Repligen Corporation (RGEN) has reported an 1,797.74 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $5.03 million, or $0.15 a share in the quarter, compared with $0.26 million, or $0.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $2.59 million, or $0.08 a share compared with $2.23 million or $0.07 a share, a year ago.
Revenue during the quarter grew 19.35 percent to $25.60 million from $21.45 million in the previous year period. Gross margin for the quarter contracted 20 basis points over the previous year period to 52.49 percent. Total expenses were 88.65 percent of quarterly revenues, down from 93.34 percent for the same period last year. This has led to an improvement of 469 basis points in operating margin to 11.35 percent.
Operating income for the quarter was $2.90 million, compared with $1.43 million in the previous year period.
However, the adjusted operating income for the quarter stood at $3.78 million compared to $3.40 million in the prior year period. At the same time, adjusted operating margin contracted 106 basis points in the quarter to 14.77 percent from 15.84 percent in the last year period.
Tony J. Hunt, president and chief executive officer said, "2016 was another strong year for Repligen, surpassing a $100M revenue milestone to deliver 25% growth in sales and a 20% increase in adjusted operating income. We continued to execute on our plans to grow and expand our bioprocessing product offering, increasing our direct product sales to represent approximately 50% of 2016 revenue. We strengthened our filtration and chromatography businesses through new product launches and acquisitions, positioning us well as single-use and continuous processing technologies gain further market traction. We finished the year with fourth quarter revenue ahead of our expectations, and we anticipate another double-digit revenue growth year in 2017 as we leverage our investments to continue delivering strong growth and earnings to our shareholders."
For financial year 2017, Repligen Corporation forecasts revenue to be in the range of $121 million to $126 million. The company projects net income to be in the range of $11 million to $13 million. The company expects adjusted net income to be in the range of $18 million to $20 million. The company forecasts operating income to be in the range of $24 million to $26 million. The company forecasts adjusted operating income to be in the range of $27 million to $29 million. The company expects diluted earnings per share to be in the range of $0.35 to $0.40. The company expects diluted earnings per share to be in the range of $0.54 to $0.59 on adjusted basis.
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