Repligen Corp (RGEN) Reports Q3 2023 Earnings: Revenue Down 30% Y/Y
Repligen Corp (NASDAQ:RGEN) reported Q3 2023 revenue of $141.2M, a decrease of 30% from Q3 2022.
The company's GAAP gross margin was 25.9%, down from 56.9% in Q3 2022.
Repligen Corp (NASDAQ:RGEN) updated its FY 2023 guidance, with total reported revenue expected to be between $635M-$645M.
Net income for Q3 2023 stood at $18.2M, compared to $40.4M in Q3 2022.
Repligen Corp (NASDAQ:RGEN), a leading life sciences company, released its third quarter 2023 financial results on October 31, 2023. Despite the broader challenges that have dominated the industry over the last twelve months, the company saw positive signs of recovery. The order book strengthened by mid-quarter, delivering an overall book-to-bill of 1.07 by quarter end.
Financial Performance
The company reported Q3 2023 revenue of $141.2M, a decrease of 30% compared to $200.7M in Q3 2022. For the nine-month period YTD 2023, the base business accounted for approximately 95% of total revenue. COVID-related revenue accounted for approximately 5%.
Margin Summary
The GAAP gross margin for Q3 2023 was 25.9%, down from 56.9% in Q3 2022. The GAAP operating (EBIT) margin was 3.4%, compared to 26.2% in Q3 2022. Adjusted (Non-GAAP) gross margin was 42.0%, down from 57.0% in Q3 2022, and the adjusted operating (EBIT) margin was 3.7%, down from 29.0% in Q3 2022.
Financial Guidance for Fiscal Year 2023
Repligen Corp (NASDAQ:RGEN) updated its FY 2023 guidance, with total reported revenue expected to be between $635M-$645M, a year-over-year change of (19.5%)-(21%). The company expects a gross margin of 45.5%-46.5% and income from operations to be between $61M-$65M. The company also expects net income to be between $72M-$75M and earnings per share (diluted) to be between $1.26-$1.32.
Balance Sheet Data
As of September 30, 2023, the company had cash, cash equivalents and marketable securities of $630.8M, and a working capital of $615.1M. Total assets were $2.5B, with long-term obligations of $162.2M. The company's accumulated earnings were $464.3M, and stockholders' equity was $1.99B.
Explore the complete 8-K earnings release (here) from Repligen Corp for further details.
This article first appeared on GuruFocus.
