Mon, Nov 18, 5:08 PM (232 days ago)
Repligen Corporation (RGEN) filed an amendment to its 10-Q for the quarter ended March 31, 2024, primarily to correct a revenue recognition misstatement related to a COVID-related cancellation payment. This restatement did not affect total revenue recognized but adjusted the timing of recognition and impacted various financial statement line items including income tax provision and earnings-per-share. For Q1 2024, total revenue decreased by 7.4% to $153.2 million, driven by declines in COVID-19-related product demand and protein franchise sales, partially offset by acquisitions. Gross margin remained stable at 50.1%, while operating expenses increased by 1.4% due to acquisitions and restructuring costs. Net income fell to $3.3 million from $15.3 million, with an effective tax rate of 10.8%. Cash flow from operations improved significantly to $44.7 million, reflecting better working capital management. The company holds $780.6 million in cash, supporting ongoing investments and potential acquisitions amidst macroeconomic uncertainties. Internal controls over financial reporting remain ineffective due to identified material weaknesses, prompting management to implement remediation plans.