The following is a summary of the Repligen Corporation (RGEN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Q1 2024 revenue was $151 million and Repligen is on track to achieve between $300 million to $310 million in the first half of 2024.
Adjusted gross profit was $74 million, which is a decrease of 27% YoY, resulting in an adjusted gross margin of 48.6%.
Repligen saw a 17% YoY revenue decline mainly due to a $23 million drop in COVID-related revenue.
Adjusted net income was $16 million, showing a YoY decrease.
Adjusted fully diluted earnings per share decreased to $0.28 in Q1 2024 compared to $0.64 during the same period in 2023.
Business Progress:
There was a 20% increase in non-COVID filtration orders and over 10% increase in revenues YoY.
Consumable orders increased by over 10% both sequentially and YoY.
There was a rise in new modality revenue, with a YoY growth of over 15% and an 8% increase in orders.
Successful execution of strategic operations occurred in Q1 2024 through the integration of new acquisition Metenova and the launch of the industry's first fully automated GMP-ready filtration system, RS10.
The recently launched product, RS10, is garnering positive traction due to its suitability for new therapies like gene and mRNA.
Positive signs are seen in consumer trends and the company expects a rebound in the CDMO market, an increase in capital equipment demand, and successful implementation of their products in new modality treatments.
The company also observed positive book-to-bill ratios at 0.99 for the first quarter and 1.03 over the last nine months.
Despite an industry-wide shift towards pre-packed columns, especially among CDMOs and small-medium biotech firms, bigger pharmaceutical companies show mixed responses with Repligen targeting its management structure at these companies for driving adoption.
More details: Repligen IR
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