RGEN Repligen

Sondra Newman Global Head of Investor Relations
Tony Hunt President and Chief Executive Officer
Jon Snodgres Chief Financial Officer
Dan Arias Stifel
Puneet Souda SVB Leerink
John Kreger William Blair
Matt Hewitt Craig Hallum
Call transcript
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Good day, and welcome to the Repligen Corporation's Third Quarter 2020 Earnings Conference Call. My name Danielle, and I will be your coordinator. All participations will be in listen-only mode. [Operator Instructions]. After today’s presentation, there will be an opportunity to ask questions. all limit wish a of accommodate there ask time. to be will two order individuals to who questions In questions at your for Repligen. I call Sondra to like Head host to Newman, Relations would call, for Investor turn of today's now over the go ahead. Please

Sondra Newman

for you financial nine Danielle. appreciate results highlights three We’ll the business morning results and XXXX. and will also and period CEO, provide We Good This Hunt, ended XXXX. call. you, all our Snodgres, of business our guidance Thank Tony financial participants. XX, and year morning revised Jon months and guidance. financial September our President to really joining will we'll updates; cover cover for cover our CFO,

make our performance risks those to during this reminder, actual a subject company may As call, cause business the or financial and events we regarding expectations of for the uncertainties that to are results the forward-looking and that goals including differ. statements

reflect related is Form filings X-K, reports make filed Additional required a by views, does the law. we future as management's Today’s on on could change or which report commit to as obligate not with quarterly information morning and current SEC. this our Form our or otherwise. our concerning included annual which on XX-K, the business that forward-looking update risks result XX-Q, except statements, comments information, Form report new other company of current events The itself in to we

should is revenue issued non-GAAP today’s results in not which posted These income against expense, the to constant enable including measures measures, be press operating investors and per are and include current GAAP better as well to figures an financial alternative performance included gross benchmark non-GAAP and adjusted operating gross profit providing and EBITDA. tax historical income at income morning, evaluating the Repligen’s peers The margin, as investment margin, we’re adjusted the expenses GAAP Repligen’s report and to website non-GAAP EBITDA and we SG&A, of measures that call, and net following: earnings currency, in when but guidance. operating and to R&D this to of performance growth Reconciliations financial on as During share intended release viewed opportunities. are this results

the Now, to I’ll turn call Hunt. over Tony

Tony Hunt

Quarter effort you, our everyone. The three quarter of months and has global nine been was financial we first exceptional. XXXX outstanding goals. the execute Thank company for and good on from both team the Sondra, another continue as the morning strategic through

increasing To January accelerated demand we sites our approaching focused XX,XXX executing the As organization on and on are R&D support three on since XX% a X. employees, full-time has delivering increase are added we acquisitions. towns at across growth capacity key and we continued across now many programs

of In in quarter,, our accounted We our terms XX% delivered for gene reach overall our demand including and third months. XX% revenue by revenue approximately of business the and of from the programs. organic COVID XX% growth growth, through revenue has that nine quarter over $XX.X programs COVID strong to estimate therapy first growth the XX% for to driven million growth growth XX%

year approximately for growth XX% XX% XX% the to quarter to during was related non-COVID and the While date.

organic first Through fight demand strong were markets up total the now strong the year in expect we're for load programs performance XX% strong really perspective, in growth half approximately done COVID increase. end XX% with growth was COVID increase. COVID XXXX. order to the XX% orders From be range a and months our in overall in hard-working for accounting with with So increased order revenues and the the to with heading this the again and into Based thus XX% we involved orders greater programs XXXX accounted of from continued to core approximately of proud approximately an really of customers, XX% than nine far, QX XX% pandemic. to XX% on worldwide to

last Molding goals supply rotomolding. our with strategic NMS, we've further plastic saw ARTeSYN week, fabrication announcement closing Non-Metallic as Solutions our focused competency executed the The current gives also flat our to and Non-Metallic chromatography on performance deal portfolio systems. with and complements and assembly ProConnex's When our lines. a of and us strengthens sheet combined you intent standard acquisition in well and products and proposed of that our businesses product As The deep Technology OPUS single-use as the our ARTeSYN Pre-packed Columns of we Biosolutions Biosolutions. portfolio now technology gold cassette to Solutions in of acquire which fluid the core deal Engineered critical expands with the on our or is have chain management, system's filtration

sales be the and building on operations integrating in As organization, our this unique investing the with programs expand R&D manufacturing our and will further acquisitions, developing to focus into offering. commercial out the many network, funnel, select global differentiate the of main

positioned systems significantly million and hollow We million on to the the that adjusted continuous Path fibers sheet portfolio in as the combination and media basis be on XXXX, to here closing anticipate to will chromatography our industry expect we pivot well our EPS each and These ARTeSYN and In in the flat to of help and beyond our manufacturing. accretive ARTeSYN and revenue and reporting A as We very complement buffer progress summary forward. downstream an EMT in move and well breakeven these process XXXX, to QX acquisition into $XX term in in out filtration, in XXXX. analytics our franchises. ARTeSYN other, business Flow and chromatography, strengthen acquisitions prep. contribute single-use $XX expand NMS ARTeSYN, filtration, and look forward longer downstream acquisitions also to as existing really

results. QX to now moving So,

in of the the quarter story of The therapy again of today, was our gene franchises impact had margins all continued traction on a products for quarter reported the sales, million our accounts. north we adjusted COVID As XX%. with and operating $XX record and

revenue COVID in revenue. earlier, revenues. for total for impact XX% COVID accounted of growth our about half the expect represent or approximately year full We XX% noted quarter of now overall As to the

to Our with non-COVID markets at applications. in core and perform organic scale in mAb technologies growth continue continue implement well customers to the as and biosimilar quarter our XX%,

of this greater through therapy gene in nine over In to to XX% months on-track up where addition, non-COVID XX% were of and continue growth revenues strength the we achieve gene We the than in quarter remain XXXX. see accounts year. therapy for first

franchises. our to Turning

of gain and has There XX% in market the adoption customers we our approximately an applications. we software, quarter. orders end are beta further on VPE next strengthen of technology quarter, accelerated highly be about by and year. now gene completing business as for I testing the analytics to therapy. this momentum, and technology for will continues systems position, process applications the To talked FlowVPE filtration accepting chromatography Last implement up our differentiated in downstream the been Our FlowVPE gen expanding

analytics deliver in full the slightly to the $XX predictions to July. technology concentration accounts four to that empty plasma ahead of expect back capsid these clear versus Overall, ratios. viral adopted measure close now traction Over are year, in seeing million to business and we our months titers, gets revenues are determine SoloVPE last we for

year. range had quarter a franchise XX key to to in to now contributing and another to the growth, of five On to the of by protein franchise expect came front, the with XX%. to strong which points proteins XX% players we close ligands another We up our the be XX% end

continue increase an with announce affinity development COVID our orders through Xst related with protein ligand being drivers. were advances, key October the the of proteins demand pleased targeting to the of we Navigo Germany. partnership factor to As in In and growth successful really spike on

having up in the We manufacturing the ligand early potential are purification vaccines. XXXX scaling COVID-XX anticipate now affinity resin an in in of this market use chromatography for of and

OPUS lead for CDMOs over Our pre-packed was come switch demand into months. times starting the four. based QX in different volume franchise greater demand unit and for Many is customers did to QX. over a expansion was to OPUS growth quick capacity the dramatically We significant not made mid column and in this are have up we've this production, up than impressive see increase programs But quarter columns. OPUS over demand as gear story. last be our for we XX% BioPharm down involved by and they in late manufacturing of pre-packed in line. columns chromatography The to our observed investments product COVID for resins our as carried and any turning our an QX creating both in continues COVID quarter really on driven XX programs

excess exceptional an franchise had also contributing all lines in portfolio with filtration XX%. growth the product Our quarter to of

anticipated especially half pharma we business that quarter, for COVID delayed significant XCell activity would second uptick Asia. pick large CDMOs in as in And campaigns that of last actually XXXX were in at we online. discussed came manufacturing our did up to QX ATF due fact back in observe we accounts a in As the and ATF QX, in

with gene performance. and an COVID sheet flat cassette therapy driving accounts also excellent Our business had quarter

into and position and demand off for us increased, As Marlborough, as cassettes flat expanded finish which sheet capacity we our move we've invested strong in our has year. a in puts XXXX next

customers and paths continue delivered an scale with and technology systems many implement quarter fiber hollow modules across to Our processes. excellent as Flow this also Pro-Connex,

in we brought nine company quarter drive Since and have XXXX. Finally, an of adoption acquisition products. to invested solid expertise of the EMT tubing EMT a for order overall setting our onboard first portfolio, excellent increased capacity. summary, an with demand of strong component in had We've is July. On and back since then, increased we've silicon commercial off start stage the completed we in adoption to custom the months the

and products. advances for new financial important goals, delivered ability to of three portfolio biologics, on also invested execute that infrastructure systems We've We've and exciting process inspiring have our offerings. our remain introduced single-use and we demand through to products people bioprocessing innovation. constant on our ensure We committed and our to in broaden our improve manufacturing strengthen meet to acquisitions the

be for balance to the of accelerating the market. demand to healthy ARTeSYN. our facilities we and to focus And our EMT, of it financial continue invest to over increased and success bioprocessing new to the XXXX, supporting build demands launches out the product we hand products people, will sheets, that, and of as through finalizing our With the for and move meet I'll quarter our NMS final capacity Jon With in integration of products, our the support update. our

Jon Snodgres

measures financial are everyone. the non-GAAP Tony. financial reporting as XXXX, mentioned, as of quarter good discussed third updating year. adjusted our you, the guidance reflect morning Thank Unless Today, otherwise for And all for well financial we results our measures.

you've are and continuing strong third positive this As therapeutic in record release supported we our revenue market morning, delivered quarter press seeing the in impact of strength we the quarterly seen growth by and COVID programs. from vaccine and earnings XXXX,

of pending included strategic July yet not XX, As of the we our and XXXX the will acquisition realizing to the bioprocessing, we and continuation which We've as announced October close XX. expect NMS we in Biosolutions, of is of still guidance, acquisitions ARTeSYN on a also On in the technology, mid XX, pending. completed deal our EMT close late November. October vision of leadership on

range acquisition ARTeSYN $XX the in of XXXX, of to synergies the $XX We in three year revenue revenue $XX million million million. expect million $X the with to in range to deliver

impact also to NMS in The quarter our QX in deal capital included closed a financial today's We in today's guidance. in financial than third impact is results, return acquisition, that positive years. XX% is EMT expect from five greater closed of invested QX included the of which on in the and ARTeSYN return

revenue quarter representing our million, specifics Now top reported organic growth. XX% XX% moving record we of delivered and our to results. on financial third line, $XX.X On

projects, achieved $XX Within a in acquisition to million. nearly from quarter, of on three quarter recognize consensus revenue currency we EMT Overall, the where of the we we X% million revenue, a largely the range one COVID-related foreign our non-organic by in recorded third tailwind. growth beat driven to and points point two $XX

growth both for ATF the America strong greater basis the reported and As overall process our leader direct our we growth lines growth in a the year- of to organic and in XXX% digit strong XX%, again franchises. also China particular delivered overall systems than orders year-over-year was Asia by Europe of Korea. franchises once Tony and we On revenue to performances by across has direct with We significant on-year. $XXX.X growth basis, performance, region the represent each aggregate to orders saw The of greater of of direct and respect of and organic quarter, On growth third led with quarters With overall regional XX% strength date each filtration, growth exceeding in product of performing XCell growth mentioned, North XX%. XX% four product in our our with strong product strength year filtration franchises grew from Asia both our again XX% of than coming where XXXX, the revenue as top first direct and XX%. of analytics revenue product overall for million with reported, continue to in with respectively. year order excess date was and chromatography three revenue the double growth XX% these see four a lines.

and revenue delivered Europe of greater On basis, XX% and the to growth date America than North XX% direct same strong year respectively.

period, now American XX% and accounting core XX% growth of product forma line, XX% region strong Europe With our analytics North to and we growth from direct filtration our product respectively. expect the from XX% the XX% to year represented for revenue COVID franchise, process XX% for growth revenue, For from pro year. approximately organic date franchise from the we're our with XX% programs, gains to our business XX%, our and OPUS seeing and Asia

to organic XX% of expect range. our We the franchise also from close proteins and to our high guidance XXXX increase end to of with X% XX% the previous growth XX%

income statement. Now our down moving

XXXX. was for third the and quarter Overall Adjusted sales an XX.X% were to high of reflecting mix, XX%, third increase profit mix franchise. $XX.X in programs and a XXXX. the third basis gross the quarter volumes, compared point XX% increases XXXX resin million, quarter to in Third quarter to product to XXXX. or period $XX.Xmillion adjusted Adjusted gross of margin chromatography same OPUS filtration the by gross product favorable column increase of were including XXX through of compared for volume XX.X% driven year our leverage, date margins productivity was

like XX.X% implementation, to for look As XX% be CapEx to margin modest capacity levels to in on various the personnel to XX% year of investments. We a our manufacturing range projects range gross we our go-lives the now we the expect and adjusted the to phase in based SAP fourth and reduction margin gross expect quarter, adjusted two of XX%.

million adjusted Adjusted to year of work QX the and in period. expect Next, revenue, finished expenses continue the XXXX, we'll research we as for for $X.X of move $X.X third period projects. on compared Adjusted spend quarter development development increase to R&D operating XXXX at were million expenses. an to X% to expenses date in we key the and same

investments of $XX.X range full of SG&A quarter to and in reflects XXXX versus the increase of with operating year, X% adjusted third infrastructure For XXXX of our and all million expected continuing finished in our year-over-year expand to to IT expect the million support facing X.X% teams of R&D $XX.X along revenue. we finish comparable systems, Adjusted realized our period. $X.X at the for costs for growth. the The million customer

earnings adjusted and to shifting EPS. Now

Third quarter income Operating was at by $XX.X as quarter reported to quarter third by execution expansion spending, XXXX, of to basis growth hiring. XX.X% an driven the upsurge million, XX.X%, timing and capacity operational strong and compared of of $XX.X activities the or third XX% of as was project in XXX points finished XXXX XXXX. expansion of R&D $XX.X and well million adjusted of an million operating margin in compared

margin acceleration adjusted investments in range, of XX% due now of We XX.X% of to levels we QX As we range and expect demand. in operating a year. ahead to the to stay to be full the the for quarter, expect look reduction to to margins QX the operating adjusted XX% the in fourth XX% to

compared quarter are also or million adjusted third of income quarter strong reporting an of the XXXX. million, $X.X a $XX.X third increase representing XX%, We of net performance to

growth to benefited related U.S. impact from quarter, income modestly In performance XX.X% tax transactions, from revenue reform diluted operational combined of addition lower the the tax third our rate adjusted of net fully incentive to performance, stock $X.XX adjusted and of strong $X.XX also and in to increase income our elements all of finished share third XXXX the XXXX, changes. compared our XX% per an quarter quarter in the of Benefiting EPS quarter third adjusted in year-over-year. of a

XX to $XX.X cash end XXXX, GAAP an million the July EMT. million and are totaled $XXX.X includes Our acquisition of impact close at cash September compared of equivalents year of Note XXXX. that XX that from this our which increase metrics

third we $XX.X expenditures, XXXX, million expansion less operating of of the most equivalents of reflect the projects million acquisition first cash expected of and closed capacity, of as inclusive deals, three quarter not IT $XX.X systems XXXX. quarters capital and me, of in our and quarter fourth excuse NMS cash $XX.X impacts investments. close to and free flow to the related cash significantly generated For and ARTeSYN is facility cash This figure does of most million, flow, capital ARTeSYN NMS of

transitioning XXXX year guidance. to full Now

Our GAAP earnings included for and financial are reconciliations in reconciliation non-GAAP today's the release. guidance tables press in XXXX our

financial unless guidance mentioned, all noted, be previously discussed non-GAAP. will As otherwise XXXX

also net exchange by our impacted in sales. fluctuations foreign zero may full guidance mind year of be rates that XXXX in Let's a keep impact current beyond our on projection

at COVID the Our any impact not increasing third but that vaccines the of fourth the pursue. guidance million, impact growth to XXXX. range market, reported of NMS XX% year to XX% our overall XX, of XX%, and may the strength includes or EMT to ARTeSYN acknowledgement include An by on from to acquisitions midpoint from our XXXX, as basis. metric $X the acquisitions of and October $XXX company does in the a closed we're on of reflecting does including that $XXX revenue the potential closed and acquisition GAAP future This that of therapeutics, NMS in organic include million guidance, OPLUS quarters a XX% million XXXX modest other $XX bioprocessing an million full revenue and X on

adjusted As prior million, year raising guidance, performance. income of to our XX%, $X.X to range by our $XX guidance range highlighted to XXXX $XX million. at day also our XXX by $XX up from earlier, operating XX.X% midpoint we adjusted to of million basis are prior guidance margin strong our from $XX We're reflecting gross to to million increasing up our a million points range for

operating As adjusted mentioned basis of expands up year, to by the XXX revenue for to compared XX% earlier, XX%. our at guidance of this margin the points to our prior guidance XX.X% to another XX% range midpoint of

We continue with expense be guidance. adjusted and to income other expect previous to zero, consistent

million, tax, vesting effective one and stock an income of XXXX quarter third XX.X% to for and reflect U.S. range tax $X.XX million. compared revising income transactions, share prior to This and our XX% adjusted we're fourth potential assumes tax $X.XX per EPS year quarter fourth the and guidance to we quarter guidelines. consider range to guidance million $X.XX. of XXXX, impacts the rate reform of Based XXXX full point raising diluted our an Regarding of compared our raising $XX.X year guidance at the $X.X in does full adjusted rate aforementioned pre date realized be $X.XX $XX from midpoint adjusted $XX not expect fully stock which employee exercises, to adjusted benefit at the on lower million to net guidance to compensation $XX guidance financial also guidance XX% income of we from of to are $XX previous to improvements, previous tax year increase the of to updated to significantly approximately of to midpoint quarter, of from additional impact income guidance million improvement our our by third from our We're period.

equivalents, $XXX XXXX, million by year. guidance the $XX.X expenses expected year to outstanding average midpoint expenditures, amortization $XXX EBITDA be our Inclusive fully weighted which acquisitions, and million a estimated continued NMS our to million full initiatives the CapEx million invest ARTeSYN, key lines continue to $XX.X of call our the $XX approximately and the capacity we This metric including and shares for being $XXX has and in range generation our million funded our to a completes adjusted million open not guidance an by million to I of year now fully with million for yet and $XX.X tangible portfolios reflects expansion capital investments. will at and of questions. to Relating to diluted million but chromatography expect system cash end implementation our to to cash in XXX to We're SAP closed, guidance depreciation to the $X.X operations. financial from update. increasing with cash range EMT be XXXX, turn also GAAP Our excluding expect operator back we report filtration investments $XX And and for respectively. for million


question come We begin and Your [Operator question will session. the Arias Stifel. ahead. of go Please first Dan now from Instructions] answer

Dan Arias

Good morning, look place from you chrome manufacturers start Protein when in way maybe predictable the sort in like just filtration. you is and vaccine the at A which to Tony, upon COVID ask, of demand involved a expand and and I'd can if guys.

to WHO I curve? time to able works call I talk vaccine so the as go about look from had Phase when here for comment the X hopefully you. mix projects? higher thank OPUS, And made we of last of then should sort some preclinical the on You the we a you XXX at But we in other the the checked. you on to what commercialization the end,are guess, the profile we tail programs that, think think

So with does in growth bunch the think work and lastly, the how COVID guess mentioned I And a opportunity? you to translates the that XXX% of when that look within off that terms about them, magnitude starting order there. So, of how do you context revenues?

thanks. So

Tony Hunt

say a way revenue of is a our an from point. of most and revenue from I'll Okay. we It order point from to the growth Thanks, from came of Probably view, of Yes. best growth. was view and this from look some quarter is in at franchise. COVID the other growth the saw this point really the Dan. filtration

activity the started pick up Our COVID in franchise on filtration columns. impact pre-packed to really was some

even the look our I our right? you proteins we're at filtration our been side think mid sort When one we across actually an of sort out orders was seeing business, went business, through QX, chromatography from it's real has that's board, one order come and through business, a QX the into QX perspective business, on just of across our and to It's and increase order not on the board. analytics beginning see orders. franchise as it the even

go a that's sign as XXXX. we So healthy into

In terms when more to the year and early plays lot we'll all know I we think of XXXX? end next get in of year. out how this a the

folks I have moving get that least think and players early therapeutic to are the time on the at X, the on call, side vaccine we by our Phase the X. gone forward a of February side through will Phase the lot

could have into next we where that ideas So translate the what for about we're with working year. companies some

see at if you come is, thinking take our We that COVID. XXXX, midpoint guidance, as we now will potentially of year. revenue. right about doubling million about we're next $XX estimate of Our you if look from our new XX% think the for And what

year. say incremental, million an million to $XX $XX $XX million $XX So next or million to

somewhere where out. play kind these play and range. it be on in of therapeutics the to out going vaccines depends But where that it's So

that activity working with In nowhere that We're preclinical X, Phase terms right? I of but with. as -- we've activity, are vaccines, worked folks addressing And in early X so close view just more tail, with is accounts the there definitely on number. Phase that always we're think we to total who

pick it some most be probably have vaccines moved XXXX. in that come the think I incremental up will and programs, from here year we'll COVID modest. revenue those revenue probably on players the quickly And next will programs on therapeutic on forward of but

Dan Arias


kind were of equation, a like comment at least gene patient from some side these in expectations. it seems cell manufacturing made yesterday non-COVID on just very therapy, being the speaker with and on webinar tracking sites helpful. of demand the the to is, of Maybe We Okay, line of view there But sized the larger capacity of industry above the your year, a you and and the sort And you guys ready per a for would for to FDA in that mid about production. might you mean accommodating listening up. something on it Do for sort require so you that's start of scale where step necessary? have terms the populations potential as patient is populations. that's the probably some that, push what think in patients up XXX,XXX if

Tony Hunt

of Yes. Maybe start your with the first part question.

our have overall, well. markets non-COVID think, done really I

mAbs, biosimilars, therapy, is of solid that part of the in I and think us. gene year a for the my been it's year in gene XX% to the where that's end therapy made it'll terms really I commentary in performance of year up by opening date, remarks was over to point finish that

a in. have prior the the own like scale, therapy manufacturing part doing I Catalent, think on And players partnering big CDMOs. are jumping terms the all Catalent, work of doing therapy their with there a space then CDMOs, and you some much In split very and gene it's players the of gene ton side still other or of Brammer in of between

to comes own just build it considering of the out gene to it CDMO at their therapy level. capacity are or sort companies alone think the plans capacity. are go I down are what companies And manufacturing bigger which that So expansion

seen there going come haven't they So, But But question its put good right on good sure active, Phase a from I how Phase to sort for X think ramp. now, it's from very to Phase we feel manufacturing. so what probably the to fast be we're they're through CDMOs to as down there. seeing capacity. But I'm far, some it more any drugs slow X, pressure of as will X appears

Dan Arias

Tony. Thanks much, Okay. it. Appreciate


question next ahead. go of Leerink. SVB comes from Souda The Puneet Please

Puneet Souda

the quarter. Great Tony. on to here. the order Yes. and Congrats see Hi, growth book the

strategy that on C growth. type -- about could, you and term teens you're you about sort I love on But we And And EMT have from and of the of the thoughts the sort NMS. traditionally, you right tailwinds if term that outlook that more as with suite NMS the a secondly, building how First the in way long offerings see the through get into term number you're and mid sort then of just long Obviously, thought Is purchasing would fit from and could think acquisitions. of of -- you a one comprehensive offering ARTeSYN and essentially, more these thinking Repligen portfolio of customer, products making Could COVID. base walk and of building what attracting customer you on us think through now to when that? long Tech business the with just business? how about still the and about or more significant that the solutions. to there? the and and more ARTeSYN sort walk does and XXXX But EMT for products for --

Tony Hunt

the the -- I'll question. with Yes, last sure. Maybe the start start with part of

lot We've would sales. the I And spectrum years was Repligen. systems two manufacturing, see differentiated could a that at of we out business NMS, about the we talked in business our fact beginning about think as the success our done with build TFDF could and we traction and back from which it a especially We've of a associated had XXXX, half, the We our very the invested we the Marlborough. systems portfolio, ago, really I came hollow team over We in in a system systems within the looked year technology. a really from ARTeSYN, On our believe that. fiber real EMT, at XXXX. see acquisition that

that workflow move pieces the felt we So were there forward, as still we were of we missing. that

NMS Repligen, EMT gives of and top is fits ProConnex excellent associated a very to They lot flow of with for over into EMT lot shorter piece, it supply So company do times management by piece, at we familiar much a component, have the bottle They're also very we fluid our plastic fibers. ultimately we're the the lead that nicely very fabrication. having hollow more us silicone our should That customers. lead and But overmoulding the of kind chain. sort assemblies. path, at call our a what control with.

fluid puzzle business. components look cassette again, so or really portfolio. around to with currently have seen then see didn't fluid those have We flat the we OPUS our final you that when fiber traction in need really good And piece systems of business, wrap management, could the even the hollow were with we well doing sheet do And but management. around that our you we at our was, very

They they ARTeSYN single assemblies. actually filtration And so path the single that bring to very with Again, use flow use. table, work have they with skids, skids chromatography are EMT. closely

of some we And Tech C a lot just good us So FlowVPE in there's chromatography filtration. there. a we integrate into in have portfolio It broader more now, the We synergy see nice can technology portfolio skids, a and from a start flexibility. that these as especially the gives marketplace. to

exciting ahead. commercial and really Remind operational will the of around the first see But lot probably be to deal XXXX/XXXX question. of part closing products, to again, XXXX get obviously, a timeframe. first Puneet, the integration. me And to we the expect I and have So steps new

Puneet Souda

teens. Long term mid

Tony Hunt


to to the growth that helps going to to the of impact range know a because higher acquisitions, us start on our year. what just growth. an for February coming clearly, some really until future. the we space. of But look see XX% couple clinical to call, term XX%. really of that, where we're a been that these end with with the the think at COVID, growth, long top you're go. this no moved get of the COVID that the term products trials little we We're longer in not long feel take inched growth We what what We're a of the have we've R&D to XX%, at see making of some investments the be I So new sort On like through, And of is of and the signaling at end going mid we historically. tricky would future are we and of be clearly up. these on really it's going mean, XX%. over XX%, seen And last than the I we've we've We're longer we when think is it high into to term clearly organic years

I of to the that little in able of bit a anticipate give should firmer the about that be timeframe we a February So little and might think we'll more XXXX. stage percentage work sort growth nicely, actually quite demand at because understand

Puneet Souda

into could I speak it's Could affinity last be the you Obviously, And of on this going ligand. And squeeze to that? could in great. whether integrated you significance the Okay, XXXX. if in the the workflow? is if to one, COVID-XX explain how

already are up. be And easy essentially integrate ramping of point? capacity Is built it it. into the used at this production. that in projects going It that -- appears the that to fairly to is for out manufacturing Some and sort

get if around a expectations for sense contribution So it. what Appreciate on you. this XXXX? could And could provide I to the you just wanted Thank the be capacity? any in

Tony Hunt

figuring early, Probably spike the the, have identifying our the be Navigo of what targets ligand figure be a impact and job protein. Puneet needs really little great of out partners ligand what resin. out the and Yes. might right for done Clearly, to structure to the

of up been then So this. positive. the that's component ramping resin and very been to obviously quickly manufacturing manufacturing, to ligand We've very move scale

have will next we that the of expect on market beginning resin So a year.

commercial to processes into going be us it's close think for or to hard commercial I processes. jump to

to that I think of be we'll it's for. able be going next be to versions evaluated gen vaccines more

revenue I be going so think modest. to is very XXXX for And

this, successful more And see I timeframe. going be in think with it's to revenue we I if really the you'll think are XXXX evaluations.

Puneet Souda

helpful. Good. That's you. very Thank


William question next Blair. comes Please from Kreger of John The go ahead.

John Kreger

ago. Hi. about changed? update just a the I'm you above And much. book plans your time sort Thanks order point? guessing on your growth. planning give very kind of in to challenges see how you have at capacity of increased wait that's few you this an Can us Tony, XXX% what months biggest order were talked XX% you where do

Tony Hunt


of So, was middle mid to sort It were we right growth And where up was QX the it's no August. expecting it from on. accelerated. order been of tracking until really doubt probably really really

the So into has quarter really QX. the across strong exceptionally upheld board. last five, been It weeks even and is the of six

I our think as no anyone different else a industry. we're buyer processing company in versus

The stretched is product everybody out door. up think significantly. to I demand gone the has get

we're, So adding portfolio, we're every product expanding. pushing, in people, line more we're we're our

we where one major expansion. have do it line at product looking to you're no there's capital saying, So

business brand I it good on we that flat for cassette last in facility us, year year expand new think the did expanded was a our XXXX. OPUS. sheet sense with a We in really on

Rancho have to in this expand We starting over plans year.

wanted in pushing. stretched. But of that's industry in kind what stretched. definitely with So our is we everybody line do. to We're We're

keep working basically week, existing a try also people the COVID. as demand with days Our with are and all for up keep seven shifts we and demand up

hats They've So, off been employees. to our exceptional.

John Kreger

had I of Great, any a year product on flow. you'd kind new to front? comments what new very in this thanks. Thanks. you And accomplish early terms the know product year like on busy maybe in XXXX of

Tony Hunt


X John, to to the product early, going and a on through. think coming little we're say, have I side, Y new it's

gen side, cassettes work next with the C we've the doing doing to on They what TFDF. and we've still next it's all for products. to FlowVPE, flat on new Tech, to we're think the are year for gen done and controllers this done out ligand brand get whether what we're ATF what I sheet

lot a those activities focus a in of still success. think I on be next will products on going our There's year clearly R&D. making So other

it. We haven't really about spoken

to a would the plans we they're But will year. there'll for marketplace. that of capacity customers. meet be One, then third that and be make in sure priorities would we've successful forward the products we've next three all for or COVID make the integration we'll sure double about talk if developed and Two, little to three got I just fast maybe right year, think XXXX. the got So February, deals in I the done. the the we've we've three And bit existing to down one expect have for demand I this four months,

leadership work to continue to hit we to right NMS that sure get set very off closely that and with then we for in the ourselves making and targets that XXXX. So EMT, start the ARTeSYN

John Kreger

Sounds you. good. Thank


from ahead. The Morgan. next question Tyco Peterson Please go JP of comes

Unidentified Analyst

many bioprocessing I Obviously, expected the the to little is built was capacity committed and on approvals good Tony, manufacturers already. commercial Tyco. you question. expansions for industry Julia risk Hi, so. yet talk scale-up next and capacity year pace But This wondering or Thanks of if morning. the future vaccines. for the we've over could have the see for About taking at a bit

levered So industry Thank on expansion you these upfront are production just capacity then, to here? built side? extent thinking And how your about wondering versus capacity incremental the you. from is consumable growth what to ongoing

Tony Hunt

that going done XXXX, in portfolio to business couple as have we've months. this look, Julia, of probably I We're going in single But $XX think a in assessed above we've We'll million about year. players the other plus XXXX. industry. capacity. all Yes. in that than a our investing well spend our in don't of any really that talk spend next any in of question. to obviously good different every terms We're year. in we're We're

double And towards to all plans So working place. we're and capacity. in They're triple those.

me, of I for capacity, to this I it and have regardless we in part with think So, an happens of is what incredibly industry an bioprocessing COVID, that is becomes industry, what healthy company a think bioprocessing. just important And really and doing. as each all invest every

thing proteins, we on columns, me, So pre-packed for for -- right for same our future franchises, thing capacity capacity analytics. right it's same the capacity have on making around filtration, our sure

We to investing. we're there, with is think matter done making So, is get COVID. We we're we we've market. think good. We what any no gene therapy matter think risk we're there's done happens really increasing committed of is that healthy And think don't very think We growth fully us strengthens capacity. we going. a the this positioned. think just well sure where acquisitions very It's I to it quickly. a really And

Unidentified Analyst

a the the see are do adoption scenario likely pandemic for you you equipment believe single And once reverting few stainless Okay. permanently the use of do the either what we settle accelerated vaccines? Or large steel industry of winning your digital And production technologies? scale then has business? on implications the for to

Tony Hunt

vaccines the COVID has adoption of single think don't use. I accelerated Yes.

single primary top growth -- the or bioprocessing our it's at and think Pharma whether the I driver CDMO. use it's been within Big accounts, account the has the of

stainless using work So that going there. that with. depending have vaccine going whole single use. on trend are they been you're of are to have technology clearly, has that single facilities And steel, There's you're to manufacturers manufacturers vaccine use to want what

So, part of think going an important on. is COVID I what's

tracks over clearly next it's the been has I train already for on the single-use years. industry the growth for But a the think think driver a of years. few I few

it's continue think going to I move forward. to

I think customers flow will single-use continue to paths. technology, want single-use

a everyone spot for it's I in think right bioprocessing healthy now.

Unidentified Analyst

your just Got it. inventory peers recently lastly one who from that customer know buildup. of me, some And reported

So just wondering if you're similar seeing dynamic? a

Tony Hunt

and how much how hard is is to of of answer. we Simply a being know it into That's one Yes. don't used it because really straightaway. inventory going much

they've where think I than before. further customers that done So, at ordering out and think is done that, maybe the way I what are they've to better look

other really out looking company three I to was seeing think customers out if in two we're months in a ordering in definitely words, to months advance, four at So ordering six advance.

XXXX. we've orders here going of in a definitely we lot taken the QX QX QX So in are into -- and

Unidentified Analyst

Very Got helpful. Thank it. you.


from The ahead. next Please go Stephens. Johnson of question Jacob comes

Jacob Johnson

quarter. the Thanks and for taking congrats questions the on Hey.

rather product going about in half to And times think Tony, XXX% Just How of back timing next orders? should realizing the the should your order lead growth those we quarter? the think these of are we flowing commentary, through fourth than maybe Maybe direct what year first in orders? revenues on order portfolio. of growth these the the

Tony Hunt

early I be mean, come QX XXXX. orders a Obviously, QX that there's think going is Yes. -- look the have it and to at are QX. through way that of is into chunk to for that QX going I in significant

So delivered. going upside to our of range bit from that. little want potentially timing of may where a pretty I we're think There for at that's come for us. to revenue. guidance just finish in when be you should And will look of good product terms people a that But

right general, are have more in something might those customer now, January say orders the we'd do I'd early, So is get sitting delivered love in But slated of QX. -- to it to asking if and for that's that. you

Jacob Johnson

Got it. picture And then question. maybe a bigger

market? deals bought and the components year, talked kind vertically critical that bioprocessing I a You in Or in these of a here? of integrate this is strategy tight think ensuring NMS Is you customer component are Can a was Repligen portfolio? your about EMT just supply of there to about opportunistic both. fill the that gaps in also this just some

Tony Hunt

both, bit I your think. your a have It's that There's in owning for portfolio. critical to no thing supply a that components of chain, good Yes. especially -- doubt a is really it's

becomes NMS important do doing what EMT like of bring what we're the ARTeSYN. part we'll or in and really we very So table. to the future EMT a with

of that Repligen there opportunity an in companies bioprocessing companies. our thinking companies important sell is part other to And is So both our other like that because this. on companies then an space,

last continue for times having to commercial the driving opportunity little of as from continue there's down five, effort here benefiting to off to done so EMT lead still with an control have over the years. side, business And NMS hopefully can I think over grow good ourselves that and all supply XX we businesses those bit on while the chain, And and shorter customers. things build to a

Jacob Johnson

the questions. Got taking it? for Thanks


The [Operator comes next Hewitt go Craig from ahead. Group. of Please Hallum Matt question Instructions] Capital

Matt Hewitt

Are we very with strong you as scale Or of next later that in to catch And from little products going the and have becoming bit get little have annual and And a little right into coming bit vaccines expecting me. some don't flexibility kind shifts. you've And playing is with quarter. a a as of that two Do have congratulations for get far the seeing? this opportunity? address about ways this areas that the are of I COVID, ahead capacity ball. now upon up? durability for possibility a But an be of of do you kind into capacity But demand? in then you. in part. of bit, the as a as that ability on you volumes the crystal is it's and kind thinking you to but out of you you've have added add that you're the revenues concerned, capacity tail space, Thank we staying opportunity? your some realize of morning should depending maybe One year, the added and XX% you what question back a others and Good how XXXX? some you're longer

Tony Hunt


what of in to impact, total obviously, revenues On around it'll But think sort translate the XX% of It's we hard million an revenue will tell side, really the our into $XX incremental year. there's that to think depends we be $XX next in for the on XXXX. COVID million that -- the and programs where four three or $XX vaccines or million on of therapeutic months. revenue top lot $XX million to But $XX of XXXX. of where these go million in that a

guess XXXX. million I that's going I now we sort think call out. to because right in million at our time wait incremental hard, be is February be it earnings ball the an a $XX to just $XX think in crystal think what that's of have as And XXXX. good to we best say But to So least just

businesses else definitely capacity, going are bioprocessing hard. is bringing the a out no Everybody doing In really, of because that times really lead in in we're doing. pushing adding and There's earlier, expanding people, terms as bit, is exactly doubt ahead we're what maybe said I of and everybody have equipment, little high. where demand ahead. we But also year, should next behind we our this so a is were get across bit place trying we to we are be sort mid by in places a expect of little all program where

demand of at over years. it's valve then lot months investment that with capacity more following eight to increased of hopefully pressure that the the So of have to back lot has deal you get to a six you and that and end sort like months happen relief a of

looking of way that's it. kind So at the we're

Matt Hewitt

Understood. Thank you.


ahead. comes question from Couillard next go Jefferies. Brandon Please from The

Unidentified Analyst

quarter, color for talked on for This assuming some things terms start Matt we contribution there you these of new is year question. normalize, the products this Hi. these out on you're pent-up you from this for about new improve earlier, for evaluating a taking an the XXXX? some for And busy products. world in demand challenges a next what in we of mentioned on any that the to Last COVID then, been one has to of year, next or penciling products Tony, can to Repligen. year look start one some is in here If about Thank you Thanks you. had you opportunity Brandon in XXXX. think a morning. for as for the provide you've customers in

Tony Hunt


demand. in So impact, of a ramp launch I no of of all here you think get in massive terms there's new and product this terms you magic formula product, in sudden

launched was we where dramatically it really And be, like not in to done which TFDF, we has tracking XXXX technology maybe a ahead thought of So well. going but little it's ahead. bit

revenue you're to got So pick good of in process, dollars marketplace. it's there, million the of going year If right? a first you're up a couple you've product a that in out out full the

probably takes for them when still products it XXXX. a is to probably now, XX at adopted. customers in in range selling Because products think And good a new have to what they're from their the about to while impact to X% terms of X% look to now. new we So, these be products right I years would going get will be

launch product quite a These So we that in obsolete. then for to it's stay years not the market away, gone now products because tend like from the is and it while. it's four

as I'm days. Matt, a I points of early next growth. one don't two the sorry. So then to part it impact huge see year, maybe And other

Unidentified Analyst

year Is -- talked these a products. Is kind challenges up of -- just any as demand environment? quarter some a of hopefully more last you of about terms evaluating there little pent-up next you to normalized return bit return pick in around the customers

Tony Hunt

be the quantity I think has think terms more to -- COVID evaluation. in us that I of than quality forced

choose to -- work accounts want really technology. that So we've implement the to and the pick and had are with really

year. So that's this what's that happened really

spring that why spend through think anticipated. and had of team year. than through you worked a that'll R&D come from next might sales more. what things open if kind has But home teams, up and second and People going of R&D our for probably have of lot be definitely XX people up the summer. since opened especially our tell have we've It Expect months. our early summer. the I evaluation lighter through unfortunately go that's has from not companies now, back Europe, us the -- view. percent the that's wave with point these -- will Expect to in or how going up of allowing Hard that right to waves allowing in impacts next we're in people an dealing QX is

Unidentified Analyst

you. Thank


back question a the over and concludes turn to like Hunt remark. final answer for conference session. This to Tony would I

Tony Hunt


demand the the We've I to mean moment thank is during work looking on. the out employees. Obviously, for been COVID everybody team the joining has especially doing, lot I that had for thank this want morning. meet Just like to take of us to customers door tremendous going this to QX a year. exceptional. our just products really get to a a strong

catching the the in finishing and off with year timeframe. forward look everybody to February So up


conference now Thank you The attending has today's presentation. concluded. for

disconnect. now may You