Repligen Corporation reported financial results for the second quarter and six month, year-to-date, periods ended June 30, 2015. Product revenue for the second quarter of 2015 was $21.5 million.
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This compares to $15.6 million for the second quarter of 2014, an increase of 38% which includes a negative impact of 11% from foreign currency translation.
For the six-month period, product revenue was $42.3 million compared to $29.9 million for the same period in 2014, an increase of 41%. Total revenue for year-to-date 2015 was comprised entirely of bioprocessing revenue. For the same period in 2014, total revenue was $31.9 million, which included an upfront payment of $2.0 million from BioMarin Pharmaceutical Inc. under our therapeutic asset purchase agreement.
Product gross margin reached 60% for the second quarter of 2015 and 60.6% for the six-month period of 2015. This compares to 57.1% for the second quarter of 2014 and 56.5% for the first six months of 2014.
Product gross profit for the second quarter of 2015 was $12.9 million compared to product gross profit of $8.9 million for the second quarter of 2014, an increase of 45%. For the six-month period in 2015, product gross profit was $25.6 million compared to $16.9 million for same period in 2014, an increase of 52%.
Operating income for the second quarter of 2015 was $4.6 million compared to operating income of $3.1 million for the second quarter of 2014. Operating income for the second quarter was impacted by the recognition of $0.8 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 for the six-month period in 2015 was $8.6 million, including $1.9 million of contingent consideration expense related to ATF System sales, compared to $8.4 million for the same period in 2014, which included $2.0 million of royalty and other revenue.
Net income for the second quarter of 2015 was $3.6 million, or $0.11 per diluted share, compared to $2.8 million, or $0.09 per diluted share, for the second quarter of 2014.
Net income for the sixmonth period of 2015 was $6.5 million, or $0.19 per diluted share, compared to $7.1 million, or $0.22 per diluted share, for the same period in 2014. These net income figures include the aforementioned impact of contingent consideration in 2015 and royalty and other income in 2014.
EBITDA (Non-GAAP)1 was $5.5 million for the second quarter of 2015 compared to $4.1 million during the second quarter of 2014.
For the year-to-date periods, EBITDA was $10.8 million in 2015 compared to $10.3 million in 2014. These EBITDA figures included the aforementioned impact of contingent consideration in 2015 and royalty and other income in 2014. ■