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Repligen Corp (RGEN)
NASDAQ:RGEN
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Repligen
(NASDAQ:RGEN)64Neutral
Positive Factors
Acquisition Strategy
The acquisition of 908 Devices' bioprocessing desktop assets for $70 million strengthens Repligen's position in process analytical technology applications.
Financial Performance
Repligen shares closed up about 8%, reflecting a strong 2025 outlook and confidence in its ability to grow above market expectations.
Negative Factors
Foreign Exchange Impact
Base business and organic growth were both up 13% year over year, despite a 2% foreign exchange headwind.
Repligen (RGEN) vs. S&P 500 (SPY)
Market Cap
$8.92B
Dividend YieldN/A
Average Volume (3M)633.31K
Price to Earnings (P/E)―
Beta (1Y)1.33
Revenue Growth-2.91%
EPS Growth-108.02%
CountryUS
Employees1,783
SectorHealthcare
Sector Strength74
IndustryMedical Equipment & Supplies
Share Statistics
EPS (TTM)-0.46
Shares Outstanding56,026,726
10 Day Avg. Volume790,473
30 Day Avg. Volume633,309
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)14.48
Price to Cash Flow (P/CF)45.20
P/FCF Ratio52.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$192.70Price Target Upside24.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
Repligen Business Overview & Revenue Model
Company DescriptionRepligen Corporation is a global life sciences company that focuses on the development and commercialization of high-value consumable products used in the process of manufacturing biologic drugs. The company operates primarily within the bioprocessing sector, offering products such as filtration systems, chromatography products, and analytics tools that support the production of monoclonal antibodies, recombinant proteins, vaccines, and gene therapies.
How the Company Makes MoneyRepligen makes money through the sale of its bioprocessing products, which are critical components in the manufacturing workflows of biologic drugs. The company's revenue streams are driven by its portfolio of filtration systems, chromatography products, and analytical tools, which are widely used by pharmaceutical and biotechnology companies in their production processes. Repligen benefits from long-term relationships and partnerships with major biopharmaceutical companies, which ensure recurring demand for its consumable products. Additionally, the company invests in research and development to innovate and expand its product offerings, which can lead to increased sales and market share within the bioprocessing industry.
Repligen Financial Statement Overview
Summary
Repligen's financial performance shows a mixed picture. The company has a solid cash flow and a stable balance sheet with low leverage. However, it faces challenges with negative net income, shrinking revenues, and negative ROE. The company's strong equity base provides some resilience, yet the profitability and revenue decline issues need addressing.Income Statement
Repligen's income statement shows significant volatility. The TTM (Trailing-Twelve-Months) data indicates a net loss, leading to negative net and EBIT margins, despite a healthy EBITDA margin of 14.17%. The gross profit margin stands at 46.88%. Revenue growth is a concern, with a significant decline compared to the previous year.55
Neutral
Balance Sheet
The balance sheet reveals a strong equity position, with an equity ratio of 71.24%, indicating financial stability. However, the debt-to-equity ratio of 0.33 suggests moderate leverage. Return on Equity (ROE) is currently negative due to recent net losses, which is a concern.65
Positive
Cash Flow
Repligen's cash flow statement highlights robust free cash flow growth, reflecting strong operational cash flow management. The operating cash flow to net income ratio is favorable, but the free cash flow to net income ratio is skewed by the negative net income figure.72
Positive
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 778.77M | 632.36M | 801.54M | 670.53M | 366.26M | 270.25M | Gross Profit |
| 452.61M | 308.83M | 455.71M | 391.25M | 209.63M | 151.15M | EBIT |
| 205.79M | 47.70M | 133.61M | 133.50M | 42.54M | 14.90M | EBITDA |
| 241.34M | 127.77M | 246.93M | 211.56M | 101.62M | 58.43M | Net Income Common Stockholders |
| 159.43M | 35.60M | 185.96M | 128.29M | 59.93M | 21.41M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 751.32M | 751.32M | 623.76M | 603.81M | 717.29M | 528.39M | Total Assets |
| 2.83B | 2.83B | 2.52B | 2.36B | 1.90B | 1.40B | Total Debt |
| 711.80M | 711.80M | 422.96M | 366.05M | 275.42M | 263.32M | Net Debt |
| -39.52M | -39.52M | -100.50M | -237.76M | -441.88M | -265.07M | Total Liabilities |
| 866.34M | 866.34M | 613.96M | 608.29M | 373.74M | 340.35M | Stockholders Equity |
| 1.97B | 1.97B | 397.27M | 1.75B | 65.77M | 5.84M |
| Cash Flow | Free Cash Flow | ||||
| 41.48M | 74.93M | 38.74M | 47.74M | 36.28M | 44.06M | Operating Cash Flow |
| 140.94M | 113.92M | 172.08M | 119.02M | 62.63M | 67.22M | Investing Cash Flow |
| -249.41M | -123.28M | -233.24M | -221.17M | -201.38M | -205.31M | Financing Cash Flow |
| -14.21M | 248.96M | -13.34M | 961.00K | 305.92M | 484.87M |
Repligen Technical Analysis
Negative
154.81
Price Trends
156.08
Negative
149.70
Positive
146.66
Positive
Market Momentum
0.03
Negative
47.39
Neutral
47.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RGEN, the sentiment is Negative. The current price of 154.81 is below the 20-day moving average (MA) of 155.73, below the 50-day MA of 156.08, and above the 200-day MA of 146.66, indicating a neutral trend. The MACD of 0.03 indicates Negative momentum. The RSI at 47.39 is Neutral, neither overbought nor oversold. The STOCH value of 47.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for RGEN.
Repligen Risk Analysis
Repligen disclosed 41 risk factors in its most recent earnings report. Repligen reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Repligen Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $194.88B | 31.23 | 12.78% | 0.30% | 0.05% | 6.87% | |
65 Neutral | $147.01B | 38.89 | 7.87% | 0.53% | -13.50% | -17.25% | |
64 Neutral | $8.92B | ― | -1.03% | ― | -2.91% | -108.02% | |
63 Neutral | $21.87B | 34.35 | 34.88% | ― | 0.07% | -1.20% | |
49 Neutral | $7.05B | 0.34 | -55.09% | 2.46% | 25.27% | -3.43% | |
49 Neutral | $13.45B | ― | -51.54% | ― | -2.93% | -4.69% | |
48 Neutral | $7.11B | ― | -28.07% | ― | -3.92% | -202.80% |
* Healthcare Sector Average
Performance Comparison
RGEN
Repligen
154.81
-40.32
-20.66%
BIO
Bio-Rad Laboratories
250.50
-82.75
-24.83%
DHR
Danaher
205.91
-45.90
-18.23%
ILMN
Illumina
84.89
-46.43
-35.36%
TMO
Thermo Fisher
516.57
-73.32
-12.43%
WAT
Waters
368.05
19.05
5.46%
Repligen Earnings Call Summary
Earnings Call Date: Feb 20, 2025 | % Change Since: 2.71% | Next Earnings Date: Apr 30, 2025
Earnings Call Sentiment Positive
Repligen's earnings call highlighted strong growth in the CDMO and equipment segments, successful execution of strategic priorities, and positive outlook for 2025. However, challenges in China and the protein segment, along with restructuring charges, were notable lowlights. Despite these challenges, the positive aspects, including strong revenue growth and strategic achievements, outweigh the negatives.Highlights
Strong Fourth Quarter Revenue
Repligen achieved a fourth quarter revenue of $167.5 million and full year revenue of $634.4 million, despite a $3.5 million exchange rate headwind, with a 13% revenue growth ex-COVID in Q4 versus the previous year.
CDMO and Equipment Segment Growth
Significant improvement in the CDMO business with sales and orders up high double digits sequentially. Equipment sales and orders also up more than 30% sequentially, contributing to overall growth.
Filtration and Analytics Performance
Filtration revenue and orders were strong, with the filtration franchise growing 14% for the full year. Analytics had a record quarter, with an 11% sequential and 8% year-over-year sales increase.
Strategic Priorities Achieved
Repligen executed on strategic priorities, including increasing the high probability funnel by 16% and launching innovative products like the KrosFlow RS 10 RPM system and AVIPure double-stranded RNA resin.
2025 Financial Guidance
Repligen projects 2025 revenue growth of 8% to 12% on a reported basis, with potential foreign exchange headwinds, aiming for low double-digit growth excluding COVID.
Lowlights
Challenges in China and Protein Segment
China sales were a $25 million headwind in 2024, with China representing about 3% of full year revenue, down from 7% in 2023. The protein segment saw a 28% decline in revenue.
Impact of COVID-19 on Margins
Adjusted gross margin decreased by 1.8 percentage points due to COVID-19 sales last year, impacting the 2024 adjusted gross margin.
Restructuring and Inventory Charges
Repligen incurred approximately $45 million in nonrecurring restructuring and inventory-related charges, including noncash inventory write-offs from product rationalization.
Small Biotech Funding Environment
The funding environment for small biotech remains challenging, with total funding decreasing each quarter in 2024.
Company Guidance
During the Repligen Corporation's Fourth Quarter 2024 Earnings Conference Call, financial guidance for 2025 was provided. The company anticipates revenue growth between 8% to 12% on a reported basis, translating to $685 million to $710 million, with non-COVID revenue expected to increase by 10% to 14%. Adjusted gross margins are projected to be 51% to 52%, reflecting a 100 to 200 basis point expansion from 2024. Operating income margins are expected to improve to 14% to 15%, driven by volume leverage, pricing, and productivity, despite inflationary pressures. The adjusted EBITDA margin is forecasted to be 20% to 21%. The effective tax rate is anticipated to rise to 22% to 23%. Overall, the company is optimistic about achieving these targets due to strong order momentum, market recovery, and strategic priorities centered on innovation, margin expansion, and growth in Asia.Repligen Corporate Events
M&A TransactionsBusiness Operations and StrategyFinancial Disclosures
Repligen Reports Strong Q3 2024 with Revenue Growth
Positive
Nov 12, 2024
Repligen Corporation reported a robust third quarter of 2024, with a 10% increase in revenue to $155 million year-over-year. The company experienced significant growth in the CDMO segment and equipment sales, each up by approximately 20%, and announced the acquisition of chromatography innovator Tantti Laboratory Inc. Repligen also opened a new Training and Innovation Center, enhancing its bioprocessing technology showcase. The adjusted net income reached $24 million, with a positive outlook for the upcoming year.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.