[RGEN] Update ..
Repligen Reports Third Quarter 2005 Financial Results
Friday February 4, 6:00 am ET
Conference Call on Friday February 4th at 8:30 a.m. EST
WALTHAM, Mass., Feb. 4 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN - News) today reported results for the third quarter of fiscal year 2005 ended December 31, 2004. Total revenue for the quarter was $2,260,000 compared to total revenue of $1,321,000 for the third quarter of fiscal year 2004, an increase of $939,000 or 71%. Gross profit for the third quarter of fiscal year 2005 was $1,231,000 (54%) compared to $539,000 (41%) for the third quarter of fiscal year 2004. During the quarter we received $750,000 in proceeds from a legal settlement which was recorded as other income.
Operating expenses for the third quarter of fiscal year 2005 were $2,281,000 compared to $2,766,000 for the third quarter of fiscal year 2004. The net loss for the third quarter of fiscal year 2005 was $193,000 or $.01 per share, compared to $2,127,000 or $.07 per share for the third quarter of fiscal year 2004. Cash and investments as of December 31, 2004 were $23,832,000.
For the nine-month period ended December 31, 2004 total revenue was $6,366,000 compared to $4,801,000 for the same period in fiscal 2004, an increase of $1,565,000 or 33%. Gross profit for the nine-month period was $3,501,000 (55%) compared to $2,423,000 (50%) for the same period in fiscal year 2004. Operating expenses for the nine-month period of fiscal year 2005 were $7,113,000 compared to $9,011,000 for the same period in fiscal year 2004. The net loss for the nine-month period of fiscal year 2005 ended December 31, 2004 was $2,557,000 or $.09 per share, compared to $6,295,000 or $.21 per share for the same period of fiscal year 2004.
"Our record product sales of $6.4 million for the year to date have allowed us to maintain a solid financial position with minimal cash burn," stated Walter C. Herlihy, President and Chief Executive Officer of Repligen. "We expect strong demand for our Protein A products in 2005 which will enable us to continue to invest in our proprietary product candidates and seek licensing opportunities to bolster our product development pipeline."
About Repligen Corporation
Repligen Corporation is a biopharmaceutical company committed to being the leader in the development of novel therapeutics for profound neuropsychiatric disorders and autoimmune disease with particular emphasis on applications for children. Repligen has a Specialty Pharmaceuticals business comprised of rProtein A(TM) and SecreFlo(TM), the profits from which will be used to partially support the development of our proprietary products. Repligen's corporate headquarters are located at 41 Seyon Street, Building #1, Suite 100, Waltham, MA 02453. Additional information may be obtained from repligen.com.
SELECTED FINANCIAL DATA
Operating Statement Data:
Three-months ended Nine-months ended
December 31, December 31,
2004 2003 2004 2003
Revenue:
Product revenue $2,260,000 $1,304,000 $6,366,000 $4,730,000
Research revenue -- 17,000 -- 71,000
Total revenue 2,260,000 1,321,000 6,366,000 4,801,000
Cost of revenue 1,029,000 782,000 2,865,000 2,378,000
Gross profit 1,231,000 539,000 3,501,000 2,423,000
Operating expenses:
Research and
development 1,039,000 1,850,000 3,703,000 5,181,000
Selling, general
and administrative 1,242,000 916,000 3,410,000 3,830,000
Total operating
expenses 2,281,000 2,766,000 7,113,000 9,011,000
Loss from
operations (1,050,000) (2,227,000) (3,612,000) (6,588,000)
Investment income 107,000 100,000 305,000 293,000
Other Income 750,000 -- 750,000 --
Net loss $(193,000) $(2,127,000) $(2,557,000) $(6,295,000)
Basic and diluted
net loss per share $(.01) $(.07) $(.09) $(.21)
Basic and diluted
weighted average
shares outstanding 30,065,000 29,878,000 30,056,000 29,575,000
Balance Sheet Data:
December 31, March 31,
2004 2004
Cash and investments $23,832,000 $24,863,000
Total assets 27,413,000 29,615,000
Stockholders' equity 24,690,000 27,164,000
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