Repligen(RGEN) - 2024 Q2 - Quarterly Results

Financial Restatement - The restatement will result in an overstatement of Q1 2023 product revenues by $17.3 million and an understatement of Q4 2023 product revenues by$10.7 million, leading to an aggregate overstatement of $6.6 million for the year ended December 31, 2023[8]. - The anticipated financial impact of the restatement includes an understatement of Q1 2024 product revenues by$1.8 million and Q2 2024 product revenues by $4.8 million[8]. - The company will restate its consolidated financial statements for the year ended December 31, 2023, and for the quarterly periods ended March 31, 2023, June 30, 2023, and September 30, 2023[10]. - The company has not yet finalized the quantification of the income tax expense/benefit impact of the restatement for each respective quarterly or annual period[8]. Revenue Guidance - The company reaffirms its full year 2024 revenue guidance, updating the range to$627 million to $642 million, which includes the previously understated$6.6 million in the first half of 2024[9]. Internal Controls - The company identified a material weakness in internal control over financial reporting related to revenue recognition under ASC 606[11]. - The company is undergoing an internal review to assess the effectiveness of its internal controls and may identify further required changes[11]. Operational Impact - The restatement does not impact the company's overall business operations or previously reported cash and cash equivalent balances[5]. - All open purchase order product units were fully delivered to the customer by June 30, 2024, indicating no anticipated impact of the revenue recognition change beyond this date[7]. One-time Payment - The company received a one-time cash payment of $17.3 million in April 2023 due to the cancellation of two COVID-related non-cancellable product purchase orders[6].