Repligen Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, showing notable changes in revenue, profitability, and strategic developments compared to the previous fiscal period.
For the three months ended September 30, 2024, Repligen generated total revenue of $154.9 million, a 9.7% increase from $141.2 million in the same period of 2023. The nine-month revenue also saw a slight increase, reaching $466.9 million, up from $465.7 million year-over-year. The growth in quarterly revenue was primarily driven by a $12.3 million increase in the filtration franchise, while the nine-month results reflected a $27.5 million increase in the same franchise, offset by declines in the Proteins and Chromatography segments.
Cost of goods sold for the third quarter decreased significantly to $77.4 million, down 26% from $104.6 million in 2023, contributing to an improved gross margin of 50.0%, compared to 25.9% in the prior year. However, total operating expenses rose to $162.7 million, a 19.2% increase from $136.5 million, largely due to a 36% rise in selling, general, and administrative expenses, which included $17.4 million in incremental stock-based compensation related to executive changes.
Repligen reported a net loss of $654,000 for the third quarter, a significant improvement from a net income of $16.9 million in the same quarter of 2023. For the nine months, net income fell to $8.4 million from $52.0 million in the previous year. The basic loss per share for the third quarter was $(0.01), compared to earnings of $0.30 in 2023.
Strategically, Repligen has been active in acquisitions, completing the purchase of Metenova Holding AB for approximately $173 million in October 2023 and FlexBiosys, Inc. for $41 million in April 2023. Additionally, the company announced plans to acquire Tantti Laboratory Inc., expected to close in Q4 2024, which aims to enhance its capabilities in new modality markets.
The company also faced challenges, including a restatement of financial statements due to a material accounting error related to revenue recognition, impacting prior periods. As of September 30, 2024, Repligen's cash and cash equivalents stood at $784.0 million, an increase from $751.3 million at the end of 2023, reflecting a strong liquidity position.
Overall, while Repligen experienced revenue growth in certain segments, it also faced profitability challenges and ongoing adjustments related to its financial reporting and strategic acquisitions.
About REPLIGEN CORP
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