Boston, MA 08/12/2014 (wallstreetpr) – On August 11, 2014, Repligen Corporation (NASDAQ:RGEN), the life-science company announced its second quarter’s financial result that ended on June 30, 2014.
Product revenue:
The product revenue of Repligen Corporation (NASDAQ:RGEN) in the 2Q rose 19.5% over the last year’s comparable quarter to $15.6 million. In the product revenue for this quarter, the company earned almost $500,000 from ATF System sales, which is the result of Repligen’s acquisition of Refine Technology in June 2.
Significant product gross profit:
The product gross profit marched up to 15.1% to $8.9 million, while the figure in the previous year’s same quarter was $7.7 million. The product gross profit in 2014’s 2Q was 57.1% of the product revenue.
Royalty agreement affected operating income:
Repligen Corporation (NASDAQ:RGEN) posted operating income of $3.1 million in the second quarter of this year versus $6.1 million in the previous year. The 2013’s operating income was influenced by $3.6 million from Royalty agreement. However, the royalty agreement expired on the last day of December in 2013.
Lower net income:
Though the life-science company managed higher revenue this quarter, yet the net income dropped significantly. This quarter, Repligen posted net income of $2.8 million, while last year it was $4.5 million. Needless to say, the previous year’s net income was driven by the royalty agreement.
Cash and investments:
As on June 30, 2014 the company totaled $61.9 million from cash and investments. However, in the previous quarter that ended on December 31, 2014, Repligen Corporation (NASDAQ:RGEN)’s cash and investment was $73.8 million. During the 2Q, the company made upfront cash payment of $20.5 million, besides $700,000 for the working capital adjustments in order to acquire the Refine Technology business.
The president, chief executive officer, Walter C. Herlihy mentioned in his quotes that the company has performed magnificently on its sales figure while the strategic acquisition of Refine Technology was also a progressive decision.
