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Repligen(RGEN) - 2023 Q4 - Annual Results
RGENRepligen(RGEN)2024-02-21 12:47

Revenue Performance - Q4 2023 revenue was 155.7million,adecreasefrom155.7 million, a decrease from 186.8 million in Q4 2022, while full-year 2023 revenue was 638.8million,downfrom638.8 million, down from 801.5 million in 2022[8] - Total revenue for Q4 2023 decreased by 17% to 155.7millioncomparedto155.7 million compared to 186.8 million in Q4 2022, and full-year revenue declined by 20% to 638.8millionfrom638.8 million from 801.5 million in 2022[23] - Organic revenue growth (Non-GAAP) for Q4 2023 was -21%, reflecting a decline in base revenue excluding COVID-related and inorganic M&A impacts[25][26] - COVID-related revenue declined by 66% in Q4 2023 to 8.0millionfrom8.0 million from 23.8 million in Q4 2022, and by 77% for the full year to 32.2millionfrom32.2 million from 141.1 million in 2022[26] Profitability Metrics - Q4 2023 gross profit (GAAP) was 67.6million,comparedto67.6 million, compared to 96.1 million in Q4 2022, with adjusted gross profit (non-GAAP) at 76.5million[8]−Full−year2023netincome(GAAP)was76.5 million[8] - Full-year 2023 net income (GAAP) was 41.6 million, down from 186.0millionin2022,withadjustednetincome(non−GAAP)at186.0 million in 2022, with adjusted net income (non-GAAP) at 98.4 million[8] - Q4 2023 loss per share (GAAP) was (0.46),comparedtoearningsof0.46), compared to earnings of 0.85 in Q4 2022, with adjusted earnings per share (non-GAAP) at 0.33[8]−AdjustedEBITDA(Non−GAAP)forQ42023was0.33[8] - Adjusted EBITDA (Non-GAAP) for Q4 2023 was 26.2 million, down from 49.1millioninQ42022,whilefull−yearAdjustedEBITDAwas49.1 million in Q4 2022, while full-year Adjusted EBITDA was 128.0 million compared to 246.9millionin2022[31]−NetlossforQ42023was246.9 million in 2022[31] - Net loss for Q4 2023 was 25.5 million, compared to a net income of 48.7millioninQ42022,withfull−yearnetincomedroppingto48.7 million in Q4 2022, with full-year net income dropping to 41.6 million from 186.0millionin2022[23]−Adjustednetincome(Non−GAAP)forQ42023was186.0 million in 2022[23] - Adjusted net income (Non-GAAP) for Q4 2023 was 18.8 million, down from 39.1millioninQ42022,whilefull−yearadjustednetincomewas39.1 million in Q4 2022, while full-year adjusted net income was 98.4 million compared to 188.6millionin2022[28]−Adjustedearningspershare(Non−GAAP)forQ42023was188.6 million in 2022[28] - Adjusted earnings per share (Non-GAAP) for Q4 2023 was 0.33, down from 0.68inQ42022,whilefull−yearadjustedEPSwas0.68 in Q4 2022, while full-year adjusted EPS was 1.75 compared to 3.28in2022[29]CashandInvestments−Cash,cashequivalents,andshort−terminvestmentsatDecember31,2023,were3.28 in 2022[29] Cash and Investments - Cash, cash equivalents, and short-term investments at December 31, 2023, were 751.3 million, up from 623.8millionattheendof2022[11]−Cash,cashequivalents,andmarketablesecuritiesincreasedto623.8 million at the end of 2022[11] - Cash, cash equivalents, and marketable securities increased to 751.3 million as of December 31, 2023, up from 623.8millionattheendof2022[24]Long−termObligations−Long−termobligationsrosesignificantlyto623.8 million at the end of 2022[24] Long-term Obligations - Long-term obligations rose significantly to 695.0 million as of December 31, 2023, compared to 209.8millionattheendof2022[24]GuidanceandForecasts−FY2024revenueguidanceis209.8 million at the end of 2022[24] Guidance and Forecasts - FY 2024 revenue guidance is 620M - 650M,withayear−over−yearchangeof(3650M, with a year-over-year change of (3%) - 2%[13] - FY 2024 adjusted EBITDA margin guidance is 18% - 19%[13] - Guidance for GAAP Net Income in 2024 ranges from 26.000 billion to 30.000billion[35]−AdjustedNetIncome(Non−GAAP)guidancefor2024isprojectedbetween30.000 billion[35] - Adjusted Net Income (Non-GAAP) guidance for 2024 is projected between 80.000 billion and 84.000billion[35]−GAAPEarningsPerShare(Diluted)guidancefor2024isbetween84.000 billion[35] - GAAP Earnings Per Share (Diluted) guidance for 2024 is between 0.46 and 0.53[36]−AdjustedEarningsPerShare(Non−GAAP)guidancefor2024isexpectedtobeintherangeof0.53[36] - Adjusted Earnings Per Share (Non-GAAP) guidance for 2024 is expected to be in the range of 1.42 to 1.49[36]ProductLaunchesandAcquisitions−ThecompanylaunchedTangenX®SC,theindustry′sfirstholder−free,self−containedTangentialFlowFiltration(TFF)device[6]−TheacquisitionofMetenovaABcontributed1.49[36] Product Launches and Acquisitions - The company launched TangenX® SC, the industry's first holder-free, self-contained Tangential Flow Filtration (TFF) device[6] - The acquisition of Metenova AB contributed 5 million in revenue in Q4 2023, meeting expectations[6] Restructuring and Costs - Restructuring costs impacted Q4 2023 results with 8.2millioninadjustments,contributingtoatotalof8.2 million in adjustments, contributing to a total of 32.2 million for the full year[27][28] - Restructuring activities in Q4 2023 included inventory adjustments and manufacturing facility consolidation, with costs related to severance and employee-related expenses[39] R&D and SG&A Expenses - GAAP R&D Expense for Q4 2023 was 10.285billion,adecreaseof7.510.285 billion, a decrease of 7.5% compared to 11.113 billion in Q4 2022[33] - Adjusted R&D Expense (Non-GAAP) for Q4 2023 was 10.202billion,down7.410.202 billion, down 7.4% from 11.021 billion in Q4 2022[33] - GAAP SG&A Expense for Q4 2023 increased to 57.512billion,up857.512 billion, up 8% from 53.237 billion in Q4 2022[34] - Adjusted SG&A Expense (Non-GAAP) for Q4 2023 was 47.504billion,an8.147.504 billion, an 8.1% increase from 43.947 billion in Q4 2022[34] Other Financial Items - Foreign currency gains on intercompany loans in Q4 2023 amounted to $7.743 billion, recorded under Other income (expenses), net[39] Order Strength - Q4 2023 book-to-bill ratio was 1.03, indicating continued order strength[5]