- Reports fourth quarter revenue of
$156 million and full year revenue of$639 million - Continued strength in orders with fourth quarter book-to-bill ratio of 1.03
FOURTH QUARTER BUSINESS HIGHLIGHTS
- Positive momentum in new modalities, inclusive of cell and gene therapies, with fourth quarter revenue up 5% sequentially, and up 9% year-over-year
- Closed acquisition of mixing innovator
Metenova AB , expanding our Fluid Management offering; achieved revenue target of$5 million in the fourth quarter - Launched
TangenX ® SC, the industry’s first holder-free, self-contained Tangential Flow Filtration (TFF) device; a milestone achievement in the advancement of downstream flat sheet TFF technology for ultrafiltration and diafiltration (UF/DF) - Strengthened our balance sheet through a private convertible transaction of
$600 million aggregate principal amount of 1.00% convertible senior notes - Published our Sustainability report “Making an Impact”, highlighting the company’s progress across numerous environmental, social and governance (ESG) initiatives
FINANCIAL PERFORMANCE
- Revenue. For Q4 2023, total revenue was
$155.7 million , compared to$186.8 million for 2022. Base revenue (non-GAAP) for Q4 2023 was$142.1 million , compared to$163.0 million for Q4 2022.
For the full year 2023, total revenue was$638.8 million , compared to$801.5 million for 2022. Base revenue (non-GAAP) for 2023 was$599.1 million , compared to$660.5 million for 2022.
- Gross profit. For Q4 2023, our gross profit (GAAP) was
$67.6 million compared to$96.1 million for Q4 2022. Adjusted gross profit (non-GAAP) for Q4 2023 was$76.5 million compared to$96.1 million for Q4 2022. Gross profit (GAAP) includes$7.7 million in one-time restructuring charges, comprised primarily of inventory adjustments and including asset relocation and severance costs.
For the full year 2023, gross profit (GAAP) was$284.8 million , compared to$455.7 million for the full year 2022. Adjusted gross profit (non-GAAP) for the full year 2023 was$316.5 million , compared to$456.9 million for 2022.
- (Loss) Income from operations. For Q4 2023, loss from operations (GAAP) was
($0.9) million , compared to income from operations of$48.8 million for Q4 2022. Adjusted income from operations (non-GAAP) for Q4 2023 was$18.8 million , compared to$41.1 million for Q4 2022.
For the full year 2023, income from operations (GAAP) was$54.6 million , compared to$224.7 million for the full year 2022. Adjusted income from operations (non-GAAP) for the full year 2023 was$94.3 million , compared to$232.2 million for 2022.
- Net (loss) income. For Q4 2023, net loss (GAAP) was
($25.5) million , compared to net income (GAAP) of$48.7 million for Q4 2022. Adjusted net income (non-GAAP) for Q4 2023 was$18.8 million compared to$39.1 million for Q4 2022.
For the full year 2023, net income (GAAP) was$41.6 million , compared to$186.0 million for full year 2022. Adjusted net income (non-GAAP) for 2023 was$98.4 million compared to$188.6 million for 2022.
- (Loss) Earnings per share. For Q4 2023, loss per share (GAAP) was (
$0.46 ) per basic share and fully diluted basis, compared to$0.85 on a fully diluted basis for Q4 2022. Adjusted earnings per share (non-GAAP) for Q4 2023 was$0.33 on a fully diluted basis, compared to$0.68 for Q4 2022.
For the full year 2023, earnings per share (GAAP) was$0.74 on a fully diluted basis, compared to$3.24 for 2022. Adjusted earnings per share (non-GAAP) for 2023 was$1.75 on a fully diluted basis, compared to$3.28 for 2022.
MARGIN SUMMARY
GAAP Margins | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 |
Gross Margin | 43.4% | 51.4% | 44.6% | 56.9% |
Operating (EBIT) Margin | (0.6%) | 26.1% | 8.5% | 28.0% |
Adjusted (non-GAAP) Margins | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 |
Gross Margin | 49.1% | 51.5% | 49.5% | 57.0% |
Operating (EBIT) Margin | 12.1% | 22.0% | 14.8% | 29.0% |
EBITDA Margin | 16.8% | 26.3% | 20.0% | 30.8% |
CASH POSITION
- Our cash, cash equivalents and short-term investments at
December 31, 2023 , were$751.3 million , compared to$623.8 million atDecember 31, 2022 .
FINANCIAL GUIDANCE FOR FISCAL YEAR 2024
Our financial guidance for the fiscal year 2024 is based on expectations for our existing business. Our GAAP and Adjusted (non-GAAP) guidance includes the expected impact of businesses acquired in 2023 (FlexBiosys and Metenova) and excludes the impact of any potential business acquisitions in 2024, and future fluctuations in foreign currency exchange rates.
CURRENT GUIDANCE (at | ||
FY 2024 | GAAP | Adjusted (non-GAAP) |
Total Reported Revenue | ||
Year-over-Year Change | (3%) - 2% | (3%) - 2% |
Base Revenue Growth | - | (1%) - 4% |
Gross Margin | 49% - 50% | 49% - 50% |
Income from Operations | ||
Operating Margin | 5% - 6% | 13% - 14% |
Other Income (Expense) | ||
Adjusted EBITDA Margin | - | 18% - 19% |
Tax Rate on Pre-Tax Income | 26% | 21% |
Net Income | ||
Earnings Per Share - Diluted | ||
Our non-GAAP net income guidance for the fiscal year 2024 reflects
Conference Call and Webcast Access
About
Non-GAAP Measures of Financial Performance
To supplement our financial statements, which are presented on the basis of
The Company’s non-GAAP financial results and/or non-GAAP guidance exclude the impact of: inventory step-up charges; acquisition and integration costs; restructuring charges including the costs of severance; inventory adjustments and accelerated depreciation among other charges; contingent consideration related to the Company’s acquisitions; intangible amortization costs; loss on extinguishment of debt; non-cash interest expense related to the accretion of the debt discount; amortization of debt issuance costs related to Company’s convertible debt; foreign currency impact of certain intercompany loans; and, the related impact on tax of non-GAAP charges. These costs are excluded because management believes that such expenses do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of our ongoing operations for the period in which such charges are recorded.
NOTE:
All reconciliations of above GAAP figures (reported or guidance) to adjusted (non-GAAP) figures are detailed in the tables included later in this press release. When analyzing the Company’s operating performance and guidance investors should not consider non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP.
Forward-Looking Statement
This release contains forward-looking statements, which are made pursuant to and in reliance upon the safe harbor provisions of federal securities laws, including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that statements in this release which are not strictly historical statements, including, among others; any express or implied statements or guidance regarding current or future financial performance and position, including our year 2024 financial guidance and related assumptions; expected demand in the markets in which we operate (including the belief that such markets will improve and the impact of such improvement on our business); the expected performance of our business; planned efficiencies and results from our restructuring and rebalancing activities; the expected performance and success of our strategic partnerships and integration of our acquired businesses, constitute forward-looking statements identified by words like “believe,” “expect,” “may,” “will,” “should,” “seek,” “anticipate,” “projected,” “estimated” or “could” and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Because forward-looking statements relate to the future, they are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated, including, risks associated with our restructuring activities and our ability to successfully rebalance our organization; our ability to successfully grow our bioprocessing business; our ability to manage through and predict headwinds, including to achieve our adjusted 2024 financial guidance; our ability to develop and commercialize products and the market acceptance of our products; our ability to successfully integrate any acquired businesses (including Metenova and FlexBiosys) into our business and achieve the expected benefits of such acquisitions; that demand for our products could continue to decline, which could adversely impact our future revenues, cash flows, results of operations and financial condition; our ability to compete with larger, better financed bioprocessing, pharmaceutical and biotechnology companies; our compliance with all
Repligen Contact:
Global Head of Investor Relations
(781) 419-1881
investors@repligen.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(Unaudited, amounts in thousands, except share and per share data) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Revenue: | |||||||||||||||
Product revenue | $ | 155,471 | $ | 186,515 | $ | 638,381 | $ | 801,183 | |||||||
Royalty and other revenue | 272 | 247 | 383 | 353 | |||||||||||
Total revenue | 155,743 | 186,762 | 638,764 | 801,536 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of product revenue | 88,136 | 90,700 | 353,922 | 345,830 | |||||||||||
Research and development | 10,285 | 11,113 | 42,722 | 43,936 | |||||||||||
Selling, general and administrative | 57,512 | 53,237 | 218,113 | 215,829 | |||||||||||
Contingent consideration | 697 | (17,125 | ) | (30,569 | ) | (28,729 | ) | ||||||||
156,630 | 137,925 | 584,188 | 576,866 | ||||||||||||
(Loss) Income from operations | (887 | ) | 48,837 | 54,576 | 224,670 | ||||||||||
Investment income | 6,023 | 4,016 | 24,135 | 6,978 | |||||||||||
Interest expense | (1,138 | ) | (270 | ) | (1,951 | ) | (1,162 | ) | |||||||
Loss on extinguishment of debt | (12,676 | ) | - | (12,676 | ) | - | |||||||||
Amortization of debt issuance costs* | (6,702 | ) | (455 | ) | (8,075 | ) | (1,815 | ) | |||||||
Other income (expenses), net | 6,623 | 858 | 8,123 | (9,531 | ) | ||||||||||
(Loss) income before income taxes | (8,757 | ) | 52,986 | 64,132 | 219,140 | ||||||||||
Income tax provision | 16,731 | 4,257 | 22,555 | 33,181 | |||||||||||
Net (loss) income | $ | (25,488 | ) | $ | 48,729 | $ | 41,577 | $ | 185,959 | ||||||
(Loss) earnings per share: | |||||||||||||||
Basic | $ | (0.46 | ) | $ | 0.88 | $ | 0.75 | $ | 3.35 | ||||||
Diluted* | $ | (0.46 | ) | $ | 0.85 | $ | 0.74 | $ | 3.24 | ||||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 55,815,666 | 55,542,248 | 55,719,860 | 55,460,232 | |||||||||||
Diluted* | 55,815,666 | 57,105,172 | 56,377,319 | 57,455,275 | |||||||||||
*Under ASU 2020-06, the Company is required to reflect the dilutive effect of the 2019 Notes by application of the if-converted method. Prior to filing the Second Supplemental Indenture on | |||||||||||||||
Balance Sheet Data: | |||||||||||||||
Cash, cash equivalents and marketable securities | $ | 751,323 | $ | 623,757 | |||||||||||
Working capital | 952,881 | 593,922 | |||||||||||||
Total assets | 2,824,411 | 2,524,658 | |||||||||||||
Long-term obligations | 695,046 | 209,762 | |||||||||||||
Accumulated earnings | 438,849 | 397,272 | |||||||||||||
Stockholders' equity | 1,971,203 | 1,910,700 | |||||||||||||
RECONCILIATIONS OF GAAP to NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||||
(Unaudited, amounts in thousands, except percentage and per share data) | |||||||||||||||||||||
Reconciliation of Reported Revenue Growth to Organic Revenue Growth (Non-GAAP) | |||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
2023 | 2023 | ||||||||||||||||||||
REPORTED REVENUE GROWTH | (17%) | (20%) | |||||||||||||||||||
Less: Acquisition Growth | 3% | 1% | |||||||||||||||||||
Less: Currency Exchange | 1% | 0% | |||||||||||||||||||
ORGANIC REVENUE GROWTH (NON-GAAP) | (21%) | (21%) | |||||||||||||||||||
Reconciliation of Total Revenue (GAAP) to Base Revenue (Non-GAAP) | |||||||||||||||||||||
Three Months Ended | % Change | Twelve Months Ended | % Change | ||||||||||||||||||
2023 | 2022 (2) | 2023 v 2022 | 2023 | 2022 (2) | 2023 v 2022 | ||||||||||||||||
GAAP TOTAL REVENUE | $ | 155,743 | $ | 186,762 | (17 | %) | $ | 638,764 | $ | 801,536 | (20 | %) | |||||||||
COVID Revenue | (8,007 | ) | (23,802 | ) | (66 | %) | (32,216 | ) | (141,067 | ) | (77 | %) | |||||||||
Inorganic M&A | (5,670 | ) | - | 100 | % | (7,433 | ) | - | 100 | % | |||||||||||
BASE REVENUE (NON-GAAP) (1) | $ | 142,066 | $ | 162,960 | (13 | %) | $ | 599,115 | $ | 660,469 | (9 | %) | |||||||||
Reconciliation of GAAP (Loss) Income from Operations to Adjusted Income from Operations (Non-GAAP) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP (LOSS) INCOME FROM OPERATIONS | $ | (887 | ) | $ | 48,837 | $ | 54,576 | $ | 224,670 | |||||||
ADJUSTMENTS TO (LOSS) INCOME FROM OPERATIONS: | ||||||||||||||||
Inventory step-up charges | 1,238 | - | 1,238 | - | ||||||||||||
Acquisition and integration costs | 934 | 2,111 | 5,861 | 9,253 | ||||||||||||
Restructuring costs(3) | 8,188 | - | 32,200 | - | ||||||||||||
Contingent consideration | 697 | (17,125 | ) | (30,569 | ) | (28,729 | ) | |||||||||
Intangible amortization | 8,651 | 7,304 | 30,981 | 27,016 | ||||||||||||
ADJUSTED INCOME FROM OPERATIONS (NON-GAAP) | $ | 18,821 | $ | 41,127 | $ | 94,287 | $ | 232,210 | ||||||||
Reconciliation of GAAP Net (Loss) Income to Adjusted Net Income (Non-GAAP) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP NET (LOSS) INCOME | $ | (25,488 | ) | $ | 48,729 | $ | 41,577 | $ | 185,959 | |||||||
ADJUSTMENTS TO NET (LOSS) INCOME: | ||||||||||||||||
Inventory step-up charges | 1,238 | - | 1,238 | - | ||||||||||||
Acquisition and integration costs | 934 | 2,111 | 5,861 | 9,514 | ||||||||||||
Restructuring costs(3) | 8,188 | - | 32,200 | - | ||||||||||||
Contingent consideration | 697 | (17,125 | ) | (30,569 | ) | (28,729 | ) | |||||||||
Intangible amortization | 8,651 | 7,304 | 30,981 | 27,016 | ||||||||||||
Loss on extinguishment of debt | 12,676 | - | 12,676 | - | ||||||||||||
Non-cash interest expense | 620 | - | 620 | - | ||||||||||||
Amortization of debt issuance costs(4) | 6,702 | 455 | 8,075 | 1,815 | ||||||||||||
Foreign currency impact of certain intercompany loans (5) | (7,743 | ) | - | (7,743 | ) | - | ||||||||||
Tax effect of non-GAAP charges | 12,278 | (2,402 | ) | 3,485 | (7,002 | ) | ||||||||||
ADJUSTED NET INCOME (NON-GAAP) | $ | 18,753 | $ | 39,072 | $ | 98,401 | $ | 188,573 | ||||||||
Reconciliation of GAAP (Loss) Earnings Per Share to Adjusted Earnings Per Share (Non-GAAP) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP (LOSS) EARNINGS PER SHARE - DILUTED(6) | $ | (0.46 | ) | $ | 0.85 | $ | 0.74 | $ | 3.24 | |||||||
ADJUSTMENTS TO (LOSS) EARNINGS PER SHARE - DILUTED: | ||||||||||||||||
Inventory step-up charges | 0.02 | - | 0.02 | - | ||||||||||||
Acquisition and integration costs | 0.02 | 0.04 | 0.10 | 0.17 | ||||||||||||
Restructuring costs(3) | 0.15 | - | 0.57 | - | ||||||||||||
Contingent consideration | 0.01 | (0.30 | ) | (0.54 | ) | (0.50 | ) | |||||||||
Intangible amortization | 0.15 | 0.13 | 0.55 | 0.47 | ||||||||||||
Loss on extinguishment of debt | 0.22 | - | 0.22 | - | ||||||||||||
Non-cash interest expense | 0.01 | - | 0.01 | - | ||||||||||||
Amortization of debt issuance costs(4) | 0.12 | 0.01 | 0.14 | 0.03 | ||||||||||||
Foreign currency impact of certain intercompany loans (5) | (0.14 | ) | - | (0.14 | ) | - | ||||||||||
Tax effect of non-GAAP charges | 0.22 | (0.04 | ) | 0.06 | (0.12 | ) | ||||||||||
ADJUSTED EARNINGS PER SHARE (NON-GAAP) - DILUTED(6) | $ | 0.33 | $ | 0.68 | $ | 1.75 | $ | 3.28 | ||||||||
Totals may not add due to rounding. | ||||||||||||||||
Reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA (Non-GAAP) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP NET (LOSS) INCOME | $ | (25,488 | ) | $ | 48,729 | $ | 41,577 | $ | 185,959 | |||||||
ADJUSTMENTS: | ||||||||||||||||
Investment income | (6,023 | ) | (4,016 | ) | (24,135 | ) | (6,978 | ) | ||||||||
Interest expense | 1,138 | 270 | 1,951 | 1,162 | ||||||||||||
Amortization of debt issuance costs | 6,702 | 455 | 8,075 | 1,815 | ||||||||||||
Income tax (benefit) provision | 16,731 | 4,257 | 22,555 | 33,181 | ||||||||||||
Depreciation | 8,464 | 7,049 | 36,994 | 23,859 | ||||||||||||
Intangible amortization(7) | 8,679 | 7,331 | 31,091 | 27,126 | ||||||||||||
EBITDA | 10,203 | 64,075 | 118,108 | 266,124 | ||||||||||||
OTHER ADJUSTMENTS: | ||||||||||||||||
Inventory step-up charges | 1,238 | - | 1,238 | - | ||||||||||||
Acquisition and integration costs | 934 | 2,111 | 5,861 | 9,514 | ||||||||||||
Restructuring (3)(8) | 8,188 | - | 28,384 | - | ||||||||||||
Contingent consideration | 697 | (17,125 | ) | (30,569 | ) | (28,729 | ) | |||||||||
Loss on extinguishment of debt | 12,676 | - | 12,676 | - | ||||||||||||
Foreign currency impact of certain intercompany loans (5) | (7,743 | ) | - | (7,743 | ) | - | ||||||||||
ADJUSTED EBITDA (NON-GAAP) | $ | 26,193 | $ | 49,061 | $ | 127,955 | $ | 246,909 | ||||||||
Reconciliation of GAAP Cost of Sales to Adjusted Cost of Sales (Non-GAAP) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP COST OF SALES | $ | 88,136 | $ | 90,700 | $ | 353,922 | $ | 345,830 | ||||||||
ADJUSTMENT TO COST OF SALES: | ||||||||||||||||
Inventory step-up charges | (1,238 | ) | - | (1,238 | ) | - | ||||||||||
Acquisition and integration costs | (6 | ) | (33 | ) | (39 | ) | (1,234 | ) | ||||||||
Restructuring(3) | (7,675 | ) | - | (30,386 | ) | - | ||||||||||
ADJUSTED COST OF SALES (NON-GAAP) | $ | 79,217 | $ | 90,667 | $ | 322,259 | $ | 344,596 | ||||||||
Reconciliation of GAAP R&D Expense to Adjusted R&D Expense (Non-GAAP) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP R&D EXPENSE | $ | 10,285 | $ | 11,113 | $ | 42,722 | $ | 43,936 | ||||||||
ADJUSTMENT TO R&D EXPENSE: | ||||||||||||||||
Acquisition and integration costs | (2 | ) | (92 | ) | 5 | (658 | ) | |||||||||
Restructuring(3) | (81 | ) | - | (116 | ) | - | ||||||||||
ADJUSTED R&D EXPENSE (NON-GAAP) | $ | 10,202 | $ | 11,021 | $ | 42,611 | $ | 43,278 | ||||||||
Reconciliation of GAAP SG&A Expense to Adjusted SG&A Expense (Non-GAAP) | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
GAAP SG&A EXPENSE | $ | 57,512 | $ | 53,237 | $ | 218,113 | $ | 215,829 | ||||||||
ADJUSTMENTS TO SG&A EXPENSE: | ||||||||||||||||
Acquisition and integration costs | (925 | ) | (1,986 | ) | (5,826 | ) | (7,361 | ) | ||||||||
Restructuring(3) | (432 | ) | - | (1,698 | ) | - | ||||||||||
Intangible amortization | (8,651 | ) | (7,304 | ) | (30,981 | ) | (27,016 | ) | ||||||||
ADJUSTED SG&A EXPENSE (NON-GAAP) | $ | 47,504 | $ | 43,947 | $ | 179,608 | $ | 181,452 | ||||||||
Reconciliation of GAAP Net Income Guidiance to Adjusted Net Income (Non-GAAP) Guidance | ||||||||||||||||
Twelve months ending | ||||||||||||||||
Low End | High End | |||||||||||||||
GUIDANCE ON GAAP NET INCOME | $ | 26,000 | $ | 30,000 | ||||||||||||
ADJUSTMENTS TO GUIDANCE ON NET INCOME: | ||||||||||||||||
Acquisition and integration costs | 4,672 | 4,672 | ||||||||||||||
Non-cash interest expense | 13,745 | 13,745 | ||||||||||||||
Anticipated pre-tax amortization of acquisition-related intangible assets | 34,617 | 34,617 | ||||||||||||||
Amortization of debt issuance costs | 1,887 | 1,887 | ||||||||||||||
Contingent consideration | 11,000 | 11,000 | ||||||||||||||
Tax effect of non-GAAP charges | (11,751 | ) | (11,751 | ) | ||||||||||||
Guidance rounding adjustment | (170 | ) | (170 | ) | ||||||||||||
GUIDANCE ON ADJUSTED NET INCOME (NON-GAAP) | $ | 80,000 | $ | 84,000 | ||||||||||||
Totals may not add due to rounding. | ||||||||||||||||
Reconciliation of GAAP Earnings Per Share Guidance to Adjusted Earnings Per Share (Non-GAAP) Guidance | ||||||||||||||||
Twelve months ending | ||||||||||||||||
Low End | High End | |||||||||||||||
GUIDANCE ON EARNINGS PER SHARE - DILUTED | $ | 0.46 | $ | 0.53 | ||||||||||||
ADJUSTMENTS TO GUIDANCE ON EARNINGS PER SHARE - DILUTED: | ||||||||||||||||
Acquisition and integration costs | 0.08 | 0.08 | ||||||||||||||
Non-cash interest expense | 0.24 | 0.24 | ||||||||||||||
Anticipated pre-tax amortization of acquisition-related intangible assets | 0.61 | 0.61 | ||||||||||||||
Amortization of debt issuance costs | 0.03 | 0.03 | ||||||||||||||
Contingent consideration | 0.19 | 0.19 | ||||||||||||||
Tax effect of non-GAAP charges | (0.21 | ) | (0.21 | ) | ||||||||||||
Guidance rounding adjustment | (0.00 | ) | (0.00 | ) | ||||||||||||
GUIDANCE ON ADJUSTED EARNINGS PER SHARE (NON-GAAP) - DILUTED | $ | 1.42 | $ | 1.49 | ||||||||||||
Totals may not add due to rounding. | ||||||||||||||||
FOOTNOTES FOR ALL TABLES ABOVE: | ||||||||||||||||
(1) | Base revenue excludes COVID-related revenue and excludes acquisition-related revenue contribution in current periods for which there was no prior year comparables. | |||||||||||||||
(2) | Prior year acquisition revenue moved to "Base" for current year vs. prior year comparative purposes. | |||||||||||||||
(3) | In | |||||||||||||||
(4) | The twelve months ended | |||||||||||||||
(5) | During the fourth quarter of 2023 we recorded foreign currency gains on certain intercompany loans of | |||||||||||||||
(6) | GAAP loss per share - diluted for the three months ended | |||||||||||||||
(7) | Includes amortization of milestone payments in accordance with GAAP of | |||||||||||||||
(8) | Excludes | |||||||||||||||
Source:
2024 GlobeNewswire, Inc., source