Repligen's Q4 Earnings Beat Expectations, Issues Solid FY22 Guidance

Repligen Corp RGEN reported Q4 FY21 sales of $186.5 million, up 72% Y/Y as reported and 73% at constant currency, with organic growth of 69%, beating the consensus of $179.29 million.

• The base business accounted for 64% of revenue, COVID-related sales accounted for 33% of revenue, and inorganic revenue from acquisitions accounted for 3% of revenue.
• Adjusted gross margin remained unchanged at around 56.4%. Adjusted operating income was $55.9 million, more than double from $27.3 million a year ago.
• Adjusted EPS increased to $0.81 from $0.52, beating the consensus of $0.65.
• Adjusted EBITDA was $61.6 million, up 107% Y/Y.
• The cash and equivalents were $603.8 million.
• Guidance: Repligen expects FY22 sales of $800 million - $830 million, up 19%-24% as reported, 21%-26% at constant currency, and organic growth of 18%-22%. The consensus estimate stands at $801.5 million.
• The gross margin is expected to be 57%-58%, with adjusted income from operations of $234 million - $240 million.
• The company forecasts adjusted EPS of $3.21-$3.30, above the consensus of $3.15.
• Price Action: RGEN shares are down 0.52% at $183.08 during the market session on the last check Thursday.