Thank you Sondra and good morning and welcome to our Q1 earnings call.
We are delighted with our performance in the first quarter of 2021 where a combination of accelerating demand from COVID accounts and robust demand for a non-COVID business drove our overall performance.
For the quarter, revenue was up 88% coming in at a $142 million with organic growth up 69% versus Q1 2020. COVID related programs made up approximately 25% of our revenue and 46 points of our total growth. Revenue from acquisitions we made in 2020 including ARTeSYN accounted for over 14 points of overall growth.
Finally we were especially pleased by the performance of our base business which accounted for 27 points of our growth and approximately 68% of our revenue reflecting continued strong demand for our products.
As noted in our February call, the strength and orders that we saw in Q4 last year carried over into 2021, with an exceptional quarter in orders, driving not only our revenue beat, but also our increased guidance. Orders for the quarter were up more than 150% versus prior year, with customers now planning out into the second half of this year. Based on these developments, we now expect to finish the year with revenues in the range of $565 million to $590 million. We anticipate COVID vaccine and therapeutic programs will contribute approximately 25% to 27% of overall revenue on our non-COVID based business to grow at or above 20%.
Before jumping into our quarterly results, I want to provide a progress update on our strategic initiatives for 2021.
Our number one priority, as it has been for the last 12 plus months is building out our capacity to support accelerating demand across all of our businesses.
As you know, our industry is seeing unprecedented demand for buyer processing products.
So it's critical that we stay ahead of this curve.
Our operations team has done an outstanding job over the last year as we have more than doubled and in some cases tripled our capacity and output across many of our product lines.
For example, our overall capacity in flat sheet cassettes and hollow fiber products has more than doubled in this time period.
On the chromatography front, we are in the final stages of completing our expansion in Breda for OPUS pre-packed columns, which will immediately add four suites for OPUS production, and an additional four fully built to support future capacity needs.
We expect this facility to come online in early Q3, offering customer’s local production in Europe.
Finally, we plan to invest $55 million to $60 million in CapEx programs here in 2021 as we build out capacity for flow path assemblies, filtration and chromatography systems, and flat sheet and hollow fibre product lines.
We expect many of these programs to be completed in the second half of this year through to mid-2022 securing manufacturing capability to support the company as we scaled to our goal of a billion dollars in revenue by 2025.
Our second initiative is around integrating ARTeSYN, EMT and NMS into Repligen. It's been a busy first four months for our team as we evaluated commercial and operational needs of these businesses.
We have made good progress on building out the commercial teams with the addition of sales talent to support both the chromatography and filtration systems that we gain through these acquisitions, as well as the significant component portfolios of these companies. Operationally, we focused on integrating EMT and ARTeSYN Waterford, our two centers of excellence for flowpath assemblies, and expanding manufacturing capacity across this network. All three acquisitions are tracking at or above or planned for 2021 with ARTeSYN having a very good quarter for revenue in orders. We're very confident in our guidance of 33 million to 36 million for ARTeSYN here in 2021.
Finally, one of the real benefits of doing these deals is that we now have a critical mass on the fluid management, side of bio processing, and a sustainable consumable stream as we move further into chromatography and filtration workflows.
Our third initiative is around new product launches. Again, a strong start to the year for us with the launch of our Spike Protein Resin, single use ATF lab controllers, and next generation Flow VPE, which is called FlowVPX. We're very encouraged by the initial reaction to these product launches, with strong orders and shipments for FlowVPX following the technical launch of the product, and a rapid acceleration in the number of evaluations for the Spike Resin by many of the leading players in protein based vaccines.
Finally, our fourth initiative is focused on traction in gene therapy.
Our commercial and field applications team were busy in Q1, adding in 17 new accounts and delivering another quarter of very robust orders. With a strong order load, we are on track for another good year in gene therapy with expected growth in the range of 25% to 30%.
Moving now to our quarterly performance. The story of the quarter was the continued strength of COVID vaccine accounts and the 31% base business growth for the non-COVID customer segment of our franchises. Order load is noted earlier was exceptionally strong with our non-COVID accounts contributing approximately two thirds of this overall demand. Infiltration or overall business more than doubled with across the board strength for all our product lines. The demand for ATF devices flat sheet cassettes, and hollow fibre modules continues to strengthen as COVID vaccine and therapeutic manufacturers scale up here in 2021 and mAb and gene therapy accounts continue to implement these technologies and clinical processes.
For example, our ATF business doubled as we have a number of late stage customers scaling the technology into commercial processes, in addition to COVID wins for ATF is used to boost bioreactor yield.
Finally, our filtration systems business had an outstanding quarter with key benchtop and process skill systems, including the ARTeSYN filtration portfolio, up over 100% proforma. This reflects the differentiation we have in the marketplace with our hollow fiber portfolio, which is now even further differentiated with the addition of the ARTeSYN single use system.
Our filtration portfolio is also capturing new opportunities.
For example, in CHO and gene therapy applications, we continue to be encouraged by the performance and the adoption of Tangential Flow Depth Filtration Technology, or TFDF, which is on track to double again here in 2020. The next generation COVID vaccines, our products are getting specified into upstream and downstream parts of the workflow.
We expect any significant revenue impact from these activities to be seen in the second half of 2021 and into 2022.
Given the overall strength in orders, and capacity projections for the year, we are raising our guidance for filtration the business, which we now expect to essentially double here in 2021.
Moving to chromatography, our OPUS prepacked business had an outstanding quarter on orders and a solid quarter on revenue despite the limited availability of chromatography resins from suppliers and our industry.
We expect that the resin delivery situation will improve as we go through the year as more capacity comes online.
As mentioned earlier, we're very encouraged by the early evaluation results of our spike resin and expect we'll see a pickup in orders as we go through 2021. Overall, we still anticipate the chromatography franchise to grow in the range of 30% to 40%.
Our OEM proteins business also performed well with strengthen ligands and growth factors. The momentum we observed in 2020 on ligands has carried over into this year with robust demand for products from our key partners as the market demand for protein A resins remains high.
For the year, we now expect proteins to grow in the range of 20% to 30%.
Finally, our process analytics business had an excellent start to the year up over 40% year-on-year.
We are currently seeing the impact of our global commercial team with over 50% of instruments and consumable sold coming from new accounts. We saw an uptick in demand in Q1 at many of the companies supporting COVID manufacturing, as SoloVPEs were implemented into the testing process for these drugs.
Our expectation for this business remains very positive, with anticipated growth at the high end of the range of 20% to 25%.
So overall, we are off to an excellent start to the year with strong execution at an operational, financial and strategic level.
Our team remains focused on the key priorities to really namely capacity expansion to meet increased demand, and thus minimize lead times the integration of ARTeSYN, EMT, and NMS to expand our premier systems offering the development and launch of differentiated new products and winning new opportunities in the marketplace.
We continue to be well positioned to attain our long term growth targets and we're optimistic about the future.
Our performance would not be possible without our exceptional employee base. And we continue to bring new talent into the organization and we expect to add 300 to 400 individuals during the first half of this year. Through the dedication and commitment of the entire Repligen team over the last 15 months, we've been able to deliver essential bioprocessing products and to build and prepare our operations for continued growth. We look forward to updating you on our progress through the year. And with that I'll turn the call over to John for the financial update.