Repligen Q1 2025 Earnings Summary

Repligen reported first quarter 2025 revenue of $169 million, a 10% year-over-year increase (14% organic growth excluding COVID-related revenue). Growth was supported by strong double-digit gains across all four business franchises. Orders increased nearly 20% compared to the prior year, and adjusted operating income rose 72% year-over-year.

Key figures:
- Total revenue: $169 million (up from $153 million in Q1 2024)
- GAAP gross profit: $91 million (up from $77 million)
- Adjusted gross margin: 53.7% (up from 49.2%)
- GAAP operating income: $6.6 million
- Adjusted operating income: $23.4 million
- GAAP EPS (diluted): $0.10 (up from $0.06)
- Adjusted EPS (diluted): $0.39 (up from $0.30)
- Adjusted EBITDA: $32.7 million, representing a margin of 19.3%

Business highlights:
- Strong performance in biopharma and consumables, both growing more than 20% year-over-year.
- Acquisition of 908 Devices’ bioprocessing portfolio enhanced upstream analytics capabilities.
- Launched CTech SoloVPE Plus System for improved UV-based measurements.

Financial position:
- Cash and cash equivalents stood at $697 million as of March 31, 2025.
- Working capital totaled $880 million.
- Stockholders' equity was $1.99 billion.

2025 guidance (unchanged):
- Revenue: $695 million to $720 million (9.5% to 13.5% growth)
- Organic non-COVID revenue growth: 11.5% to 15.5%
- Adjusted EPS (diluted): $1.63 to $1.72
- Adjusted EBITDA margin: 19.5% to 20.5%

Repligen reported fourth-quarter revenue of $168 million and full-year revenue of $634 million for 2024, with orders growing ahead of sales in the final quarter. The company provided 2025 guidance of 8% to 12% reported revenue growth and 10% to 14% growth excluding COVID-related revenue.

CEO Olivier Loeillot highlighted strong order momentum, particularly in the CDMO and capital equipment markets, which saw sequential revenue increases of approximately 20% and 30%, respectively. Repligen also closed its acquisition of Tantti Laboratory Inc., expanding its chromatography capabilities, and launched AVIPure® dsRNA resin, a novel solution for mRNA-based therapeutics.

Financially, adjusted gross profit for the fourth quarter was $85 million, down slightly from $87 million in 2023, while full-year adjusted gross profit increased to $320 million from $310 million. GAAP net loss for Q4 was $34 million compared to $16 million the previous year, impacted by $45 million in restructuring and inventory charges. Adjusted net income for Q4 was $25 million, down from $27 million, while full-year adjusted net income was $89 million compared to $93 million.

Margins were affected by restructuring costs, with GAAP gross margin at 23.2% for Q4 compared to 47.1% in 2023, though adjusted gross margin remained strong at 50.7%. Cash and cash equivalents stood at $757 million at year-end, reflecting stable liquidity. The company remains optimistic about bioprocessing market growth and expects continued momentum in 2025.