Q2 2024 Repligen Corp Earnings Call Transcript
Key Points
- Repligen Corp (RGEN) reported an improving quarter for both revenues and orders, with orders pacing 2% above revenues for Q2 and 1% above for the first half of the year.
- Pharma revenues in Q2 were up about 15% sequentially and 20% year-on-year, with strong order growth of 5% sequentially and 40% year-on-year.
- Consumables maintained momentum with Q2 revenues up double digits versus Q1 and orders up 30% year-over-year.
- The new modality customer base delivered mid-single-digit revenue growth in Q2 versus the same quarter in 2023, with orders up more than 40% year-over-year.
- Repligen Corp (RGEN) is narrowing its revenue guidance to a range of $620 million to $635 million, reflecting confidence in achieving its targets despite headwinds.
- Total Q2 revenues decreased 3% year-over-year, driven by declines in China demand and headwinds in proteins and COVID-related products.
- China orders and sales were down again in Q2, with expectations that China revenues will be around $25 million in 2024, a $10 million decline from previous estimates.
- Increased headwinds from foreign exchange are impacting overall financial performance.
- Adjusted income from operations was down approximately $14 million compared to the prior year, driven by incremental incentive compensation and lower volumes.
- Repligen Corp (RGEN) is updating its full-year guidance to reflect an additional $3 million in adjusted operating expenses due to delayed cost reduction initiatives.
Good day, ladies and gentlemen, and welcome to Repligen Corporation Second Quarter of 2024 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.
I would like now to turn the call over to your host, Sondra Newman, Head of Investor Relations for Repligen. Please go ahead.
Thank you, and welcome to our second quarter of 2024 report. On this call, we will cover business highlights and financial performance for the three- and six-month periods ending June 30, 2024, and we will provide financial guidance for the year 2024. Joining us on the call today are Repligen's current Chief Executive Officer, Tony Hunt; our Chief Commercial Officer, Olivier Loeillot; and our Chief Financial Officer, Jason Garland.
As a reminder, the forward-looking statements that we make during this call, including those regarding our business goals and expectations for the financial performance of the company, are subject to risks and uncertainties that may cause actual
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