REPLIGEN CORP

For the period ended Sep 30, 2024. Filed Nov 18, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 18, 2024

RGEN$173.49+3.0%Stored close · as of Nov 6, 2026

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Contents

Item 1. Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (As Restated)

ANCE SHEETS

(Unaudited, amounts in thousands, except share data)

	September 30,	December 31,
	2024	2023
(As Restated)
ASSETS
Current assets:
Cash and cash equivalents	$783,964	$751,323
Accounts receivable, net of reserves of $1,961 and $2,122 at September 30, 2024 and December 31, 2023, respectively	129,026	124,161
Inventories, net	182,465	202,321
Prepaid expenses and other current assets	36,115	33,541
Total current assets	1,131,570	1,111,346
Noncurrent assets:
Property, plant and equipment, net	202,583	207,440
Intangible assets, net	380,754	406,957
Goodwill	987,620	987,120
Deferred tax assets	101	1,530
Operating lease right of use assets	127,268	115,515
Other noncurrent assets	748	1,277
Total noncurrent assets	1,699,074	1,719,839
Total assets	$2,830,644	$2,831,185
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$21,357	$19,563
Operating lease liability	12,171	5,631
Current contingent consideration	13,936	12,983
Accrued liabilities	60,902	57,313
Convertible Senior Notes due 2024, net	—	69,452
Total current liabilities	108,366	164,942
Noncurrent liabilities:
Convertible Senior Notes due 2028, net	521,607	510,143
Deferred tax liabilities	33,686	39,324
Noncurrent operating lease liability	138,693	126,578
Noncurrent contingent consideration	—	14,070
Other noncurrent liabilities	11,606	11,283
Total noncurrent liabilities	705,592	701,398
Total liabilities	813,958	866,340
Commitments and contingencies (Note 11)
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding	—	—
Common stock, $0.01 par value; 80,000,000 shares authorized; 56,026,725 shares at September 30, 2024 and 55,766,078 shares at December 31, 2023 issued and outstanding	560	558
Additional paid-in capital	1,609,526	1,569,227
Accumulated other comprehensive loss	(34,623)	(37,808)
Retained earnings	441,223	432,868
Total stockholders’ equity	2,016,686	1,964,845
Total liabilities and stockholders’ equity	$2,830,644	$2,831,185

Condensed CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, amounts in thousands, except per share data)

	Three Months Ended September 30,		Nine Months EndedSeptember 30,
	2024	2023	2024	2023
(As Restated) · (As Restated)
Revenue:
Product	$154,834	$141,156	$466,784	$465,630
Royalty and other revenue	37	36	108	111
Total revenue	154,871	141,192	466,892	465,741
Costs and operating expenses:
Cost of goods sold	77,383	104,634	231,088	265,786
Research and development	9,710	10,577	31,523	32,437
Selling, general and administrative	75,610	55,582	202,894	160,954
Contingent consideration	—	(34,292)	—	(31,266)
Total costs and operating expenses	162,703	136,501	465,505	427,911
(Loss) income from operations	(7,832)	4,691	1,387	37,830
Other income (expenses):
Investment income	9,130	6,662	27,534	18,112
Interest expense	(5,122)	(408)	(15,269)	(1,227)
Amortization of debt issuance costs	(429)	(459)	(1,432)	(1,373)
Other income (expenses)	3,104	895	(647)	1,500
Other income, net	6,683	6,690	10,186	17,012
(Loss) income before income taxes	(1,149)	11,381	11,573	54,842
Income tax (benefit) provision	(495)	(5,542)	3,218	2,796
Net (loss) income	$(654)	$16,923	$8,355	$52,046
(Loss) earnings per share:
Basic	$(0.01)	$0.30	$0.15	$0.93
Diluted (Note 13)	$(0.01)	$0.30	$0.15	$0.91
Weighted average common shares outstanding:
Basic	56,012	55,766	55,896	55,688
Diluted (Note 13)	56,012	56,940	56,315	56,933
Net (loss) income	$(654)	$16,923	$8,355	$52,046
Other comprehensive income (loss):
Foreign currency translation adjustment	9,822	(5,880)	3,185	(8,972)
Comprehensive income	$9,168	$11,043	$11,540	$43,074

CONDENSED CONSOLIDATED STATEMENTSOF STOCKHOLDERS’ EQUITY

(Unaudited, amounts in thousands, except share data)

	Common Stock
	Number ofShares	ParValue	AdditionalPaid-In Capital	AccumulatedOther ComprehensiveLoss	RetainedEarnings	TotalStockholders'Equity
Balance at June 30, 2024, as restated	55,902,860	$559	$1,586,447	$(44,445)	$441,877	$1,984,438
Net loss	—	—	—	—	(654)	$(654)
Conversion of debt	100,942	1	(8)	—	—	$(7)
Exercise of stock options and vesting of stock units	26,854	—	577	—	—	$577
Tax withholding on vesting of restricted stock units	(3,931)	—	(545)	—	—	$(545)
Stock-based compensation expense	—	—	23,055	—	—	$23,055
Translation adjustment	—	—	—	9,822	—	$9,822
Balance at September 30, 2024	56,026,725	$560	$1,609,526	$(34,623)	$441,223	$2,016,686

	Common Stock
	Number ofShares	ParValue	AdditionalPaid-In Capital	AccumulatedOther ComprehensiveLoss	RetainedEarnings	TotalStockholders'Equity
Balance at June 30, 2023, as restated	55,744,896	$557	$1,561,393	$(37,486)	$432,395	$1,956,859
Net income, as restated	—	—	—	—	16,923	16,923
Conversion of debt	2	—	(10)	—	—	(10)
Exercise of stock options and vesting of stock units	36,195	1	293	—	—	294
Tax withholding on vesting of restricted stock units	(6,387)	—	(1,038)	—	—	(1,038)
Issuance of common stock pursuant to the acquisition of FlexBiosys, Inc.	—	—	222	—	—	222
Stock-based compensation expense	—	—	6,373	—	—	6,373
Translation adjustment, as restated	—	—	—	(5,880)	—	(5,880)
Balance at September 30, 2023, as restated	55,774,706	$558	$1,567,233	$(43,366)	$449,318	$1,973,743

	Common Stock
	Number ofShares	ParValue	AdditionalPaid-In Capital	AccumulatedOther ComprehensiveLoss	RetainedEarnings	TotalStockholders'Equity
Balance at December 31, 2023, as restated	55,766,078	$558	$1,569,227	$(37,808)	$432,868	$1,964,845
Net income	—	—	—	—	8,355	8,355
Conversion of debt	100,944	1	(115)	—	—	(114)
Exercise of stock options and vesting of stock units	179,335	2	2,364	—	—	2,366
Tax withholding on vesting of restricted stock units	(51,040)	(1)	(9,403)	—	—	(9,404)
Issuance of common stock pursuant to contingent consideration earnout payments	31,408	—	5,742	—	—	5,742
Stock-based compensation expense	—	—	41,711	—	—	41,711
Translation adjustment	—	—	—	3,185	—	3,185
Balance at September 30, 2024	56,026,725	$560	$1,609,526	$(34,623)	$441,223	$2,016,686

	Common Stock
	Number ofShares	ParValue	AdditionalPaid-In Capital	AccumulatedOther ComprehensiveLoss	RetainedEarnings	TotalStockholders'Equity
Balance at December 31, 2022	55,557,698	$556	$1,547,266	$(34,394)	$397,272	$1,910,700
Net income, as restated	—	—	—	—	52,046	52,046
Conversion of debt	8	—	(13)	—	—	(13)
Exercise of stock options and vesting of stock units	212,589	3	353	—	—	356
Tax withholding on vesting of restricted stock units	(69,625)	(1)	(12,177)	—	—	(12,178)
Issuance of common stock pursuant to the acquisition of FlexBiosys, Inc.	31,415	—	5,465	—	—	5,465
Issuance of common stock pursuant to contingent consideration earnout payments	42,621	—	7,229	—	—	7,229
Stock-based compensation expense	—	—	19,110	—	—	19,110
Translation adjustment, as restated	—	—	—	(8,972)	—	(8,972)
Balance at September 30, 2023, as restated	55,774,706	$558	$1,567,233	$(43,366)	$449,318	$1,973,743

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.