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Repligen (RGEN) Q3 FY2023 earnings: revenue $141 million, down 29.7% on the year

Repligen Corp. (RGEN) reported revenue of $141 million for Q3 FY2023, the quarter ended 30 September 2023, down 29.7% on the same quarter a year earlier. Net income was $17 million, down 58.1% on the year, and diluted earnings per share $0.32. The figures are the company's own, from the 10-Q it filed with the SEC on 31 October 2023.

Revenue$141 milliondown 29.7%
Net income$17 milliondown 58.1%
Diluted EPS$0.32
QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Revenue141n/an/an/a
Cost of revenue105n/an/an/a
Gross profit36.6n/an/an/a
Gross margin25.9%n/an/a
Research and development10.6n/an/an/a
Selling, general and administrative55.6n/an/an/a
Operating income4.7n/an/an/a
Operating margin3.3%n/an/a
Interest expense0.3n/an/an/a
Pre-tax income11.4n/an/an/a
Income tax-5.5n/an/an/a
Effective tax rate-48.7%n/an/a
Net income16.9n/an/an/a
Net margin12.0%n/an/a
Diluted EPS$0.32n/an/an/a
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Operating cash flow39.2n/an/an/a
Capital expenditure8.4n/an/an/a
Free cash flow30.8n/an/an/a
Free cash flow margin21.8%n/an/a
Cash from investing-8.8n/an/an/a
Cash from financing-0.8n/an/an/a
Depreciation and amortisation19.7n/an/an/a
Share-based compensation6.4n/an/an/a
Diluted shares, weighted57mn/an/an/a
Shares outstanding at period end56mn/an/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2023Quarter beforeA year earlierChange on the year
Shareholders' equity1,989n/an/an/a
Operating lease liabilities131n/an/an/a
Other liabilities395n/an/an/a
Total liabilities and equity2,514n/an/an/a
Fixed assets202n/an/an/a
Goodwill869n/an/an/a
Intangible assets344n/an/an/a
Cash and equivalents631n/an/an/a
Receivables106n/an/an/a
Inventory211n/an/an/a
Other assets151n/an/an/a
Total assets2,514n/an/an/a

Quarterly results, the last 12 quarters

Q3 FY2023 †Q4 FY2023 * †Q1 FY2024 †Q2 FY2024 †Q3 FY2024Q4 FY2024 * †Q1 FY2025 †Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue141167153159155168169182189198194204
Cost of revenue10588.176.477.377.412977.889.488.394.186.094.1
Gross profit36.678.576.881.577.538.891.493.0101104108110
Gross margin26%47%50%51%50%23%54%51%53%52%56%54%
R&D10.610.311.210.69.711.712.114.014.213.114.514.4
SG&A55.657.661.765.575.660.670.770.973.774.476.576.6
Operating income4.79.93.85.5-7.8-36.56.613.916.817.915.914.0
Operating margin3%6%2%3%-5%-22%4%8%9%9%8%7%
Interest expense0.31.14.95.05.15.55.25.45.45.55.65.7
Pre-tax income11.41.93.79.0-1.1-38.67.918.217.119.11.814.2
Tax rate-49%982%11%37%n/an/a27%18%13%30%-370%65%
Net income16.9-16.43.35.7-0.7-33.95.814.914.913.38.35.0
Net margin12%-10%2%4%-0%-20%3%8%8%7%4%2%
Diluted EPS$0.32-$0.46$0.04$0.06-$0.01-$0.60$0.10$0.26$0.26$0.23$0.15$0.09
Operating cash flow39.229.144.742.249.339.215.028.648.125.728.332.8
Capital expenditure8.411.18.34.87.05.53.67.14.78.24.75.3
Free cash flow30.818.036.437.442.333.611.421.543.417.623.627.4
Shares outstanding56m56m56m56m56m56m56m56m56m56m56m56m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 31 October 2023, accession 0000950170-23-056871: the filing on EDGAR. All of Repligen Corp.'s filings: EDGAR company page.

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