Repligen(RGEN) - 2023 Q4 - Annual Results

Revenue Performance - Q4 2023 revenue was $155.7 million, a decrease from $186.8 million in Q4 2022, while full-year 2023 revenue was $638.8 million, down from $801.5 million in 2022[8] - Total revenue for Q4 2023 decreased by 17% to $155.7 million compared to $186.8 million in Q4 2022, and full-year revenue declined by 20% to $638.8 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 $8.0 million from $23.8 million in Q4 2022, and by 77% for the full year to $32.2 million from $141.1 million in 2022[26] Profitability Metrics - Q4 2023 gross profit (GAAP) was $67.6 million, compared to $96.1 million in Q4 2022, with adjusted gross profit (non-GAAP) at $76.5 million[8] - Full-year 2023 net income (GAAP) was $41.6 million, down from $186.0 million in 2022, with adjusted net income (non-GAAP) at $98.4 million[8] - Q4 2023 loss per share (GAAP) was ($0.46), compared to earnings of $0.85 in Q4 2022, with adjusted earnings per share (non-GAAP) at $0.33[8] - Adjusted EBITDA (Non-GAAP) for Q4 2023 was $26.2 million, down from $49.1 million in Q4 2022, while full-year Adjusted EBITDA was $128.0 million compared to $246.9 million in 2022[31] - Net loss for Q4 2023 was $25.5 million, compared to a net income of $48.7 million in Q4 2022, with full-year net income dropping to $41.6 million from $186.0 million in 2022[23] - Adjusted net income (Non-GAAP) for Q4 2023 was $18.8 million, down from $39.1 million in Q4 2022, while full-year adjusted net income was $98.4 million compared to $188.6 million in 2022[28] - Adjusted earnings per share (Non-GAAP) for Q4 2023 was $0.33, down from $0.68 in Q4 2022, while full-year adjusted EPS was $1.75 compared to $3.28 in 2022[29] Cash and Investments - Cash, cash equivalents, and short-term investments at December 31, 2023, were $751.3 million, up from $623.8 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 $623.8 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 $209.8 million at the end of 2022[24] Guidance and Forecasts - FY 2024 revenue guidance is $620M - $650M, 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 $30.000 billion[35] - Adjusted Net Income (Non-GAAP) guidance for 2024 is projected between $80.000 billion and $84.000 billion[35] - GAAP Earnings Per Share (Diluted) guidance for 2024 is between $0.46 and $0.53[36] - Adjusted Earnings Per Share (Non-GAAP) guidance for 2024 is expected to be in the range of $1.42 to $1.49[36] 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 $8.2 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 $10.285 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 $10.202 billion, down 7.4% from $11.021 billion in Q4 2022[33] - GAAP SG&A Expense for Q4 2023 increased to $57.512 billion, up 8% from $53.237 billion in Q4 2022[34] - Adjusted SG&A Expense (Non-GAAP) for Q4 2023 was $47.504 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]