Repligen cuts guidance

YEAR 2023 GUIDANCE:

• Total reported revenue is expected to be in the range of $635-$665 million, compared to our previous guidance of $720-$760 million. This represents a year-over-year decrease of 17%-21%, compared to our previous guidance, a decrease of 5%-10%.  We expect COVID-related revenue of approximately $30 million, compared to our previous guidance of $30-$40 million. For our base business, we are expecting revenues to be down 5%-10%, compared with our previous guidance of a 4%-8% increase.  For the full year, foreign currency impact is expected to be nominal.
• Gross margin is expected to be 49.5%-50.5% on a GAAP basis, and 50%-51% on a non-GAAP basis, compared to our previous guidance of 52%-53% for both GAAP and non-GAAP.
• Income from operations is expected to be in the range of $57-$63 million on a GAAP basis, compared to our previous guidance of $111-$116 million. Adjusted (non-GAAP) income from operations is expected to be in the range of $104-$110 million, compared with our previous guidance of $153-$158 million. Adjusted operating margin is expected to be in the range of 16%-17%, compared to our previous guidance of 20.5%-21.5%.
• Net income is expected to be in the range of $57-$61 million on a GAAP basis, compared to our previous guidance of $97-$101 million. Adjusted (non-GAAP) net income is expected to be in the range of $98-$102 million, compared to our previous guidance of $134-$138 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 $1.00-$1.08 on a fully diluted basis, compared with our previous guidance of $1.70-$1.77. Adjusted net income per share (non-GAAP) is expected to be in the range of $1.72-$1.80 on a fully diluted basis, compared to our previous guidance of $2.35-$2.42.

https://www.biospace.com/article/releases/repligen-reports-second-quarter-2023-financial-results-and-updates-full-year-2023-financial-guidance/