Core Viewpoint - Repligen Corporation will report its second quarter 2025 financial results on July 29, 2025, and will host a conference call to discuss these results and business updates [1] Group 1: Financial Reporting - The financial results for the three- and six-month periods ended June 30, 2025, will be discussed during the conference call [1] - A press release will be issued before the market opens on the same day [1] Group 2: Conference Call Details - The conference call can be accessed by dialing toll-free (800) 715-9871 for domestic callers and (646) 307-1963 for international callers, with no passcode required [2] - A webcast will also be available via the Investor Relations section of the Company's website, and both the call and webcast will be archived for later access [2] Group 3: Company Overview - Repligen Corporation is a global life sciences company focused on developing and commercializing innovative bioprocessing technologies for the manufacturing of biological drugs [3] - The company serves biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide, with a focus on areas such as Filtration and Fluid Management, Chromatography, Process Analytics, and Proteins [3] - The corporate headquarters is located in Waltham, Massachusetts, with manufacturing sites primarily in the U.S. and additional key locations in Europe [3]

Financial Performance & Growth - Repligen's revenue grew from $270 million in 2019 to $634 million in 2024[11], representing a 19% 5-year revenue Compound Annual Growth Rate (CAGR)[11] - The company projects revenue between $695 million and $720 million for 2025, indicating a reported growth of 95% - 135%[92] - Adjusted EPS is projected to be $163 - $172 for 2025[92], compared to $158 in 2024[31, 110] - First quarter 2025 revenue was $169 million[88], including $10 million from the 908 Devices acquisition[63], with organic non-COVID growth at 14%[91] Market & Strategy - The biopharma market is estimated at ~$250 billion in 2024[21] - The company estimates its Total Addressable Market (TAM) has increased by 3x from 2020 to 2024[35] - New modalities represent ~18% of 2024 revenue[13, 54] and are growing at >20% year-over-year[16, 91] - The company has a diversified customer base, with the largest customer representing ~6% of FY-24 revenues[56] Acquisitions & Portfolio - Repligen acquired 908 Devices' bioprocessing product portfolio for $70 million in cash[63] - The company has completed 15 acquisitions between 2014 and 2025[11, 41] - The company estimates that ~2% of 1Q25 revenue is from China[101]

Repligen (RGEN) FY Conference Summary Company Overview - Repligen positions itself as an innovation leader in bioprocessing, focusing heavily on R&D to launch unique products that enhance drug manufacturing efficiency, yield, and cost-effectiveness [4][5] - The company has a global manufacturing footprint with approximately 1,700 employees [5] - Sales distribution: 65% clinical and 35% commercial, with 80% of sales coming from monoclonal antibodies (mAbs) and 18% from new modalities [5][6] Market Insights - The mAbs market is projected to reach USD 250 billion in 2024, with a CAGR of 8% to 10% over the next five to ten years [7] - New modalities are expected to grow at a significantly higher CAGR of around 30% [9] - The total addressable market (TAM) for Repligen has increased from USD 4 billion to USD 12 billion over the past few years, indicating substantial growth potential [16][25] Financial Performance - Revenue increased tenfold, with EPS rising from $0.25 to $1.58 [15][16] - The company holds a 5% market share in its total addressable market, indicating significant room for growth [17] - In Q1, organic revenue growth was 14%, with order intake up nearly 20% compared to the previous year [42][43] Strategic Initiatives - Repligen has completed 15 acquisitions over the last several years, enhancing its product portfolio and market position [13][26] - The company aims to double its size in the next few years through organic growth and smaller acquisitions [17] - Focus on digitization and process automation to improve operational efficiency and customer experience [36][40] Product Portfolio - The product portfolio includes filtration, chromatography, and protein products, with a notable shift from protein to filtration as a key growth area [7][26] - New product innovations include ATF technology for process intensification and FlowVPX for inline concentration measurement, which enhance manufacturing efficiency [19][20] Customer Focus - Repligen emphasizes customer-centricity, aiming to improve customer experience and expand relationships across multiple product lines [47][50] - The company has diversified its customer base, reducing reliance on top customers from 81% to one-third of sales [33] Future Outlook - The company is focused on maintaining growth momentum, enhancing customer experience, and expanding margins by targeting a 100 to 200 basis point EBIT expansion in 2025 [48][49] - Continued investment in innovation and integration of recent acquisitions is a priority [50][51] Industry Trends - The bioprocessing market is expected to remain resilient, with significant opportunities in both commercial and clinical sectors [54] - There is a shift towards sourcing early-phase projects from outside the U.S., indicating a changing landscape in biopharma innovation [60][61]

Company Overview - Repligen (RGEN) shares have decreased by approximately 12.2% over the past month, underperforming the S&P 500 [1] - The most recent earnings report is essential to understand the key drivers affecting the stock [1] Earnings Estimates - Estimates for Repligen have trended downward, with a consensus estimate shift of -5.33% in the past month [2] VGM Scores - Repligen has a Growth Score of B, but a low Momentum Score of D, and a Value Score of D, placing it in the bottom 40% for value investment strategy [3] - The overall aggregate VGM Score for Repligen is C, which is relevant for investors not focused on a single strategy [3] Market Outlook - The downward trend in estimates indicates a negative outlook for Repligen, with a Zacks Rank of 3 (Hold), suggesting an expectation of in-line returns in the coming months [4] Industry Comparison - Repligen is part of the Zacks Medical - Biomedical and Genetics industry, where Gilead Sciences (GILD) has seen a 1.8% increase in stock price over the past month [5] - Gilead reported revenues of $6.67 billion for the last quarter, reflecting a year-over-year decline of -0.3%, with an EPS of $1.81 compared to -$1.32 a year ago [5] - For the current quarter, Gilead is expected to report earnings of $1.99 per share, indicating a -1% change from the previous year, with a slight estimate change of -0.1% over the last 30 days [6]

Core Insights - Repligen Corporation has published its 2024 Corporate Sustainability Report themed "Perspectives on Progress," highlighting advancements in sustainability across six key impact areas: Products & Packaging, Operations, Talent, Supply Chain, Communities, and Partnerships & Pathways [1][2] - The report includes disclosures aligned with the United Nations Sustainable Development Goals (UN SDGs) and key reporting frameworks such as the Global Reporting Initiative (GRI) Standards and Sustainability Accounting Standards Board (SASB) [1] Sustainability Highlights - The company transitioned to 100% renewable electricity across all 19 manufacturing sites, representing 100% of total global consumption [6] - Waste generation was reduced by 25%, and total waste intensity decreased by 32% on a normalized-to-revenue basis from 2023 to 2024 [6] - The global Scope 3 emissions inventory was expanded to cover all material emissions categories, increasing from 9 to 11 out of 15 compared to 2023 [6] - Repligen completed the UNGC Network USA Business and Human Rights Accelerator program, integrating the learnings into its corporate sustainability strategy [6] - A new customer-focused Repligen Training and Innovation Center (RTIC) was opened in Waltham, MA [6]

Company Overview - Repligen Corporation is a global life sciences company focused on developing and commercializing innovative bioprocessing technologies and systems that enhance the manufacturing efficiency of biological drugs [3] - The company primarily serves biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide [3] - Key focus areas include Filtration and Fluid Management, Chromatography, Process Analytics, and Proteins [3] Upcoming Event - Repligen will participate in the William Blair 45th Annual Growth Stock Conference from June 3 to June 5 in Chicago [1] - Olivier Loeillot, President and CEO, is scheduled to present a company overview on June 3 at 1:20 p.m. CT [1] - A live webcast of the presentation will be available on Repligen's Investor Relations website and will be accessible for replay for a limited time after the event [2]

Summary of Repligen (RGEN) Conference Call Company Overview - **Company**: Repligen Corporation (RGEN) - **Event**: RBC Capital Markets 2025 Global Healthcare Conference - **Date**: May 20, 2025 Key Points Financial Guidance and Performance - The guidance for Q1 included the acquisition of the nine zero eight devices, contributing approximately $10 million in sales, slightly accretive to gross margin but dilutive to operating margin by 50 basis points [2][3] - Foreign exchange (FX) had a significant impact, initially projected as a 1.5-point headwind but later adjusted to a 0.5-point tailwind, indicating improved conditions [3][5] - Tariffs were not included in the initial guidance, but potential sales increases from surcharges and pricing adjustments were noted, estimated at just under a point of sales increase [5][9] Tariff Impacts - Majority of manufacturing is in the U.S., with 90% of U.S. sales also produced domestically, minimizing tariff impacts [9][10] - Approximately 2% of sales are exposed to China, with less than $5 million in sales exposure anticipated due to tariffs [12][13] - The company is exploring dual manufacturing capabilities in Europe to mitigate potential tariff impacts [16][18] - Customer response to surcharges has been generally positive, with no significant pushback reported [21][22] Market Dynamics and Growth - Repligen reported a 14% growth in Q1, significantly above the high single-digit growth of the bioproduction market, indicating strong performance [29][32] - The company expects organic non-COVID growth to be between 11.5% and 15.5% for the year, aligning with broader market trends [31][32] - The ATF (Alternating Tangential Flow) product line is expected to see growth in the second half of the year, despite tough comparisons in Q1 [34][36] Customer Engagement and Opportunities - Repligen is engaged with nine out of the ten largest Contract Development and Manufacturing Organizations (CDMOs), indicating strong market positioning and potential for expansion [35][36] - The company is optimistic about growth opportunities in China, despite current headwinds, and has strengthened its leadership in the region [45][47] Manufacturing and Capital Deployment - The company is considering expanding U.S. manufacturing capabilities in response to industry trends towards onshoring [48][49] - Repligen has a consistent M&A strategy focused on acquiring differentiated products that can enhance their portfolio, particularly in bioprocessing workflows [56][57] - The company aims for a balance between revenue growth and margin improvement in its acquisition strategy [58][59] Conclusion - Repligen is navigating a complex landscape of tariffs, FX fluctuations, and market dynamics while maintaining a strong growth trajectory. The company is well-positioned to capitalize on opportunities in both domestic and international markets, particularly through strategic acquisitions and enhanced manufacturing capabilities.

Financial Data and Key Metrics Changes - Revenue from continuing operations was $11.8 million, an increase of 59% compared to $7.4 million in the prior year period [6][22] - Adjusted EBITDA loss improved nearly 50% year over year, with a loss of $4.6 million compared to a loss of $5.3 million in the prior year [7][27] - Net loss from continuing operations was $9.8 million, up from $5.9 million in the prior year period [27] - Cash and cash equivalents at the end of the quarter were $124.3 million, with no debt outstanding [28] Business Line Data and Key Metrics Changes - Handheld product and service revenue was $11 million, up 86% from $5.9 million in the prior year, driven by $4 million in revenue from recently acquired FTIR products [22] - Program product and service revenue decreased to $100,000, down $1.4 million year over year [22] - OEM and funded partnership revenue was $700,000, with no comparable revenue recorded in the prior year [24] - Recurring revenue represented 37% of total revenues, amounting to $4.4 million, a 54% increase over the prior year [25] Market Data and Key Metrics Changes - The company is seeing strong interest in modern detection equipment across military and security agencies due to heightened geopolitical tensions [9] - The Texas Department of Public Safety placed a $2 million order for MX908 devices, reflecting urgency in modernizing public safety tools [11] - The EU's Rescue U initiative is prompting member states to build strategic stockpiles of response capabilities, with significant orders from countries like Finland and the Czech Republic [13] Company Strategy and Development Direction - The company is focused on three strategic areas for 2025: market expansion, advancing innovation, and reinforcing financial discipline [10][19] - The transformation aims to position the company in higher growth handheld markets aligned with national security funding and public health responses [5] - The company anticipates positive adjusted EBITDA by Q4 2025 and full-year cash flow positivity in 2026 [19][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the opportunities arising from increased national security funding and public health initiatives [8] - The company expects total revenue growth to accelerate above 20% in 2026, driven by expanding handheld adoption and launching next-generation products [30] - Management reiterated confidence in achieving cash flow breakeven in 2026, supported by a healthy cash balance and streamlined cost structures [28][30] Other Important Information - The company has transitioned its production from Boston to Danbury, Connecticut, which is expected to lower facility costs and improve margins [20][44] - The strategic divestiture of the biopharma desktop portfolio has fortified the company's cash position and reduced operating costs [5][19] Q&A Session Summary Question: Insights on RedWave integration and cross-selling opportunities - Management highlighted successful integration with RedWave, leading to a diversified product portfolio and increased sales team efficiency [38][39] Question: Update on the transition to Danbury and annual savings targets - The transition is progressing well, with expected annual savings of approximately $2 million from the move [44] Question: Timing for full production mode on the AvCAD program - Management expects a decision on full-rate production by the end of the government fiscal year, with potential revenue ramping gradually [51][52] Question: Visibility on government contracts and installed base expansion - Management noted good pipeline development for federal and international opportunities, with a diversified sales approach [70][72] Question: Pricing strategy and capacity utilization in Danbury - Pricing is expected to remain stable for 2025, with immediate cost benefits anticipated from the Danbury facility [75][76]

Financial Data and Key Metrics Changes - Revenue from continuing operations for Q1 2025 was $11.8 million, a 59% increase from $7.4 million in the prior year period, driven by strong device sales [6][23] - Adjusted EBITDA loss improved nearly 50% year over year in Q1 2025 compared to Q1 2024, reflecting the impact of the strategic transformation [7][28] - Net loss from continuing operations for Q1 2025 was $9.8 million, compared to $5.9 million in the prior year period, largely due to a non-cash charge related to the RedWave acquisition [28] Business Line Data and Key Metrics Changes - Handheld product and service revenue was $11 million for Q1 2025, up 86% from $5.9 million in Q1 2024, primarily driven by $4 million in revenue from recently acquired FTIR products [23] - Recurring revenue, which includes consumables, accessories, and service revenue, represented 37% of total revenues, amounting to $4.4 million, a 54% increase year over year [25] - Program product and service revenue decreased to $100,000 in Q1 2025, down $1.4 million year over year due to the completion of initial low-rate production deliveries [23][24] Market Data and Key Metrics Changes - The company is seeing strong interest in modern detection equipment across military and security agencies, particularly in response to heightened geopolitical tensions in Europe [10][14] - The U.S. government has increased its focus on drug interdiction, which is expected to drive future procurement opportunities for the company's handheld devices [8][9] Company Strategy and Development Direction - The company has established three strategic focus areas for 2025: increasing adoption of devices for public health and safety, advancing innovation in analytical tools, and reinforcing financial discipline [11][20] - The transition of production from Boston to Danbury, Connecticut is expected to significantly lower facility costs and improve margins, supporting the path to profitability [21][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive adjusted EBITDA by Q4 2025 and cash flow positivity in 2026, supported by growth drivers and cost savings from facility consolidation [20][31] - The company anticipates total revenue growth to accelerate above 20% in 2026, driven by expanding handheld adoption and launching next-generation products [31] Other Important Information - The company ended Q1 2025 with $124.3 million in cash and cash equivalents, with no debt outstanding, providing a strong financial position to support future growth [29] - The company is focused on maintaining pricing stability for 2025 while monitoring potential tariff impacts [72] Q&A Session Summary Question: Insights on RedWave integration and demand acceleration - Management highlighted successful integration with RedWave, contributing to a diversified revenue stream and strong sales team performance [39][40] Question: Update on the transition to Danbury and annual savings - The transition is progressing well, with expected annual savings of approximately $2 million, with benefits anticipated in the second half of the year [44] Question: Timing for full production mode on AvCAD - Full rate production decision is expected by the end of the government fiscal year, with potential revenue ramping gradually [51][54] Question: Installed base expansion and gross margin benefits - Over 2,800 MX systems are active, with a significant portion under service contracts, and next-gen systems are expected to provide gross margin benefits [57][58] Question: Visibility on government contracts and pricing strategy - Management noted good pipeline development for federal and international opportunities, with pricing expected to remain stable for 2025 [66][72]

Company Overview - Repligen Corporation is a global life sciences company focused on developing and commercializing innovative bioprocessing technologies and systems for manufacturing biological drugs [3] - The company operates primarily in areas such as Filtration and Fluid Management, Chromatography, Process Analytics, and Proteins [3] - Repligen's headquarters is located in Waltham, Massachusetts, with manufacturing sites in the U.S. and additional locations in Estonia, France, Germany, Ireland, the Netherlands, and Sweden [3] Upcoming Events - Repligen will participate in the RBC Capital Markets' 2025 Global Healthcare Conference in New York on May 20-21, where CFO Jason K. Garland will engage in an analyst-led discussion and one-on-one meetings with investors [4] - The company will also attend Craig-Hallum's 22nd Annual Institutional Investor Conference in Minneapolis on May 28, with CFO Jason K. Garland participating in one-on-one meetings [4] Investor Relations - A live webcast of the RBC conference presentation will be available on Repligen's Investor Relations website, with a replay accessible for a limited time after the event [2]