10-Q 1 rgen-20240930.htm 10-Q 10-Q
Q30000730272--12-31false0000730272us-gaap:SalesRevenueNetMember2024-07-012024-09-300000730272us-gaap:RetainedEarningsMember2023-01-012023-09-300000730272us-gaap:ProductMemberrgen:OtherAdjustmentsMember2023-01-012023-09-300000730272us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2024-07-012024-09-300000730272us-gaap:RetainedEarningsMember2024-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300000730272us-gaap:RetainedEarningsMember2024-01-012024-09-300000730272srt:RestatementAdjustmentMemberus-gaap:ProductMember2023-07-012023-09-300000730272us-gaap:RetainedEarningsMember2022-12-310000730272rgen:MonteCarloSimulationMemberrgen:MeasurementInputRevenueVolumeDiscountRateMemberrgen:RevenueAndVolumeBasedPaymentsMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:ContingentConsiderationMember2024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:SubscriptionTransactionMember2023-12-140000730272us-gaap:EmployeeSeveranceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300000730272rgen:NGLImpactAMemberus-gaap:ResearchAndDevelopmentArrangementMember2023-01-012023-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:OtherOperatingIncomeExpenseMember2024-07-012024-09-300000730272rgen:TwoZeroTwoThreeNotesMember2024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ModifiedTwoZeroOneNineNotesMember2024-09-3000007302722024-06-132024-09-010000730272us-gaap:MoneyMarketFundsMember2024-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:CostOfSalesMember2023-07-012023-09-300000730272us-gaap:RoyaltyMember2024-07-012024-09-300000730272rgen:FacilityExitAndOtherExitCostsMember2023-12-310000730272rgen:ContingentConsiderationMember2024-01-012024-09-300000730272us-gaap:SalesRevenueNetMember2023-07-012023-09-300000730272us-gaap:PrincipalOwnerMemberrgen:SpectrumIncMembersrt:MinimumMember2024-09-300000730272rgen:MonteCarloSimulationMemberrgen:AvitideFlexbiosysAndMetenovaMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:ContingentConsiderationMember2024-09-300000730272rgen:DilutiveOptionsAndStockUnitsMember2024-07-012024-09-300000730272rgen:InventoryWriteOffMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300000730272rgen:ManufacturingLineExpansionsMemberrgen:MonteCarloSimulationMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:ContingentConsiderationMember2024-09-3000007302722024-06-120000730272srt:ScenarioPreviouslyReportedMember2023-01-012023-09-300000730272rgen:FlexbiosysIncMember2023-04-172023-04-170000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangeTransactionMember2023-12-142023-12-140000730272us-gaap:PrincipalOwnerMember2024-01-012024-09-300000730272rgen:FacilityExitAndOtherExitCostsMember2024-01-012024-09-300000730272us-gaap:CommonStockMemberrgen:FlexbiosysIncMember2023-01-012023-09-300000730272us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-3000007302722024-03-310000730272rgen:ProbabilityWeightedPresentValueMemberrgen:ManufacturingLineExpansionsMemberrgen:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputEarnoutDiscountRateMember2024-09-300000730272us-gaap:CommonStockMember2024-09-300000730272rgen:UnvestedOptionsMember2024-01-012024-09-300000730272rgen:MonteCarloSimulationMemberrgen:AvitideFlexbiosysAndMetenovaMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:ContingentConsiderationMembersrt:MaximumMember2024-09-300000730272us-gaap:RetainedEarningsMemberrgen:OtherAdjustmentsMember2023-07-012023-09-300000730272rgen:FlexbiosysIncMemberus-gaap:CustomerRelationshipsMember2024-01-012024-09-300000730272rgen:FlexbiosysIncMemberus-gaap:CommonStockMember2023-04-172023-04-170000730272us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2023-06-300000730272us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2023-01-012023-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000730272us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272rgen:FlexbiosysIncMemberus-gaap:DevelopedTechnologyRightsMember2024-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300000730272us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:EuropeMember2023-07-012023-09-300000730272rgen:ApacOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2023-07-012023-09-300000730272us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:NorthAmericaMember2024-07-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberus-gaap:PrivatePlacementMember2023-12-140000730272rgen:AcceleratedDepreciationMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300000730272us-gaap:RetainedEarningsMembersrt:RestatementAdjustmentMember2023-07-012023-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RestatementAdjustmentMember2023-01-012023-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:CostOfSalesMember2024-01-012024-09-300000730272us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000730272rgen:MetenovaHoldingAbMember2024-09-300000730272us-gaap:CommonStockMember2023-01-012023-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300000730272rgen:ApacOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2024-07-012024-09-300000730272rgen:FlexbiosysIncMember2024-01-012024-09-300000730272us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-300000730272rgen:AvitideIncMember2024-01-012024-09-300000730272us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangeAndSubscriptionAgreementsMember2023-12-140000730272srt:RestatementAdjustmentMember2023-06-300000730272us-gaap:CommonStockMember2023-12-310000730272us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300000730272rgen:ProbabilityWeightedPresentValueMemberrgen:ManufacturingLineExpansionsMembersrt:MinimumMemberrgen:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:CostOfSalesMember2023-01-012023-09-300000730272us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:NorthAmericaMember2023-01-012023-09-300000730272rgen:AcceleratedDepreciationMember2023-07-012023-09-300000730272rgen:NotesMember2023-12-140000730272us-gaap:CommonStockMember2023-07-012023-09-300000730272us-gaap:CustomerRelationshipsMember2023-12-310000730272us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2023-01-012023-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:CostOfSalesMember2024-01-012024-09-300000730272us-gaap:AdditionalPaidInCapitalMember2022-12-3100007302722022-12-310000730272us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2023-07-012023-09-3000007302722024-06-300000730272rgen:StockOptionAndIncentivePlanMember2018-12-3100007302722023-01-012023-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300000730272us-gaap:FairValueInputsLevel3Member2024-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:CostOfSalesMember2024-01-012024-09-300000730272rgen:TrademarkMember2024-09-300000730272rgen:AcceleratedDepreciationMember2024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangedTwoZeroOneNineNotesMember2023-12-310000730272us-gaap:EmployeeStockOptionMembersrt:ExecutiveOfficerMember2024-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:CostOfSalesMember2023-07-012023-09-300000730272us-gaap:DevelopedTechnologyRightsMember2023-12-310000730272us-gaap:RetainedEarningsMembersrt:RestatementAdjustmentMember2023-09-300000730272us-gaap:SalesRevenueNetMember2024-01-012024-09-300000730272rgen:FlexbiosysIncMemberrgen:OtherAdjustmentsMember2023-01-012023-09-300000730272rgen:FlexbiosysIncMember2023-01-012023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2023-12-140000730272us-gaap:CostOfSalesMember2023-01-012023-09-300000730272us-gaap:EmployeeSeveranceMember2024-01-012024-09-300000730272rgen:AvitideIncMemberrgen:OtherAdjustmentsMember2023-01-012023-09-300000730272rgen:ProbabilityWeightedPresentValueMemberrgen:ManufacturingLineExpansionsMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:ContingentConsiderationMembersrt:MaximumMember2024-09-300000730272rgen:ContingentConsiderationMember2024-09-300000730272rgen:FlexbiosysIncMembersrt:RestatementAdjustmentMember2023-01-012023-09-300000730272rgen:AvitideIncMember2023-01-012023-09-300000730272rgen:MetenovaHoldingAbMemberus-gaap:NoncompeteAgreementsMember2024-01-012024-09-300000730272rgen:TwoThousandTwentyFourAwardAmendmentMember2024-01-012024-09-300000730272rgen:ZeroPointThreeSevenFivePercentConvertibleSeniorNotesDueTwentyTwentyFourMember2019-07-310000730272rgen:MetenovaHoldingAbMember2023-10-020000730272us-gaap:ProductMembersrt:ScenarioPreviouslyReportedMember2023-07-012023-09-300000730272us-gaap:CostOfSalesMember2024-01-012024-09-300000730272us-gaap:RetainedEarningsMemberrgen:OtherAdjustmentsMember2023-01-012023-09-300000730272rgen:AvitideIncMembersrt:RestatementAdjustmentMember2023-01-012023-09-300000730272rgen:FlexbiosysIncMember2024-03-310000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:SubscriptionTransactionsMember2023-12-142023-12-140000730272srt:ScenarioPreviouslyReportedMember2023-09-300000730272rgen:CustomerNumberOneMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-300000730272rgen:ApacOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2023-01-012023-09-300000730272rgen:AcceleratedDepreciationMember2023-01-012023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:SubscriptionTransactionsMember2023-12-140000730272rgen:StockOptionAndIncentivePlanMember2024-09-300000730272rgen:FacilityAndOtherExitCostsMember2024-07-012024-09-300000730272rgen:InventoryWriteOffMemberus-gaap:CostOfSalesMember2023-07-012023-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RestatementAdjustmentMember2023-06-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000730272rgen:ExchangeTransactionMemberrgen:ZeroPointThreeSevenFivePercentConvertibleSeniorNotesDueTwentyTwentyFourMember2023-12-310000730272rgen:ApacOtherMemberus-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMember2024-01-012024-09-300000730272rgen:FacilityAndOtherExitCostsMember2023-01-012023-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300000730272us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2023-07-012023-09-300000730272us-gaap:ProductMembersrt:ScenarioPreviouslyReportedMember2023-01-012023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ModifiedTwoZeroOneNineNotesMemberus-gaap:AdditionalPaidInCapitalMember2023-12-142023-12-140000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:FairValueOfEmbeddedConversionOptionMemberrgen:ModifiedTwoZeroOneNineNotesMember2024-01-012024-09-300000730272us-gaap:RetainedEarningsMembersrt:RestatementAdjustmentMember2023-06-300000730272us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-300000730272rgen:InventoryWriteOffMember2023-07-012023-09-300000730272us-gaap:PrincipalOwnerMember2024-07-012024-09-300000730272us-gaap:RetainedEarningsMember2024-07-012024-09-300000730272us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300000730272rgen:CustomerNumberOneMemberus-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-12-310000730272us-gaap:EmployeeSeveranceMemberus-gaap:OtherOperatingIncomeExpenseMember2024-07-012024-09-300000730272rgen:TwoZeroTwoThreeNotesMember2024-01-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2024-09-300000730272us-gaap:SalesRevenueNetMembersrt:EuropeMemberus-gaap:GeographicConcentrationRiskMember2023-01-012023-09-300000730272us-gaap:RetainedEarningsMember2023-06-300000730272rgen:InventoryWriteOffMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300000730272rgen:ZeroPointThreeSevenFivePercentConvertibleSeniorNotesDueTwentyTwentyFourMember2024-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:CostOfSalesMember2023-01-012023-09-300000730272us-gaap:PatentsMember2023-12-310000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:TwoZeroTwoThreeNotesMember2024-09-300000730272us-gaap:SalesRevenueNetMember2023-01-012023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:TwoZeroTwoThreeNotesMember2024-01-012024-09-300000730272rgen:InventoryWriteOffMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300000730272srt:RestatementAdjustmentMember2023-12-310000730272srt:ScenarioPreviouslyReportedMemberus-gaap:RoyaltyMember2023-01-012023-09-300000730272rgen:FacilityAndOtherExitCostsMember2024-01-012024-09-300000730272rgen:RestrictedStockAndPerformanceStockUnitsMemberrgen:NonExecutiveMember2024-09-300000730272us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2022-12-310000730272rgen:ZeroPointThreeSevenFivePercentConvertibleSeniorNotesDueTwentyTwentyFourMember2023-12-310000730272us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2023-12-310000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300000730272srt:RestatementAdjustmentMember2023-01-012023-09-300000730272rgen:MetenovaHoldingAbMemberus-gaap:TradeNamesMember2024-09-300000730272us-gaap:RoyaltyMember2023-01-012023-09-3000007302722024-09-300000730272us-gaap:CommonStockMember2022-12-310000730272rgen:OtherAdjustmentsMember2022-12-3100007302722024-11-120000730272us-gaap:CommonStockMember2024-01-012024-09-300000730272us-gaap:RetainedEarningsMember2023-09-300000730272us-gaap:CommonStockMember2023-06-300000730272rgen:InflationReductionActOfTwoThousandTwentyTwoMember2021-01-012021-12-310000730272us-gaap:RetainedEarningsMemberrgen:OtherAdjustmentsMember2023-09-300000730272rgen:FlexbiosysIncMemberus-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-300000730272rgen:ZeroPointThreeSevenFivePercentageConvertibleSeniorNotesDueTwentyTwentyFourMember2023-12-310000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000730272rgen:FlexbiosysIncMemberus-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000730272us-gaap:RetainedEarningsMemberrgen:OtherAdjustmentsMember2023-06-300000730272us-gaap:AdditionalPaidInCapitalMember2023-12-310000730272us-gaap:EmployeeSeveranceMember2024-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:OtherOperatingIncomeExpenseMember2024-01-012024-09-300000730272us-gaap:MoneyMarketFundsMember2023-12-310000730272us-gaap:ProductMember2023-01-012023-03-310000730272us-gaap:EmployeeSeveranceMemberus-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300000730272us-gaap:TrademarksMember2023-12-310000730272rgen:NGLImpactAMemberus-gaap:ResearchAndDevelopmentArrangementMember2024-07-012024-09-300000730272rgen:FacilityAndOtherExitCostsMember2023-07-012023-09-300000730272rgen:MetenovaHoldingAbMemberus-gaap:DevelopedTechnologyRightsMember2024-01-012024-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300000730272us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Member2024-09-300000730272rgen:AvitideLlcMember2024-04-300000730272rgen:TwoZeroTwoNineteenNotesMember2024-07-012024-09-300000730272rgen:ZeroPointThreeSevenFivePercentConvertibleSeniorNotesDueTwentyTwentyFourMember2023-12-140000730272rgen:TwoZeroTwoNineteenNotesMember2024-09-300000730272rgen:TwoThousandTwentyFourGrantsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272us-gaap:ProductMember2023-07-012023-09-300000730272rgen:FlexbiosysIncMember2023-04-170000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2023-12-310000730272us-gaap:RetainedEarningsMembersrt:ScenarioPreviouslyReportedMember2023-09-300000730272us-gaap:RoyaltyMemberrgen:OtherAdjustmentsMember2023-01-012023-09-300000730272us-gaap:CostOfSalesMember2024-07-012024-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2023-06-300000730272us-gaap:SalesRevenueNetMembersrt:NorthAmericaMemberus-gaap:GeographicConcentrationRiskMember2024-01-012024-09-300000730272rgen:RestrictedStockAndPerformanceStockUnitsMember2023-01-012023-09-300000730272us-gaap:ProductMember2024-07-012024-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300000730272rgen:ZeroPointThreeSevenFivePercentConvertibleSeniorNotesDueTwentyTwentyFourMember2019-07-190000730272us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-01-012023-09-300000730272srt:RestatementAdjustmentMember2023-07-012023-09-300000730272us-gaap:OtherOperatingIncomeExpenseMember2024-07-012024-09-300000730272rgen:OtherAdjustmentsMember2023-12-310000730272us-gaap:ProductMember2023-01-012023-09-300000730272us-gaap:CommonStockMember2023-09-300000730272us-gaap:RetainedEarningsMember2023-07-012023-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:CostOfSalesMember2024-07-012024-09-300000730272rgen:TrademarkMember2023-12-310000730272rgen:MonteCarloSimulationMemberrgen:AvitideFlexbiosysAndMetenovaMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:ContingentConsiderationMemberrgen:MeasurementInputEarnoutDiscountRateMember2024-09-300000730272us-gaap:RetainedEarningsMember2024-06-300000730272us-gaap:ProductMember2024-01-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangedTwoZeroOneNineNotesMember2023-12-140000730272rgen:OtherAdjustmentsMember2023-07-012023-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RestatementAdjustmentMember2023-09-300000730272rgen:FlexbiosysIncMemberus-gaap:DevelopedTechnologyRightsMember2024-01-012024-09-300000730272rgen:MonteCarloSimulationMemberrgen:AvitideFlexbiosysAndMetenovaMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:ContingentConsiderationMemberrgen:MeasurementInputProbabilityOfSuccessMember2024-09-3000007302722024-01-012024-09-300000730272rgen:FlexbiosysIncMember2023-07-012023-09-300000730272rgen:FlexbiosysIncMemberus-gaap:TradeNamesMember2024-01-012024-09-300000730272rgen:MonteCarloSimulationMembersrt:MinimumMemberrgen:AvitideFlexbiosysAndMetenovaMemberrgen:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272rgen:ZeroPointThreeSevenFivePercentageConvertibleSeniorNotesDueTwentyTwentyFourMember2019-07-310000730272rgen:MetenovaHoldingAbMemberus-gaap:TrademarksAndTradeNamesMember2024-09-300000730272srt:RestatementAdjustmentMemberus-gaap:ProductMember2023-01-012023-09-300000730272us-gaap:SalesRevenueNetMembersrt:NorthAmericaMemberus-gaap:GeographicConcentrationRiskMember2023-07-012023-09-300000730272rgen:MonteCarloSimulationMemberrgen:RevenueAndVolumeBasedPaymentsMemberrgen:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMembersrt:MaximumMember2024-09-300000730272rgen:TwoThousandTwentyFourGrantsMember2024-07-012024-09-3000007302722023-09-300000730272us-gaap:CommonStockMember2024-07-012024-09-300000730272rgen:MonteCarloSimulationMembersrt:MinimumMemberrgen:RevenueAndVolumeBasedPaymentsMemberrgen:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272rgen:MetenovaHoldingAbMember2024-07-012024-09-300000730272us-gaap:MeasurementInputPriceVolatilityMemberrgen:MonteCarloSimulationMemberrgen:RevenueAndVolumeBasedPaymentsMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:ContingentConsiderationMember2024-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2022-12-310000730272us-gaap:AdditionalPaidInCapitalMember2024-09-300000730272rgen:FlexbiosysIncMemberus-gaap:CustomerRelationshipsMember2024-09-300000730272us-gaap:OtherIntangibleAssetsMember2024-09-300000730272rgen:FlexbiosysIncMember2024-07-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangedTwoZeroOneNineNotesMember2023-01-012023-12-310000730272us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:ScenarioPreviouslyReportedMember2023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:FairValueOfEmbeddedConversionOptionMemberrgen:ModifiedTwoZeroOneNineNotesMember2023-01-012023-12-310000730272rgen:TwoZeroTwoNineteenNotesMember2023-07-012023-09-300000730272us-gaap:AdditionalPaidInCapitalMember2023-09-300000730272rgen:ZeroPointThreeSevenFivePercentConvertibleSeniorNotesDueTwentyTwentyFourMember2019-07-192019-07-190000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:CostOfSalesMember2023-07-012023-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300000730272us-gaap:CostOfSalesMember2023-07-012023-09-300000730272rgen:TwoZeroTwoNineteenNotesMember2024-01-012024-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-3000007302722023-12-310000730272rgen:FacilityExitAndOtherExitCostsMember2024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ModifiedTwoZeroOneNineNotesMember2023-12-142023-12-140000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-300000730272rgen:MonteCarloSimulationMemberrgen:RevenueAndVolumeBasedPaymentsMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:ContingentConsiderationMemberrgen:MeasurementInputEarnoutDiscountRateMember2024-09-300000730272us-gaap:PrincipalOwnerMember2023-07-012023-09-300000730272us-gaap:SalesRevenueNetMembersrt:EuropeMemberus-gaap:GeographicConcentrationRiskMember2024-01-012024-09-300000730272us-gaap:PrincipalOwnerMember2023-01-012023-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000730272srt:RestatementAdjustmentMemberus-gaap:RoyaltyMember2023-01-012023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ModifiedTwoZeroOneNineNotesMember2023-12-310000730272rgen:RestrictedStockAndPerformanceStockUnitsMember2024-01-012024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:ExchangedTwoZeroOneNineNotesMember2023-12-142023-12-140000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000730272us-gaap:TrademarksMember2024-09-300000730272us-gaap:SalesRevenueNetMembersrt:MinimumMemberus-gaap:CustomerConcentrationRiskMember2023-07-012023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberus-gaap:CommonStockMember2024-09-300000730272rgen:MetenovaHoldingAbMember2024-01-012024-09-300000730272us-gaap:CustomerRelationshipsMember2024-09-300000730272us-gaap:EmployeeSeveranceMember2023-12-310000730272srt:ScenarioPreviouslyReportedMemberus-gaap:RoyaltyMember2023-07-012023-09-300000730272us-gaap:AdditionalPaidInCapitalMember2023-06-300000730272us-gaap:OtherIntangibleAssetsMember2023-12-310000730272rgen:MetenovaHoldingAbMemberus-gaap:DevelopedTechnologyRightsMember2024-09-300000730272rgen:TwoThousandTwentyFourGrantsMember2024-01-012024-09-300000730272rgen:MetenovaHoldingAbMemberus-gaap:TradeNamesMember2024-01-012024-09-300000730272srt:RestatementAdjustmentMember2022-12-310000730272rgen:MetenovaHoldingAbMemberus-gaap:NoncompeteAgreementsMember2024-09-300000730272us-gaap:FairValueInputsLevel3Member2023-12-310000730272us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RestatementAdjustmentMember2023-07-012023-09-300000730272rgen:OtherAdjustmentsMember2023-09-300000730272us-gaap:PatentsMember2024-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2024-01-012024-09-300000730272us-gaap:OtherOperatingIncomeExpenseMember2024-01-012024-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300000730272srt:ScenarioPreviouslyReportedMember2022-12-310000730272srt:RestatementAdjustmentMember2023-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:CostOfSalesMember2023-01-012023-09-300000730272rgen:FlexbiosysIncMemberus-gaap:TrademarksAndTradeNamesMember2024-09-300000730272rgen:MetenovaHoldingAbMemberus-gaap:CustomerRelationshipsMember2024-09-300000730272us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-300000730272rgen:InventoryWriteOffMemberus-gaap:CostOfSalesMember2023-01-012023-09-300000730272us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300000730272rgen:NGLImpactAMemberus-gaap:ResearchAndDevelopmentArrangementMember2023-07-012023-09-300000730272rgen:MonteCarloSimulationMemberrgen:RevenueAndVolumeBasedPaymentsMemberrgen:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000730272rgen:FlexbiosysIncMembersrt:ScenarioPreviouslyReportedMember2023-01-012023-09-300000730272us-gaap:EmployeeSeveranceMember2024-07-012024-09-300000730272srt:ScenarioPreviouslyReportedMember2023-06-300000730272us-gaap:RestrictedStockUnitsRSUMember2024-06-280000730272rgen:FlexbiosysIncMember2024-09-300000730272rgen:RestrictedStockAndPerformanceStockUnitsMembersrt:ExecutiveOfficerMember2024-09-300000730272rgen:ContingentConsiderationMember2023-12-310000730272rgen:FlexbiosysIncMemberus-gaap:TradeNamesMember2024-09-300000730272rgen:OtherAdjustmentsMember2023-01-012023-09-300000730272rgen:MetenovaHoldingAbMemberus-gaap:CustomerRelationshipsMember2024-01-012024-09-300000730272us-gaap:EmployeeSeveranceMember2023-01-012023-09-3000007302722024-07-012024-09-300000730272srt:RestatementAdjustmentMemberus-gaap:RoyaltyMember2023-07-012023-09-300000730272us-gaap:AdditionalPaidInCapitalMember2024-06-300000730272rgen:TwoThousandTwentyFourGrantsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300000730272srt:ScenarioPreviouslyReportedMember2023-07-012023-09-300000730272rgen:AcceleratedDepreciationMember2023-12-310000730272us-gaap:RestrictedStockUnitsRSUMemberrgen:TwoThousandTwentyFourAwardAmendmentMember2024-01-012024-09-300000730272rgen:ZeroPointThreeSevenFivePercentConvertibleSeniorNotesDueTwentyTwentyFourMember2024-01-012024-09-300000730272rgen:ZeroPointThreeSevenFivePercentConvertibleSeniorNotesDueTwentyTwentyFourMember2024-07-012024-09-300000730272rgen:TwoZeroTwoNineteenNotesMember2023-01-012023-09-300000730272us-gaap:DevelopedTechnologyRightsMember2024-09-300000730272rgen:FlexbiosysIncMemberus-gaap:NoncompeteAgreementsMember2024-01-012024-09-300000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300000730272us-gaap:ProductMemberrgen:OtherAdjustmentsMember2023-07-012023-09-300000730272rgen:InventoryWriteOffMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-300000730272us-gaap:RetainedEarningsMembersrt:RestatementAdjustmentMember2023-01-012023-09-300000730272rgen:AcceleratedDepreciationMember2024-01-012024-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-300000730272us-gaap:SalesRevenueNetMemberus-gaap:GeographicConcentrationRiskMembersrt:EuropeMember2024-07-012024-09-300000730272rgen:AcceleratedDepreciationMemberus-gaap:OtherOperatingIncomeExpenseMember2024-01-012024-09-300000730272rgen:FlexbiosysIncMemberus-gaap:NoncompeteAgreementsMember2024-09-300000730272us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000730272us-gaap:EmployeeSeveranceMemberus-gaap:CostOfSalesMember2024-07-012024-09-300000730272us-gaap:SellingGeneralAndAdministrativeExpensesMember2023-07-012023-09-300000730272rgen:NGLImpactAMemberus-gaap:ResearchAndDevelopmentArrangementMember2024-01-012024-09-300000730272us-gaap:EmployeeStockOptionMemberrgen:NonExecutiveMember2024-09-300000730272us-gaap:RetainedEarningsMember2023-12-310000730272rgen:ProbabilityWeightedPresentValueMemberrgen:ManufacturingLineExpansionsMemberrgen:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300000730272us-gaap:RoyaltyMember2023-07-012023-09-300000730272rgen:AvitideIncMembersrt:ScenarioPreviouslyReportedMember2023-01-012023-09-300000730272srt:ScenarioPreviouslyReportedMember2023-12-310000730272us-gaap:EmployeeSeveranceMember2023-07-012023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMember2023-12-060000730272rgen:FacilityAndOtherExitCostsMemberus-gaap:OtherOperatingIncomeExpenseMember2024-01-012024-09-300000730272rgen:ManufacturingLineExpansionsMemberrgen:MonteCarloSimulationMemberrgen:ContingentConsiderationMemberus-gaap:FairValueMeasurementsRecurringMemberrgen:MeasurementInputProbabilityOfSuccessMember2024-09-300000730272rgen:InventoryWriteOffMember2023-01-012023-09-300000730272rgen:TwoZeroTwoNineteenNotesMember2023-09-300000730272rgen:OnePointZeroZeroPercentConvertibleSeniorNotesDueTwentyTwentyEightMemberrgen:TwoZeroTwoThreeNotesMember2023-12-310000730272rgen:StockUnitsMember2024-09-3000007302722023-01-012023-03-310000730272us-gaap:CommonStockMemberrgen:MetenovaHoldingAbMember2023-10-022023-10-020000730272us-gaap:CommonStockMember2024-06-300000730272us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-3000007302722023-07-012023-09-3000007302722023-06-300000730272rgen:OtherAdjustmentsMember2023-06-300000730272us-gaap:RoyaltyMemberrgen:OtherAdjustmentsMember2023-07-012023-09-300000730272us-gaap:RoyaltyMember2024-01-012024-09-300000730272rgen:MetenovaHoldingAbMember2023-10-022023-10-020000730272rgen:PerformanceStockUnitsMemberrgen:TwoThousandTwentyFourAwardAmendmentMember2024-01-012024-09-300000730272rgen:TwoZeroTwoThreeNotesMember2024-07-012024-09-30iso4217:USDxbrli:sharesxbrli:purexbrli:sharesrgen:Segmentrgen:Daysiso4217:USD

 

free

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___________ to___________

Commission File Number 000-14656

REPLIGEN CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

04-2729386

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

41 Seyon Street, Bldg. 1, Suite 100

Waltham, MA

02453

(Address of Principal Executive Offices)

(Zip Code)

 

(781) 250-0111

Registrant’s Telephone Number, Including Area Code

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

 

 

 

Common Stock, par value $0.01 per share

RGEN

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

 

 

 

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.): Yes ☐ No ☒

The number of shares outstanding of the registrant’s common stock on November 12, 2024 was 56,026,725.

1

 

Table of Contents

 

 

 

PAGE

PART I -

FINANCIAL INFORMATION

 

 

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (As Restated)

 

3

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 (As Restated)

 

4

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (As Restated)

 

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 (As Restated)

 

7

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

8

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

31

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

40

 

 

 

 

Item 4.

Controls and Procedures

 

40

 

 

 

 

PART II -

OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings

 

42

 

 

 

 

Item 1A.

Risk Factors

 

42

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

 

 

 

 

Item 3.

Defaults Upon Senior Securities

 

42

 

 

 

 

Item 4.

Mine Safety Disclosures

 

42

 

 

 

 

Item 5.

Other Information

 

42

 

 

 

 

Item 6.

Exhibits

 

43

 

 

 

Signatures

 

44

 

2

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. Financial Statements

 

REPLIGEN CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited, amounts in thousands, except share data)

 

 

September 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

783,964

 

 

$

751,323

 

Accounts receivable, net of reserves of $1,961 and $2,122 at
   September 30, 2024 and December 31, 2023, respectively

 

 

129,026

 

 

 

124,161

 

Inventories, net

 

 

182,465

 

 

 

202,321

 

Prepaid expenses and other current assets

 

 

36,115

 

 

 

33,541

 

Total current assets

 

 

1,131,570

 

 

 

1,111,346

 

Noncurrent assets:

 

 

 

 

 

 

Property, plant and equipment, net

 

 

202,583

 

 

 

207,440

 

Intangible assets, net

 

 

380,754

 

 

 

406,957

 

Goodwill

 

 

987,620

 

 

 

987,120

 

Deferred tax assets

 

 

101

 

 

 

1,530

 

Operating lease right of use assets

 

 

127,268

 

 

 

115,515

 

Other noncurrent assets

 

 

748

 

 

 

1,277

 

Total noncurrent assets

 

 

1,699,074

 

 

 

1,719,839

 

Total assets

 

$

2,830,644

 

 

$

2,831,185

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

21,357

 

 

$

19,563

 

Operating lease liability

 

 

12,171

 

 

 

5,631

 

Current contingent consideration

 

 

13,936

 

 

 

12,983

 

Accrued liabilities

 

 

60,902

 

 

 

57,313

 

Convertible Senior Notes due 2024, net

 

 

—

 

 

 

69,452

 

Total current liabilities

 

 

108,366

 

 

 

164,942

 

Noncurrent liabilities:

 

 

 

 

 

 

Convertible Senior Notes due 2028, net

 

 

521,607

 

 

 

510,143

 

Deferred tax liabilities

 

 

33,686

 

 

 

39,324

 

Noncurrent operating lease liability

 

 

138,693

 

 

 

126,578

 

Noncurrent contingent consideration

 

 

—

 

 

 

14,070

 

Other noncurrent liabilities

 

 

11,606

 

 

 

11,283

 

Total noncurrent liabilities

 

 

705,592

 

 

 

701,398

 

Total liabilities

 

 

813,958

 

 

 

866,340

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares
   issued or outstanding

 

 

—

 

 

 

—

 

Common stock, $0.01 par value; 80,000,000 shares authorized; 56,026,725
   shares at September 30, 2024 and 55,766,078 shares at December 31, 2023
   issued and outstanding

 

 

560

 

 

 

558

 

Additional paid-in capital

 

 

1,609,526

 

 

 

1,569,227

 

Accumulated other comprehensive loss

 

 

(34,623

)

 

 

(37,808

)

Retained earnings

 

 

441,223

 

 

 

432,868

 

Total stockholders’ equity

 

 

2,016,686

 

 

 

1,964,845

 

Total liabilities and stockholders’ equity

 

$

2,830,644

 

 

$

2,831,185

 

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

 

REPLIGEN CORPORATION

Condensed CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, amounts in thousands, except per share data)

 

 

Three Months Ended September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

 

 

 

 

(As Restated)

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

154,834

 

 

$

141,156

 

 

$

466,784

 

 

$

465,630

 

Royalty and other revenue

 

 

37

 

 

 

36

 

 

 

108

 

 

 

111

 

Total revenue

 

 

154,871

 

 

 

141,192

 

 

 

466,892

 

 

 

465,741

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

 

77,383

 

 

 

104,634

 

 

 

231,088

 

 

 

265,786

 

Research and development

 

 

9,710

 

 

 

10,577

 

 

 

31,523

 

 

 

32,437

 

Selling, general and administrative

 

 

75,610

 

 

 

55,582

 

 

 

202,894

 

 

 

160,954

 

Contingent consideration

 

 

—

 

 

 

(34,292

)

 

 

—

 

 

 

(31,266

)

Total costs and operating expenses

 

 

162,703

 

 

 

136,501

 

 

 

465,505

 

 

 

427,911

 

(Loss) income from operations

 

 

(7,832

)

 

 

4,691

 

 

 

1,387

 

 

 

37,830

 

Other income (expenses):

 

 

 

 

 

 

 

 

 

 

 

 

Investment income

 

 

9,130

 

 

 

6,662

 

 

 

27,534

 

 

 

18,112

 

Interest expense

 

 

(5,122

)

 

 

(408

)

 

 

(15,269

)

 

 

(1,227

)

Amortization of debt issuance costs

 

 

(429

)

 

 

(459

)

 

 

(1,432

)

 

 

(1,373

)

Other income (expenses)

 

 

3,104

 

 

 

895

 

 

 

(647

)

 

 

1,500

 

Other income, net

 

 

6,683

 

 

 

6,690

 

 

 

10,186

 

 

 

17,012

 

(Loss) income before income taxes

 

 

(1,149

)

 

 

11,381

 

 

 

11,573

 

 

 

54,842

 

Income tax (benefit) provision

 

 

(495

)

 

 

(5,542

)

 

 

3,218

 

 

 

2,796

 

Net (loss) income

 

$

(654

)

 

$

16,923

 

 

$

8,355

 

 

$

52,046

 

(Loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.01

)

 

$

0.30

 

 

$

0.15

 

 

$

0.93

 

Diluted (Note 13)

 

$

(0.01

)

 

$

0.30

 

 

$

0.15

 

 

$

0.91

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

56,012

 

 

 

55,766

 

 

 

55,896

 

 

 

55,688

 

Diluted (Note 13)

 

 

56,012

 

 

 

56,940

 

 

 

56,315

 

 

 

56,933

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(654

)

 

$

16,923

 

 

$

8,355

 

 

$

52,046

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

 

9,822

 

 

 

(5,880

)

 

 

3,185

 

 

 

(8,972

)

Comprehensive income

 

$

9,168

 

 

$

11,043

 

 

$

11,540

 

 

$

43,074

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

 

REPLIGEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited, amounts in thousands, except share data)

 

 

 

Three Months Ended September 30, 2024

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Par
Value

 

 

Additional
Paid-In Capital

 

 

Accumulated
Other Comprehensive
Loss

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

Balance at June 30, 2024, as restated

 

 

55,902,860

 

 

$

559

 

 

$

1,586,447

 

 

$

(44,445

)

 

$

441,877

 

 

$

1,984,438

 

Net loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(654

)

 

$

(654

)

Conversion of debt

 

 

100,942

 

 

 

1

 

 

 

(8

)

 

 

—

 

 

 

—

 

 

$

(7

)

Exercise of stock options and vesting of stock
   units

 

 

26,854

 

 

 

—

 

 

 

577

 

 

 

—

 

 

 

—

 

 

$

577

 

Tax withholding on vesting of restricted stock units

 

 

(3,931

)

 

 

—

 

 

 

(545

)

 

 

—

 

 

 

—

 

 

$

(545

)

Stock-based compensation expense

 

 

—

 

 

 

—

 

 

 

23,055

 

 

 

—

 

 

 

—

 

 

$

23,055

 

Translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,822

 

 

 

—

 

 

$

9,822

 

Balance at September 30, 2024

 

 

56,026,725

 

 

$

560

 

 

$

1,609,526

 

 

$

(34,623

)

 

$

441,223

 

 

$

2,016,686

 

 

 

 

Three Months Ended September 30, 2023

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Par
Value

 

 

Additional
Paid-In Capital

 

 

Accumulated
Other Comprehensive
Loss

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

Balance at June 30, 2023, as restated

 

 

55,744,896

 

 

$

557

 

 

$

1,561,393

 

 

$

(37,486

)

 

$

432,395

 

 

$

1,956,859

 

Net income, as restated

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16,923

 

 

 

16,923

 

Conversion of debt

 

 

2

 

 

 

—

 

 

 

(10

)

 

 

—

 

 

 

—

 

 

 

(10

)

Exercise of stock options and vesting of stock
   units

 

 

36,195

 

 

 

1

 

 

 

293

 

 

 

—

 

 

 

—

 

 

 

294

 

Tax withholding on vesting of restricted stock units

 

 

(6,387

)

 

 

—

 

 

 

(1,038

)

 

 

—

 

 

 

—

 

 

 

(1,038

)

Issuance of common stock pursuant to the acquisition of FlexBiosys, Inc.

 

 

—

 

 

 

—

 

 

 

222

 

 

 

—

 

 

 

—

 

 

 

222

 

Stock-based compensation expense

 

 

—

 

 

 

—

 

 

 

6,373

 

 

 

—

 

 

 

—

 

 

 

6,373

 

Translation adjustment, as restated

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(5,880

)

 

 

—

 

 

 

(5,880

)

Balance at September 30, 2023, as restated

 

 

55,774,706

 

 

$

558

 

 

$

1,567,233

 

 

$

(43,366

)

 

$

449,318

 

 

$

1,973,743

 

 

 

 

 

Nine Months Ended September 30, 2024

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Par
Value

 

 

Additional
Paid-In Capital

 

 

Accumulated
Other Comprehensive
Loss

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

Balance at December 31, 2023, as restated

 

 

55,766,078

 

 

$

558

 

 

$

1,569,227

 

 

$

(37,808

)

 

$

432,868

 

 

$

1,964,845

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,355

 

 

 

8,355

 

Conversion of debt

 

 

100,944

 

 

 

1

 

 

 

(115

)

 

 

—

 

 

 

—

 

 

 

(114

)

Exercise of stock options and vesting of stock
   units

 

 

179,335

 

 

 

2

 

 

 

2,364

 

 

 

—

 

 

 

—

 

 

 

2,366

 

Tax withholding on vesting of restricted stock units

 

 

(51,040

)

 

 

(1

)

 

 

(9,403

)

 

 

—

 

 

 

—

 

 

 

(9,404

)

Issuance of common stock pursuant to contingent consideration earnout payments

 

 

31,408

 

 

 

—

 

 

 

5,742

 

 

 

—

 

 

 

—

 

 

 

5,742

 

Stock-based compensation expense

 

 

—

 

 

 

—

 

 

 

41,711

 

 

 

—

 

 

 

—

 

 

 

41,711

 

Translation adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

3,185

 

 

 

—

 

 

 

3,185

 

Balance at September 30, 2024

 

 

56,026,725

 

 

$

560

 

 

$

1,609,526

 

 

$

(34,623

)

 

$

441,223

 

 

$

2,016,686

 

 

5

 

 

 

Nine Months Ended September 30, 2023

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of
Shares

 

 

Par
Value

 

 

Additional
Paid-In Capital

 

 

Accumulated
Other Comprehensive
Loss

 

 

Retained
Earnings

 

 

Total
Stockholders'
Equity

 

Balance at December 31, 2022

 

 

55,557,698

 

 

$

556

 

 

$

1,547,266

 

 

$

(34,394

)

 

$

397,272

 

 

$

1,910,700

 

Net income, as restated

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

52,046

 

 

 

52,046

 

Conversion of debt

 

 

8

 

 

 

—

 

 

 

(13

)

 

 

—

 

 

 

—

 

 

 

(13

)

Exercise of stock options and vesting of stock
   units

 

 

212,589

 

 

 

3

 

 

 

353

 

 

 

—

 

 

 

—

 

 

 

356

 

Tax withholding on vesting of restricted stock units

 

 

(69,625

)

 

 

(1

)

 

 

(12,177

)

 

 

—

 

 

 

—

 

 

 

(12,178

)

Issuance of common stock pursuant to the acquisition of FlexBiosys, Inc.

 

 

31,415

 

 

 

—

 

 

 

5,465

 

 

 

—

 

 

 

—

 

 

 

5,465

 

Issuance of common stock pursuant to contingent consideration earnout payments

 

 

42,621

 

 

 

—

 

 

 

7,229

 

 

 

—

 

 

 

—

 

 

 

7,229

 

Stock-based compensation expense

 

 

—

 

 

 

—

 

 

 

19,110

 

 

 

—

 

 

 

—

 

 

 

19,110

 

Translation adjustment, as restated

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(8,972

)

 

 

—

 

 

 

(8,972

)

Balance at September 30, 2023, as restated

 

 

55,774,706

 

 

$

558

 

 

$

1,567,233

 

 

$

(43,366

)

 

$

449,318

 

 

$

1,973,743

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

 

REPLIGEN CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited, amounts in thousands)

 

 

 

Nine Months Ended
September 30,

 

 

 

2024

 

 

2023

 

 

 

 

 

 

(As Restated)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

8,355

 

 

$

52,046

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

51,306

 

 

 

51,295

 

Amortization of debt discount and issuance costs

 

 

11,628

 

 

 

1,373

 

Stock-based compensation

 

 

41,711

 

 

 

19,110

 

Deferred income taxes, net

 

 

(4,163

)

 

 

(9,268

)

Contingent consideration

 

 

—

 

 

 

(31,266

)

Non-cash interest income

 

 

—

 

 

 

(2,023

)

Operating lease right of use asset amortization*

 

 

12,749

 

 

 

10,203

 

Other

 

 

107

 

 

 

1,275

 

Changes in operating assets and liabilities, excluding impact of acquisitions:

 

 

 

 

 

 

Accounts receivable

 

 

(4,631

)

 

 

8,315

 

Inventories

 

 

20,131

 

 

 

25,979

 

Prepaid expenses and other current assets

 

 

(2,609

)

 

 

(12,749

)

Other noncurrent assets