RGEN Repligen

Sondra Newman Global Head of IR
Tony J. Hunt President and CEO
Jon K. Snodgres CFO
Dan Arias Stifel
Unidentified Analyst J.P. Morgan
Paul Knight KeyBanc Capital
Jacob Johnson Stephens, Inc.
Matthew Hewitt Craig-Hallum
Puneet Souda SVB Leerink
Brandon Couillard Jefferies Inc
Raghuram Selvaraju H.C. Wainwright
Call transcript
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Good day ladies and gentlemen and welcome to Repligen Corporation's Fourth Quarter and 2020 Earnings Conference Call. My name Sarah and I will be your coordinator. All participations will be in listen-only mode. [Operator Instructions]. This event is being recorded. will question-and-answer there company’s following that remarks. formal note be session a the Please accommodate who questions all questions to order In individuals be limit time. there wish a of a two at will ask to would for call, for host Repligen. like to Investor Head today's turn call Sondra the I over now your of Newman, Relations to

Sondra Newman

full December highlights Thank Good We everyone. also This business We’ll for morning you, Snodgres current our three XXXX. for results financial provide call. results the Tony the cover ended we'll Jon financial financial appreciate morning year year guidance months and Sarah. XX, and you business period CEO, joining and and Hunt XXXX. guidance. will CFO, updates; President cover our will cover and our

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

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

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

Tony J. Hunt

the XX% and year-end Great. in year, everyone delighted for welcome growth company with Thank We're growth year the XXXX with fourth XX%. at in quarter, and off for XXXX the organic update. you, Sondra good the overall really coming the morning our XX% we and full finished to growth way organic

including was the revenue, up which from accelerating remarkable and support keep products As top accounts. our Throughout challenges a development. make came but orders equipment vaccine we on demand related demand. the gene tremendous to which to showing team XX% real was and products, to related all year, and and overall I'm our were also as This pandemic, XXXX, bioprocessing a difference drive addition, has consumable know, deliver proud COVID-XX across programs to our in QX. to overall XX% accounted especially of a scale to COVID innovative therapy where we challenging our grew revenue, accelerated growth in QX to to and for advance by strategic efforts during risen our pace manufacture operations sequentially for of with for observed the making very of customers systems strong XX% products to continue increased we COVID gain XXXX of industry, non-COVID year launched we strategy series to therapeutic in able acquisitions complete a the new our traction We year.

For the points XX% COVID reported XX% customers revenue XX full for of our of year, growth. and accounted

revenues year finished order XX%, order trend with expect a fourth and we to range the to now half COVID up from to million double from XX this this approximately quarter programs growth. million XX million. in an in also book previous million of related accelerated this projections on XXX our COVID Our XX Based the contributing XXXX million to of year, XX increase approximately of

initiatives to base. our into the of highlighted at I QX customer Technologies their a want and Number the highlights expansion five of jumping successful Before minutes was one spend XXXX, year. beginning application and for C last of strategic and on that few around integration business we

our Second was technologies these new applications. into launching technologies disruptive expanding from around R&D and pipeline

technologies out number longer-term finally one around And third $X focus core was business by vision to building of our our was in support new attaining was manufacturing. by business vector and our and technologies unit establishing portfolio. therapy Fourth around fluid and growth billion our The growing primary expanding systems our five XXXX. management manufacturing viral gene capacity on through adding M&A, but revenue around our

we We in from for laser expand of in on wanted wanted analytics our and we We expanded into of focused So in pipeline we onboarding inline viral monitoring and second to business. It's finally, Europe. accounts, the with direct gene hired of onboard team We amazing process we gen system therapy our process to process of focus year kicked bring the wanted for XX% build gene products We completed let's power When on including We in Technologies which customers wanted with the and set resulted the quickly therapy. XXXX, sold analytics new new the and accounts. across coming regions, a of And commercial applications demonstrate our vector the team applications funnel to three of focus market. presence to our with FlowVPE. in to half the to new these start the goals maps building analysis. the QX, the real-time price accounts flow on next team. off year an salespeople technology market analytics XX going C to broaden for beyond a ourselves. to been our

more The than the XX gen growth At time, QX. this business year orders delivered the FlowVPE of XX%. this next our forma in finished technology, for now the to to instrument team and here XXXX same in XX% R&D Finally, for XX% into strong clinical track with of and team accepting the evaluations. FlowVPE pro we range in on on is customers advancing year of growth moved another are in

to front, and goal our we innovation therapy. R&D ran Sheet into year a Cassettes for TFDF technology scale [ph]. beginning we Purolite especially in a of produce. set XX ligand the significantly harvest completed improve We resin and process in SIUS gene GmbH our gene In And under TangenX Sciences. proteins simplify work filtration, the and working on R&D our at we On TangenX controllers. clarification adoption, Life to ATF through the for efforts continued spike gen engine developed launched and In five our products systems We months marketing expand to Flat next Navigo therapy. protein with launch

accurate the evaluations really during COVID. challenge which launched analytics, will earlier FlowVPE be for inline measurement. gaining Finally, was the highly our customer protein in in therapy technology process gen in gene quarter year, concentration In first and XXXX next conducting around we this as used mentioned access

and established we teams commercial by the Our cassettes, viral applications were firmly sheet had the vector prepacked flat VPE columns, resourceful end incredibly field ATF, of technology year, manufacturing applications. OPUS and in and TFDF,

added XXXX demand. and importance therapy which quarter capacity Our we to were base We exclude now in shifting resulted our XXXX, customer in In this XXXX, have in programs gene approximately products from really revenues, therapy talked on the accounts average, gene the we $XX with and new we per gene of helped done XX two focus customers XXXX. work million the and technology. middle spent base, million accelerated expansion our COVID the well over in approximately over a XX has we as achieved our therapy match which Having significant up growth some capital from we just in in adopting investments. robust we the demand. years needs of and XX about our us last XX XX% surge to with XXXX of implementing Even customers

to our up our capacity filtration on We will XXXX expect deploy million use hollow and XX focus we to our and in single in European as million columns build significant major to By capital XX investments to accelerate and for fiber mid-XXXX, our have pre-pack running have and with capacity expect products. business. our out we center

XX,XXX Finally, ATF, build Marlborough and and TFDF businesses. we out square support flat cassette sheet feet manufacturing to plan an systems, our in complete space to incremental of

in traction applications. the at that front, hollow was the year beginning the for gaining portfolio of M&A back our the marketplace, On systems fiber we especially recognized

systems these downstream missing needs. that We apps addressed gaps truly to We consumables. not the downstream management have now where we in ARTeSYN, a in also were did realized of our consumables address systems to The systems system and have offerings our NMS EMT acquisitions extend portfolio and we gold and complete customer filtration. with especially opportunities, directly fluid that standard chromatography and offering of breadth

is base global a to org. invest now roll commercial as these and expand customer our in to products Our out goal we

differentiated will As on on we technologies. focus be will with expanding continue we our footprint move we XXXX, and M&A to opportunistic into franchise

our Moving now to the and fourth performance. quarter business

of our business quarter record plus growth our proteins, million well the way filtration, franchises and with with a quarter, each had performed growth. organic we in today, analytics, almost approximately leading reported the together with sales, $XXX XX% and in As XX% organic delivered chromatography filtration

quarter chromatography OPUS XXXX chromatography, Our and the the year and increased up revenues XX%. sales for over XX% up the of Within year full approximately column XX% by was for finished were business up XX%. our

in prepack made have in significantly in investments XXXX, times class the columns we capacity now best lead for With our increased the we've and industry.

improved and are the will migrate bring online margins to the position in opportunities. this to mid-XXXX. in as three to has believe to on respect years, additional We our resins, to which front continue capacity excited overall not next Europe only very for capacity customers but We market well five drop-ship we with

doing about we're the the our resulted side adding work column to Navigo us opportunities in with has prepack our format, development chromatography for potential Finally, for to on growth new the deliver as business. we're this in ligand excited resins

We in chromatography in range the expect XX% of XXXX. grow to XX% will

QX Protein for to the We and quarter business. is XX%, manufacturing expecting a given a This A had to started XX% Our the the XX%. of Cytiva. finished very had up franchise transition Ligand in of year the year row we've in-house down proteins year where second be in strong this franchise growth the

Jetted Purolite’s of [indiscernible], Cytiva, Impact-A and increased from resin. strength and continued three proteins main through across demand traction the sales COVID Ligand onset saw of our including the our we demand market the AXX NGL from board increased With for customers,

strong the We expect another range with XX% franchise to of XX%. XXXX to growth be in for year this

Our in COVID filtration came franchise our the XX% was up Repligen greater year. COVID for from revenues XX% the the benefited XX% and our portfolio. total year where XXXX, big up at for therapy the continued gene traction We've quarter filtration driver accounts for from growth and of in than

a given and the strong many late to and key vaccines the demand products. XXXX are of global year be in an order expect load stage overall technology filtration We and the exceptional for provider our commercial for

in we grow expect with in expect of XXXX, company XX% the at to filtration range to XX% grow in will year. growth XX% the the We XX% Overall, XX% range this to organic to franchise of XX%. the

of to half our many be the as We customers first ramp manufacturing. up very expect COVID strong

Protein strategy employees. move ARTeSYN, bioprocessing, want business. one, in XX customers is our FlowVPE, we that and we prioritize support continued gain years therapy. want Four, to growth And generation the we differentiated achieving launches We the finally, we will on expansion and ongoing health the gene customer revenue safety want two, on demand year we our set to our Repligen gen in Number months to continuing capacity X organic by over to new to on three we the focus We of innovation, and new following. of well-positioned Number NMS. As on continuous our Resin, billion support products further propel product and market to our to the above M&A growth in believe highly through industry over TFDF strategic next acquisition, accelerating and including Spike to last are systems. build our around EMT, to center developed XXXX. next and for relying integrate want growth of and our base. share will next traction our our Three, we priorities are have five the sights in average launched believe through

to new our as including and employees here for NMS Before XXXX at success plus globe, concluding, parts I year commitment in their EMT, in also their our for around leadership the to loyal Repligen’s and forward strong XXXX. colleagues in and want ARTeSYN, shareholders thank I we delivering look wish recognize to our another XXXX. customers

call Now the report I'd like a over turn on the performance. for to to Jon financial

Jon K. Snodgres

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

in COVID the and full our drug from growth on launches acquisitions influence both of our drive continued as you've to completion expand applications through record the our that XXXX that seen year and delivered As press technology a fourth overall support and use our product programs. markets broader new also are during set supported efficiencies strategy release vision strong customers and of our our we we strong earnings revenue of XXXX, by vaccine seeing products this leadership through We've into in morning, for bioprocessing new and for quarter execute therapeutic we through system driving significant for modalities. the biologics three

growth around and our on We consumables, our capacity plans manufacturing development seeing help times our are expand footprint down support delivery of biologic to customer and to to and to deliver volumes out our increased build manufacturing in the drug also we drive enable to IT continued of our and the lead systems equipment, critical world. systems to

million Now growth. we year XXXX, quarter commentary. reported organic the and full quarter XXX.X in our and of moving realized to On fourth our representing fourth XXXX XX% revenue revenue XX% topline, record of

a our and from figures from foreign XXXX six-point tailwind Within reported exchange growth X% these includes tailwind a acquisitions.

the a from each and XX% fourth and COVID we tailwind first from incremental of XX% The points Overall, the of strength quarter, full the XXXX projects revenue beat respectively, consensus or XXXX related plus XXXX a XX.X% XXXX. business. growth X% exchange for results contribution of XXX.X by year reported reported revenue, a XX.X COVID represented and base COVID related achieved XX% For million, revenue XX% comprised speed fourth X% C is and for driven revenue approximately on acquisitions These growth The year year same Technologies million and of revenue XX% partial our we full approximately XX% EMT include the year. ARTeSYN, quarter to programs with growth. of with and represented revenues. reported five XX% In organic of acquisitions. from programs our XX revenue NMS reported months of the of acquisitions our of foreign

revenue this half for growth coming to our growth than growth with top to product Asia strength points year in see As the about On at and fourth direct order a franchises revenue Asia Europe orders we XXX%, basis continued our of growth Tony four strong highlighted, led performances performer direct approximately the chromatography delivered across of related projects. was lines of of be XX North lead with direct growth regional quarter, and the in with strong with or China. greater XX%. full respectively. a On overall with again continues filtration COVID XXXX, each year full of revenue also basis, of growth America XX% approximately product approximately XX% from XX% by and

of America achieved Europe basis, full same revenue XX% respectively. year XX% growth greater than and direct and the On North

and for of America Europe and product year the represented For the full with XX% respectively. North company's drug accounting XX% XX% Asia revenue XXXX,

XX.X XX.X Now margin adjusted fourth statement. same fourth Fourth our in gross XXXX. XX.X% gross ramp a XXXX to the versus profit XXXX or to quarter down income moving million, compared increased for of of million was the XX.X% quarter XX% the reported quarter Adjusted period.

planned increase capacity reflecting profit basis included resource margin Full was a year increased depreciation performance long-term as versus expansion point on continue XXXX. gross adjusted compared quarter coming and million, Full current human support equipment impact expansion to XXX full XX we systems adjusted to XXXX of year to XX year full or expenses as million year XXXX. as growth. gross the and well the fourth Our online an from XX.X% of XX% was focus

reflects With expenses to million Next fourth expenses. XX.X quarter XX.X year the investments increased we'll XX.X full commercial R&D shift for SG&A year XXXX. period. growth. timing to as limited to site million, capacity Adjusted quarter the systems Adjusted the of in year operating Adjusted adjusted than R&D acquisitions, and to spent expenses and occupancy the personnel XXXX, realized QX planned increase million million Adjusted and expansion, and XX.X on XXXX lower for was million expenses we X.X our activities and to an in in QX. X.X% the compared SG&A year development full impacts million. and cost XXXX expected for XX.X were compared XX.X all XX.X in support million X.X in of million increase XXXX of levels spend support at period year originally period. research of fourth for XXXX to The XXXX full for of and finished staff full of spend revenue XXXX to in coming compared compared the the had the million

or XX.X XXX million fourth to fourth million, Adjusted reported for million, for full Fourth period. XXXX Adjusted year increase XX.X%, XXXX. basis the to was XXXX. the an operating point for driven mix, overall a operating XX.X operating quarter an operating million over Full income the the improvement Now prior XXXX same of million income to period moving XX.X fourth adjusted XX%. representing million of million XXXX margin XX.X increase volume same of for the net strong period Full XX.X%, XX.X% the compared XXXX. adjusted in increase favorable to year year XX.X XX.X period the or year improvements full margin were of XX.X of compared or business. to operating an for compared expense million, XX.X income adjusted compared the EPS. execution income XX.X% by of compared points was the XX.X of quarter of net was an operational and XX.X adjusted margin an representing XXX the by quarter adjusted to fourth reported XXXX. increase year was basis XX% million earnings operating quarter leverage, and growth, quarter product period, expansion the quarter in Adjusted in versus representing was XXX% the million strong Fourth

to tax to benefited U.S. the the income combined per in of from our benefits time XXXX, one performance diluted growth and related $X.XX. changes tax net the adjusted operations. to operational an $X.XX a fully to foreign and quarter owned of transactions stock strong addition in of incentive for from reform fourth X.X% share low fourth revenue $X.XX impact of adjusted compared to Adjusted XXXX, also our year, income related EPS quarter U.S. the rate increased increase In of

an was diluted for to increase $X.XX year full the per adjusted XX% XXXX full share, of compared $X.XX year. For XXXX EPS fully

compared XXXX. Our XXXX, an totaled and XXX cash equivalents million GAAP at XXX XX, to which million of cash increase year-end December are metrics

XXXX and includes of a follow-on increase acquisitions, position raised XX, XXX cash year-in from second closed three an our December XXXX. effects of nearly million our the half equity Our on closing

inclusive investments. significantly XX.X capacity most plus of cash we of and and systems to cash generated year operating expenditures, facility of million full our For related of flow flow million XX.X expansion XXXX projects IT million XX.X free capital

transition XXXX guidance. to we'll year Now full our

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

impact exchange company the by keep noted, our the our impact As in of all that does nominal acquisitions may otherwise sales, previously future foreign revenues GAAP potential estimates may fluctuations and XXXX setting any growth will recognition XX% discussed bioprocessing and in on also me, guidance XX% and beyond be a our development full commercialization, and mentioned, vaccines rates excuse to unless revenue year XX% projection reported strength basis. the current year full not of include XXXX non-GAAP. XXXX million range pursue. COVID guidance, organic to to of continued including mind metric the In Please market, a that impacted reflecting of guidance we're of be XXX at that in overall XX% of on from XXX in million, an as therapeutics the are

margin to gross is adjusted guidance Our XX%. for XX% XXXX

in range XXX million pre-tax operating We're expense income the EPS expect income for relating per were be to in diluted to expense from our $X.XX be revenue and year. range income of XXX is million convertible net other XX% $X.XX interest expense We XXXX expense expecting XX% X of We full income. million the margins to with million expecting adjusted income adjusted to Adjusted adjusted be the range approximately of of operating million the to share. of in XX% adjusted the fully to cash expected be notes. to XXX our XXX of tax be to adjusted to adjusted range XXXX of in year to and

to XX million and XX expected million respectively. approximately XXXX, into XX well shares proteins an in expenditures to increase key million and million filtration, guidance of full expansion expected adjusted expects million portfolios be as for capital for invest our chromatography, reflects XXX approximately EPS to for EBITDA depreciation shares. XXX XX.X year, fully amortization X.X to estimated of XXXX Our the outstanding Adjusted of as initiatives million diluted with be intangible inclusive and range million continued the implementation in system an million is expenses company The investments. capacity SAP to XX.X

call from report operator will to to CAPEX year-end our million by update cash metric be equivalents, back XXX the questions. generation open investments and the our I XXX cash lines with fully in million a our for being to and of the financial range completes now expect turn to GAAP cash and guidance We the operations. our funded This


you. [Operator Thank Instructions].

Stifel. go question from Dan comes with Arias first Our ahead. Please

Dan Arias

non-COVID start guide for Hey year. COVID out good guys. XX the or morning Tony a million it to but That so less the on questions. like higher what like of kind for or a wanted pretty outlook, ballpark. point to guiding way back maybe I with same that's Thanks to related you're growth start the off. seems saw with looks revenues XXXX If more you a from from in reasonable par and things

something takes that year, the So think can last talk you you maybe the than there versus into XXXX, are just view that the puts that things little see see go in and continuation the you to kind trends market that the you areas a growth what and the last bit where drove you different saw where's product or probably idea of year? a non-COVID of

Tony J. Hunt

the I it's it like down looking think years. really last couple so over Yeah, almost of at

traction good carried and that And portfolio the that's that, XXXX we've position organic and I here on COVID products on in for job we're the with think This is We've into foreseeable getting think our that and future, of in in you for then and been XX% right a marketplace. nice right side. many just into I the XXXX. we traditionally done before think products over XX% of see what increased to COVID. COVID of therapy clearly on company kind on moving we're relationships XX% that I vaccine having of right of for developers the XX% put in But kind layer organic even growth to the gene based the a top And growth the us now. clearly, range.

trade-off sweet in So a I'm level. on XX% tell bit a sure you that capacity there will other for I think at company every that the XX% a huge that CDMO demand I that right there's think you're to goes right, do bypassing that we're of spot. is is

are a So there's trade-off, that work, related to always right. doing CDMOs be COVID going

delayed other and will So projects programs get slightly.

and right COVID organic in that last in And non-COVID revenue XX% million for So, to range. incremental now million XX% obviously, growth million we versus for think $XX that XX the $XXX an that's to us year. then we're

Dan Arias

is the the outlook in over have And stuff seem making mix prime for Thanks last that Biomedica that new therapy, growth because that those how here, like okay. do products are just pump have the Oxford the Yep, I that's of of of [ph], about maybe going the within quarters you are that that call in, selling you the bunch there feeling developed of organic paper specifically that ATF it to then gene months just ask, I market? of could internally and And we contributions penciling in filtration for then last a now taking controller, a FlowVPE, depth then if product you remember year kind are for year it number on a kind could product you on in the launch view to also are share what TFDF, do if area? have a that X what for that the been couple XX bunch. how PFDS is you a this

Tony J. Hunt

put with off be TFDF the TF strategy full started start in primary We of that with be now. market. the continues we TFDF. got second we've that I'll -- year driver chose Yes, to this growth the right probably the Obviously, will

So we've double said every it's like -- this think gone got a very will expect we many all evaluations expect and ago, year I that have that business a on, though we products, successful, we We that, for we revenue. of dollars year. million in TFDF for million next $X to years. couple $X year the million last beat in few target a we're that of a set had And

we evaluations the and therapy Oxford technology. to in additional piece it paper of that We expect going it resulted has catalyst Adding going in reference, be will the another application another you that's area that for TFDF this expect double gene year. on yeah, and

So that I is positive. think all very of

we look at in purely factoring products are to coming than this that. year, our what start you from not to it much think I if new growth organic it's a more from --



question go Please Tycho Our Peterson with J.P. from Morgan. ahead. comes next

Unidentified Analyst

for for This morning. on is good Hi, taking Tycho. Thanks question. Julia the

is that if could it tailwind the kind you just your been a ligand range generation on upped is wondering what vaccine customers, the contribution with I'm factors or cut scale Just to next it is guided earlier? starting new to, from vaccines the a of incremental it change, XX. new out from existing you just next or elaborate perhaps XX has like speeding up it up are driving you previous the with COVID gen obviously FlowVPE development that variant of of

Tony J. Hunt

involved again and processes increased today. our but six Jon We've in. performance, just you from we're for came really what's generation increase months in it's as therapeutics, Julia very opportunities versus now the can vaccines out, the COVID year, ago required vaccines and to plays next that or or we go I that in the see more through three And, months we're XXXX essentially visibility, here XX% vaccine driving there's it's around is the came in XXXX. out, how that ago. we'll little companies that's demand from when And look pointed those Yeah, really what's with. that are therapeutic the through, we that as QX as went developers, therapeutics increased that from of demand And from working beat we at say

Unidentified Analyst

just guidance curious then segments. for is filtration the it. stronger the for significantly than your level Got guidance XXXX, product And because regarding other I'm obviously product

is the but very we expectation should really for the then separately so what been benefit significantly, wondering influencing has the how outlook or see the we of just XXXX for protein And Cytiva COVID So from to that that about prior year, end expectation? remember more I strong therapeutics? filtration vaccine for this outlook, was allowing that out extended contract also the by think damage

Tony J. Hunt

XX% you if COVID through comments made front, filtration. this came of filtration the our think in morning, from on already revenue some the XXXX we of Sure,

our biggest portfolio what the you if also So, portfolio, products have it's we we in have. look filtration at of that

look chromatography the of OPUS. you driver If a at sort as chromatography an our prepack in columns is example, main

product products look we pro-connect hollow EMT fiber we've have you fluid If have and new filtration, and flat the we we have at systems, line, have NMS. in coming we technology, ARTeSYN sheet management technology, from got

filtration front Julia our a bigger is just and we've the it COVID I benefited So, said, portfolio, on from as portfolio.

said work On question, prepack those goal and as have lot to product through Opus that's by depth update we and selling our we'll of it's shots the extend into than of a growing And technology reason applications. But as end move fil this that more discussions and those continuing is yeah, your at columns filtration breadth lines. of faster the our year those to to selling really we've are We the we you we're proteins applications are our obviously solo contracts, other year. because there's into the guys our and why our portfolio. Cytiva the with FlowVPE well

Unidentified Analyst

Thank you.


Our ahead. next with go comes Knight from KeyBanc. Paul question Please

Paul Knight

Tony. Hi,

On an filtration the whole fiber the technology, yet? is to or is A alternative there that technology Protein

Tony J. Hunt

it's side, the really main the so is be Paul, application It step. A Protein Yeah, after fibers hollow the on downstream. would

more application. it's a ultra-filtration like So type di-filtration,

they're So replacements for each connected but other. they're not

Paul Knight

the Right. And are year, then getting this materials, polymers, -- you raw enough do about what supply etc.? worry you

Tony J. Hunt

as excess fast hiring trying Everybody's books processing bio out around if strong execution. all I to everybody can. capacity. is you really industry, it's We're and would got as order pretty we Yeah, extra to build speak say the

Paul Knight

customers then And in XXXX building think you of lastly, even equivalent production you tell? do vaccine are for Right. the or can amount

Tony J. Hunt

we big And think today. a it's I it's that guidance and it's of I company in we But don't think I I out the saw they're think would obviously is required. And is we're say Based think all right part the trying putting XXXX, part see of what's what that to produce building now on I every QX. what more that's increase XXXX.

Paul Knight

okay, Right, thanks.

Tony J. Hunt

Paul. Thanks,


go question next with Please Jacob Our Johnson comes Stephens. ahead. from

Jacob Johnson

thanks. Hey,

In revenues in year, if maybe terms do guidance assumes demand, XXXX? visibility how the are your outlook we now, customers first cadence should today see second we you of XXXX think the the full year sounds in these continue and it right year, much revenues to guess I of the of COVID would about in COVID how like for related the to additive orders that half be manufacture have half heavier you're of receiving the

Tony J. Hunt

some we the the through we year, orders half Yeah, it's year, definitely placed but of for the visibility first first accounts have the the half visibility for year. have others full of

out Jacob with. to to is working full we see guidance side. that playing companies have COVID by Our we're what's be where don't the on XXXX visibility, especially we based required going But various on

We a have good sense.

orders Others out we definitely have and QX We orders got through have first are the from some quarter. that others. the go that companies second in of

Jacob Johnson

to now defense customers? filtration act products capacity helpful. talk relative And prioritize if flow for products. Got worked just that's it, having you right products like for looks the those you're to your included then inputs for Can and production vaccines. it variety about of secure a That these to demand tangential vaccine actually

Tony J. Hunt

in look trying to we Yeah, don't anyone other to think and getting any that the vaccines have. COVID at same customers all and time product all We're therapeutics balance industry. trying prioritize to than we're the I the else different

that facing challenge the in industry. everybody's the really that's So

still and whatever trying a can, right demand balancing on The the is that the product to based vaccines columns and therapeutics now. it's customers COVID have it's act. at real portfolio time a other as demand prioritize And it's provide high chromatography there's is everybody to whether strong for line the resins we or TFF same our and the as is customers we prepack or trying or So all to in company. but COVID it's

Jacob Johnson

the Tony. Thanks it. taking for questions, Got


from comes Matt Hewitt Craig-Hallum with Group. Our Capital go next Please ahead. question

Matthew Hewitt

year. morning. Good a fantastic Congratulations on

Just a me. couple for

been Has the chromatography upside? off, represent products that once to First other portfolio. of in system, some ARTeSYN some and for see finished the would we should into that integrating start pull or through guidance you've baked the

Tony J. Hunt

really we is at is the out pull years, when just done through, over any the not baked probably we've of this guidance. look our But our year we -- at last when Yeah, the like every year deal building around you all yeah, infrastructure. one, the six, look seven which -- into

systems. build in do So The a specialists systems. of the systems, field that team have strong hollow we the need sell that on team commercial we for are very folks are to out good out news that because we is fiber

end expand some targets the through, So to revenue the out. At that it pulled set and to won't build group need has XXXX. synergy in we just start of kick the until ourselves, day, for really we've

we they're year of many trained, have sure taking funnel the sure And that the the make ARTeSYN make around this base. foundational overall we customers nurturing customer opportunities, making right is all just pieces that care years expand right, everybody's has So spent and that sure developing of. getting

the see that's to goal So we XXXX start pulled and opportunities. yeah, through I of kind be think it'll before

Matthew Hewitt

ramp does did about up Thank Okay, then I walk to what like know in mean, order -- us business? look you how up are mentioned through you're quarter adding a and XX maybe what that don't then great. think remarks, there, I but that, directionally the now, necessarily maybe clinical are XX regarding And if prepared help how in think just you maybe or ramping your evaluations to that the QX not I book, it's discussions you. XX FlowVPE,

Tony J. Hunt

brings Yeah, and huge inline I'm monitoring at dilutions. you so think those that's for that seconds. concentrations that's of. my out goes in even what nucleic like any FlowVPE in a And problem table, major that FlowVPE the you is is antibodies, a this I -- solves and a and process There's do high Preseptive something measure companies role at proteins, XXXXs fan in very Biosystems. And results get to back having acid, which to Flow to need just own without can real marketplace, the the

level, Flow. people, of continue big our like team, industry are players dedicated So, have clinical start terms to eventually the and I right? think there's more of ago think versus lot in into today implementing commercial evaluations the arena. and a they customers we've team absolutely where a and right and where I a applications, manufacturing discussions about technology value. as at day, move sort to we through in we've go were who months increased see we technical think is this I XX night got They the focused our They'll with on development process

So manufacturing ramp more drugs. going I would year, all version start through FlowVPE the we this is where going to being of a the manufacturing commercial but see way next expect to and that XXXX XXXX, technology, say gen the the of business put to we're especially into will lot the XXXX,

Matthew Hewitt

much. Thank alright. it, very you Got


comes SVB question with Leerink. next Souda from go Our Please ahead. Puneet

Puneet Souda

Hey, thanks Tony.

guide? know So for in my covered first I the the a growth and if baking what terms strong obviously question in are there but in gene this you're what full you year and was seeing of is therapy, don't wondering before, on here

Tony J. Hunt

COVID at customer gene Yeah, significant number was there's a so the there viral therapy XXXX, vector Again, are working a drugs. based similar for -- us companies that little probably think year. I base look on a of actually we when in

terms our of those we excluded in So calculation.

mark, portfolio Again, really, some expect growth. But have. trade-offs. that that XX% we're we products the there'll to So of in XX% around that really we XX% be will we be liked

area see foreseeable really going like the this continue the Our the of for We and we're to focus see customers value future. many to bioprocessing. this in one players growth in drivers as

XX% to right is it'll range XX% now. yeah, in guess our be So that

Puneet Souda

you have landscape, valuations look great. been demand you made, as at you've in help understand inorganic very current Tony the strategy then, growth deployment, the market, great, and And in just ask obviously and if changed that capital could terms anything too? if that's the deployment overall in has mean capital out wise EMT, of are about us acquisitions be acquisitions well you seeing talk I Okay, Jon if could your the as active I on what here and broadly, other as there ARTeSYN, that'd

Tony J. Hunt


for know. the is M&A to years. that, next five strategy the or four the years or deploy in So looking highly technology Everybody over the five on last as is going changed strategy is nothing's we've deployed It the the really competitive, over front, four assets. you sense we're

out be continue a a for targets. to targets lot there's may We'll think of years be the ago there, available. when most are the competing five that there makes with are activity at look potential a you than select different But might So that company sense three, banker little one Repligen. four, it you of lot we when other technologies

good don't I be think got So going -- don't the think Puneet think to and different any we've pace a is strategy. I I

And an pretty we December good do have raise divisional or element ahead able and puts and it. strategies, each strategy capital of those from to as in divisions position a being have see, we'll cash We our of to to M&A go execute in And obviously, targets execute. so each a back us a for perspective. opportunities

Jon K. Snodgres

And talk to I can capital deployment.

cash. about we really us we're to opportunities, Puneet continue million continue going to and M&A those in position. things. year nice in puts finished XXX opportunistically It the with Obviously, look at on So a work to

build adding opportunities make we're business that year but franchises, filtration reinvesting at from to think all doing we're and things perspective, even a footprint perspective, supply the looking we're quickly. in then And an the of capacity pretty our of we're bit obviously other to capacity, obviously, proteins expand chain both quite capital, customers. in to headcount also and disruptive not putting our is sure The I want systems, equipment we across being to a part out with our this we're on third headcount emphasis from thing the that is, and

capital as working in are we So like investments making inventory well. areas and

and get we should for we what future. need obviously, XXXX at to you about active the things to continue we'll year those see into So XXXX. strategies the be as XXXX relook through And to, continue throughout

support also the obviously growth we're current future but growth the expect. seeing, to we Just

Puneet Souda

sense these spike resin And Navigo that the into so productions you could already that for your current product launched, what's helpful. asked this give What's very just productions proteins year? I could, started, if last recently. vaccines just was expectation us get That's they the there one you Tony obviously, a the on have expectation of launched the that how and plugged

Tony J. Hunt

and of be ahead mean, challenging to not process market. for commercial I have we're we like that able not the anyone being it's to built go revenue out. it's so But lot bring you're a resin going a swap right, for Yeah, about spike to and in and to develop in excited who's them not

really not vaccines based on just protein, And vaccines. the such particular viral generation protein. vaccines with next to spike be vaccines based it's think around resin vector all does everybody as based I protein on based So call, or work this for going mRNA

binds the it protein, the that's spike target. so So

that's total the So the smaller is manufacturers subset than of set out vaccine there.

Puneet Souda

vaccines. Okay, that's what doing here the great. And you're for great Thanks, to it. guys. Appreciate see

Tony J. Hunt

Puneet. Thanks


with go Couillard next Please comes Our Brandon question ahead. Jefferies. from

Brandon Couillard

they the from customers if a as fraction or kind gene in at base you're to if recent it a maybe accounts and existing core curious of able of in share, growth greater new percentage look Good taking selling wallet to full I'm it buying of XX like the maybe or they we therapy products? the of of unexpected the portfolio, call are contribution to customers, -- products opposed a the more Tony, market, the really top morning. buying XX of characterize into XX suite you're whom customer and sort terms

Tony J. Hunt

a that portfolio. Yeah, definitely the it's great I would subset question. say a of

attended I so out accounts going of they in to top let's they slow Probably XXXX. coming in in. you're might bigger portfolio the into and last say be move say have every significant XX our down, that and we've especially accounts say XXXX. others selling buying accounts. on some -- breakdown were, exact So contribution year will half new of probably don't down in slow them but, have those let's slower but that is, portfolio. may recollection that at XXXX, fiber may see in just our accounts technology some I let's year In They're you'll hollow would say multiple account our the least it's utilizing definitely technology, system and these products our my is ATF prepack columns,

year. the in just through if Brandon go shots that continue we'll to build pick XX up top have in build here or because the really were more in we move into The funnel, is a quarter but XX I new XXXX this the in me I think market funnel revenue think and little accounts some pretty Those of the of last XXX it's accounts, I growth our the top is at like think accounts to of going will Repligen. the be part our gold we we they'll from contribution as see then we year. And bit XXXX. those small for fact that terms to XX definitely adding encouraging those per start to to what's

encouraged. really So

accounts. I year probably had XX a significant think ago, we

Now XX. have we

I heading the in So we're right think direction.

Brandon Couillard

And helpful. side. between to very talking about between then one lab the COVID difference and the if contribution, any [ph] COVID based more vaccines breakdown makes revenue That's last XXXX? opposed And just as that on the therapeutics. Tony, year

Tony J. Hunt

vast basis. from think our don't it's XXXX any No, The vaccines. revenue a majority think is of versus COVID about on XXXX coming difference -- I real I in there's percentage

Brandon Couillard

you. Thank you. Got


Instructions]. [Operator

with H.C. Please ahead. next Our go from Ram Wainwright. question Selvaraju comes

Raghuram Selvaraju

and people, a challenging so all performance stride have all. ask time over the for and of really your XXXX seem things. two my doesn't with at disruptive Thanks broken questions during to to for course much the solid Wanted really taking impressed which most

a very of on endemic COVID-XX us give which are the in time? vaccines of had discussion most these that also particular applicable products be going can all be if likely do have long side therapy landscape talk a through to, which going Thanks. sense you I given would can I vaccines, new revenues emergence to to of these you're the the then coronavirus the to regarding gene appear be to follow-up for you you be And of problem, in can maybe that not to the position very of a Firstly, COVID-XX And understand an vaccines part a you're variants is around your but a very, indicate about of the sustainability that? little for specific types how business. cite the if technology helpful, bit if

Tony J. Hunt

and remarks, we're we think look and late majority Yeah, front, my stage out processes. I at in prepared haven't Y. But, the in oh, COVID what in you when said, are commercial and we said in on X come back the the vaccine of go I

working on a with therapy the front the manufacturers. based for that it, in products, mRNA, we've vector vaccine mRNA mRNA been And all think our viral well working vectors, viral it's protein vector as in So technologies a the going on that's space, about therapy viral those you work into worked as or if and On we're just anyone that's vaccine. viral gene working in gene done who's all again, vectors side, definitely and if goes of working portfolio, the number what used filtration protein Again, and on our be what in the it's there across and hopefully doing next prepack something of And we're for a on products years. our filtration terms down majority will and is that spike then well companies on of it probably based that'll generation columns. we're the as whether the resin board in vaccines. columns, products, we've our be road prepacked

a In roller coaster it nine terms months. bit frequency of last of feels a where over vaccination, of the like the

I well, were a everybody three going maybe years, some every ago every shot to like years. people five nine six two was think thinking to it's months

focused to Now we're everybody's know. XXXX products it's think to also trying thinking the And, just work we the adopted needs right other our asked just happen to basically on have what to don't technologies now every with on time get the to that that customers on year. is all doing execution who support the to have them, our at us list. out same customers I our

how have years. we'll annual as an anyone our really additional now, focus out and go of we'll the I don't plays know that's whether frequency So through right or out plays really that'll see and we on vaccines for vaccinations that every variants where whether, be Ram shot just two XXXX. I it And knows. think don't

Jon K. Snodgres

that's longer-term would a of that. certainly in vaccines I of through. -- coming just add on on taking view side, evolve we're recurrences But Ram don't we going on of the to how capacity that, know terms

Raghuram Selvaraju

a utilize the as you then you and is Okay, marketing reach bit out side therapy quickly therapy sales to suite therapy and and if was companies wondering argument thrust the give just I the gene of your therapy very systems, customers Repligen gene Repligen more of principal color on what us applicable potential could gene products? on business, sales process, entrance, for potential little Thanks. new of gene to the

Tony J. Hunt

and the changed has last in world XX months. the Yeah,

now doing we're right. of virtual, lot a what is So

the marketing. So marketing lot is of a digital

that technology applications And in a place. followed to we results a outperforms customer bioprocessing get work So seminars before. from a players team. focused in the has And level problem applications of once our then based on interest hasn't up technology the that at then the solve all or addressed initial by done, were field technology other lot whether, Repligen with that a one that been decision that's comes that's we

the I focused we're a efficiency process think on for overall improving improving of us, yield. overall and

things, good goes can decision we conversations comes focused have us other we to on customers. in if XX% on technical to what it on two if a down our stay with a in evaluation bake data. words really then those and So industry based allows off, of a But, --

So I that's we that's of how products And play, portfolio have. the we're really think how we happy we that win. with

Raghuram Selvaraju

Thank much. you so


the back for question-and-answer would over closing our like conference I Hunt concludes remarks. to session. This Tony turn any to

Tony J. Hunt

for jumping and an forward up to ourselves company. to call look for for back for expectations I where everybody we're XXXX at. Clearly high and May speed today. Obviously outstanding thank year in set joining us just a want on we bringing on some XXXX the you to guys was have

So joining. thanks for


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

now may You disconnect.