Repligen Reports Fourth Quarter and Full Year 2024 Financial Results
Repligen (NASDAQ:RGEN) reported Q4 2024 revenue of $168 million and full-year revenue of $634 million. Q4 orders and revenues showed sequential increases of 11% and 8% respectively, with orders outpacing revenue by 6%. The company experienced strong momentum across its portfolio, with Q4 revenue growing 13% excluding COVID-related revenue, despite currency headwinds.
CDMO and capital equipment segments showed significant sequential growth, with revenues increasing approximately 20% and 30% respectively. The company completed the acquisition of Tantti Laboratory Inc and launched AVIPure® dsRNA resin for mRNA therapeutics.
For Q4 2024, GAAP net loss was $(34) million, with adjusted net income of $25 million. Full-year 2024 GAAP net loss was $(26) million, with adjusted net income of $89 million. The company provided 2025 guidance projecting 8-12% reported growth, or 10-14% excluding COVID-related revenue.
Repligen (NASDAQ:RGEN) ha riportato un fatturato per il Q4 2024 di 168 milioni di dollari e un fatturato annuale di 634 milioni di dollari. Gli ordini e i ricavi del Q4 hanno mostrato aumenti sequenziali rispettivamente dell'11% e dell'8%, con gli ordini che hanno superato i ricavi del 6%. L'azienda ha registrato un forte slancio in tutto il suo portafoglio, con un fatturato del Q4 in crescita del 13% escludendo i ricavi legati al COVID, nonostante le difficoltà valutarie.
I segmenti CDMO e delle attrezzature capitali hanno mostrato una significativa crescita sequenziale, con ricavi aumentati di circa il 20% e il 30% rispettivamente. L'azienda ha completato l'acquisizione di Tantti Laboratory Inc e ha lanciato la resina AVIPure® dsRNA per terapie mRNA.
Per il Q4 2024, la perdita netta GAAP è stata di $(34) milioni, con un reddito netto rettificato di 25 milioni di dollari. La perdita netta GAAP per l'intero anno 2024 è stata di $(26) milioni, con un reddito netto rettificato di 89 milioni di dollari. L'azienda ha fornito una previsione per il 2025 che prevede una crescita riportata dell'8-12%, o del 10-14% escludendo i ricavi legati al COVID.
Repligen (NASDAQ:RGEN) reportó ingresos del Q4 2024 de 168 millones de dólares y ingresos anuales de 634 millones de dólares. Los pedidos y los ingresos del Q4 mostraron aumentos secuenciales del 11% y del 8% respectivamente, con los pedidos superando los ingresos en un 6%. La compañía experimentó un fuerte impulso en su portafolio, con ingresos del Q4 creciendo un 13% excluyendo ingresos relacionados con COVID, a pesar de las dificultades cambiarias.
Los segmentos de CDMO y de equipos de capital mostraron un crecimiento secuencial significativo, con ingresos aumentando aproximadamente un 20% y un 30% respectivamente. La compañía completó la adquisición de Tantti Laboratory Inc y lanzó la resina AVIPure® dsRNA para terapias mRNA.
Para el Q4 2024, la pérdida neta GAAP fue de $(34) millones, con un ingreso neto ajustado de 25 millones de dólares. La pérdida neta GAAP del año completo 2024 fue de $(26) millones, con un ingreso neto ajustado de 89 millones de dólares. La compañía proporcionó una guía para 2025 proyectando un crecimiento reportado del 8-12%, o del 10-14% excluyendo ingresos relacionados con COVID.
Repligen (NASDAQ:RGEN)는 2024년 4분기 매출이 1억 6천 8백만 달러였으며 연간 매출이 6억 3천 4백만 달러라고 보고했습니다. 4분기 주문 및 매출은 각각 11%와 8%의 순차적 증가를 보였으며, 주문이 매출을 6% 초과했습니다. 회사는 COVID 관련 매출을 제외하고도 4분기 매출이 13% 증가하는 등 포트폴리오 전반에서 강력한 모멘텀을 경험했습니다. 이는 통화 악재에도 불구하고 발생했습니다.
CDMO 및 자본 장비 부문은 각각 약 20% 및 30%의 상당한 순차적 성장을 보였습니다. 회사는 Tantti Laboratory Inc의 인수를 완료하고 mRNA 치료를 위한 AVIPure® dsRNA 수지를 출시했습니다.
2024년 4분기 GAAP 순손실은 $(3천 4백만 달러)였으며, 조정된 순이익은 2천 5백만 달러였습니다. 2024년 전체 GAAP 순손실은 $(2천 6백만 달러)였으며, 조정된 순이익은 8천 9백만 달러였습니다. 회사는 2025년 가이던스를 제공하며 8-12%의 보고된 성장률을 예상하거나 COVID 관련 매출을 제외하고 10-14%의 성장을 예상했습니다.
Repligen (NASDAQ:RGEN) a annoncé un chiffre d'affaires pour le Q4 2024 de 168 millions de dollars et un chiffre d'affaires annuel de 634 millions de dollars. Les commandes et les revenus du Q4 ont montré des augmentations séquentielles respectives de 11% et 8%, les commandes dépassant les revenus de 6%. L'entreprise a connu un fort élan dans son portefeuille, avec un chiffre d'affaires du Q4 en hausse de 13% hors revenus liés au COVID, malgré les difficultés de change.
Les segments CDMO et équipements de capital ont montré une croissance séquentielle significative, avec des revenus augmentant d'environ 20% et 30% respectivement. L'entreprise a finalisé l'acquisition de Tantti Laboratory Inc et a lancé la résine AVIPure® dsRNA pour les thérapies mRNA.
Pour le Q4 2024, la perte nette GAAP était de $(34) millions, avec un revenu net ajusté de 25 millions de dollars. La perte nette GAAP pour l'année entière 2024 était de $(26) millions, avec un revenu net ajusté de 89 millions de dollars. L'entreprise a fourni des prévisions pour 2025 projetant une croissance rapportée de 8 à 12%, ou de 10 à 14% hors revenus liés au COVID.
Repligen (NASDAQ:RGEN) berichtete für das 4. Quartal 2024 einen Umsatz von 168 Millionen Dollar und einen Jahresumsatz von 634 Millionen Dollar. Die Bestellungen und Umsätze im 4. Quartal zeigten sequenzielle Zuwächse von 11% bzw. 8%, wobei die Bestellungen die Umsätze um 6% übertrafen. Das Unternehmen erlebte starken Schwung in seinem Portfolio, wobei der Umsatz im 4. Quartal um 13% wuchs, ohne COVID-bezogene Einnahmen, trotz Währungswidrigkeiten.
Die Segmente CDMO und Kapitalausstattung zeigten ein signifikantes sequenzielles Wachstum, mit einem Umsatzanstieg von etwa 20% bzw. 30%. Das Unternehmen schloss die Übernahme von Tantti Laboratory Inc ab und brachte das AVIPure® dsRNA-Harz für mRNA-Therapeutika auf den Markt.
Für das 4. Quartal 2024 betrug der GAAP-Nettoverlust $(34) Millionen, bei einem bereinigten Nettoergebnis von 25 Millionen Dollar. Der GAAP-Nettoverlust für das Gesamtjahr 2024 betrug $(26) Millionen, bei einem bereinigten Nettoergebnis von 89 Millionen Dollar. Das Unternehmen gab eine Prognose für 2025 ab, die ein reported Wachstum von 8-12% oder 10-14% ohne COVID-bezogene Einnahmen projiziert.
- Q4 orders outpaced sales by 6%, showing strong demand
- Sequential revenue growth of 20% in CDMO and 30% in capital equipment segments
- Q4 revenue grew 13% excluding COVID-related revenue
- Strong cash position with $757 million in cash and equivalents
- Q4 GAAP net loss of $34 million compared to $16 million loss year-over-year
- Full year 2024 GAAP net loss of $26 million versus $36 million profit previous year
- Q4 adjusted EPS declined to $0.44 from $0.48 year-over-year
- $45 million in Q4 restructuring and inventory charges
Insights
The Q4 2024 results reveal Repligen's strategic transformation amid bioprocessing market recovery. The sequential order growth of
The
The launch of AVIPure® dsRNA resin positions Repligen advantageously in the growing mRNA therapeutics market, demonstrating the company's commitment to innovation in emerging bioprocessing segments. The 2025 guidance of
Key performance indicators suggest a broader market recovery:
- Orders outpacing revenue by
6% indicates building momentum - Sequential growth in core segments points to improving customer confidence
- Strategic restructuring positions the company for improved profitability
- Strong cash position enables continued strategic investments
- Fourth quarter revenue of
$168 million and full year revenue of$634 million - Fourth quarter orders and revenues sequentially increased
11% and8% respectively - Orders outpaced revenue by
6% in the fourth quarter - Provides full year 2025 guidance of
8% to12% reported growth and10% to14% excluding COVID-related revenue
WALTHAM, Mass., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its fourth quarter of 2024, covering the three- and twelve-month periods ended December 31, 2024. The company is also providing financial guidance for the full year 2025.
Olivier Loeillot, President and Chief Executive Officer of Repligen said, “During the fourth quarter, we were very encouraged by the continued momentum across our portfolio. Total revenue in the fourth quarter grew
Q4 2024 BUSINESS HIGHLIGHTS
- CDMO and capital equipment. Orders accelerated sequentially in the quarter, increasing ~
15% and ~30% respectively, confirming both markets are fundamentally improving - M&A. Closed acquisition of chromatography innovator Tantti Laboratory Inc, strengthening and expanding our Protein and Chromatography offering in new modalities
- New products. Launched AVIPure® dsRNA resin, the industry’s first affinity resin for the removal of double-stranded RNA (dsRNA); a groundbreaking solution targeting mRNA-based therapeutics and vaccines
- Sustainability. Published our 2023 Sustainability report “Advancing Impacts”, highlighting the company’s progress across numerous environmental, social and governance (ESG) initiatives
FINANCIAL PERFORMANCE
Q4 and Full Year 2024 financial performance (compared to prior year periods except as noted).
All adjusted figures are non-GAAP and, except for earnings per share, are rounded to the nearest million, and are reconciled in the tables included later in this press release.
- Q4 reported revenue was
$168 million compared to$167 million , bringing our full year 2024 revenue to$634 million compared to$632 million . - Q4 GAAP gross profit was
$39 million compared to$78 million . Adjusted gross profit was$85 million compared to$87 million . For the full year 2024, GAAP gross profit was$275 million compared to$278 million . Adjusted gross profit was$320 million compared to$310 million . Q4 and full year 2024 gross profit includes$45 million and$44 million in non-recurring restructuring and other inventory charges (3), including, severance, and costs associated with manufacturing rationalization. - Q4 GAAP (loss) income from operations was
$(37) million , compared to$10 million . Adjusted income from operations was$25 million , compared to$30 million . For the full year 2024, GAAP (loss) income from operations was$(35) million , compared to$48 million . Adjusted income from operations was$82 million compared to$88 million . Q4 and full year 2024 (loss) income from operations includes$45 million and$47 million in non-recurring restructuring and other inventory charges (3), including, severance, and costs associated with manufacturing rationalization. - Q4 GAAP net (loss) income was
$(34) million , compared to$(16) million . Adjusted net income was$25 million compared to$27 million . For the full year 2024, GAAP net (loss) income was$(26) million compared to$36 million . Adjusted net income was$89 million compared to$93 million . - Q4 GAAP (loss) earnings per share was
$(0.60) on a basic and fully diluted basis, compared to$(0.29) . Adjusted earnings per share was$0.44 on a fully diluted basis, compared to$0.48 . For the full year 2024, GAAP (loss) earnings per share was$(0.46) compared to$0.63 . Adjusted earnings per share was$1.58 compared to$1.65 .
MARGIN SUMMARY
| GAAP Margins | Q4 2024 | Q4 2023 | 2024 | 2023 |
| Gross Margin | ||||
| Operating (EBIT) Margin | (21.8)% | (5.5)% |
| Adjusted (non-GAAP) Margins | Q4 2024 | Q4 2023 | 2024 | 2023 |
| Gross Margin | ||||
| Operating (EBIT) Margin | ||||
| EBITDA Margin | ||||
Cash and cash equivalents at December 31, 2024, were
Amounts herein pertaining to December 31, 2024 represent a preliminary estimate as of the date of this earnings release and may be revised upon filing our Annual Report on Form 10-K with the Securities and Exchange Commission (the “SEC”). More information on our results of operations for the year ended December 31, 2024 will be provided upon filing our Annual Report on Form 10-K with the SEC.
FINANCIAL GUIDANCE FOR FISCAL YEAR 2025
Our financial guidance for the fiscal year 2025 is based on expectations for our existing business. Our GAAP and Adjusted (non-GAAP) guidance excludes the impact of any potential business acquisitions in 2025, and future fluctuations in foreign currency exchange rates.
| CURRENT GUIDANCE (at February 20, 2025) | ||
| FY 2025 | GAAP | Adjusted (non-GAAP) |
| Total Reported Revenue | ||
| Reported Growth | ||
| Organic Growth | - | |
| Non-COVID Revenue Growth | - | |
| Gross Margin | ||
| Income from Operations | ||
| Operating Margin | ||
| Other Income (Expense) | ||
| Adjusted EBITDA Margin | - | |
| Tax Rate on Pre-Tax Income | ||
| Net Income | ||
| Earnings Per Share - Diluted | ||
Conference Call and Webcast Access
Repligen will host a conference call and webcast today, February 20, 2025, at 8:30 a.m. ET, to discuss fourth quarter 2024 financial results, corporate developments and financial guidance for the year 2025. 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 6188777.
About Repligen Corporation
Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that enable efficiencies in the process of manufacturing biological drugs. We are “inspiring advances in bioprocessing” for the customers we serve; primarily biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our focus areas are Filtration and Fluid Management, Chromatography, Process Analytics and Proteins. Our corporate headquarters are located in Waltham, Massachusetts, and the majority of our manufacturing sites are in the U.S., with additional key sites in Estonia, France, Germany, Ireland, the Netherlands and Sweden. For more information about the company see our website at www.repligen.com, and follow us on LinkedIn.
Non-GAAP Measures of Financial Performance
To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following Adjusted (non-GAAP) measures of financial performance are included in this release: non-COVID revenue and non-COVID revenue growth; organic revenue and organic revenue growth; adjusted cost of goods sold, adjusted gross profit and adjusted gross margin; adjusted R&D expense and adjusted SG&A expense; adjusted income from operations and adjusted operating margin; adjusted pre-tax income; adjusted net income; adjusted earnings per share (diluted); adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted EBITDA margin. The Company provides base revenue and base revenue growth rates, which exclude COVID-related revenue, and the impact of acquisition revenue for current year periods that have no prior year comparables, to facilitate a comparison of its current revenue performance to its past performance. The Company provides the impact of foreign currency translation, to enable determination of revenue growth rates at constant currency. To calculate the impact of foreign currency translation, the Company converts actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior year periods.
The Company’s non-GAAP financial results and/or non-GAAP guidance exclude the impact of: acquisition and integration costs; restructuring charges including the costs of severance and accelerated depreciation among other charges; incremental costs attributed to CEO transition; contingent consideration related to the Company’s acquisitions; intangible amortization costs; non-cash interest expense related to the accretion of the debt discount; amortization of debt issuance costs related to Company’s convertible debt; foreign currency impact of certain intercompany loans; and, the related impact on tax of non-GAAP charges. These costs are excluded because management believes that such expenses do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of our ongoing operations for the period in which such charges are recorded.
NOTE:
All reconciliations of above GAAP figures (reported or guidance) to adjusted (non-GAAP) figures are detailed in the tables included later in this press release. When analyzing the Company’s operating performance and guidance, investors should not consider non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP.
Forward-Looking Statements
This release contains forward-looking statements, which are made pursuant to and in reliance upon the safe harbor provisions of federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein which do not describe historical facts, including, among others, any express or implied statements or guidance regarding current or future financial performance and position, including our 2025 financial guidance and related assumptions; expected demand in the markets in which we operate; our beliefs that the bioprocessing market is returning to growth and that the CDMO and capital equipment markets are fundamentally improving; expectations regarding the Tantti acquisition; the expected performance of our business and momentum across our portfolio, including that AVIPure is a groundbreaking solution, are based on management’s current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. .
Such risks and uncertainties include, among others, our ability to successfully grow our bioprocessing business; our ability to manage through and predict headwinds; the risk that we have assumed that markets and franchises will improve and grow more than expected; our ability to achieve our 2025 financial guidance; our ability to develop and commercialize products and the market acceptance of our products; our ability to successfully integrate any acquired businesses in a timely manner or at all, and to achieve the expected benefits of such acquisitions; that demand for our products could decline, which could adversely impact our future revenues, cash flows, results of operations and financial condition; our ability to compete with larger, better financed bioprocessing companies; risks around the Company’s effectiveness of disclosure controls and procedures and the effectiveness of our internal control over financial reporting; our compliance with all U.S. Food and Drug Administration and European Medicines Evaluation Agency regulations; our volatile stock price; and other risks and uncertainties detailed in Repligen’s filings with the U.S. Securities and Exchange Commission (the Commission), including our Annual Report on Form 10-K for the year ended December 31, 2023 and in subsequently filed reports with the Commission, including our Quarterly Reports on Form 10-Q and current reports on Form 8-K, as well as our upcoming Annual Report on form 10-K for the year ended December 31, 2024 and any subsequent filings with the Commission, which are available at the Commission’s website at www.sec.gov. Actual results may differ materially from those Repligen contemplated by these forward-looking statements, which reflect management’s current views, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and are based only on information currently available to us. Repligen cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Repligen disclaims any obligation to update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
Repligen Contact:
Sondra S. Newman, Global Head of Investor Relations
(781) 419-1881
investors@repligen.com
| REPLIGEN CORPORATION | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (Unaudited, amounts in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| . | |||||||||||||||
| Revenue: | |||||||||||||||
| Product revenue | $ | 167,394 | $ | 166,349 | $ | 634,178 | $ | 631,979 | |||||||
| Royalty and other revenue | 153 | 272 | 261 | 383 | |||||||||||
| Total revenue | 167,547 | 166,621 | 634,439 | 632,362 | |||||||||||
| Costs and expenses: | |||||||||||||||
| Cost of goods sold | 128,706 | 88,136 | 359,794 | 353,922 | |||||||||||
| Research and development | 11,677 | 10,285 | 43,200 | 42,722 | |||||||||||
| Selling, general and administrative | 60,474 | 57,630 | 263,368 | 218,584 | |||||||||||
| Contingent consideration | 3,191 | 697 | 3,191 | (30,569 | ) | ||||||||||
| Total costs and operating expenses | 204,048 | 156,748 | 669,553 | 584,659 | |||||||||||
| (Loss) income from operations | (36,501 | ) | 9,873 | (35,114 | ) | 47,703 | |||||||||
| Other income (expenses): | |||||||||||||||
| Investment income | 8,293 | 6,023 | 35,827 | 24,135 | |||||||||||
| Interest expense | (5,462 | ) | (1,276 | ) | (20,731 | ) | (2,503 | ) | |||||||
| Loss on extinguishment of debt | - | (12,676 | ) | - | (12,676 | ) | |||||||||
| Amortization of debt issuance costs | (411 | ) | (6,702 | ) | (1,843 | ) | (8,075 | ) | |||||||
| Other income (expenses) | (4,527 | ) | 6,623 | (5,174 | ) | 8,123 | |||||||||
| Other income (expenses), net | (2,107 | ) | (8,008 | ) | 8,079 | 9,004 | |||||||||
| (Loss) income before income taxes | (38,608 | ) | 1,865 | (27,035 | ) | 56,707 | |||||||||
| Income tax (benefit) provision | (4,739 | ) | 18,315 | (1,521 | ) | 21,111 | |||||||||
| Net (loss) income | $ | (33,869 | ) | $ | (16,450 | ) | $ | (25,514 | ) | $ | 35,596 | ||||
| (Loss) earnings per share: | |||||||||||||||
| Basic | $ | (0.60 | ) | $ | (0.29 | ) | $ | (0.46 | ) | $ | 0.64 | ||||
| Diluted | $ | (0.60 | ) | $ | (0.29 | ) | $ | (0.46 | ) | $ | 0.63 | ||||
| Weighted average shares outstanding: | |||||||||||||||
| Basic | 56,056,993 | 55,815,666 | 55,936,751 | 55,719,860 | |||||||||||
| Diluted | 56,056,993 | 55,815,666 | 55,936,751 | 56,377,319 | |||||||||||
| Balance Sheet Data: | December 31, 2024 | December 31, 2023 | |||||||||||||
| Cash, cash equivalents and marketable securities | $ | 757,355 | $ | 751,323 | |||||||||||
| Working capital | 939,254 | 946,404 | |||||||||||||
| Total assets | 2,829,666 | 2,831,185 | |||||||||||||
| Long-term obligations | 730,161 | 701,398 | |||||||||||||
| Accumulated earnings | 407,354 | 432,868 | |||||||||||||
| Stockholders' equity | 1,972,718 | 1,964,845 | |||||||||||||
| REPLIGEN CORPORATION | |||||||||||||||||||||||
| RECONCILIATIONS OF GAAP to NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||||
| (Unaudited, amounts in thousands, except percentage and earnings per share data) | |||||||||||||||||||||||
| In all tables below, totals may not add due to rounding | |||||||||||||||||||||||
| Reconciliation of Total Revenue (GAAP) Growth to Organic Revenue Growth (Non-GAAP) | |||||||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| TOTAL REPORTED REVENUE (GAAP) GROWTH | 1 | % | (11 | %) | 0 | % | (21 | %) | |||||||||||||||
| Acquisition revenue | 0 | % | (3 | %) | (2 | %) | (1 | %) | |||||||||||||||
| Currency exchange | 2 | % | (1 | %) | 1 | % | 0 | % | |||||||||||||||
| ORGANIC REVENUE GROWTH (NON-GAAP) | 3 | % | (15 | %) | (1 | %) | (22 | %) | |||||||||||||||
| Reconciliation of Total Revenue (GAAP) to Base Revenue (Non-GAAP) | |||||||||||||||||||||||
| Three Months Ended December 31, | % Change | Year Ended December 31, | % Change | ||||||||||||||||||||
| 2024 | 2023 | 2024 v 2023 | 2024 | 2023 | 2024 v 2023 | ||||||||||||||||||
| TOTAL REPORTED REVENUE (GAAP) | $ | 167,547 | $ | 166,621 | 1 | % | $ | 634,439 | $ | 632,362 | 0 | % | |||||||||||
| COVID-related revenue | - | (18,885 | ) | (100 | %) | (11,462 | ) | (25,814 | ) | (56 | %) | ||||||||||||
| NON-COVID REVENUE (NON-GAAP) (1) | $ | 167,547 | $ | 147,736 | 13 | % | $ | 622,977 | $ | 606,548 | 3 | % | |||||||||||
| Acquisition revenue | - | - | n/a | (14,849 | ) | - | 100 | % | |||||||||||||||
| BASE REVENUE (NON-GAAP) (1) | $ | - | $ | 147,736 | 13 | % | $ | 608,128 | $ | 606,548 | 0 | % | |||||||||||
| Reconciliation of Income from Operations (GAAP) to Adjusted Income from Operations (Non-GAAP) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| (LOSS) INCOME FROM OPERATIONS (GAAP) | $ | (36,501 | ) | $ | 9,873 | $ | (35,114 | ) | $ | 47,703 | ||||||||
| ADJUSTMENTS TO (LOSS) INCOME FROM OPERATIONS (GAAP): | ||||||||||||||||||
| Inventory step-up charges | - | 1,238 | - | 1,238 | ||||||||||||||
| Acquisition and integration costs | 2,450 | 934 | 7,347 | 5,861 | ||||||||||||||
| Restructuring activities and other related charges(3) | 45,232 | 8,188 | 47,171 | 32,200 | ||||||||||||||
| Incremental costs attributed to CEO transition(4) | 16 | - | 22,362 | - | ||||||||||||||
| Contingent consideration | 3,191 | 697 | 3,191 | (30,569 | ) | |||||||||||||
| Intangible amortization | 8,689 | 8,769 | 34,615 | 31,452 | ||||||||||||||
| Other(5) | 1,922 | - | 2,508 | - | ||||||||||||||
| ADJUSTED INCOME FROM OPERATIONS (NON-GAAP) | $ | 24,999 | $ | 29,699 | $ | 82,080 | $ | 87,885 | ||||||||||
| OPERATING (EBIT) MARGIN | -21.8 | % | 5.9 | % | -5.5 | % | 7.5 | % | ||||||||||
| ADJUSTED OPERATING (EBIT) MARGIN | 14.9 | % | 17.8 | % | 12.9 | % | 13.9 | % | ||||||||||
| Reconciliation of Net (Loss) Income (GAAP) to Adjusted Net Income (Non-GAAP) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| NET (LOSS) INCOME (GAAP) | $ | (33,869 | ) | $ | (16,450 | ) | $ | (25,514 | ) | $ | 35,596 | |||||||
| ADJUSTMENTS TO NET (LOSS) INCOME (GAAP): | ||||||||||||||||||
| Inventory step-up charges | - | 1,238 | - | 1,238 | ||||||||||||||
| Acquisition and integration costs | 2,450 | 934 | 7,347 | 5,861 | ||||||||||||||
| Restructuring activities and other related charges(3) | 45,232 | 8,188 | 46,937 | 32,200 | ||||||||||||||
| Incremental costs attributed to CEO transition(4) | 16 | - | 22,362 | - | ||||||||||||||
| Contingent consideration | 3,191 | 697 | 3,191 | (30,569 | ) | |||||||||||||
| Intangible amortization | 8,689 | 8,769 | 34,615 | 31,452 | ||||||||||||||
| Loss on extinguishment of debt | - | 12,676 | - | 12,676 | ||||||||||||||
| Non-cash interest expense | 3,681 | 758 | 14,291 | 1,172 | ||||||||||||||
| Amortization of debt issuance costs | 411 | 6,702 | 1,843 | 8,075 | ||||||||||||||
| Foreign currency impact of certain intercompany loans (6) | 4,883 | (7,743 | ) | 5,509 | (7,743 | ) | ||||||||||||
| Other(5) | 1,922 | - | 2,508 | - | ||||||||||||||
| Tax effect of non-GAAP charges | (11,479 | ) | 11,428 | (24,288 | ) | 3,266 | ||||||||||||
| ADJUSTED NET INCOME (NON-GAAP) | $ | 25,127 | $ | 27,197 | $ | 88,801 | $ | 93,224 | ||||||||||
| Reconciliation of (Loss) Earnings Per Share (GAAP) to Adjusted Earnings Per Share (Non-GAAP) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| (LOSS) EARNINGS PER SHARE (GAAP) - DILUTED | (0.60 | ) | $ | (0.29 | ) | (0.46 | ) | $ | 0.63 | |||||||||
| ADJUSTMENTS TO (LOSS) EARNINGS PER SHARE (GAAP) - DILUTED: | ||||||||||||||||||
| Inventory step-up charges | - | 0.02 | - | $ | 0.02 | |||||||||||||
| Acquisition and integration costs | 0.04 | 0.02 | 0.13 | $ | 0.10 | |||||||||||||
| Restructuring activities and other related charges(3) | 0.80 | 0.15 | 0.83 | $ | 0.57 | |||||||||||||
| Incremental costs attributed to CEO transition(4) | 0.00 | - | 0.40 | $ | - | |||||||||||||
| Contingent consideration | 0.06 | 0.01 | 0.06 | $ | (0.54 | ) | ||||||||||||
| Intangible amortization | 0.15 | 0.16 | 0.61 | $ | 0.56 | |||||||||||||
| Loss on extinguishment of debt | - | 0.22 | - | $ | 0.22 | |||||||||||||
| Non-cash interest expense | 0.07 | 0.01 | 0.25 | $ | 0.02 | |||||||||||||
| Amortization of debt issuance costs | 0.01 | 0.12 | 0.03 | $ | 0.14 | |||||||||||||
| Foreign currency impact of certain intercompany loans (6) | 0.09 | (0.14 | ) | 0.10 | $ | (0.14 | ) | |||||||||||
| Other(5) | 0.03 | - | 0.04 | $ | - | |||||||||||||
| Tax effect of non-GAAP charges | (0.21 | ) | 0.20 | (0.41 | ) | $ | 0.07 | |||||||||||
| ADJUSTED EARNINGS PER SHARE (NON-GAAP) - DILUTED(7) | $ | 0.44 | $ | 0.48 | $ | 1.58 | $ | 1.65 | ||||||||||
| Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| NET (LOSS) INCOME (GAAP) | $ | (33,869 | ) | $ | (16,450 | ) | $ | (25,514 | ) | $ | 35,596 | |||||||
| ADJUSTMENTS: | ||||||||||||||||||
| Investment income | (8,293 | ) | (6,023 | ) | (35,827 | ) | (24,135 | ) | ||||||||||
| Interest expense | 5,462 | 1,276 | 20,731 | 2,503 | ||||||||||||||
| Amortization of debt issuance costs | 411 | 6,702 | 1,843 | 8,075 | ||||||||||||||
| Income tax provision | (4,739 | ) | 18,315 | (1,521 | ) | 21,111 | ||||||||||||
| Depreciation | 9,670 | 8,464 | 34,967 | 36,994 | ||||||||||||||
| Intangible amortization(8) | 8,717 | 8,769 | 34,726 | 31,452 | ||||||||||||||
| EBITDA | (22,641 | ) | 21,053 | 29,405 | 111,596 | |||||||||||||
| OTHER ADJUSTMENTS: | ||||||||||||||||||
| Inventory step-up charges | - | 1,238 | - | 1,238 | ||||||||||||||
| Acquisition and integration costs | 2,450 | 934 | 7,347 | 5,861 | ||||||||||||||
| Restructuring activities and other related charges(3)(9) | 45,232 | 8,188 | 46,937 | 32,200 | ||||||||||||||
| Incremental costs attributed to CEO transition(4) | 16 | - | 22,362 | - | ||||||||||||||
| Contingent consideration | 3,191 | 697 | 3,191 | (30,569 | ) | |||||||||||||
| Loss on extinguishment of debt | - | 12,676 | - | 12,676 | ||||||||||||||
| Foreign currency impact of certain intercompany loans (6) | 4,883 | (7,743 | ) | 5,509 | (7,743 | ) | ||||||||||||
| Other(5) | 1,922 | - | 2,508 | - | ||||||||||||||
| ADJUSTED EBITDA (NON-GAAP) | $ | 35,053 | $ | 37,043 | $ | 117,259 | $ | 125,259 | ||||||||||
| ADJUSTED EBITDA MARGIN | 20.9 | % | 22.2 | % | 18.5 | % | 19.8 | % | ||||||||||
| Reconciliation of Cost of Goods Sold (GAAP) to Adjusted Cost Goods Sold (Non-GAAP) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| COST OF GOODS SOLD (GAAP) | $ | 128,706 | $ | 88,136 | $ | 359,794 | $ | 353,922 | ||||||||||
| ADJUSTMENTS TO COST OF GOODS SOLD (GAAP): | ||||||||||||||||||
| Inventory step-up charges | - | (1,238 | ) | - | (1,238 | ) | ||||||||||||
| Acquisition and integration costs | (533 | ) | (6 | ) | (822 | ) | (39 | ) | ||||||||||
| Restructuring activities and other related charges(3) | (45,079 | ) | (7,675 | ) | (44,029 | ) | (30,386 | ) | ||||||||||
| Intangible amortization | (471 | ) | - | (471 | ) | - | ||||||||||||
| ADJUSTED COST OF GOODS SOLD (NON-GAAP) | $ | 82,623 | $ | 79,217 | $ | 314,472 | $ | 322,259 | ||||||||||
| GROSS MARGIN (GAAP) | 23.2 | % | 47.1 | % | 43.3 | % | 44.0 | % | ||||||||||
| ADJUSTED GROSS MARGIN (NON-GAAP) | 50.7 | % | 52.5 | % | 50.4 | % | 49.0 | % | ||||||||||
| Reconciliation of R&D Expense (GAAP) to Adjusted R&D Expense (Non-GAAP) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| R&D EXPENSE (GAAP) | $ | 11,677 | $ | 10,285 | $ | 43,200 | $ | 42,722 | ||||||||||
| ADJUSTMENTS TO R&D EXPENSE (GAAP): | ||||||||||||||||||
| Acquisition and integration costs | (164 | ) | (2 | ) | (364 | ) | 5 | |||||||||||
| Restructuring activities and other related charges(3) | - | (81 | ) | (449 | ) | (116 | ) | |||||||||||
| Intangible amortization | (121 | ) | - | (121 | ) | - | ||||||||||||
| ADJUSTED R&D EXPENSE (NON-GAAP) | $ | 11,392 | $ | 10,202 | $ | 42,266 | $ | 42,611 | ||||||||||
| Reconciliation of SG&A Expense (GAAP) to Adjusted SG&A Expense (Non-GAAP) | ||||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||
| SG&A EXPENSE (GAAP) | $ | 60,474 | $ | 57,630 | $ | 263,368 | $ | 218,584 | ||||||||||
| ADJUSTMENTS TO SG&A EXPENSE (GAAP): | ||||||||||||||||||
| Acquisition and integration costs | (1,753 | ) | (926 | ) | (6,161 | ) | (5,827 | ) | ||||||||||
| Restructuring activities and other related charges(3) | (153 | ) | (432 | ) | (2,693 | ) | (1,698 | ) | ||||||||||
| Incremental costs attributed to CEO transition(4) | (16 | ) | - | (22,362 | ) | - | ||||||||||||
| Intangible amortization | (8,097 | ) | (8,769 | ) | (34,023 | ) | (31,452 | ) | ||||||||||
| Other(5) | (1,922 | ) | - | (2,508 | ) | - | ||||||||||||
| ADJUSTED SG&A EXPENSE (NON-GAAP) | $ | 48,533 | $ | 47,503 | $ | 195,621 | $ | 179,607 | ||||||||||
| Reconciliation of Net Income (GAAP) Guidance to Adjusted Net Income (Non-GAAP) Guidance | ||||||||||||||||||
| Year ending December 31, 2025 | ||||||||||||||||||
| Low End | High End | |||||||||||||||||
| GUIDANCE ON NET INCOME (GAAP) | $ | 51,000 | $ | 56,000 | ||||||||||||||
| ADJUSTMENTS TO GUIDANCE ON NET INCOME (GAAP): | ||||||||||||||||||
| Acquisition and integration costs | 2,575 | 2,575 | ||||||||||||||||
| Restructuring activities and other related charges | 2,248 | 2,248 | ||||||||||||||||
| Anticipated pre-tax amortization of acquisition-related intangible assets | 34,898 | 34,898 | ||||||||||||||||
| Non-cash interest expense | 14,194 | 14,194 | ||||||||||||||||
| Amortization of debt issuance costs | 1,645 | 1,645 | ||||||||||||||||
| Tax effect of non-GAAP charges | (11,694 | ) | (11,694 | ) | ||||||||||||||
| Guidance rounding adjustment | 134 | 134 | ||||||||||||||||
| GUIDANCE ON ADJUSTED NET INCOME (NON-GAAP) | $ | 95,000 | $ | 100,000 | ||||||||||||||
| Reconciliation of Earnings Per Share (GAAP) Guidance to Adjusted Earnings Per Share (Non-GAAP) Guidance | ||||||||||||||||||
| Year ending December 31, 2025 | ||||||||||||||||||
| Low End | High End | |||||||||||||||||
| GUIDANCE ON EARNINGS PER SHARE (GAAP) - DILUTED | $ | 0.90 | $ | 0.99 | ||||||||||||||
| ADJUSTMENTS TO GUIDANCE ON EARNINGS PER SHARE (GAAP) - DILUTED: | ||||||||||||||||||
| Acquisition and integration costs | 0.05 | 0.05 | ||||||||||||||||
| Restructuring activities and other related charges | 0.04 | 0.04 | ||||||||||||||||
| Anticipated pre-tax amortization of acquisition-related intangible assets | 0.62 | 0.62 | ||||||||||||||||
| Non-cash interest expense | 0.25 | 0.25 | ||||||||||||||||
| Amortization of debt issuance costs | 0.03 | 0.03 | ||||||||||||||||
| Tax effect of non-GAAP charges | (0.21 | ) | (0.21 | ) | ||||||||||||||
| Guidance rounding adjustment | — | — | ||||||||||||||||
| GUIDANCE ON ADJUSTED EARNINGS PER SHARE (NON-GAAP) - DILUTED | $ | 1.67 | $ | 1.76 | ||||||||||||||
| FOOTNOTES FOR ALL TABLES ABOVE (amounts in thousands): | ||||||||||||||||||
| (1) | Base revenue (Non-GAAP) excludes COVID-related revenue and acquisition-related revenue contribution in current period for which there was no prior year comparable. | |||||||||||||||||
| (2) | For the three- and twelve-month reporting periods ended December 31, 2023, there was | |||||||||||||||||
| (3) | In July 2023, the Board of Directors authorized the Company's management team to undertake restructuring activities to simplify and streamline our organization and strengthen the overall effectiveness of our operations. Since the initial streamlining and rebalancing efforts contemplated in July 2023, and with the introduction of new management in the second half of 2024, the Company continues to undertake further restructuring activities (collectively, the “Restructuring Plan”) which has included consolidating a portion of our manufacturing operations between certain U.S. locations, writing-off abandoned equipment with the rationalization of excess production line capacity and discontinuing the sale of certain product SKUs. In addition, the Company continues to evaluate the net realizable value of finished goods and raw materials to meet rapidly changing demand during a challenging supply chain environment in the industry. The Company recorded pre-tax costs of Severance and employee-related costs are primarily associated with headcount reductions. Costs incurred include cash severance and non-cash severance, including other termination benefits. Severance and other termination benefit packages are based on established benefit arrangements or local statutory requirements and we recognized the contractual component of these benefits when payment was probable and could be reasonably estimated. Non-cash charges for the inventory write-off in 2023 included the impact of the Company discontinuing the sale of certain product SKUs, the impact of having proactively secured materials during the 2020-2022 pandemic period to meet accelerated demand during a challenging supply chain environment in the industry, and the impact of closing manufacturing facilities and production lines which include inventory that could not be repurposed. Where demand has reduced, finished goods and raw materials, the value of which exceeded the projected requirements to be used before reaching their expiration date, were written off. The non-cash inventory write-off in 2024 includes the impact of the Company discontinuing the sale of certain product SKUs and is also the result of the further evaluation of inventory positions in unusually turbulent market supply conditions. This further evaluation took into consideration the market reset that continued into 2024 and resulted in new senior product management leadership updating product strategies. With these updated strategies, future demand and product mix projections were revised as a part of the Company’s annual strategic planning and budget sessions in 2024. Where the value of finished goods and raw materials exceeded the projected requirements to be used before reaching their expiration date, or in a reasonable time horizon, they were written off. In the fourth quarter of 2024, non-cash charges were recognized for the write-off of abandoned equipment in connection with unneeded capacity related to a specific product line that was also included in the 2024 inventory adjustment. The Company’s manufacturing strategy and footprint were also reviewed as a part of our 2024 annual strategic planning and budget session. For this product line, capacity was expanded during the pandemic period, and current projections indicate it will not be needed in a usable time-period. The factory space will be reallocated for the production of other product lines. | |||||||||||||||||
| (4) | Incremental stock compensation expense recorded during the three and twelve months ended December 31, 2024 of | |||||||||||||||||
| (5) | Includes a one time events relating to a cybersecurity incident, net of insurance, and costs associated with the restatement of previously issued financial statements. | |||||||||||||||||
| (6) | During the three and twelve months ended December 31, 2024 we recorded foreign currency adjustments on certain intercompany loans of ( | |||||||||||||||||
| (7) | GAAP loss per share - diluted for the three and twelve months ended December 31, 2024, was determined excluding the effect of dilutive shares as the impact of such shares would have been antidilutive due to the net loss for the period, while the adjusted earnings per share - diluted for the same period was determined based upon diluted shares. | |||||||||||||||||
| (8) | Includes amortization of milestone payments in accordance with GAAP of | |||||||||||||||||
| (9) | Excludes | |||||||||||||||||
FAQ
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