Repligen Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Repligen Corporation reported a total revenue of $168 million for Q4 2024, reflecting a 1$634 million, which is flat compared to the previous year [5][20][23] - The company experienced a 13% revenue growth in Q4 2024 when excluding COVID-related revenue, with total orders outpacing sales by 6% [2][5] - Repligen provided financial guidance for 2025, expecting total reported revenue to be between $685 million and$710 million, representing an 8% to 12% growth [10][9] Financial Performance - Q4 2024 GAAP gross profit was $39 million, down from$78 million in Q4 2023, while adjusted gross profit was $85 million compared to$87 million in the prior year [6][4] - The company reported a GAAP net loss of $34 million for Q4 2024, compared to a loss of$16 million in Q4 2023, with adjusted net income of $25 million versus$27 million [6][21] - For the full year 2024, GAAP net loss was $26 million, compared to a profit of$36 million in 2023, while adjusted net income was $89 million, down from$93 million [6][21] Business Highlights - Orders for Contract Development and Manufacturing Organizations (CDMOs) and capital equipment increased approximately 15% and 30% sequentially, indicating a recovery in these markets [6][2] - The company completed the acquisition of Tantti Laboratory Inc, enhancing its chromatography offerings [6][2] - Repligen launched AVIPure dsRNA resin, the first affinity resin for the removal of double-stranded RNA, targeting mRNA-based therapeutics and vaccines [6][2] Margin Summary - Q4 2024 GAAP gross margin was 23.2%, significantly lower than 47.1% in Q4 2023, while adjusted gross margin was 50.7%, down from 52.5% [7] - The operating (EBIT) margin for Q4 2024 was -21.8%, compared to 5.9% in Q4 2023, while the adjusted operating margin was 14.9%, down from 17.8% [7] Cash Position - As of December 31, 2024, cash and cash equivalents stood at $757 million, slightly up from$751 million at the end of 2023 [7]