Repligen total revenue increases to $7,165,000 for quarter ended December 31, 2011

Published on March 17, 2012 at 12:45 AM · No Comments

Repligen Corporation (NASDAQ:RGEN) today reported financial results for the quarter and nine-month fiscal year ended December 31, 2011. These results reflect significant accomplishments of the Company during the period, highlighted by the completion of our acquisition of Novozymes Biopharma Sweden AB on December 20, 2011 and the successful filing of the Company's first new drug application (NDA) for SecreFlo™ on December 21, 2011. These results include acquisition related expenses of $2,300,000 in the third quarter as well as a $427,000 gain on bargain purchase as the recorded fair value of the assets acquired from Novozymes Biopharma AB exceeded the total purchase price of the acquisition.

Total revenue for the nine-month fiscal year ended December 31, 2011 was $23,450,000 compared to total revenue for the nine-month period ended December 31, 2010 of $21,385,000, an increase of 9.7%. Bioprocessing product revenue for the nine-month fiscal year ended December 31, 2011 was $13,215,000, an 11.9% increase over the nine-month period ended December 31, 2010 and royalty and other revenue was $10,235,000 for the nine-month fiscal year ended December 31, 2011, a 6.9% increase over the nine-month period ended December 31, 2010. Research and development expenses were $9,462,000 for the nine-month fiscal year ended December 31, 2011 compared to $8,745,000 for the nine-month period ended December 31, 2010. Selling, general and administrative expenses were $9,050,000 for the nine-month fiscal year ended December 31, 2011 compared to $5,580,000 for the nine-month period ended December 31, 2010.

Operating expenses for the nine-month fiscal year ended December 31, 2011 were $24,557,000 compared to operating expenses of $19,672,000 for the nine-month period ended December 31, 2010. Net loss for the nine-month fiscal year ended December 31, 2011 was $1,613,000, or $0.05 per diluted share compared to net income of $1,987,000 for the nine-month period ended December 31, 2010 or $0.06 per diluted share. Cash, cash equivalents and marketable securities as of December 31, 2011 were $36,025,000 compared to $61,503,000 as of March 31, 2011. The decrease is primarily due to the Company's December 20, 2011 acquisition of Novozymes Biopharma Sweden AB for $22.1 million (€17 million) in an all cash transaction.

As previously reported, we have changed our financial reporting periods to make our fiscal year consistent with the calendar year. Historically, the Company's fiscal year-end has been March 31. This change has resulted in a nine-month fiscal year for the period ended December 31, 2011. This change has been made to allow for a more standard marketplace assessment of Repligen's business performance.

"This past year has been marked by very significant accomplishments for Repligen including doubling our product revenue through the acquisition of Novozymes Biopharm AB and filing of the Company's first New Drug Application for marketing approval of SecreFlo™ with the FDA," said Walter C. Herlihy, Ph.D., President and Chief Executive Officer of Repligen. "We are well positioned to continue to grow our Company and deliver on our goal to achieve sustainable profitability in this current fiscal year."

Total revenue for the quarter ended December 31, 2011 was $7,165,000 compared to total revenue of $7,068,000 for the quarter ended December 31, 2010. Operating expenses for the quarter ended December 31, 2011 were $8,703,000 compared to $6,771,000 for the quarter ended December 31, 2010. Net loss for the quarter ended December 31, 2011 was $2,162,000 or $0.07 per diluted share, compared to net income of $376,000 or $0.01 per diluted share, for the quarter ended December 31, 2010.

Corporate Update

Bioprocessing Business Integration and Diversification
On December 20, 2011, we completed the acquisition of Novozymes Biopharma Sweden AB, which positions Repligen as a world-leading supplier of critical products for manufacturing biologic drugs. We expect bioprocessing revenues for the combined Company to be approximately $39 to $41 million and total revenues to reach $52-$55 million for the fiscal year ending December 31, 2012. We are in the process of integrating Repligen Sweden AB personnel and operations with Repligen's U.S. operations and expect to realize overall operational efficiencies and economies in the second half of 2012 as a result of our combined efforts.

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