Repligen Expects Slower Growth In APAC, Builds Portfolio On Heels Of FlexBiosys Deal

Zinger Key Points
  • The company expects 2023 to be a challenging year due to a slower recovery in order growth in Asia Pacific.
  • Total reported revenue is expected to see a 5% downward adjustment to the previous guidance of $760-$800 million.
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Repligen Corp RGEN reported Q1 FY23 sales of $182.66 million, down 12% Y/Y as reported, beating the consensus of $181.43 million

  • Adjusted EPS fell 30.4% to $0.64, beating the consensus of $0.59.
  • The company expanded its single-use fluid management offering by acquiring FlexBiosys Inc recently. "Strategically, we continue to build out our Fluid Management portfolio with the April acquisition of FlexBiosys, adding single-use bags to our suite of products," Chief Executive Officer J. Hunt said.
  • Adjusted gross profit in Q1 was $100.8 million, down 19% Y/Y. The adjusted gross margin contracted 520 basis points to 55.2%, compared to 60.4% a year ago.
  • Adjusted EBITDA in Q1 was $48.9 million, lower than $72.2 million a year ago.
  • The cash and equivalents were $618 million.
  • The company expects 2023 to be a challenging year due to a slower recovery in order growth in Asia Pacific, particularly in China.
  • FY23 Guidance: Repligen lowered its guidance for FY23.
  • Total reported revenue is expected to be in the range of $720-$760 million, a 5% downward adjustment to the previous guidance of $760-$800 million. The consensus estimate stands at $779.98 million.
  • The gross margin is expected to be 52%-53%, compared with previous guidance of 52.5%-53.5%.
  • The company forecasts adjusted EPS of $2.35-$2.42, lower than the previous guidance of $2.61-$2.69. The consensus stands at $2.64.

Price Action: RGEN shares are up 5.5% at $161.98 during the market session on the last check Tuesday.

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