- Product Revenue Grows 12% for the Quarter on Record Bioprocessing Sales -- Net Income Grows 189% to $4.5 Million - - Earnings Conference Call and Webcast Today at 9:00 a.m. EDT -
WALTHAM, Mass., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Repligen Corporation (RGEN) today reported financial results for the second quarter ended June 30, 2013. Below are the Company's financial and business highlights for the second quarter of 2013, financial guidance for the year and dial-in numbers for today's conference call.
Second Quarter 2013 Financial Highlights
Operating expenses for the three-month period ended June 30, 2013 were $11.4 million compared to $14.2 million for the same period in 2012, a decrease of $2.8 million or 20%. This decrease was driven by across-the-board reductions in operating expenses during the second quarter of 2013 compared to the same period in 2012. Cost of product revenue decreased by $2.0 million or 28%; research and development (R&D) expense (including therapeutic program related expense) decreased by $600,000 or 21%; and sales, general and administrative (SG&A) expense decreased by $294,000 or 9%. The reductions in R&D and SG&A expense were primarily due to lower spending on clinical development programs as a result of the Company's strategic realignment announced in August 2012 to focus on building its bioprocessing business.
Year-to-Date Financial Summary
Bioprocessing product revenue for the six-month period ended June 30, 2013 was $24.9 million compared to $21.0 million for the same period in 2012, an increase of 19%. Total revenue for the six-month period ended June 30, 2013 was $34.0 million compared to $28.3 million during the same period in 2012, an increase of 20%. Operating expenses for the six-month period ended June 30, 2013 were $24.3 million compared to $25.9 million for the same period in 2012, a decrease of $1.5 million or 6%. For the first six months of 2013 compared to the same period in 2012, R&D expense decreased by $1.2 million or 21%, and SG&A expense decreased by $415,000 or 6%. Net income for the six-month period ended June 30, 2013 was $6.9 million compared to $2.8 million for the same period in 2012. Earnings per diluted share for the six-month period ended June 30, 2013 were $0.21 compared to $0.09 for the same period in 2012.
This is the Company's second quarterly reporting period for which both the current and preceding year periods reflect combined financial results since the Company's acquisition of Novozymes Biopharma AB (now Repligen Sweden AB) in December 2011.
"Strong demand for Protein A ligands and a substantial increase in sales of our OPUS(R) pre-packed chromatography columns were key drivers in achieving record bioprocessing product sales during the second quarter," said Walter C. Herlihy, Ph.D., President and CEO of Repligen. "Product margin gains reflect the impact of cost reductions at Repligen Sweden AB as well as improved manufacturing capacity utilization tied to higher order volumes and increased production."
Second Quarter Business Highlights
Financial Guidance for 2013
More:
Repligen Reports Second Quarter 2013 Financial Results