — | $0.07 | | Other | $0.01 | — | | Tax effect of non-GAAP charges | $(0.08) | $(0.07) | | ADJUSTED EARNINGS PER SHARE (NON-GAAP) - DILUTED | $0.39 | $0.30 | [Adjusted EBITDA Reconciliation](index=7&type=section&id=Adjusted%20EBITDA%20Reconciliation) GAAP net income was reconciled to Adjusted EBITDA (non-GAAP), which reached $32.702 million for Q1 2025, resulting in an Adjusted EBITDA Margin of 19.3% Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP, in thousands) | Metric | Q1 2025 | Q1 2024 | | :------------------------------------ | :------ | :------ | | NET INCOME (GAAP) | $5,830 | $3,296 | | Investment income | $(7,314) | $(8,993) | | Interest expense | $5,250 | $5,029 | | Amortization of debt issuance costs | $413 | $483 | | Income tax provision | $2,113 | $399 | | Depreciation | $9,555 | $8,145 | | Intangible amortization | $9,149 | $8,744 | | EBITDA (NON-GAAP) | $24,996 | $17,103 | | Acquisition and integration costs | $6,033 | $1,755 | | Restructuring activities and other related charges | $1,089 | $(584) | | Foreign currency impact of certain intercompany loans | — | $3,787 | | Other | $584 | — | | ADJUSTED EBITDA (NON-GAAP) | $32,702 | $22,061 | | ADJUSTED EBITDA MARGIN (NON-GAAP) | 19.3% | 14.4% | [Cost of Goods Sold Reconciliation](index=7&type=section&id=Cost%20of%20Goods%20Sold%20Reconciliation) GAAP Cost of Goods Sold (COGS) of $78.415 million for Q1 2025 was adjusted to $78.395 million non-GAAP adjusted COGS, leading to an adjusted gross margin of 53.7% Reconciliation of Cost of Goods Sold (GAAP) to Adjusted Cost Goods Sold (Non-GAAP, in thousands) | Metric | Q1 2025 | Q1 2024 | | :------------------------------------ | :------ | :------ | | COST OF GOODS SOLD (GAAP) | $78,415 | $76,391 | | Acquisition and integration costs | $(103) | $(66) | | Restructuring activities and other related charges | $270 | $1,448 | | Intangible amortization | $(187) | — | | ADJUSTED COST OF GOODS SOLD (NON-GAAP) | $78,395 | $77,773 | | GROSS MARGIN (GAAP) | 53.6% | 50.1% | | ADJUSTED GROSS MARGIN (NON-GAAP) | 53.7% | 49.2% | [R&D Expense Reconciliation](index=8&type=section&id=R%26D%20Expense%20Reconciliation) GAAP R&D expense of $12.924 million for Q1 2025 was adjusted to $11.337 million non-GAAP adjusted R&D expense, after accounting for specific non-GAAP items Reconciliation of R&D Expense (GAAP) to Adjusted R&D Expense (Non-GAAP, in thousands) | Metric | Q1 2025 | Q1 2024 | | :------------------------------------ | :------ | :------ | | R&D EXPENSE (GAAP) | $12,924 | $11,238 | | Acquisition and integration costs | $(420) | $(53) | | Restructuring activities and other related charges | $(810) | $(165) | | Intangible amortization | $(357) | — | | ADJUSTED R&D EXPENSE (NON-GAAP) | $11,337 | $11,020 | [SG&A Expense Reconciliation](index=8&type=section&id=SG%26A%20Expense%20Reconciliation) GAAP SG&A expense of $71.255 million for Q1 2025 was adjusted to $56.035 million non-GAAP adjusted SG&A expense by excluding specific non-recurring costs Reconciliation of SG&A Expense (GAAP) to Adjusted SG&A Expense (Non-GAAP, in thousands) | Metric | Q1 2025 | Q1 2024 | | :------------------------------------ | :------ | :------ | | SG&A EXPENSE (GAAP) | $71,255 | $61,803 | | Acquisition and integration costs | $(5,510) | $(1,636) | | Restructuring activities and other related charges | $(549) | $(699) | | Intangible amortization | $(8,577) | $(8,716) | | Other | $(584) | — | | ADJUSTED SG&A EXPENSE (NON-GAAP) | $56,035 | $50,752 | [Net Income Guidance Reconciliation](index=8&type=section&id=Net%20Income%20Guidance%20Reconciliation) The FY 2025 GAAP net income guidance of $43M - $48M is adjusted to non-GAAP net income guidance of $92M - $97M by adding back projected non-GAAP items Reconciliation of Net Income (GAAP) Guidance to Adjusted Net Income (Non-GAAP) Guidance (Year Ending December 31, 2025, in thousands) | Metric | Low End | High End | | :------------------------------------ | :------ | :------- | | GUIDANCE ON NET INCOME (GAAP) | $43,000 | $48,000 | | Acquisition and integration costs | $11,505 | $11,505 | | Restructuring activities and other related charges | $1,464 | $1,464 | | Anticipated pre-tax amortization of acquisition-related intangible assets | $33,384 | $33,384 | | Non-cash interest expense | $14,586 | $14,586 | | Amortization of debt issuance costs | $1,646 | $1,646 | | Tax effect of non-GAAP charges | $(13,699) | $(13,699) | | Other | $584 | $584 | | Guidance rounding adjustment | $(470) | $(470) | | GUIDANCE ON ADJUSTED NET INCOME (NON-GAAP) | $92,000 | $97,000 | [Earnings Per Share Guidance Reconciliation](index=9&type=section&id=Earnings%20Per%20Share%20Guidance%20Reconciliation) The FY 2025 GAAP diluted EPS guidance of $0.76 - $0.85 is adjusted to non-GAAP diluted EPS guidance of $1.63 - $1.72, reflecting per-share non-GAAP impacts Reconciliation of Earnings Per Share (GAAP) Guidance to Adjusted Earnings Per Share (Non-GAAP) Guidance (Year Ending December 31, 2025) | Metric | Low End | High End | | :------------------------------------ | :------ | :------- | | GUIDANCE ON EARNINGS PER SHARE (GAAP) - DILUTED | $0.76 | $0.85 | | Acquisition and integration costs | $0.20 | $0.20 | | Restructuring activities and other related charges | $0.03 | $0.03 | | Anticipated pre-tax amortization of acquisition-related intangible assets | $0.59 | $0.59 | | Non-cash interest expense | $0.26 | $0.26 | | Amortization of debt issuance costs | $0.03 | $0.03 | | Tax effect of non-GAAP charges | $(0.24) | $(0.24) | | Other | $0.01 | $0.01 | | Guidance rounding adjustment | $(0.01) | $(0.01) | | GUIDANCE ON ADJUSTED EARNINGS PER SHARE (NON-GAAP) - DILUTED | $1.63 | $1.72 | [Footnotes to Reconciliations](index=9&type=section&id=Footnotes%20to%20Reconciliations) This section provides detailed footnotes explaining specific adjustments made in the GAAP to non-GAAP reconciliations, including restructuring activities and cybersecurity incident costs - Restructuring activities, initiated in July 2023, continued in Q1 2025, including severance, employee-related, and facility exit costs, with a benefit from the sale of previously reserved inventory[30](index=30&type=chunk) - The 'Other' adjustment includes one-time events relating to a cybersecurity incident (net of insurance) and costs associated with the restatement of previously issued financial statements[31](index=31&type=chunk) - During Q1 2024, foreign currency losses of **$3.787 million** on certain intercompany loans were recorded in 'Other expenses, net'[31](index=31&type=chunk)

Core Insights - Repligen Corporation reported a strong start to 2025 with revenues of $169 million, reflecting a 10% year-over-year increase and 14% organic non-COVID growth, alongside a significant expansion in adjusted operating margins [2][6][8] - The company experienced nearly 20% growth in total orders, with all four business franchises achieving double-digit growth, indicating robust business momentum [2][6] - Repligen has updated its financial guidance for the full year 2025, projecting total reported revenue between $695 million and $720 million, with organic growth expectations of 9.5% to 13.5% [10][11] Financial Performance - Q1 2025 financial highlights include: - Revenue of $169 million, a 10% increase from $153 million in Q1 2024 [6][8] - Adjusted operating income rose by 72% year-over-year [6] - GAAP net income was $6 million, compared to $3 million in the prior year [8] - Adjusted earnings per share increased to $0.39 from $0.30 [8] Margin Summary - Gross margin improved to 53.6% in Q1 2025 from 50.1% in Q1 2024 [5][28] - Adjusted operating margin increased to 13.8% from 8.9% year-over-year [5][23] - Adjusted EBITDA margin rose to 19.3% compared to 14.4% in the previous year [5][26] Business Highlights - Revenues from biopharma and consumables grew over 20% year-over-year, reaching record levels excluding COVID-related sales [7] - The acquisition of 908 Devices' bioprocessing portfolio was completed, enhancing Repligen's process analytical technology offerings [7] - The launch of the CTech™ SoloVPE® Plus System introduced next-generation UV-based Variable Pathlength Technology, emphasizing accuracy and ease of use [7] Cash Position - As of March 31, 2025, cash and cash equivalents stood at $697 million, down from $757 million at the end of 2024 [9] Updated Financial Guidance - The updated guidance for FY 2025 includes: - Total reported revenue of $695 million to $720 million [11] - Adjusted net income projected between $92 million and $97 million [11][31] - Adjusted earnings per share expected to be between $1.63 and $1.72 [11][33]