Business
Repligen Reports Third Quarter 2020 Financial Results and Updates Full Year 2020 Financial Guidance
Reports record quarterly revenue of $94.1 million with strong margin expansionOverall revenue grew 35% year-over-year, with organic growth of 31% Raises
About this update from Repligen Corporation
[{"type":"text","content":"Reports record quarterly revenue of $94.1 million with strong margin expansionOverall revenue grew 35% year-over-year, with organic growth of 31% Raises revenue guidance to $348-$352 million and overall revenue growth to 29%-30% for full year 2020, representing 23%-24% organic growthCompletes acquisition of Non-Metallic Solutions and announces agreement to acquire bioprocess systems innovator ARTeSYN Biosolutions WALTHAM, Mass., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its third quarter of 2020. Provided in this press release are financial highlights for the three- and nine- month periods ended September 30, 2020, updates to our financial guidance for the fiscal year 2020 and access information for today’s webcast and conference call.\n Tony J. Hunt, President and Chief Executive Officer said, “We are pleased with our momentum during the third quarter, reporting over $94 million in revenue and robust organic growth of 31%. COVID programs accounted for approximately 14% of revenue during the quarter, and approximately 55% of revenue growth. We continued to see strong revenue and order demand as both COVID customers and gene therapy accounts drove accelerated growth across our franchises, with Filtration performing exceptionally well. Direct product orders were up over 100% year-on-year, positioning us well for an excellent finish to 2020 and a strong start to 2021.” Mr. Hunt added, “In addition to our strong business performance we were delighted to close on our deal to acquire Non-Metallic Solutions and also sign an agreement to acquire ARTeSYN Biosolutions. These acquisitions broaden and strengthen our systems strategy - where single-use systems and consumables - including flow path assemblies - come together for an enhanced customer offering with meaningful process and yield advantages.” Financial Highlights for the Third Quarter 2020 Revenue increased by 35% year-over-year as reported and 31% organically, to reach a quarterly record $94.1 million.Gross margin (GAAP) was 57.9%, an increase of 3.1 points, and adjusted gross margin (non-GAAP) was 58.0%, an increase of 1.9 points compared to third quarter of 2019.Operating margin (GAAP) was 22.3%, an increase of 10.8 points, and adjusted operat...