Repligen Corporation (RGEN) has reported a 54.49 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $1.16 million, or $0.03 a share in the quarter, compared with $2.54 million, or $0.08 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.91 million, or $0.08 a share compared with $2.77 million or $0.08 a share, a year ago.
Revenue during the quarter grew 24.54 percent to $24.68 million from $19.81 million in the previous year period. Gross margin for the quarter contracted 294 basis points over the previous year period to 54.44 percent. Total expenses were 84.82 percent of quarterly revenues, up from 81.39 percent for the same period last year. That has resulted in a contraction of 343 basis points in operating margin to 15.18 percent.
Operating income for the quarter was $3.75 million, compared with $3.69 million in the previous year period.
However, the adjusted operating income for the quarter stood at $4.57 million compared to $3.92 million in the prior year period. At the same time, adjusted operating margin contracted 129 basis points in the quarter to 18.50 percent from 19.79 percent in the last year period.
Tony J. Hunt, president and chief executive officer said, "During the third quarter of 2016, product sales grew to $24.7 million, an increase of 25% from the same period in 2015. Our continued growth during the quarter was driven by strong demand for our direct portfolio of products, in particular our XCell™ ATF systems and OPUS® columns. It was also an important period with respect to advancing new products, with the launch of a single-use version of our XCell™ ATF system, and the introduction of a new resin recovery feature on our large OPUS® columns. Our continued investments in new product development, capacity expansion and people to support our expanding franchises position us well for a strong finish to 2016 and into 2017."
For fiscal year 2016, Repligen Corp expects revenue to be in the range of $102 million to $105 million for financial year 2016. The Comapny forecasts net income to be in the range of $8 million to $10 million and projects adjusted net income to be in the range of $14.50 million to $16.50 million. It expects operating income to be in the range of $17 million to $19 million and expects adjusted operating income to be in the range of $21 million to $23 million. It projects diluted earnings per share to be in the range of $0.23 to $0.29 and diluted earnings per share to be in the range of $0.42 to $0.48 on adjusted basis.
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