Bioprocessing technology company Repligen Corporation (RGEN) saw its stock soar in pre-market trading on Monday, following the release of its third-quarter 2024 financial results.
The company reported strong revenue growth of 10% year-over-year to $155 million, driven by a 20% increase in its CDMO (contract development and manufacturing organization) and equipment segments, as well as record sales in new modalities. Repligen also saw strength in its filtration, consumables, and pharma businesses, along with order recovery in chromatography.
Repligen's adjusted earnings per share of $0.43 for the quarter beat analyst estimates of $0.33 and marked a significant increase from $0.23 in the same period last year. The company attributed the strong earnings performance to improved operating leverage and margin expansion.
Encouraged by the results, Repligen narrowed its full-year 2024 revenue guidance range to $630-$639 million, maintaining the midpoint. The company also reported an improvement in adjusted operating margin to 14.9%, up from 3.7% a year ago.
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