Business
Repligen Reports Second Quarter 2024 Financial Results
Reports second quarter revenue of $154 millionSecond quarter orders of $157 millionBook-to-bill 1.02 for the quarter, 1.01 year-to-dateAchieved first half
About this update from Repligen Corporation
[{"type":"text","content":"Reports second quarter revenue of $154 millionSecond quarter orders of $157 millionBook-to-bill 1.02 for the quarter, 1.01 year-to-dateAchieved first half revenue and order targetsNarrows revenue guidance within previous range for fiscal year 2024; adjusted EPS guidance unchanged WALTHAM, Mass., July 30, 2024 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its second quarter (Q2) of 2024, covering the three- and six- month periods ended June 30, 2024. Provided in this press release are financial performance highlights, updates to our guidance for the full year 2024 and access information for today’s webcast and conference call. Tony J. Hunt, Chief Executive Officer of Repligen said, “We delivered solid second quarter revenue of $154 million and first half revenue of $305 million, achieving our year-to-date sales target. We are very encouraged by orders in the quarter, with continued strength in Pharma demand and a pickup in CDMO activity. New modalities continued to show strong year-over-year momentum in both revenue and orders. Strategically, we strengthened our Proteins business with new product launches and our pending acquisition of Tantti Laboratory. We continue to expect the second half of 2024 to outpace the first half on both revenue and orders. While we are narrowing our revenue guidance to reflect incremental China weakness, we are confident in Repligen’s ability to resume above-industry growth in the second half of 2024 and into 2025.” Q2 2024 BUSINESS HIGHLIGHTS CEO Transition. Announced transition of Tony J. Hunt from Chief Executive Officer (“CEO”) to Executive Chair and appointment of Olivier Loeillot to succeed Mr. Hunt in the role of President and Chief Executive Officer, effective September 1, 2024.M&A. Announced that we entered into a definitive agreement post quarter-end (July 29) to acquire chromatography innovator Tantti Laboratory Inc., strategically supporting our Proteins and Chromatography franchises. New modalities momentum. Year-over-year, sales increased 5%, and new modalities book-to-bill was greater than 1.1. First half of year sales were up 10% and orders increased by greater than 20%.New products. Launched the DurA Cycle affinity resin for large-scale purification processes in part...