RGEN - Earnings call transcript Q3 2024

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Operator

Good day, ladies and gentlemen, and welcome to Repligen Corporation's Third Quarter of 2024 Earnings Conference Call. My name is Chad, and I will be your coordinator. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Sondra Newman, Head of Investor Relations. Please go ahead.

Sondra Newman

to quarter welcome XXXX and you, our of third report. Thank XXXX, business call, X-month financial XX, financial we XXXX. this full highlights for periods we'll the guidance will September and On X- cover and year provide the performance ending and for

Joining are President Executive call and Chief Financial today and Olivier Loeillot; our the Officer, us Chief on Repligen's Officer, Jason Garland.

our the the forward-looking statements risks that the are those to regarding during financial to that call, for differ. expectations of make the business we reminder, and and a may company, events As subject cause performance goals or including uncertainties actual results

on Additional quarterly including that related reports to report the risks information XX-Q, Form business report our annual concerning and is X-K, our on XX-K on report included in Form our current our filings information, today. change otherwise. which events views, that make filing management's comments new with could Today's are and of the future reflect result we SEC. we current or as a other

obligate to company or The commit statements, not update except required law. itself does by as forward-looking

providing morning, Repligen's we sec.gov. press GAAP items of the otherwise this measures unless posted call, is issued and results on Reconciliations non-GAAP non-GAAP we this included that financial in noted. release financial are website the and which to to During are

operating share, Adjusted tax margin; diluted EBITDA EBITDA, income, margin, growth, expenses, revenue report pretax operating including cost income per non-GAAP figures and operations profit include on and revenue and gross in R&D adjusted Base and adjusted income, of gross earnings organic today's the following: margins. and goods from rate sold, EBITDA net SG&A,

to ongoing GAAP performance alternative our measures, be not should best viewed operations. adjusted These an as of to but the intended reflect are measures

over the to Olivier. call turn I'll Now

Olivier Loeillot

results. call. to welcome has team Good to us Excellent enabled conditions, strong morning, I'm execution, deliver quarter quarter third we headwinds, by everyone, earnings sales XX% we Thank you, pleased above with coupled market order the seasonality to Sandra. despite improving report third quarter. very QX our Most quarter X the and carried with of X% orders X. the typically into X% growth seen see pacing have and momentum in sales in growth have year-over-year

we our were and up to our strengthening is and was trading annual new and revenue intake sales first revenue continued encouraged are dollars the last reached growth, with non-COVID ahead see months. Pharma highest to we improvements We This CDMO and to orders of nicely X%. and the revenue order the XX we X last quarter opportunity orders grew through of health. versus a saw fact, its for and especially business the In where consumables a up indicator sequential quarter business funnel tracking great overall industry date. highest level equipment. to in solid with rebounded sales months modalities sales for which X% It record order show a

At months protein filtration the and up include In if chromatography delivered total, our led the year-to-date, and revenue X% orders. in you XX%. orders are quarter exceptional X up for franchise for growth level, an

future. the third managed for to build the we During backlog quarter,

exit order very Overall, us really setting the our solid is funnel with [indiscernible] for seeing. addition, we're a In happy healthy, progress are to up we

CapEx macro monitoring biotech China continue we with funding and trends funding. As level

revenue range this $XXX million expect now and full midpoint $XXX finish of to We the positive we narrowing to are context, the in year our guidance. million. With with revenue confirming of range the XXXX

in do related of update include on million this will shift the provide the this incremental includes close reported restatement following September. For X-K please revenue clarity, to figures note in impact that being but of timing. an process of all filing our the Jason revenue $X today

digits on year-over-year. quarter our flat sequentially, up came tough biopharma us year-to-date and from high performance. year-over-year highest solid in delivered top also up Pharma digits and at were primarily our X, growth quarter in the but Orders a Orders mid-single strong single a now XXXX dive XXXX. keep in customers. Let level comp X with a the bit since revenue quarter

revenues up mid-teens. are high pharma up single digits are and our Year-to-date, orders

XX% is More sales importantly, pharma revenue now the XX% above digits. XXXX approximately orders to single our back revenue order order high and and in CDMO year-over-year. dollars intake are tracking grew CDMO quarter. are levels, year-to-date up

versus In same fact, orders up last year. are X period quarters, last months the mid-teens over the X

both QX, our a In activity manager XX at more the account the even place. particularly getting in picking of CDMOs also really in It again first where a level at has coming We is the a situation year those we the quarter, ago. X saw good and look from CDMOs. key Tier of up smaller improved orders to and top to confirmation but we further from put see some distribution larger X Tier have forward

quarters. at our X Moving QX last to orders level the is XX% the year-to-date, destocking that level been consumables and they've and belief at strong the equipment Consumable up indeed since in with [indiscernible] XXXX, furthers highest which us. year-over-year performance, is still were Consumable highest of revenues momentum behind

capital We the challenging in market gain equipment continue environment. despite to share

high were sales up are single digits up orders single Our digits now digits Sales mid- mid-single sequentially. low year-to-date. and year-on-year and to

could to we be While have recover, with equipment slower funnel not happier orders systems. for have our been the we

systems are companies the companies big with PAT several our productivity. these new modalities. example, platforming for adopting integrated system pharma improve their to particular, our are technology For In

than delivered another more quarter new great business, up modality about Speaking with sales XX% year-over-year. we

quarter fact, the ever was revenue modalities. highest X In for quarter new

our What continued quarter Repligen has top XX is at innovation X our also to clear orders that and me most XXXX. products to best, portfolio this is compared accounts. even important area more advanced were It's become Our up adoption digits low this double serve the market. of driving success in with of

ideally tailored to strategy the and markets solutions rapid launch these modalities new very positioned. successful expected Our with different for of is and develop the growth were

segment. enable [indiscernible] develop purification for also will of acquisition that innovative us and unique pending to Our market solution

new point are are we for to to in a continue really tracking XX% Asia, seeing XX% happy revenue, increase in of about full view, modalities a As the Americas progress the compared the we of year total China. regional and including with From XXXX. percent performance

were remains quarter X. revenues. America in XX% in big ex about quarter headwind XXXX for only X, a X% China than was up this Asia and more while mid-teens represent of China up our revenues will us year

Asia in growth will remain us for a for critical focus XXXX.

into third dive franchise deep now our us performance. Let quarter

up has quarter. but year-to-date. Starting Orders up been tough than XX% year-to-date. around very largest comps, QX up franchise year-over-year and flat single digits with year-over-year our Revenues mid-teens successful high on were XX% and another filtration, were greater sequentially

up revenues significant XX% late-phase quarter than consumable this we as on our ETF more are ATF Our upticks. capitalize design-ins and

was Our map also another the quarter. during blockbuster ATS technology designed into

share is gaining at accounts. several large portfolio Our pharma filtration systems market

the In the growth, platformed be of fact, recurring starting nature of thanks are consumables. us at these some generate ongoing we will to accounts, to which to associated help

that filtration Another the system market several the traction differentiated positive integration at need seeing reason a for for technology accounts, we this new with is are creating technology our of FlowVPX combination.

on continue And driven for greater a future. Finally, we opportunities our grew quarter, [indiscernible] funnel, wins. strong XX% by with work the large scale several large pharma portfolio to than this

by our Moving are performance in very we encouraged to quarter X. chromatography,

was exceptional tough comp, on for very were it XX% year-over-year. which orders, revenue quarter up While was an a down

columns. both record increased obvious In demand for order quarters intake, scale driven quarters large been by fact, the for small last X tier and have

roughly So the overall, headwind versus protein franchise with X, ordered for remains a a sales had XX% $XX XXXX strong The million and year. up quarter quarter flat.

] [ programs. abitite with orders as strength factors [indiscernible] in expected, revenues and growth were and

the Our deal quarter. solution [ strengthened products. the Habitat months, and customers fourth We're customer customers for and [indiscernible] this our XX portfolio ] in the excited the of last about more here close Ligand-funded to implement addition over hope as [indiscernible]

modalities collaboration The business. are into into well move us combined XXXX The growth the goal our solution launch we the some protein and in to headwinds be modality with as space doing with our mass for loan to here new we reestablished will positions XXXX. beyond work disruptive move [indiscernible]

top also Analytics of with quarter a the had Process growth and Finally, strong growth. X% X% line

drove concentration business across FlowVPX environment overall the a systems. business all growth difficult Our modalities measuring more for stand-alone compensated and for solution for protein

well across our the board. did So franchise

strategy of new account opportunities new combined a of business unique successful generating Our on lot and modalities key the is Repligen. implementation innovative with for products focus and our

I grand opening also the share we another the Training As of wanted I to of wrap, highlight Innovation had XX, September center the and On [indiscernible] Repligen Artic. quarter. in

purpose designed to new technologies. showcases space more dedicated customers Every all and our to with our training experience and product willing customers [indiscernible] provide This week, our hands-on our All of doors business. support we're areas expand space. bioprocessing adding open technologies with to with technical Repligen exhibits, build

XX% plus probability XX% This than is reflected funnel, in prior greater year. is which our

our positioned the with momentum we pleased in full year quarter I'm goals. and well saw So achieving believe are X very summary, we in for

and very revenue are order months encouraged our We X. quarter a X by XX% over last year-on-year growth strength in the

With improving and we're XXXX. into excited consumable equipment pharma, about and CDMO new in and capital we modalities, continued move and future our strength the as markets markets

thank a strong Finally, I such Repligen quarter. to want delivering team really our entire for

Over we are high-performing therefore, to leaders an company. of future people and confident and XX team, to added already talented the months, our excited we last X and have the about experience several

in and for the real It of couple you hand the I've look enjoyed has will updates. past many pleasure a of months. been to ahead. months over success vision With Jason our I the financial my forward the meeting Repligen for discussion over of also sharing to this, ongoing

Jason Garland

step everyone. financial Olivier, our updated QX to and I'm you, of pleased through details financial more and share report pieces the good on our Thank guidance. morning, to

able we please the how that the financials we would mentioned the earlier, to revenue adjustments that will only and As estimated point, inclusive the impacts in timing Olivier line restatement share shift At disclosed are September. related on income. be note all operating top of required to discussed

the the that contract on certain gave morning. is for summary, of We along some GAAP restatement, financials immaterial restated historical supplemental filed adjustments an presentation need specific the as Please refer can X-K financials rise to our today items. a the the this we addressed also to of minor non-GAAP section including the included X The detailed summary our other with website restated posted to to for exhibit share the the for reconciliations. Investors which for past COVID-related now to financials quarters, modification the

very a to team get I detailed through point. working and want for the to this thank process robust to

Given for impacted in the XX-Qs to plan of and the still possible. process XX-K as quickly as them are we the finalizing file and required all effort required, we the amendments

X% to Moving to basis, now Revenue and a reported growth, the of XXXX. total of year-over-year return up on a double-digit up $XXX million marked organically. third quarter XX%

XXXX. X% Sequentially, due in XXXX but now were no quarter additional to million includes our There contributed Recent currency. down from from QX or the sales restatement. context, impact $X de million of of quarter, from reported third million COVID in the minimis the $XXX $X third of acquisitions approximately of sales growth second quarter with were we the for

$XXX in updated flat was up about line year-over-year, protein and Year-to-date with revenue exclude million, was expectations. our known COVID but X% headwinds. if you This

our performance provide franchise of color starting the product with XX%. Europe global where quarter. XX% our performance, represented Pacific global rest our across As on regions XX% in represented and Asia business shared saw North world I'll approximately and regions, growth on across the QX, detail year-over-year the Olivier America we represented of the more all during revenue,

down and the quarter. X% of was China Asia, Within business in our year-over-year total represented XX% about

July in expect of restated We in approximately China to XXXX, million continue to revenue about as to X% shared our to $XX headwind revenue. and be represent

we year-over-year and region, and strong sequential saw sales XX% growth a Pacific respectively. XX%, the for very over Asia China, Excluding up

X we slight North to North China XX% franchises. second up orders third Year-to-date, was decline some X continues present about growth ex the from order quarter across though digit on quarters to is the meaningful down primarily sequentially Asia due headwind, for a after and Europe to in On both orders, a a China the proteins, America see America, did all healthy were with regional double region strongest year-to-date. and growth up row.

Transitioning margins. to and profit

increase higher adjusted due million gross mind high-margin QX of keep quarter. offset gross some on revenue. is The year-over-year a sales. points was with XX.X% benefit down last is up third the XX million, margin. by driven With profit in of second gross volume, includes and productivity basis this, $X year, versus million delivered adjusted points $XX $XX restated approximately $XX This quarter the X.X we percentage Sequentially, margin higher XXXX million inflation. about from COVID-related that from But to now year-over-year a

quarter Excluding by sales, margin X.X those third our percentage gross improved points.

total XX.X%. XX.X%, are This by with of to achieving increasing the impact basis entirely a from margin is year-to-date, the year which of Looking at XXXX range we our is first the guidance XX.X% for adjusted to of in X points margin XX today line restatement. gross quarters gross

the the The implied in from the higher-margin positive volumes product for higher does guidance This benefit leverage from the million. operations negative that Continuing mix from adjusted income quarter. drop impact and adjusted quarter sales with was repeat has the fourth $XX quarter get third midpoint through the we suggest in our third gross million a essentially the fourth at approximately quarter XQ. Even with do not a last over improvement from on costs. higher up in material margin, significant $XX year, benefited P&L,

primarily operating are Sequentially, return year, of in to million as gross $X driven the of approximately of the line was increase in in of due XXXX. are expenses. an July's our quarter. expenses we primarily offset in operating $X adjusted by million in This the fall-through compensation adjusted versus $XX projected is up guidance with with increase This last our SG&A million highlighted earnings higher part down second in of they incentive the call. profit that reductions Though the

quarter manage closely still our fourth half the of expenses, a third expect From perspective, run first below rate due timing to continue the should but up from to quarter expenses. rate. do we the step to We run remain operating the

tailwinds, XXXX than and income by inflation. points XX some are driven operating and quarter adjusted strong third Our compensation productivity, incentive up by primarily higher operating volume year-over-year, price percentage OpEx more margins offset

the at XXX fourth sequentially nearly quarter adjusted quarter approximately improved was gross XX%, points operating margin margin XXXX see sequentially up to gross down which XX%, by as than with drag to operating expect implied margin greater more is discussed from than on small which impact depreciation. adjusted a reflects approximately at mix basis guidance margin from rate increased also volume earlier, a headwind. midpoint step the third point margin level, adjusted our Operating percentage we margin XQ, an even leverage offsets EBITDA for X The

remaining To $X we in under and we for million expansion for just evaluate margin cash execute need and restructuring and expect expenses. programs future this optimization a charges of of third cost the continue end, which optimization With priority, incurred to to quarter, the all actions. restructuring

results. clarity, our For from these expenses are excluded adjusted

offset $XX last driven provisions. million, was $XX up for million adjusted third quarter million income, million income of tax the in by was increase $X net Adjusted $XX This nearly greater versus year. by higher than the operating

last Our third quarter adjusted effective tax rate was XX.X% versus negative year. X.X%

first a tax our effective adjusted be up before XX%. tax rate half, over being our still in this the Our the primarily adjusted mix and quarter, With due effective are U.S. to total in driven. to increase approximately shift rate we maintaining less was expected profit also outlook tax year

expense interest last over of up net income, Interest was slightly year.

guidance. see quarter earnings in the our from the the though is prior There share fourth path compared Adjusted decreasing to diluted was still versus for expect the to per a impact same rates total fully for We higher restatement. this in of decline third quarter $X.XX, to XXXX. $X.XX the interest period income interest year on no

flow cash the partially the our another from notes, third remaining of quarter sequentially. $XXX for $XX was quarter we position the $XX of This million. was strong as settlement cash using discussed. at million, Finally, $XX convertible offset million down of million previously as generated After XXXX by our close operations

still fund we Tantti and transaction expect fourth available our in year, quarter on the hand. end with we As cash close plan to the acquisition the to

press today's guidance guidance and guidance excludes restatement inclusive included to that inclusive release. of XXXX please further for table to adjusted pending acquisitions an GAAP of in and fully the for our FlexBiosys we Metenova our I'll update to the the non-GAAP note the clarity, earnings XXXX. of reconciliations the for are move year our in reconciliation is guidance, And financial our now but full in I'll impact Tantti. XXXX from any but and of acquisition still speak made on

earlier updated last Olivier, have ranges guidance we our July. year As by that we total highlighted shared adjusted

$XXX.X in We million same restatement $XXX between now revenue communicated range expect our be in guidance disclosure. XXXX and of $XXX our have revenue the total midpoint to million around tightened We million.

of this million approximately includes revenue $X following Olivier As September. filing our in incremental mentioned, X-K

X% in the second higher the first of XXXX year-over-year be expect than half growth to second At half above 'XX. And restatement, total still year. we still of the higher half in even second we revenue expect XXXX the half. and second We to the than the growth be of first with X% our half midpoint, half revenue of XXXX the expect

of revenue expect XXXX than second higher of X% first we the COVID, half half in XXXX. and to second higher half XX% the in XXXX the Excluding be of

growth We full deliver for business range contributing the restatement adjusted with of the increase margins to for expect range X% solely the impact to approximately XXXX. gross X now M&A to X% XX.X% due we on half the percentage XX.X%, in non-COVID Overall, year, points with of our the of first to in growth. the expect that of

our We $XX $XX between operating be income million also adjusted million to from rate. XX.X% to margin or XX.X% to operations expect adjusted

a our growth benefit operating for XX important our driven expected expenses July This continue is in our point million point outlook. about XX from spending. higher equates than $X versus increase This basis driving investments making XX to guidance points balance by forecasted partially by we while previously SG&A to of prudent in the offset headwind basis approximately a as from basis of restatement July

our capacity prior expansions depreciation in to basis to and fixed of costs of adjusted margin outlook made. range have the points from XX.X% operating XXX the we of of reflected no roughly on are now be Adjusted the EBITDA XX.X% year for margins changes impact expected

our by outlook $XX effective and XX%. estimated an tax adjusted approximately $X to at adjusted XXXX has Our rate increased is million million, other unchanged income

to all earnings million, momentum are market the adjusted In discussed we share Incorporating for the and diluted performance is quarter. adjusted now to closing, income and net the of be updates to by million per in $X.XX third encouraged guidance $XX our $X.XX. in our seeing above, we $XX continue is our the

year that revenue XXXX. key With develop goals acquire turn growth focus up believe accounts, delivering for technologies open on for company, to driving our and will progressing differentiated continuing back operator to sets us the successful lines innovation, our We the well exit to profitability to the the the on into and call for orders and I that, a and questions.

Operator

the Dan will from Instructions] And [Operator be first question from Leonard UBS.

Daniel Leonard

I have the that question you revenue a are anything walk budget behind fourth quarter on Can some from ramp. the of the a or ramp flush perspective through assumptions else?

Olivier Loeillot

X the every is which We've we X during and deliver of Yes, have quarter grown to the above seasonality another here. a the on highest being to example seen nice times always we've intake already higher we quarter ramp-up Bill quarters. us year, X always during quarter our said and is the pre-COVID order I X good our the a quarter consistently putting It previous during it's the Olivier entire the year. spoke and quarter, strong We obviously, quarter enter position X around that quarter. number orders after into couple X, X other to was the -- to entire of a deliver highest here. versus mean, in very side, not in

well. news is good the month strong has been very October as And a

reduce we decided the overall guidance why we did as in the to the -- that's So range.

Daniel Leonard

than you were was you digits mentioned have follow-up, we to -- a mentioned speak low you up you at Are was the at think I equipment a could Can they that on revenue expecting. I'm better sequentially, that single to you which all as and change entering front? faster? funnel same speak are well. closing as velocity. deals closing the Any funnel Are funnel if rate? that strong curious And

Olivier Loeillot

Yes. No, absolutely, Dan.

[indiscernible] portfolio we I to a happy the market to even we've of if in I seen have portfolio environment. what right, has we funnel. enabled entire We've products, heard the partly growth has So great have that. been were And really mean But And gain us we look see at some significant tough it you're a quite share. ourselves. indeed

the board new those integration decided modalities, with BPX of across And new in the to benefiting from is, systems. good us news big particularly PA for our the system. platform companies several Also have pharma modalities

definitely now. good it's yes, are So right a we position in

and of funnel between time from it terms a to close really other. deal, quite the the depends takes X heavily the generate you it In customer you

months hardware say But you scale. of larger smaller typically to the would the X scale X [indiscernible] to maybe to months between X and for type X close

Operator

And from from question be will Stifel. Arias next Dan the

Daniel Arias

XXXX. encouraged back and pretty up go by you're If the in a then CDMO the stepped improvement took to the year, that Sound of backwards early step last I picture. end about it demand What orders, frequency? more the might side Is forward CDMO seeing entering that you that or it year size here suggests be extra breadth just gives the path order specifically? Anything next sustainable? of confidence on

Olivier Loeillot

I it's consistently Yes, really repeated health the recovering. level, CDMO when like highest the of at industry you we've think see the

happy to of last would call from So that I quarters. are the we really what even view, it, we've now seen for, see X point

In the fact, at last -- X the the year. mid-teens X quarter last same versus look you same quarters orders are last quarters, they when

really a it's significant improvement. So very

are And we're very CDMOs about performance. when you is some to bit ones what significant it's at really that or Samsung, to the the act. Lonza both our the this very level very showing a probably fact, at are XXXX are they happy benefit some like starting also are look of ones also smaller stage. but and announcing And quite sales large biosecure small good lately from deals In back large

of CDMOs our X last we've incredible And is the accounts, happy it improvement really We at now. team. were partly we these with quarters an So those account X management other across key over board the are few stuff, about. and improvement seen covering

Daniel Arias

the that would you $X fair that? have the as Or about falls now is it headwind next basis into 'XX XXX the reflect then been And offset that Jason, Okay. think do to million? contemplated might year, that you growth can million say change we rate from accounting point think need to before the

it about move our show And to around? any that to get what changes? would we impact sort next modeling surprises costs to attention these year, then think for of when quarters of revenues Just comes ahead when as the of up you the call might trying and

Jason Garland

Yes.

look as year, we next that are think we've I the into still maintaining shared that we before. view

I think most our about certainly right? that you impact And want -- as next 'XX we you that's when bucket, of to going growth. COVID, year, on the again, talk is that if that where we're BA. exclude which, in anything of We restating know on don't continued to share more I focus the

Olivier Yes, we been quarter-wise, guidance. that have and COVID seasonality look we expect we'll we're continue may to more seeing release through I as typical that as would before as in. that back like into overall But similar we we and follow a think of feel at go go shared, the pattern

Daniel Arias

days XX Okay. show you don't investors, something up the clear, we being resulted and change. dynamics there the surprises surprises envision XQ that But just from that that accounting about be when to later, street, analysts Jason, surprises XQ

Jason Garland

right. That's

Operator

from the will And be from Rachel Vatnsdal Morgan. question next JP

Rachel Vatnsdal Olson

just Peak order you intake. First up, the on

book-to-bill sequential especially then this first was X? what orders just us in give comps, growth And order year-on-year. what above You X% also you the truly of quarter? some Wasn't mentioned given also, it Can that grew code was the half?

Olivier Loeillot

quarter versus our X, X%. orders So by increased

very of in is were a X% our which orders us. like ahead increase In did sales by for up X, And year-to-date, X%, quarter fact, we yes. then mention significant orders are our

Rachel Vatnsdal Olson

just little on maybe Got my follow-up know it. top I on just at Dan XXXX. bit more. And on I look but wanted line, margins then to a pushed

you points grown year, XXX by restatement this have accretive. to that margin a typically or is XXX take, You margins COVID basis gross give mentioned

So means walk expansion that in and this really XXXX what point? moving us through pieces at the for margin

Jason Garland

the to having Yes. not dialogue we expect basis but no in over we've years. Again, change been we're be able XXX few there's gross margin of about points guidance, XXXX. to achieve issuing to still the do that next XXX Really,

particular in impact, from step no restatement, impact off to So an becomes the certainly higher.

Operator

next question Partners. Puneet the Souda will Leerink And from be from

Puneet Souda

both So first versus how growth your modalities. then and you both that on, revenue CDMOs how the order help of out parse X us picking you of overlap you're in seeing? newer if categories? an revenue help you just is is about us business growth maybe Phase -- III II And that those much maybe can Phase pointed and talk understand you Can commercial. between much up I Can and and out and

much I later How of and that Phase stages? versus is II

Olivier Loeillot

Olivier Yes. here. X Puneet,

but here. difference is smaller that is the a the because why should the have we number So in therapy exact is the we through our exact any only CDMO modalities is modality of probably no say of would around new of new have don't CDMO I there range hand side, are business from particularly of rest number pharma. CDMO sales how don't much going lot versus active of reason as the well, it be different on the the gene

I you of is on then I that ours here terms the XX-plus clinical number have customers have big the What chunk mention modality are as them know, you think about CDMOs important don't about to XX% and phase, give But new exact a of indeed. customer really side is of to we of a our are and in significant overall have end business because we're to phase during later quarters of really the the product but tail some layer a early very is phase the phases. is in which moving and last clinical uptick consumable phase from projects several to are a this moving these surely, a slowly, we of seeing sales nice obviously, order the clinical why

entire sales early between the number. end of our next the and on here. at later again, of where be year, more Typically, you went during the exactly I will the a give probably give phase you we we reconciliation split to and Here the year, the able exact granularity can't during the do call the phase

Puneet Souda

understand Okay. see and ability That's well. I to for on think and as always I for on if deploy mean, your that just capital I wanted challenging clarity right an then near-term helpful. provide to from get discussions. a been approach. M&A, and question you any been M&A on that's to have address it's lately, important investors And any can there significant you asset? your And just But view speculation the

Olivier Loeillot

Yes.

So the all Repligen no why that. we for critical stop I of has reason there the And been are going absolutely is to as past. you M&A growth in know, mean,

opportunities. are having a active we very funnel of So

so of looking One were few to which a XX conveyed potential we company XX are we X we ago. at X ago, why than the last over months the we've years targets today today are bigger than bigger is definitely to messages were we years indeed is

What looking technologies are differentiate unique will is in that similar remains really to the ourselves market. further enable us for that very we

X are not we products. mid type So into the of

acquire that very to where the So interested very the to adding we going are really be be rest with differentiating differentiating can to businesses not bring acquisition. means that it very we is midterm something in and of short differentiating or that have the the wouldn't we going we short portfolio something to in to already term by create that's

really has changing on side. nothing been heavily So that

the though will current customized lot the our of even growth still good line which funnel enable strong as bolt-on because term, to acquisition the of is to gigantic speed acquisition and is up us the [indiscernible] very done interested a in bring of a by and us fact offering. latest top a doesn't Tantti, opportunities of the the have we example are We well the it short we've very by way, complementarity portfolio

Operator

William be Next Matt Blair. from question Larew from will

Matthew Larew

last you a are ATF equipment and a bigger the of enterprise by It entry platformed Repligen? mentioned pharma but sounds growth to you they new totally opportunity. in the way, the success bit flip much focus accounts a in account color for part strategy Are of the sales the at especially you quarter. VPX in perhaps Obviously, points. big a now were Olivier, like small pharma. in Can maybe existed has couple have years. more [ the these ] provide been driven, for big on in just

Olivier Loeillot

And have it well, with very we obviously I account Yes. No, the you absolutely. nailed management been organization. mean key Matt. active

but XX The a people it of and pharma, well, up phrased And X yes, CDMOs. very are of of X of X typically part covered which had accounts X, different on we today, slowly given we of X accounts. fact, the with only those now we big have. traction this like XX portfolio the In are X, has we to potentially and us parts lot business covering is surely sometimes you the really working

to this ability level having there faster to because better in suddenly, who access big also important but get one to is access want accounts. those -- overall people the really we to the as much get enabled to So accounts nothing that person consider those higher to has [indiscernible] was then and very grow the portfolio with those decision-maker you label present than is us that what's big

differentiating And has company to you because that you to sometimes particularly embed ours innovation, got key like are a really little want get access bit company very for reluctant a make sure changes. decision-maker the to

on to us level maker every higher access speed up has decision having launching enabled the to we the -- innovation are year. So then up picking this

Matthew Larew

And quarter. on X% China, the in Okay. you then referenced

next for an impact going things to which also speculation an China. as question, how I that what's think related positive offset to affect sort CDMOs the in on through. Biosecure might of it might a know I But space, activity I where think don't year earlier of you from stimulus to some sort come some referenced about maybe

what business Just out curious from more are positive current telling you you flesh in provide the bit if the your one, sort impact two, of maybe thoughts and China; could, on customers go-forward a biosecure. about

Olivier Loeillot

Yes.

So absolutely.

thinking a along this the like up surely, it but well. overall is in bit a small stage. by the has quarter very and great, the think revenue XX% probably And about We China than slowly bottom quarter X. a X% for I rest very of bouncing all that I very mean, Asia short little were So the at sales you're our portion we overall less our of year. and is China just [indiscernible] fact, reached right. I outside hoping way, in take I in mean, X. What's of X% are doing think

Yes, to few we rebound sooner back more later. a there market sure that need or right, coming stimulus think the on will that you're But we months start upcoming of China. mean, was in be reaching China, which quarter. I the we focus there to I in customers seems because announcement equipment to more for think every for August, hitting see made bioproduction, the be to some in specific potential for a

been sources. So I. smaller often, as we I hope started companies, Act, indeed of faster are yes, who with to be earlier Phase they And some side. some in considering that see might considering some hand talking about projects And what is, very moving pharma CDMO CDMOs positive impact coming from of the inquiring there the BioSecure terms was have alternative early companies have the

opportunity fact U.S. in M&A U.S., a benefiting the intake a acquired X to in probably the you've I CDM it's mean, like the much the even seen private Avid have a really company. few activities from funnel by being last small been some during as higher we see And a start quarters. arena So the small in equity of

sure lot on for are there that happening a So side quite stuff right now. of

Operator

question next from Stephens. The be Johnson from will Jacob

Jacob Johnson

clinical Maybe on just demand.

I for been we year some could area a that's there a focus concern investors next recovery clinical in slower versus perhaps and that think see commercial.

demand think peers larger earlier growth from one stage this your out earlier called of needed quarter. I

pointing You improving guys are demand CDMOs. from to

is business also clinical well what up think about earlier-stage if muted you I even bit Can Repligen talk and think the last quarter, specifically more year. broader even space relatively you the in seeing of a customers. business for maybe that they could bought the hold do you're just if next piece

Olivier Loeillot

do biotech. that emerging like for if right bit And usually, what is from as very funding concern, significant there you're then including on, absolutely QX, a of view, right, a only quarter subsegment of that of emerging is biotech a on now, probably of trial was of we area us both a mentioned is well really one spot And still but we that from X you're view. Yes, point we've one it's to staff saw our the as Jacobs, in well There point been very with here. improvement. in going was obviously, business understand biotech. as clinical overall trying didn't as well

saw changed like quarter nice remember it went you And I increase one bit -- And USD XX and million. mean $XX down we a quarter something I then to very X a in biotech where then to might that, on million. said down to went billion, funding we X, think $XX quarter X

to better a So year-to-date, then to the year. might year that what this versus in like we decline pattern start look understand will even up trial seen try in still funding and of we though we've last XX% year, biotech this constant order be, clinical are

by And gone XX% down in fact, last XX% year-to-date U.S. to clinical trial year. starts the have about in versus

if entire our So a to look be bit market business, figures from indeed, a is portfolio, at this of biotech. And I unit story little rate only still of the point there across with business a we of from seems a point whether still here. view, own whether have segment view, emerging the really

So we're hopefully, side, improvement quarters. to few in coming see some that next from hoping the

Jacob Johnson

XXXX. one just question on Jason, then, last maybe And Okay.

a the maybe you in year, maybe the as about this response helps of down will to margins look of pick Rachel's like first that the that should You in of talked half from margin bit we next OpEx back benefit in half about But year? into XQ. seems in savings was the year as the things, it OpEx sequentially. get side we assume nicely kind we of some It next up little expansion gross think But question.

there -- OpEx attention incentive year? that we're next moving Or we side on of things is modeling are parts comp as to the about need like to thinking there any pay

Jason Garland

sort moving do clarity obviously, op I'd get pieces. dynamic some need we'll but some maybe margin to level, leverage that gross will leverage from more additional yes, the say and we the at the those level. different mean, XXXX additional through guidance through our there But timing I But to there's February. we be parts. as know leverage all well. expect get I issue of the sort fall Yes. yes, we'll as margin that see as we a get yes, at particular But in don't I OpEx mean, improvement

Operator

Markets. RBC Conor And from McNamara the from next Capital is question

Conor Noel McNamara

follow-up into and good what we off, housekeeping, quick going jumping go just And this QX is those both what's a on your year. revenue But a your is base ex EBITDA COVID? of next off next implied just And point One margins? growth first implied into then margins are QX year. as

Olivier Loeillot

start do So to you want on margin

Jason Garland

that on ahead go No, revenue.

Olivier Loeillot

Yes.

XX% COVID, growth exclude for So of on X the going the to guidance, range to is quarter the revenue in at you XX% midpoint side, our Conor. if be

Jason Garland

a at level, it margin. of be front op probably just to I the for think but levels in me. implied is going have as look flows op ebbs XQ Yes. and EBITDA there's I don't the XX% course have for I you through margin always at the of over year. given OpEx Again,

into quarter how And that transitions [indiscernible] fourth implied XXXX. at so we'll margin. determine But the the that's

Conor Noel McNamara

market with platform a wins? with the large Or are at activity large overall Are more you of pharma. seeing then couple those pharma. about Okay. wins And you competitive big talked

Olivier Loeillot

It's of or that focusing a are about couple X modalities bit new of months a new so. we've on as both, launched systems Conor. I ago particularly you know, mean,

are a love we And we are like case, say competition know offering there specific it. FlowVPX what where would they today. obviously, you gaining know also it, about cases But in they think of really So when people share. that lot about there is we not need is didn't the would didn't market

of start But like products new you feature buy appreciate a when can't realize one on live you and feature using high-tech the you it. without you once you it, your

system critical next them, considering really why to have size they I are So system here. that feature what on realize very that the they which the want like equipment, becoming is people just having for that think buy going absolutely at anywhere the of with from groundly because benefit for starting we're is not Repligen feature to offered than

Operator

from the next be question Wells Brandon from will Collard And Fargo.

Unknown Analyst

it This One kind A here. strategy. to last been want in covered of your do think -- has lot is I on just the on system terms But of question. we for thing Evan touched I Brandon.

guys pretty there these you to on put about something -- consumables you able produce Repligen -- then is you you about how So just that to to maybe gain put which maybe Can is consumables. helping you I how think is that you're is talked strategy previously? it's that and get share, systems them attached only talk you and that have these fairly only helping in high-priced there

Olivier Loeillot

the consumable services what's not right. a consumables. absolutely well. as the once, but beautiful system you're your only only I No, Yes. And portfolio by sales about way, recurrence of system selling generating not future mean with you're

your they processes are with you with reasons what is very in enabling the system on to the indeed, deal indeed customers products of are we other want So why systems efficient joining side to really to is to going manner were a volume the their than like system, you're enable because the one differentiated example. and lower consumable, capable customers ourselves we of run dealing to reinsure really for

from point that So access much right, consumables the also over system other making a a where than view, sales of a they like our productive be be they got yield to. you're of the several sure recurrent were systems will to there with enables customers more them years. much state-of-the-art productivity benefit from We're efficient, more next

a sides here. on So it's both win-win really

Unknown Analyst

and a And my generally this I about you're then the described I it, think yet, be touched as I integrated you on nice think increase further follow-up, guess guess you're mention later I kind as now you. but Got the win for looking blockbuster clinical a would to yields of drug. guess, in path anyone you ATF down mean, believe, ATF, don't did in I I stage. as I what that

be way look then into But is on, how we this about maybe opportunity blockbuster to the big of next right as year? And two, could like to that think drug touch it? an

Olivier Loeillot

or out it it with scale have familiar ATF but project for latter the of Yes. large scale also at can more beauty a stage you any No, with technology become using level, can to itself, if can it to the it figuring scale. the you at it you at ATF early I testing phase lab what equipment mean, bring we is the start at can less using start use stage. actually, very you really on early

higher name fact, just an means ATF loop can particularly intensification large process to a by manufacturing adding because interesting same it's very in scale of for type productivity plant as with you plant. And the manufacturing get the products your

it is products we've in year a of even in this. quarter biopharmaceutical lot seen mentioned ATF implement and we've biosimilars this we improve to or starting large-scale X So what seen of to

cost very the this of happy We designing quarter got this a is beginning we in projects goods. were mentioned productivity year, The blockbuster, late-phase X, get and about we of at the designed X which to this drug a into XX years sales, really of longer biopharmaceutical top term, of is nice very not as the consumable several for but because short-term in the only obviously, one generating significant equipment well. the next flow

to with well. early of of modalities really, only type the [indiscernible] can modalities ATF be late new as phase not but or used from But different some

than mentioned, X. we great mean have happy very are as traction. sales We quarter XX% we more by grew in our I

a So that's for well business performing us. very really

Operator

And the from Capital Group. be from question Matt next Craig-Hallum Hewitt will

Matthew Hewitt

second go-forward Maybe of on first half half half. about consistency, year. versus the being up of sake half talked the I half about one up To for 'XX expectations than a better being talked basis, you've last you like 'XX feel first

half As we further look you out haven't versus growth at you but first next provided second anticipating half year, realize guidance, I are of 'XX?

Olivier Loeillot

Yes.

encouraged very very has X. I quarter year we out mean in this waiting always of half the to XXXX, know half more the growing Talking are obviously, are the next X It as well in second in about for had February So guidance revolting we yes, overall. we the we much played for But out call the quarter obviously. in year going today. starting first momentum you give on formal year, this by positive way the of obviously, year. are than kept

month of as well. been first The quarter very strong X has

better for we're We in ago, we've quarter be seen want in is mean, ourselves again, today CDMO were spot we I wait just the so in exceed hardware quarter confirmed So in sure. to growth, HX grew X for than a we XX excluding be X going to XX%. much to quarter months improvement The X. and X. quarter gross the XX% about XX% COVID, in our is

we we we during much yes, better COVID the quarters all is X, the very always much several company, in I seasonality bioprocessing year like has nobody seasonality overall, And know strongest also X far. backlog had performance year been had mind know quarter are we a is in quarter we always that today spot keep about we by were growth quarter happy weakest because anymore. But we between the but are managed in that because and X X for Quarter to than a even quarter so the forgotten why we've ago. cared which quarter show the for about

Matthew Hewitt

pre-COVID, even it. and had to you going a good had have things sense shake how Got Like X-month can order then to reprioritization over flows feel in past good based are and pretty all idea I then things X back that maybe think you're that or similar out backlog you very typically And had getting like hit X for on the how good of and on different these years. Do you pre-COVID, out visibility. a quarters. over the and got shake vein, of where you that pipelines COVID the next you've things hit then a visibility X, of couple level

to normal? of back kind So

Olivier Loeillot

Yes.

indeed be X COVID, on, XX so. getting to or bioprocessing backlog during imparted company some X range have backlog orders it's went the those by more months. And would So typical in a months would always up fact, up the pre-COVID time and a so customer in -- of to to then

before fact, not during when could in obviously, company. backlog you XX But are the than months visibility So say a was COVID you bioprocessing had situation -- normal more after. in we a and

year. the now already been side for well we've doing because the for to probably question, we've we ourselves last situation normal before very for your to experienced why XX COVID reason are pattern ratio back of back we years on the the previous back the is COVID one ourselves X probably before just book-to-bill like So quarters the a almost to been normal

you backlog that X have real industry. months the visibility, is yes, in always But typically of

Operator

Guggenheim Subbu next question from Securities. is from Nambi the And

Subhalaxmi Nambi

Following M&A. up on on Puneet's question

You mentioned improvements, would differentiation probably not but product growth operating with despite margin for help operating changing drastically consider you margin line top would businesses that rate?

Olivier Loeillot

going to example the is the is side on of stainless [indiscernible] a give where number mostly enable in to now is tons what to combined is our to us a that the Metenova the steel mixing business which mixing acquisition single-use never perfect short market M&A really, single-use business first is only keep not And Yes. a on are very you opportunity, I you of what portfolio saying mean. technology I you potentially to midterm have Subbu, to complementary know the looking in all, something as at the add differentiating I mean technology, you will term, else but that industry. to that the acquisition, Tantti launch rating well is perfect acquiring of because state-of-the-art going the upside a have us it's in best your as example the of

you didn't with then you start offering the always in at look that some how going is have And offering second maybe areas potentially complement really the you to by will to you So offering aide technology. where piece enable is workflow this to an have. to or yet of the broaden you much want adding

that's And fast-growing margin going going earlier then from have. you you want what it's the financials look you also look because products. to for bring and complementary and I business, at [indiscernible] than very but to also reason look bring at at obviously, somebody to your growth financials, it's a already want better bring that's we portfolio to to something very to maybe it always mentioned And of margin something a you you

sometimes the X and the all of it's that that these you have the are. So only taking boxes. at the ideally, of bottles boxes, In a X day, taking X decision take you of you're find the targets end reality, make to

So for of positively is all the mitigated. us. going important one at But your impacting business that be fourth everything, very to is

Operator

And question Deutsche be from next Bank. Bowers from will the Justin

Justin Bowers

And we characterized year as of of I XXXX. those of that most back, or factors for normalization step as And your that a still would end your perspective, ranges of think is think of sort it taking a industry? have peers XXXX, end low just are drive what or swing the some about So at outside the the the case? high growth into in

Olivier Loeillot

on what months I that's in I saying different, we've different. again, quarters. even. earlier, mean, mean we CDMOs I ago versus look And the absolutely. mean at the XX totally No, today I traction is mean, X are last should Yes. the very had say, situation was I I

side. out the last of year, are good bit X one fact, a well quarter this beginning just entire behind. of over CDMO There already were was only In X the Pharmas have the was little constantly that really on doing who year. improved very

if I largest orders XXXX highest look at in the mean the X, I mean, of quarter we I had on pharmas. -- level

up year-to-date on the side. are orders mid-teens Our pharma

out, one. be the well. had Equipment, consumables. you on about consumable highest watch we We on business, highest the years say X when the X as very for doing might are sales had pharma last well. orders the in the So the quarters last equipment consumable

highest But we good from X again, the had our side, quarter had. ever really is funnel have in we a we the performance

then of sales. why also a such in high quarter quarter level turnaround, we one about out is a real we probably and your a we're very X, watch but record confident bit had finally, little a on to which had So never modalities, area

months be to much, today all spot time I has look expected. a careful recovery are bit So than in much XX we've just mean, more taken where when better learned we again, because a the much at ago, I we're little versus

we really, mentioned as I of like company. Jacobs we've good there. that spot at I is of view, -- some still Repligen smaller ago on fact earlier, [indiscernible] a at point seen I I other little have only were a kind softness versus we watch the the When out months biopharmaceutical with today least would It the feel for look we're where XX in it And very from

XX% is a overall, impact a you business very we're overall we We know, our is for I us still of we little a biotech wish think that small good spot mean, need But doesn't in as something to too out But sure. only much. watch today, bit. business.

Justin Bowers

for one portfolio? process how then development are And any it. changing follow-up. like within quick the part of that you Are value chain Appreciate levels -- and activity seeing your

Olivier Loeillot

Yes. think declining been probably last clinical for side it significantly earlier, row. than It this I more that No. where constraint lower the hasn't funding there year year. a be biotech for of was reason Honestly, mentioned might and higher I number X on maybe quarters now is starts of in

see We we launch in of just we're customers don't a and right particular. lot the with mean, of bigger I really have impact a the lot doing side now our from account with traction because, with learn

the a be I just probably than more of mean West Coast. an So we bring managed week to ever. people that had PD event we group the lot from on will last

and We probably I past have one more coming. Xx than we another I people think mean on. we are PD so would had the have in

to watching again the clinical to make lot just overall, funding and are trial we the like trial worried clinical ourselves. seem about were out that in So beyond. not we starts start particularly X sure be -- But quarter suffering we're that of from going don't in recover terms a and to

Operator

from from KeyBanc. And is Knight the Paul next question

Paul Knight

Very much, Olivier.

of XXXX, getting at be the XXXX? be what above kind kind it think Will historical secret FlowVPE? you X to of would Looking OPUS, products it What traction be are your you the are A be Will be will growth drivers? will of say kind may dynamic level? Protein X, it

Olivier Loeillot

more But of And the headwind remember, with as we Yes. And know, bit I'll that. XXXX. restatement, and start which all all $XX million year. of obviously, the million a about then headwind, less you no million have million $XX to entering slightly to but it's down had changed of to less saying, probably have still next headwind $XX we of into $XX probably a or will lot by only,

shape to So much side, on us that start XXXX. that's going put at better least to in a

of if excited or X, up restart giving managed we've probably if to ATF, right about to very the I difficult improved in in are over had all most franchises, we've pick terms tailwind very, significantly. would And but And order having very environment for orders of the I But indeed different where us whatever uptick is several sales CapEx the about up I this systems. of industry I X had know consumable we the have a lot now. X good reason, mean, for changes, with in pick in them some already years. very the also on funding of excited of funnel to uptick within achieve I This I'm and is absolutely this fully last design would

And more next It's for on this big for yes, it hopefully. tough year, us finally, revenue business second see should limited year. [indiscernible] very a player. a really huge the increase coming side from us We that from proteins, with no then been and really has

We have much coming think us. big offering we to traction for tailwind Tantti from so [indiscernible] that that's now real product our going be a

of technology X this are here. really Tantti and future positive also a combining the we to that We this growth first our and is be are [indiscernible] quarter year, for of well as as very launching lot early generating going as resin

Paul Knight

getting market lastly, And in cell or and no? gene revenue what of better then that portion therapy

Olivier Loeillot

Yes.

modalities new all aggregated we've together. like So

upper what will going We've like range mRNA, total it therapy, XX% our modalities in of of particular. always call the XXXX, also that be which So of sell gene said we in XX% to end for include new the range. modalities into mRNA's we now new we were revenue

It's even above. not maybe slightly

growth new a on mean have several was say order I last So for are X quarter the I quarters. higher but sales versus we huge business the intake been did year-to-date to this our teens new us that even ever mention tailwind side, modalities I high XXXX. had order on modality has during intake the

board that really very it's side. on So going for well the us across

for we And is, the us a play market. What of I offering all successful that think modalities. we to decided is making tailored first across of all, focused secondly, very have then

first the one then very want wave where and way, be wave perfect the only in now. a of be to to light there slowdown is right the example don't positive second well gigantic, type like. selling second going ways might always there because products You it's now for be teaching antibody-drug It's in the come very then line or other you or that as is conjugate and and good where product is

Operator

The from next Matt is Jefferies. question Stanton from

Matthew Stanton

want your X answers of up on first one of you, to to Olivier. for the to Maybe the I questions half. phasing follow between X

the any with or period said month time XQ of given here. then continued October, I just guess, reporting for willing momentum a I orders good bit that this hear give demand think did you the half adjustments? later first either there's of the to you'd a And into color that's that first or around be right? accounting on I

Olivier Loeillot

numbers Yes. No, timing start very sure. we for and of order the for very give the very, were won't so a had quarter. with we But any intake the happy We strong October yes, enter be as XXXX is here Which guidance we why on. we're very to well. are into fact able about the confident position a the in year XXXX to and the for going strong

Matthew Stanton

were Or given the few more you even demand we is disclosed think you on some new And have to versus what actually I weaker to RSXX. get expect love but XXXX, on broadly. or a launched seen about -- launches start this of know in quarter some And bit either cohort though that's we've up products color bit how the an you update demand first to better in then full would to I historical? of new that the backdrop? industry product added any case selling a year-to-date? quarter, maybe you If last better a held more trended And guys fare cohort were normalized newer years of products past, the in XQ would

Olivier Loeillot

had percentage overall the and X range the are The of of to exactly we're And products much impact the products very it represent. is new it they similar last impact year, launched very what the over year. same X been year have of last the to this tracking is current year, last to that and was how years sales the total similar in

of RSXX, the story this it's real key the no business. mostly focused had us on been the a great you for partly the has indeed, because really modalities, some year, success So I'm about really more new big and launches [indiscernible] changes we of on side mentioned specific if which

stickiness this generating batch. run is of to bakers beauty because of very product consumable the early less a because single you new many And the beauty significant the patient is amount line to sales need single back of or to modality it's consumable a more every is

see also significant in piece but lot as of hardware order terms of on side. intake traction, we only well not the RSN with from a coming So the consumable

majority of been And orders midterm, now will then the mean now X to of artistic new including high, FlowVPX. that delighted lot system FlowVPX. offering we're we've back convinced that are probably our were I across out like to be include the portfolio, see FlowVPX, it's of which going in getting like vast system we on to a the X

so We that becoming are a for it this they buy important that's system is And feel other future. won't that the but very we like having become feature in they with significant. there not yet the has traction the even not imagine been again, customers in included

side launch with getting traction has coming first able acquisition this the are Lots quarter including not Tantti specific we part And it of as rating, X the good yet. of it this both even year. offering about well launched of really already, I good on our traction NPI. officially And of mentioned been to from of [indiscernible] a though lot resin, to going on finally. that [indiscernible] be briefly So things

the products to across or an we're in every entire Now We're launching going next year, to our business going unit. be less it's be more single-use year. exciting single mixers, portfolio and launching

be it's So as strong year well. to very a year next going

Operator

I Loeillot concludes this gentlemen, and conference ladies closing for any And over the session. Olivier question-and-answer remarks. will turn back to today's

Olivier Loeillot

just joining for X like you I our So to would thank call. so much quarter

We on great share you for are call week. day, QX guidance in earlier Have then a really good XXXX. year events our at starting this to our the looking formal of expect we forward first many And seeing you. Thank to coming all. the February,

Operator

attending you concluded. today's now Thank The conference presentation. for has

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Repligen (RGEN) 12 Nov 242024 Q3 Earnings call transcript