Repligen restates 2023 and first-half 2024 results over $17.3 million payment timing
Repligen said its prior financial statements should no longer be relied upon and will be restated for 2023 and the first half of 2024, after a $17.3 million COVID-related customer cancellation payment was recognized in the wrong period. The company identified a material weakness in internal control over financial reporting, and its internal review is ongoing. Management reaffirmed 2024 revenue guidance of $627 million to $642 million, saying overall revenue and cash are unchanged.
- A $17.3 million payment received in April 2023 should have been deferred and recognized as products were delivered, with all open orders delivered by June 30, 2024.
- Restated full-year 2023 total revenue is $632.2 million versus $638.8 million as reported; restated 2023 GAAP income from operations is $48.0 million versus $54.6 million as reported.
- Restated first-half 2024 total revenue is $312.0 million versus $305.4 million as reported; restated first-half 2024 GAAP income from operations is $10.1 million versus $3.5 million as reported.
- The company identified a material weakness in internal controls over revenue recognition and said it may identify further changes to previously reported amounts.