Repligen Slips To Loss In Q4

(RTTNews) - Repligen Corp.'s (RGEN) net loss for the fourth quarter ended December 31, 2014 was $399 thousand or $0.01 per share, compared to net income of $3.33 million or $0.10 per share in the prior year.

Operating expenses for the fourth quarter of 2014 were $16.3 million, an increase of $6.1 million compared to the fourth quarter of 2013. The increase in operating expense was primarily due to increased cost of product revenue associated with higher product sales, an increase of $1.6 million in SG&A expense to support the ongoing ATF business and the expansion of commercial and management teams, and the aforementioned $2.0 million of contingent consideration.

Product sales increased to $15.4 million, reflecting 49% growth over the same period in 2013, including a negative impact of 6% from foreign currency translation. Total revenue for the fourth quarter increased by $1.0 million to $16.4 million compared to the same period in 2013, which included $5.0 million of royalty revenue from a license agreement that expired on December 31, 2013.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share and revenues of $14.70 million for the quarter. Analysts' estimates typically exclude special items.

The company projects total revenue in 2015 of $72 million - $75 million, comprised exclusively of product sales, and reflecting 19%-24% sales growth. This guidance includes a negative adjustment to sales growth of approximately 7% to accommodate the impact of foreign currency translation at current exchange rates. Analysts expect the company to report revenues of $70.50 million for fiscal 2015.

Total income from operations for the year 2015 is expected to be $12 million - $14 million, and net income is expected to be $8 million - $10 million, reflecting estimated taxes of approximately $4 million.