0001193125-26-318853
SEC filingQ2营收超预期增长，上调全年指引，收购BioLife加速细胞治疗布局。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $204M | $182M | +12% |
| Gross Margin (GAAP) | 53.9% | 51.0% | +290bps |
| Operating Income (GAAP) | $14M | $14M | +1% |
| Net Income (GAAP) | $5.0M | $14.9M | -66% |
| Diluted EPS (GAAP) | $0.09 | $0.26 | -65% |
| Adjusted Operating Income | $34M | $22M | +55% |
| Adjusted Net Income | $30.8M | $21.2M | +45% |
| Adjusted Diluted EPS | $0.54 | $0.37 | +46% |
| Adjusted EBITDA | $43.8M | $32.2M | +36% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Total Reported Revenue | $813M - $835M | Non-GAAP |
| FY2026 | Reported Growth | 10% - 13% | Non-GAAP |
| FY2026 | Organic Growth | 10.5% - 13.5% | Non-GAAP |
| FY2026 | Gross Margin | 53.7% - 54.2% | Non-GAAP |
| FY2026 | Income from Operations | $128M - $134M | Non-GAAP |
| FY2026 | Operating Margin | 15.7% - 16.0% | Non-GAAP |
| FY2026 | Other Income (Expense) | ~$19M | Non-GAAP |
| FY2026 | Adjusted EBITDA Margin | 20.6% - 21.0% | Non-GAAP |
| FY2026 | Tax Rate on Pre-Tax Income | ~22% | Non-GAAP |
| FY2026 | Net Income | $115.5M - $118.5M | Non-GAAP |
| FY2026 | Earnings Per Share - Diluted | $2.03 - $2.09 | Non-GAAP |
简评
Repligen 二季度营收 $204M，同比 +12%（有机 +13%），延续一季度订单动能，管理层强调"sequential acceleration and continued market outperformance"。GAAP 经营利润持平于 $14M，但调整后经营利润 $34M 同比大增 55%，调整后经营利润率 16.7% 较去年同期 12.0% 大幅扩张 470bps，主要受益于经营杠杆、毛利率提升（GAAP 毛利率 53.9% vs 51.0%）及费用管控。GAAP 净利润 $5.0M 同比下滑，主因 contingent consideration 公允价值变动（$2.3M 损失 vs 去年 $7.9M 收益）及所得税费用增加（$9.1M vs $3.3M），但调整后净利润 $30.8M 同比 +45%，调整后 EPS $0.54 同比 +46%。
公司上调全年指引：有机增长从此前区间上调至 10.5%-13.5%，调整后 EPS 上调至 $2.03-$2.09，反映上半年强劲表现及下半年可见度改善。指引中 Total reported revenue $813M-$835M 包含不到 50bps 汇兑收益及约 1 个百分点来自 Polymem 剥离的拖累。资产负债表稳健，现金及有价证券 $810M，为收购 BioLife Solutions 提供充足流动性。管理层称该收购将"fast-tracks our cell therapy leadership"，预计增厚营收增长、利润率及调整后 EPS，是公司战略转型的关键里程碑。主要风险包括整合执行、关税影响及生物工艺市场需求波动。