Repligen cuts guidance

 Our financial guidance for the fiscal year 2023 is based on expectations for our existing business. This guidance includes the impact of our FlexBiosys acquisition and excludes the impact of potential additional acquisitions, and future fluctuations in foreign currency exchange rates.

YEAR 2023 GUIDANCE:

• Total reported revenue is expected to be in the range of $720-$760 million, a 5% downward adjustment to our previous guidance of $760-$800 million. We continue to expect COVID-related revenue to be in the range of $30-$40 million. For our base business, we are expecting growth of 4%-8% as reported and at constant currency, compared with our previous guidance of 11%-15% as reported and 12%-16% at constant currency.

• Gross margin is expected to be 52%-53% on both a GAAP and non-GAAP basis, an adjustment from our previous guidance of 52.5%-53.5%.

• Income from operations is expected to be in the range of $111-$116 million on a GAAP basis, compared to our previous guidance of $135-$141 million. Adjusted (non-GAAP) income from operations is expected to be in the range of $153-$158 million, compared with our previous guidance of $176-$182 million. Adjusted operating margin is expected to be in the range of 20.5%-21.5%, compared to our previous guidance of 22.5%-23.5%.

• Net income is expected to be in the range of $97-$101 million on a GAAP basis, compared to our previous guidance of $112-$117 million. Adjusted (non-GAAP) net income is expected to be in the range of $134-$138 million, compared to our previous guidance of $149-$154 million. This reflects a tax rate of 20% on adjusted pre-tax income, consistent with our previous guidance.

• Net income per share (GAAP) is expected to be in the range of $1.70-$1.77 on a fully diluted basis, compared with our previous guidance of $1.96-$2.04. Adjusted net income per share (non-GAAP) is expected to be in the range of $2.35-$2.42 on a fully diluted basis, compared to our previous guidance of $2.61-$2.69.

Our non-GAAP guidance for the fiscal year 2023 excludes the following items:

• $2.8 million estimated acquisition and integration expenses in SG&A.

• $30.1 million estimated intangible amortization expense in SG&A.

• $1.8 million in amortization of debt issuance expense (Other income (expense)).

• $8.7 million estimated contingent consideration expense related to our Avitide acquisition and estimates for time value of money implications.

Our non-GAAP guidance for the fiscal year 2023 includes:

• An income tax increase of $6.3 million, representing the tax impact on acquisition and integration costs, intangible amortization and contingent consideration expense, and amortization of debt issuance costs.

Repligen will host a conference call and webcast today, May 2, 2023, at 8:30 a.m. ET, to discuss first quarter 2023 financial results, corporate developments and financial guidance for the year 2023. The conference call will be accessible by dialing toll-free (844) 274-3999 for domestic callers or (412) 317-5607 for international callers. No passcode is required for the live call. In addition, a webcast will be accessible via the Investor Relations section of the Company’s website. Both the conference call and webcast will be archived for a period of time following the live event. The replay dial-in numbers are (877) 344-7529 from the U.S., (855) 669-9658 from Canada and (412) 317-0088 for international callers. Replay listeners must provide the passcode 1872405.

https://finance.yahoo.com/news/repligen-reports-first-quarter-2023-113000132.html