Repligen Corporation (NASDAQ:RGEN) reported net income above Wall Street’s expectations for the third quarter. Repligen is a biopharmaceutical company focused primarily on the development of novel therapeutics for radiology and neuropsychiatry.
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Repligen Corporation Earnings Cheat Sheet
Results: Net income for Repligen Corporation rose to $1.8 million (6 cents per share) vs. $605,000 (20 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year-earlier quarter.
Revenue: Rose 75% to $15.1 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Repligen Corporation beat the mean analyst estimate of 2 cents per share. It beat the average revenue estimate of $7 million.
Quoting Management: “We continued to deliver strong financial performance during the third quarter and year-to-date, driven by increased revenue from our expanded bioprocessing business,” said Walter C. Herlihy, Ph.D., President and CEO of Repligen. “In August, we announced our decision to focus corporate strategy and resources on the growth of our profitable bioprocessing business. Our efforts are now directed toward achieving operational and financial excellence as a life sciences company providing high-value consumables to the global biomanufacturing market.”
The company has beaten estiamtes for two quarters in a row. In the second quarter, it topped expectations with net income of 5 cents versus a mean estimate of net income of one cent per share.
Looking Forward: The average estimate for the fourth quarter is steady at 8 cents a share. The average estimate hasn’t changed from 19 cents per share for the fiscal year.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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