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Repligen Corporation (RGEN+0.89%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in product revenue to $154,834,000 from $141,156,000 in the same quarter the previous year. The increase is attributed to growth in the filtration franchise.
Cost of goods sold for the quarter was $77,383,000, representing 50% of revenue, compared to 74% in the same quarter of the previous year. This decrease in cost ratio is due to restructuring charges incurred in the prior year.
The company reported a net loss of $654,000 for the quarter, compared to a net income of $16,923,000 in the previous year, with the decline attributed to increased selling, general, and administrative expenses.
Investment income for the quarter was $9,130,000, up from $6,662,000 in the previous year, due to higher interest rates on invested cash balances.
Interest expense increased to $5,122,000 from $408,000, primarily due to the issuance of 1.00% Convertible Senior Notes due 2028.
Cash provided by operating activities was $136,218,000, while cash used in investing and financing activities was $21,621,000 and $84,351,000, respectively.
Repligen had a working capital of $1,023,204,000 as of September 30, 2024. The company anticipates continued investment in its bioprocessing business and key R&D activities.
The filing also details the pending acquisition of Tantti Laboratory Inc., expected to be completed in the fourth quarter of 2024, and the completed acquisitions of FlexBiosys, Inc. and Metenova Holding AB in 2023.
Repligen identified material weaknesses in its internal controls over financial reporting related to deferred income tax accounting and revenue recognition, which it is actively working to remediate.
The company continues to focus on expanding its bioprocessing product lines and integrating recent acquisitions to enhance its fluid management portfolio.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Repligen Corporation quarterly 10-Q report dated November 18, 2024. To report an error, please email earnings@qz.com.