Executive Summary

Q4 revenue was $167.5M, up 1% year over year and up 8% sequential; adjusted EPS was $0.44 (GAAP EPS $(0.60)), with adjusted margins stable at 50.7% gross, 14.9% operating, 20.9% EBITDA, while GAAP results were impacted by $45M in restructuring/inventory charges .
Orders outpaced sales by 6% in Q4 and were up 11% sequentially, with strength in Filtration and Analytics; CDMO and capital equipment revenues rose ~20% and ~30% sequentially, respectively, pointing to a broad-based recovery .
FY25 guidance initiated: revenue $685M–$710M (+8%–12%), adjusted EPS $1.67–$1.76, adjusted operating margin 14%–15%, adjusted gross margin 51%–52%; management targets +100–200 bps margin expansion driven by volume, price, and productivity .
S&P Global consensus estimates were unavailable at the time of this analysis; comparisons to Wall Street estimates could not be validated and are therefore not included (S&P Global data unavailable due to access limits).

What Went Well and What Went Wrong

What Went Well

“We achieved the midpoint of our November guidance, delivering fourth quarter revenue of $167.5 million... 13% revenue growth ex-COVID in the fourth quarter versus the previous year” .
“Orders were exceptionally strong in quarter 4, up 11% both sequentially and year-over-year... highest order intake since Q2 2022; orders outpaced sales by 6%” .
Filtration and Analytics strong: “Filtration had another excellent quarter... Analytics had a record quarter both in sales and orders since we acquired CTech in 2019” .

What Went Wrong

GAAP profitability compressed by nonrecurring charges: “Q4 GAAP gross profit $39M vs $78M; Q4 GAAP (loss) income from operations $(37)M; GAAP net (loss) $(34)M” due to $45M restructuring and inventory charges .
China remains a headwind: “China was a $25M headwind for the year... we are currently planning on China sales being flat to 2024” .
Adjusted EPS declined year over year: $0.44 vs $0.48 in Q4 2023; adjusted gross margin down 180 bps year over year (50.7% vs 52.5%) .

Financial Results

Q4 Year-over-Year Comparison

Metric	Q4 2023	Q4 2024
Revenue ($USD Millions)	$166.621	$167.547
GAAP EPS ($)	$(0.29)	$(0.60)
Adjusted EPS ($)	$0.48	$0.44
Adjusted Gross Margin %	52.5%	50.7%
Adjusted Operating Margin %	17.8%	14.9%
Adjusted EBITDA Margin %	22.2%	20.9%

Sequential Performance: Q2 → Q3 → Q4 2024

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($USD Millions)	$154.073	$154.871	$167.547
GAAP EPS ($)	$0.06	$(0.01)	$(0.60)
Adjusted EPS ($)	$0.33	$0.43	$0.44
Adjusted Gross Margin %	49.6%	50.7%	50.7%
Adjusted Operating Margin %	10.1%	14.9%	14.9%
Adjusted EBITDA Margin %	15.2%	20.7%	20.9%
Cash & Equivalents ($USD Millions)	$809	$784	$757

KPIs

KPI	Q3 2024	Q4 2024
Orders vs Sales (outpaced by)	4%	6%
Sequential Revenue Growth (%)	3% (non-COVID)	8%
Cash from Operations ($USD Millions)	$49	$42

Segment Context (FY 2024)

Franchise	FY 2024 Revenue ($USD Millions)	YoY Growth (%)
Chromatography	$123	+10% in Q4; −3% for FY
Proteins	$74	−28% FY
Process Analytics	$59	+4% FY

Note: Filtration FY revenue exceeded $370M (nearly 60% of total), up 9% for FY; Q4 Filtration ex-COVID up 30% YoY .

Actual vs Estimates (Q4 2024)

S&P Global consensus was unavailable due to access limits; estimates comparisons could not be validated at time of analysis.

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Reported Revenue ($M)	FY 2025	N/A	$685–$710	Initiated
Reported Growth (%)	FY 2025	N/A	8%–12%	Initiated
Organic Growth (%)	FY 2025	N/A	9.5%–13.5%	Initiated
Non-COVID Growth (%)	FY 2025	N/A	10%–14%	Initiated
Gross Margin (%)	FY 2025	N/A	51%–52%	Initiated
Income from Operations ($M, GAAP)	FY 2025	N/A	$59–$66	Initiated
Income from Operations ($M, Adjusted)	FY 2025	N/A	$99–$106	Initiated
Operating Margin (%) (GAAP/Adj)	FY 2025	N/A	8%–9% / 14%–15%	Initiated
Other Income ($M, GAAP/Adj)	FY 2025	N/A	$15–$16 / $23–$24	Initiated
Adjusted EBITDA Margin (%)	FY 2025	N/A	20%–21%	Initiated
Tax Rate on Pre-Tax Income (%) (GAAP/Adj)	FY 2025	N/A	23%–24% / 22%–23%	Initiated
Net Income ($M, GAAP/Adj)	FY 2025	N/A	$51–$56 / $95–$100	Initiated
EPS – Diluted ($, GAAP/Adj)	FY 2025	N/A	$0.90–$0.99 / $1.67–$1.76	Initiated

Management also guided pacing: H2 > H1; Q1 weakest; currency headwind assumed ~150 bps; tariff exposure viewed minimal outside Europe .

Earnings Call Themes & Trends

Topic	Q2 2024 (older)	Q3 2024	Q4 2024 (current)	Trend
CDMO recovery	Orders +20% YoY; Tier-2 CDMOs strength; book-to-bill >1.4 in Q2	CDMO sales/orders +~20% YoY; highest revenue in 18 months	CDMO revenue +20% seq; orders +15% seq, +11% YoY; highest since Q1’22 ex-COVID	Improving momentum
Capital equipment	Orders +20% QoQ; strong RS systems funnel	YoY +6%; platforming at big pharma; FlowVPX integration	Sales/orders +>30% seq; market share gains via PAT	Accelerating
New modalities	Sales +5% YoY; H1 sales +10%, orders +>20%	Record Q3 sales; orders up low double-digit	Continued strength; dsRNA resin launch; FY new modalities low double-digit growth	Structural tailwind
China & APAC	China weakness deepened; guide cut by $10M	China ~3–4% of revenue; APAC ex-China +40% sales in Q3	China flat in 2025; APAC ex-China strong; H2 China orders +6% vs H1	China bottoming; ex-China strong
Pricing & margins	Adj GM 49.6%; price modest tailwind	Adj GM 50.7%; FY adj GM guide 49.5%–50.5%	FY25 adj GM 51%–52%; price low-single-digit; productivity via RPS	Expanding margins
M&A & product launches	Tantti acquisition announced; Purolite resin launched	RTIC opened; Tantti definitive agreement	Tantti closed; AVIPure dsRNA Clear OPUS; SoloVPE PLUS	Portfolio expansion
Tariffs/macro	N/A	N/A	Minimal impact expected outside Europe; FX headwind in guide	Monitoring

Management Commentary

“Thanks to that strong equipment finish, our full year 2024 sales growth was similar for consumables and equipment, both up 8% and 10%, respectively” .
“Our adjusted gross margin increased 140 basis points year-over-year... driven by strong productivity and net realized price” .
“We expect our adjusted income from operations to be between $99 million to $106 million or 14% to 15%... up 100 to 200 basis points versus 2024” .
“We believe the restructuring plan started in 2023 is essentially complete, and we are well positioned to continue margin expansion in 2025” .

Q&A Highlights

Sustainability of orders: Orders increased every quarter in 2024; Q4-to-Q1 orders up 18%; book-to-bill above 1 for 6–7 consecutive quarters .
ATF adoption: Filtration (incl. ATF) largest franchise; ATF design-ins at 9 of top 10 CDMOs and multiple pharmas; consumables now > hardware sales in 2024 for ATF .
Platform wins & PAT differentiation: Multiple big pharmas platforming RS/Chrome systems; FlowVPX increasingly standard; systems drive long-tail consumable sales .
China & BioSecure Act impacts: China bottoming; stimulus may help; U.S. Tier-2 CDMOs benefiting from BioSecure Act tailwinds .
Guidance pacing clarity: Q1 weaker; H2 stronger; gross margin targeted +100–200 bps; FX in assumptions; tariffs monitored—Europe would be larger risk .

Estimates Context

S&P Global consensus for Q4 2024 EPS and revenue was unavailable due to access limits at the time of this analysis; as such, we cannot assess official beat/miss vs Street estimates for the quarter. Management indicated delivery at the midpoint of internal guidance and highlighted sequential strength in orders and revenue .
Given FY25 guidance ($685M–$710M revenue, adjusted EPS $1.67–$1.76), Street models may need to reflect low-double-digit non-COVID growth, margin expansion to 51%–52% gross and 14%–15% operating, and reduced other income from lower rates .

Key Takeaways for Investors

Sequential momentum and order outperformance (orders > sales by 6%) suggest improving demand into 2025; CDMO and equipment strength provides a tangible catalyst for top-line acceleration .
GAAP losses reflect nonrecurring restructuring and inventory charges ($45M in Q4); adjusted margins and EPS demonstrate underlying operating strength and improving productivity .
FY25 guide implies revenue +8%–12% with margin expansion; management targets +100–200 bps gross margin lift via volume, pricing, and RPS initiatives—supportive of adjusted EPS $1.67–$1.76 .
Filtration and PAT-driven systems (FlowVPX, RS10) are driving platform wins and installed base growth; expect recurring consumable tailwinds and ATF adoption across modalities .
China headwinds likely persist near term but appear to be bottoming; APAC ex-China is strong; monitor tariff developments in Europe as potential risk offset .
Balance sheet remains robust ($757M cash); FY24 cash from operations $178M; dry powder supports bolt-on M&A and continued product launches (AVIPure dsRNA Clear OPUS, SoloVPE PLUS) .
Near-term trading: positive bias on improving orders and equipment/CDMO recovery; watch Q1 seasonality and FX/tariff commentary. Medium-term thesis: margin expansion + differentiated portfolio + platforming drives durable growth and earnings power .

REPLIGEN CORP (RGEN)·Q4 2024 Earnings Summary