Repligen's Q4 Earnings Beat Estimates, Revenues In Line

Core Viewpoint - Repligen Corporation reported a mixed performance in Q4 2024, with adjusted earnings per share beating estimates but showing a decline compared to the previous year, alongside modest revenue growth and a decrease in margins [1][10]. Financial Performance - Adjusted earnings per share for Q4 2024 were 44 cents, surpassing the Zacks Consensus Estimate of 41 cents, but down from 48 cents in the same quarter last year [1][10]. - Total revenues reached $168 million, reflecting a 0.6% year-over-year increase, and a 3% organic growth when excluding acquisition and currency impacts [2][10]. - Product revenues amounted to $167.4 million, up 0.7% from the previous year, while royalty and other revenues fell by 44.4% to $0.15 million [4][10]. Business Segments - The company's base business is categorized into four franchises: filtration, chromatography, protein, and process analytics, with no COVID-related or acquisition-related revenues reported in Q4 [5]. - CDMO sales increased approximately 40% year-over-year, and equipment business revenues rose about 20%, with both categories also showing sequential growth [6]. Costs and Margins - Adjusted gross margin was 50.7%, down from 52.5% in the prior year [7]. - Adjusted research and development expenses rose by 11.7% to approximately $11.4 million, while selling, general, and administrative expenses increased by 2.1% to $48.5 million [7]. - Adjusted operating income was $25 million, compared to $30 million in the same quarter last year, resulting in an adjusted operating margin of 14.9%, down from 17.8% [7][9]. Cash Position - As of December 31, 2024, the company had cash and cash equivalents of $757 million, a decrease from $784 million as of September 30, 2024 [9]. Full-Year Results - For the full year 2024, Repligen generated revenues of $634.4 million, reflecting a growth of approximately 0.3% year-over-year, with adjusted earnings per share declining from $1.65 to $1.58 [10]. 2025 Guidance - The company anticipates total revenues in the range of $685-$710 million for 2025, with adjusted EPS expected between $1.67 and $1.76 [11]. - An adjusted gross margin of 51% to 52% is projected for 2025, along with adjusted operating income expected to be between $99 million and $106 million [11].