Repligen Corporation reported financial results for the first quarter ended March 31, 2015. Bioprocessing product revenue was $20.8 million, compared to $14.3 million for Q1 2014.
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This is an increase of 45% including a negative impact of 12% from foreign currency translation.
Total revenue for the first quarter of 2015 was comprised entirely of bioprocessing product revenue, while during the first quarter of 2014, total revenue of $16.3 million included a one-time upfront payment of $2.0 million from BioMarin Pharmaceutical Inc. under company's therapeutic asset purchase agreement announced in January 2014.
Gross margin reached 61.2% for the first quarter of 2015, compared to 5.8% for the first quarter of 2014. Product gross profit for the first quarter of 2015 was $12.7 million, compared to product gross profit of $8.0 million for the first quarter of 2014, an increase of 59%.
Operating income for the first quarter of 2015 was $4.0 million, or 19.4% of product revenue. Operating income for the first quarter was impacted by the recognition of $1.1 million in contingent consideration expense based on the high probability of the Company achieving a 2015 sales milestone for the Alternating Tangential Flow (ATF) System, as predefined in the Company’s asset purchase agreement with Refine Technology, LLC. Operating income was $5.3 million for the first quarter of 2014, which included the aforementioned non-product related payment of $2.0 million.
Net income for the first quarter of 2015 was $2.9 million, or $0.09 per diluted share, including the aforementioned $1.1 million contingent consideration expense. This compares with net income of $4.3 million for the first quarter of 2014, including the aforementioned non-product related revenue of $2.0 million.
EBITDA (Non-GAAP)1 was $5.3 million for the first quarter of 2015, including the aforementioned $1.1 million contingent consideration expense. This compares to EBITDA of $6.2 million during the first quarter of 2014, which included the aforementioned non-product related payment of $2 million ■