Strong buy RGEN. Bought from 2.73-3.2. Target above 4 in a week. Repligen Reports First Quarter 2006 Financial Results
Wednesday July 27, 7:00 am ET Company Reports Net Profit of $2.2 M and Operating Profit of $881,000 WALTHAM, Mass., July 27 /PRNewswire-FirstCall/ -- Repligen Corporation (Nasdaq: RGEN - News) today reported results for the first quarter of fiscal year 2006, ended June 30, 2005. Total revenue for the quarter was $4,239,000 compared to total revenue of $2,809,000 for the first quarter of fiscal year 2005, an increase of $1,430,000 or 51%. Total revenue for the first quarter consisted of $4,013,000 of Protein A and SecreFlo(TM) sales and $226,000 of research revenue. Gross profit from product revenue for the first quarter of fiscal year 2006 was $3,040,000 (76%), compared to $1,676,000 (60%) for the same period in fiscal year 2005. This increase in profit margin was primarily due to increased customer demand, change in product mix and a decreased royalty obligation for SecreFlo(TM). Operating expenses for the first quarter of fiscal year 2006 were $3,358,000 compared to $3,551,000 for the first quarter of fiscal year 2005. The net profit for the first quarter of fiscal year 2006 was $2,186,000 and basic and diluted earnings was $.07 per share. The net loss for the first quarter of fiscal year 2005 was $645,000 and basic and diluted net loss was $.02 per share. This quarter the Company recorded as other income $1,169,000 of a previously expensed but disputed royalty obligation that was reversed as a result of the SecreFlo(TM) settlement in May 2005. Cash and investments as of June 30, 2005 were $24,894,000. "During the quarter, we reported record product sales and gross profits," stated Walter C. Herlihy, President and CEO of Repligen. "We remain committed to our strategy to direct the profits from our commercial products toward advancing our pipeline and building a sustainable franchise in neuropsychiatric disease." |
