Boston, MA 08/11/2014 (wallstreetpr) – Life science company Repligen Corporation (NASDAQ:RGEN) delivered strong sales and earnings number for the second quarter driven by robust sales of protein A affinity ligands apart from higher demand for its chromatography products. As a result, the company’s bottom line came in more than the Street analysts’ estimations.
The company’s president and CEO Walter Herlihy said that Repligen’s second quarter financial results were driven by record products, its tactical acquisition of Refine Technology, a bioprocess business, and by key management appoints that included its chief financial officer, as well as, chief operating officer.
The CEO indicated that the company witness a strong demand for its chromatography products because of which product revenue advanced 19.5% over the prior year quarter.
Repligen Corporation (NASDAQ:RGEN) said that it expects total revenue of $59 – $62 million for the current year 2014, which was lifted from its earlier forecast of $58 – $61 million. As a result, product revenue guidance has also been boosted to $57 – $60 million from $56 – $59 million. On average, Wall Street analysts are expecting the company to deliver $59 million revenue.
The Repligen Corporation (NASDAQ:RGEN) is also expecting to yield better pricing for its products as it boosted its gross margin outlook to 53% – 55% from its earlier 51% – 53% guidance. Lifting gross margin forecast is a sign of indication that the company can push its products at a higher price. However, it had guided its net income between $8 and $10 million, which was in consistent with its earlier outlook. The company expects to close the year with $64 – $68 million of cash and cash equivalents.
Repligen Corporation (NASDAQ:RGEN) reported net income of $2.83 million, down from $4.54 million and the earnings dropped to nine cents a share from 14 cents a share in the year-ago quarter. On average, Street analysts’ expected the company to earn six cents a share.
Its total revenue slipped to $15.55 million from $15.51 million in the previous year quarter, which was higher than the Street analysts’ estimation of $14.85 million.