Repligen Reports Third Quarter 2022 Financial Results and Updates Full Year 2022 Financial Guidance

01 Nov 2022
www.biospace.com
CollaborateFinancial StatementAcquisition
Reports revenue of $200.7 million for the quarter, representing year-over-year growth of 13% as reported, 19% at constant currency and 16% organic Delivers base business growth of 29% for the quarter Expands Process Analytics portfolio with DRS Daylight Solutions agreement WALTHAM, Mass., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, today reported financial results for its third quarter of 2022. Provided in this press release are financial highlights for the three- and nine- month periods ended September 30, 2022, updates to our financial guidance for the year 2022 and access information for today’s webcast and conference call. Tony J. Hunt, President and Chief Executive Officer said, “I’m very pleased with our performance for the third quarter, with reported revenue of $201 million reflecting overall revenue growth of approximately 13% year-over-year, and 19% at constant currency. We continue to see strength in our base business, where third quarter revenue grew 29% year-over-year, and is expected to be in the range of 33%-34% for the full year. Strategically, we executed on two important deals, signing a 15-year agreement with DRS Daylight Solutions on real-time process monitoring using mid-infrared technology and more recently extending our affinity ligand relationship with Purolite (an EcoLab company) until 2032. We are confident about our full year outlook for the company with overall revenue growth of 19%-20% as reported and 24%-25% at constant currency.” Financial Highlights for the Third Quarter and First Nine Months of 2022 REVENUE Total revenue as reported for the third quarter of 2022 increased to $200.7 million compared to $178.2 million for the third quarter of 2021, a year-over-year gain of 13%, or 19% at constant currency, and organic growth of 16%. Total revenue as reported for the first nine months of 2022 increased to $614.8 million compared to $484.0 million for the first nine months of 2021, a year-over-year gain of 27%, or 32% at constant currency, and organic growth of 28%. REVENUE MIX For the third quarter of 2022, our base business accounted for approximately 83% of revenue, COVID-related sales accounted for 14%, and inorganic revenue from acquisitions made in 2021 accounted for 3% of revenue. For the first nine months of 2022, our base business accounted for 78% of revenue, COVID-related sales accounted for 19% of revenue, and inorganic revenue from acquisitions made in 2021 accounted for 3% of revenue. GROSS PROFIT and GROSS MARGIN Gross profit (GAAP) for the third quarter of 2022 was $114.2 million, a year-over-year increase of $11.5 million. Adjusted gross profit (non-GAAP) for the third quarter of 2022 was $114.4 million, a year-over-year increase of $10.6 million, or 10%. Gross margin (GAAP) for the third quarter of 2022 was 56.9%, compared to 57.6% for the third quarter of 2021. Adjusted gross margin (non-GAAP) for the third quarter was 57.0%, compared to 58.3% in the 2021 period. Gross profit (GAAP) for the first nine months of 2022 was $359.6 million, a year-over-year increase of $72.9 million. Adjusted gross profit (non-GAAP) for the first nine months of 2022 was $360.8 million, a year-over-year increase of $71.2 million, or 25%. Gross margin (GAAP) for the first nine months of 2022 was 58.5%, compared to 59.3% for the first nine months of 2021. Adjusted gross margin (non-GAAP) for the first nine months of 2022 was 58.7%, compared to 59.8% in the first nine months of 2021. OPERATING INCOME Operating income (GAAP) for the third quarter of 2022 was $52.7 million, a year-over-year increase of $7.5 million. Adjusted operating income (non-GAAP) for the third quarter of 2022 was $58.2 million, a year-over-year increase of $1.2 million. Operating income (GAAP) for the first nine months of 2022 was $175.8 million, a year-over-year increase of $46.0 million. Adjusted operating income (non-GAAP) for the first nine months of 2022 was $191.1 million, a year-over-year increase of $31.8 million, or 20%. NET INCOME Net income (GAAP) for the third quarter of 2022 increased to $40.4 million, a year-over-year increase of $6.9 million. Adjusted net income (non-GAAP) for the third quarter of 2022 was $44.4 million. Net income (GAAP) for the first nine months of 2022 was $137.2 million, a year-over-year increase of $38.0 million. Adjusted net income (non-GAAP) for the first nine months of 2022 was $149.5 million, a year-over-year increase of $21.2 million, or 16%. EARNINGS PER SHARE Earnings per share (GAAP) for the third quarter of 2022 increased to $0.71 on a fully diluted basis, compared to $0.58 for the third quarter of 2021. Adjusted EPS (non-GAAP) for the third quarter of 2022 was $0.77 on a fully diluted basis, compared to $0.78 for the third quarter of 2021. Earnings per share (GAAP) for the first nine months of 2022 increased to $2.39 on a fully diluted basis, compared to $1.74 for the first nine months of 2021. Adjusted EPS (non-GAAP) for the first nine months of 2022 increased to $2.61 on a fully diluted basis, an increase of 16% compared to $2.25 for the first nine months of 2021. EBITDA Earnings before interest, taxes, depreciation and amortization (EBITDA), a non-GAAP financial measure, for the third quarter of 2022 increased to $58.7 million compared to $54.4 million for the third quarter of 2021. Adjusted EBITDA for the third quarter of 2022 was $57.9 million, compared to $60.5 million for the third quarter of 2021. EBITDA for the first nine months of 2022 was $202.0 million, compared to $155.5 million for the first nine months of 2021, a year-over-year increase of 30%. Adjusted EBITDA for the first nine months of 2022 was $197.8 million, a year-over-year increase of $28.9 million, or 17%. CASH Our cash and cash equivalents at September 30, 2022 were $573.4 million, compared to $603.8 million at December 31, 2021. All reconciliations of GAAP to adjusted (non-GAAP) figures above, as well as EBITDA to adjusted EBITDA, are detailed in the reconciliation tables included later in this press release. Financial Guidance for 2022 Our financial guidance for the fiscal year 2022 is based on expectations for our existing business and includes the financial impact of our 2021 acquisitions. This guidance also excludes the impact of potential additional acquisitions and future fluctuations in foreign currency exchange rates. YEAR 2022 GUIDANCE: Total reported revenue is expected to be in the range of $795-$805 million, compared to our previous guidance of $790-$810 million. We are now guiding to overall revenue growth of 19%-20% as reported, compared to our previous guidance of 18%-21%. We are increasing our guidance for growth at constant currency to 24%-25%, and increasing our organic growth guidance to 21%-22%. Our base business revenue, which excludes COVID-related revenue and inorganic acquisition revenue from 2021 acquisitions, is expected to grow by 33%-34%, an increase from our previous guidance of 31%-33%. Gross margin is expected to be 57.5%-58.5% on both a GAAP and non-GAAP basis, consistent with our previous guidance. Income from operations is expected to be in the range of $203-$207 million on a GAAP basis. Adjusted (non-GAAP) income from operations is expected to be in the range of $231-$235 million, compared to our previous guidance of $234-$239 million. Net income is expected to be in the range of $158-$161 million on a GAAP basis. Adjusted (non-GAAP) net income is expected to be in the range of $181-$184 million, as compared to our previous guidance of $180-$184 million. Our current guidance reflects a tax rate of 19% on adjusted pre-tax income. Fully diluted GAAP EPS is expected to be in the range of $2.76-$2.81. Adjusted (non-GAAP) fully diluted EPS is expected to be in the range of $3.15-$3.20, as compared to our previous guidance of $3.13-$3.20. Our non-GAAP guidance for the fiscal year 2022 excludes the following items: $10.4 million estimated acquisition and integration expenses (including $1.3 million in cost of product revenue, $0.7 million in R&D, $8.2 million in SG&A and $0.3 million (Other income (expense)). $27.0 million estimated intangible amortization expense in SG&A. $1.8 million in amortization of debt issuance (Other income (expense)). $9.1 million estimated Avitide acquisition related contingent consideration gain, primarily related to changes in interest rates. Our non-GAAP guidance for the fiscal year 2022 includes: An income tax increase of $7.5 million, representing the tax impact on acquisition and integration costs, intangible amortization and contingent consideration expense, and amortization of debt issuance costs. All reconciliations of GAAP to adjusted (non-GAAP) guidance are detailed in the tables included later in this press release. Conference Call Repligen will host a conference call and webcast today, November 1, 2022, at 8:30 a.m. EDT, to discuss third quarter 2022 financial results, financial guidance and corporate developments. The conference call will be accessible by dialing toll-free (844) 274-3999 for domestic callers or (412) 317-5607 for international callers. No passcode is required for the live call. In addition, a webcast will be accessible via the Investor Relations section of the Company’s website. Both the conference call and webcast will be archived for a period of time following the live event. The replay dial-in numbers are (877) 344-7529 from the U.S., (855) 669-9658 from Canada and (412) 317-0088 for international callers. Replay listeners must provide the passcode 7297399. Non-GAAP Measures of Financial Performance To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: revenue growth rate at constant currency; adjusted gross profit and adjusted gross margin; adjusted income from operations; adjusted operating income and adjusted net income; earnings before interest, taxes, depreciation and amortization (EBITDA); adjusted EBITDA; adjusted net income; adjusted net income per share - diluted; adjusted fully diluted earnings per share; adjusted cost of sales; adjusted R&D expense; and adjusted SG&A expense. The Company provides organic revenue growth rates in constant currency to exclude the impact of both foreign currency translation and the impact of acquisition revenue for current year periods that have no prior year comparable in order to facilitate a comparison of its current revenue performance to its past revenue performance. The Company provides revenue growth rates in constant currency in order to facilitate a comparison of its current revenue performance to its past revenue performance. To calculate revenue growth rates in constant currency, the Company converts actual net sales from local currency to U.S. dollars using constant foreign currency exchange rates in the current and prior period. The Company’s non-GAAP financial results and/or non-GAAP guidance exclude the impact of: acquisition-related inventory step-up costs, acquisition and integration costs, intangible amortization costs, contingent consideration expenses related to the Company’s acquisitions, amortization of debt issuance costs related to Company’s convertible debt, non-cash interest expense, loss on conversion of debt, 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. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. When analyzing the Company’s operating performance and guidance investors should not consider non-GAAP measures as substitutable for the comparable financial measures prepared in accordance with GAAP. About Repligen Corporation Repligen Corporation is a global company that develops and commercializes highly innovative bioprocessing technologies and systems that enable efficiencies in the process of manufacturing biological drugs. We are inspiring advances in bioprocessing for the customers we serve; primarily biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our focus areas are Filtration, Chromatography, Process Analytics, Fluid Management and Proteins. Our corporate headquarters are located in Waltham, Massachusetts, with additional administrative and manufacturing operations worldwide. The majority of our manufacturing sites are located within the U.S. (California, Massachusetts, New Hampshire, New Jersey and New York), and we also have sites in Estonia, France, Germany, Ireland, the Netherlands and Sweden. For more information about the company, including Repligen news releases, see our website at . Follow us on LinkedIn and Twitter. The followingconstitutesa“SafeHarbor”statementunderthePrivateSecuritiesLitigationReformActof1995:This pressreleasecontainsforward-lookingstatements,whicharemadepursuanttothesafeharborprovisionsof federal securities laws, including Section 27AoftheSecuritiesActof1933,asamended,andSection21EoftheSecuritiesExchangeActof1934,asamended. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, express or implied statements or guidance regarding current or future financial performance and position, including cash and investment position, demand in the markets in which we operate, the expected performance of our business, the expected performance and success of our strategic partnerships including recently announced agreements with Daylight Solutions and Purolite, the expected performance of our acquired businesses, our ability to continue to generate, and the magnitude of, COVID-related revenue, and management’s strategy, plans and objectives for operations or acquisitions, product development and sales, selling, general and administrative expenditures, 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, without limitation, risks associated with the following: the effect of the COVID-19 coronavirus pandemic, including mitigation efforts and economic effects, on our business operations and the operations of our customers and suppliers; the ultimate impact of the COVID-19 coronavirus pandemic on our business or financial results; our ability to successfully grow our bioprocessing business, including as a result of acquisition, commercialization or partnership opportunities; our ability to develop and commercialize products and the market acceptance of our products; our ability to successfully integrate any acquired businesses into our business and achieve the expected benefits of such acquisitions; reduced demand for our products that adversely impacts 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 U.S. Food and Drug Administration and EMEA regulations; our volatile stock price; and other risks detailed in Repligen’s Annual Report on Form 10-K for the year ended December 31, 2021 and in subsequently filed reports with the Securities and Exchange Commission (the Commission), including our Quarterly Reports on Form 10-Q on the Commission.Actual resultsmaydiffermateriallyfromthoseRepligencontemplatedbytheseforward-lookingstatements.Therefore, you should not rely on any of these forward-looking statements. Theseforward-lookingstatementsreflectmanagement’scurrentviews, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and are based only on information currently available to us.Repligendoesnotundertaketoupdate, whether written or oral,anyofthese forward-looking statements to reflect a change in its views or events or circumstances, whether as a result of new information, future development or otherwise, that occur after the datehereof except as required bylaw. Repligen Contact: Sondra S. Newman Global Head of Investor Relations (781) 419-1881 investors@repligen.com REPLIGEN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except share and per share data) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Revenue: Product revenue $ 200,708 $ 178,177 $ 614,668 $ 483,834 Royalty and other revenue 33 39 106 179 Total revenue 200,741 178,216 614,774 484,013 Costs and expenses: Cost of product revenue 86,514 75,495 255,130 197,232 Research and development 10,228 9,154 32,823 25,155 Selling, general and administrative 53,643 48,373 162,592 131,809 Contingent consideration (2,309 ) - (11,604 ) - 148,076 133,022 438,941 354,196 Income from operations 52,665 45,194 175,833 129,817 Investment income 2,177 44 2,962 137 Interest expense (329 ) (2,859 ) (892 ) (8,400 ) Amortization of debt issuance costs* (455 ) (361 ) (1,360 ) (1,070 ) Other expenses, net (6,591 ) (786 ) (10,389 ) (1,789 ) Income before income taxes 47,467 41,232 166,154 118,695 Income tax provision 7,062 7,734 28,924 19,514 Net income $ 40,405 $ 33,498 $ 137,230 $ 99,181 Earnings per share: Basic $ 0.73 $ 0.61 $ 2.48 $ 1.81 Diluted* $ 0.71 $ 0.58 $ 2.39 $ 1.74 Weighted average shares outstanding: Basic 55,497,967 55,014,699 55,432,308 54,917,731 Diluted* 57,303,537 57,367,920 57,598,190 57,071,839 *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 March 4, 2022, the Company had the option to settle the conversion of the 2019 Notes in cash, stock or a combination of the two. Therefore, from January 1, 2022 (the date the Company adopted ASU 2020-06) to March 4, 2022, the Company included 3,474,429 shares in the denominator of the weighted average nine months ended September 30, 2022 diluted EPS calculation. Subsequent to March 4, 2022, after the Second Supplemental Indenture became effective, the Company irrevocably elected to settle the conversion principal in cash and only the premium in shares of the Company's common stock. Therefore, from March 5, 2022 to March 31, 2022 the Company included 980,525 shares in the denominator of the weighted average nine months ended September 30, 2022 diluted EPS calculation. Under the if-converted method, the Company was also required to exclude amortization of debt issuance cost and interest charges applicable to the convertible debt from the numerator of the diluted EPS calculation for the period from January 1, 2022 to March 4, 2022, assuming the interest on convertible debt was never recognized for that period. For the nine months ended September 30, 2022 the Company excluded amortization of debt issuance costs and interest charges for the period January 1, 2022 to March 4, 2022 of $0.4 million (tax effected) from the numerator. Balance Sheet Data: September 30, 2022 December 31, 2021 Cash, cash equivalents and marketable securities $ 573,363 $ 603,814 Working capital 542,537 556,415 Total assets 2,462,532 2,358,354 Long-term obligations* 216,727 233,025 Accumulated earnings 348,543 194,060 Stockholders' equity 1,835,109 1,750,067 * Includes long-term portion of the contingent consideration obligation related to the acquisition of Avitide Inc. REPLIGEN CORPORATION RECONCILIATION OF GAAP INCOME FROM OPERATIONS TO NON-GAAP (ADJUSTED) INCOME FROM OPERATIONS (Unaudited, amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 GAAP INCOME FROM OPERATIONS $ 52,665 $ 45,194 $ 175,833 $ 129,817 ADJUSTMENTS TO INCOME FROM OPERATIONS: Inventory step-up charges - 270 - 1,868 Acquisition and integration costs 1,251 5,824 7,142 11,593 Contingent consideration (2,309 ) - (11,604 ) - Intangible amortization 6,547 5,677 19,712 16,001 ADJUSTED INCOME FROM OPERATIONS $ 58,154 $ 56,965 $ 191,083 $ 159,279 REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME TO NON-GAAP (ADJUSTED) NET INCOME (Unaudited, amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 GAAP NET INCOME $ 40,405 $ 33,498 $ 137,230 $ 99,181 ADJUSTMENTS TO NET INCOME: Inventory step-up charges - 270 - 1,868 Acquisition and integration costs 1,512 5,824 7,403 11,593 Contingent consideration (2,309 ) - (11,604 ) - Intangible amortization 6,547 5,677 19,712 16,001 Loss on conversion of debt - 1 - 6 Amortization of debt issuance costs 455 361 1,360 1,070 Non-cash interest expense(1) - 2,541 - 7,522 Tax effect of non-GAAP charges (2,241 ) (3,467 ) (4,600 ) (8,904 ) ADJUSTED NET INCOME $ 44,369 $ 44,705 $ 149,501 $ 128,337 (1 ) Includes impact from adoption of ASU 2020-06. REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME PER SHARE TO NON-GAAP (ADJUSTED) NET INCOME PER SHARE (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 GAAP NET INCOME PER SHARE - DILUTED $ 0.71 $ 0.58 $ 2.39 $ 1.74 ADJUSTMENTS TO NET INCOME PER SHARE - DILUTED: Inventory step-up charges - 0.00 - 0.03 Acquisition and integration costs 0.03 0.10 0.13 0.20 Contingent consideration (0.04 ) - (0.20 ) - Intangible amortization 0.11 0.10 0.34 0.28 Loss on conversion of debt - 0.00 - 0.00 Amortization of debt issuance costs(1) 0.01 0.01 0.02 0.02 Non-cash interest expense(2) - 0.04 - 0.13 Tax effect of non-GAAP charges (0.04 ) (0.06 ) (0.08 ) (0.16 ) ADJUSTED NET INCOME PER SHARE - DILUTED $ 0.77 $ 0.78 $ 2.61 $ 2.25 (1 ) The nine months ended September 30, 2022 represented amortization of debt issuance costs for the period April 1, 2022 to September 30, 2022 in addition to the amortization of debt issuance costs for the period March 5, 2022 to March 31, 2022 after the Second Supplemental Indenture was Debt issuance cost for the period January 1, 2022 to March 4, 2022 were already reflected in the GAAP net income per share - diluted EPS under the if-converted method of calculating diluted EPS for the nine months ended September 30, 2022. (2 ) Includes impact from adoption of ASU 2020-06. Totals may not add due to rounding. REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME TO ADJUSTED EBITDA (Unaudited, amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 GAAP NET INCOME $ 40,405 $ 33,498 $ 137,230 $ 99,181 ADJUSTMENTS: Investment income (2,177 ) (44 ) (2,962 ) (137 ) Interest expense 329 318 892 878 Non-cash interest expense(1) - 2,541 - 7,522 Amortization of debt issuance costs 455 361 1,360 1,070 Income tax provision 7,062 7,734 28,924 19,514 Depreciation 6,097 4,308 16,810 11,360 Amortization(2) 6,575 5,705 19,795 16,084 EBITDA 58,746 54,421 202,049 155,472 OTHER ADJUSTMENTS: Inventory step-up charges - 270 - 1,868 Acquisition and integration costs 1,512 5,824 7,403 11,593 Contingent consideration (2,309 ) - (11,604 ) - Loss on conversion of debt - 1 - 6 ADJUSTED EBITDA $ 57,949 $ 60,516 $ 197,848 $ 168,939 (1 ) Includes impact from adoption of ASU 2020-06. (2 ) Includes amortization of milestone payments in accordance with GAAP of $28 for the three months ended September 30, 2022 and 2021 and $83 for the nine months ended September 30, 2022 and 2021. REPLIGEN CORPORATION RECONCILIATION OF GAAP COST OF SALES TO NON-GAAP (ADJUSTED) COST OF SALES (Unaudited, amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 GAAP COST OF SALES $ 86,514 $ 75,495 $ 255,130 $ 197,232 ADJUSTMENT TO COST OF SALES: Inventory step-up charges - (270 ) - (1,868 ) Acquisition and integration costs (167 ) (829 ) (1,201 ) (993 ) ADJUSTED COST OF SALES $ 86,347 $ 74,396 $ 253,929 $ 194,371 REPLIGEN CORPORATION RECONCILIATION OF GAAP R&D EXPENSE TO NON-GAAP (ADJUSTED) R&D EXPENSE (Unaudited, amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 GAAP R&D $ 10,228 $ 9,154 $ 32,823 $ 25,155 ADJUSTMENT TO R&D: Acquisition and integration costs (41 ) (381 ) (566 ) (962 ) ADJUSTED R&D $ 10,187 $ 8,773 $ 32,257 $ 24,193 REPLIGEN CORPORATION RECONCILIATION OF GAAP SG&A EXPENSE TO NON-GAAP (ADJUSTED) SG&A EXPENSE (Unaudited, amounts in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 GAAP SG&A EXPENSE $ 53,643 $ 48,373 $ 162,592 $ 131,809 ADJUSTMENTS TO SG&A EXPENSE: Acquisition and integration costs (1,044 ) (4,613 ) (5,375 ) (9,637 ) Intangible amortization (6,547 ) (5,677 ) (19,712 ) (16,001 ) ADJUSTED SG&A EXPENSE $ 46,052 $ 38,083 $ 137,505 $ 106,171 REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME GUIDANCE TO ADJUSTED (NON-GAAP NET INCOME GUIDANCE) (in thousands) Twelve months ending December 31, 2022 Low End High End GUIDANCE ON NET INCOME $ 158,000 $ 161,000 ADJUSTMENTS TO GUIDANCE ON NET INCOME: Acquisition and integration costs 10,447 10,447 Anticipated pre-tax amortization of acquisition-related intangible assets 27,014 27,014 Amortization of debt issuance costs 1,815 1,815 Contingent consideration (9,104 ) (9,104 ) Tax effect of intangible amortization and integration (7,460 ) (7,460 ) Guidance rounding adjustment 288 288 GUIDANCE ON ADJUSTED NET INCOME $ 181,000 $ 184,000 Totals may not add due to rounding. REPLIGEN CORPORATION RECONCILIATION OF GAAP NET INCOME PER SHARE GUIDANCE TO ADJUSTED (NON-GAAP) NET INCOME PER SHARE GUIDANCE Twelve months ending December 31, 2022 Low End High End GUIDANCE ON NET INCOME PER SHARE - DILUTED $ 2.76 $ 2.81 ADJUSTMENTS TO GUIDANCE ON NET INCOME PER SHARE - DILUTED: Acquisition and integration costs 0.18 0.18 Anticipated pre-tax amortization of acquisition-related intangible assets 0.47 0.47 Amortization of debt issuance costs 0.03 0.03 Contingent consideration (0.16 ) (0.16 ) Tax effect of intangible amortization and integration (0.13 ) (0.13 ) Guidance rounding adjustment - - GUIDANCE ON ADJUSTED NET INCOME PER SHARE - DILUTED $ 3.15 $ 3.20 Totals may not add due to rounding.
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