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Repligen Corporation (RGEN-0.17%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reveals that Repligen's total revenue for 2024 was $634.4 million, a slight increase from $632.4 million in 2023. The increase was primarily driven by a $31.6 million rise in filtration product revenue, offset by a $29.0 million decline in proteins product revenue due to decreased demand.
Repligen reported a net loss of $25.5 million for 2024, compared to a net income of $35.6 million in 2023. The loss was attributed to restructuring activities and inventory write-offs, which totaled $46.9 million.
The company completed the acquisition of Tantti Laboratory Inc. in December 2024. The acquisition was valued at $74.8 million and aimed to strengthen Repligen's portfolio in the new modality space.
Repligen's operating expenses increased by 14.5% in 2024, primarily due to higher selling, general, and administrative expenses, which rose by $44.8 million. This increase included $22.4 million related to the modification of the former CEO's unvested equity awards.
The company reported total assets of $2.83 billion as of December 31, 2024, with goodwill accounting for $1.03 billion of the total.
Repligen's cash and cash equivalents were $757.4 million at the end of 2024, up from $751.3 million at the end of 2023. The company utilized $86.4 million in cash for investing activities, including the acquisition of Tantti.
The filing also details Repligen's issuance of $600 million in convertible senior notes due 2028, replacing a portion of its 2019 notes.
Repligen identified material weaknesses in its internal controls over financial reporting, specifically related to revenue recognition and IT general controls. The company is implementing remedial actions to address these deficiencies.
The company expects to continue investing in its bioprocessing business and exploring strategic acquisitions to enhance its product offerings and market presence.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Repligen Corporation annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.