Repligen Corp. Restates Financials Amid Investigation

TL;DR

Repligen is investigating accounting errors and won't rely on old financials. Big mess.

AI Summary

Repligen Corporation announced on September 12, 2024, that it will not rely on previously issued financial statements or related audit reports due to an ongoing investigation. The company is investigating potential accounting errors related to the recognition of revenue and related expenses, which may impact prior financial periods.

Why It Matters

This announcement raises concerns about the accuracy of Repligen's past financial reporting, potentially impacting investor confidence and the company's stock valuation.

Risk Assessment

Risk Level: high — The company is withdrawing reliance on previously issued financial statements, indicating significant potential accounting issues that could lead to restatements and impact future reporting.

Key Players & Entities

• Repligen Corporation (company) — Registrant
• September 12, 2024 (date) — Date of earliest event reported
• 41 Seyon Street, Bldg. 1, Suite 100, Waltham, MA 02453 (address) — Principal executive offices
• 000-14656 (company_id) — Commission File Number
• 04-2729386 (tax_id) — I.R.S. Employer Identification No.

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share RGEN The Nasdaq Global Se
• $17.3 million — rs ("Cancelled PO's") in exchange for a $17.3 million one-time cash payment (the "Payment"),
• $17.3 m — tatement of Q1 2023 product revenues of $17.3 million, an understatement of Q4 2023 pro
• $10.7 million — tatement of Q4 2023 product revenues of $10.7 million (aggregate overstatement of $6.6 millio
• $6.6 million — 0.7 million (aggregate overstatement of $6.6 million for the year ended December 31, 2023) ,
• $1.8 million — tatement of Q1 2024 product revenues of $1.8 million and an understatement of Q2 2024 produc
• $4.8 million — tatement of Q2 2024 product revenues of $4.8 million (aggregate understatement of $6.6 milli
• $627 million — y, thus updating the full year range to $627 million to $642 million. The Company and the
• $642 million — the full year range to $627 million to $642 million. The Company and the Audit Committee

Filing Documents

• d886256d8k.htm (8-K) — 40KB
• d886256dex991.htm (EX-99.1) — 11KB
• g886256ex99_1s1g1.jpg (GRAPHIC) — 37KB
• g886256ex99_1s2g1.jpg (GRAPHIC) — 131KB
• g886256ex99_1s3g1.jpg (GRAPHIC) — 104KB
• g886256ex99_1s4g1.jpg (GRAPHIC) — 83KB
• g886256ex99_1s5g1.jpg (GRAPHIC) — 63KB
• g886256ex99_1s6g1.jpg (GRAPHIC) — 64KB
• g886256ex99_1s7g1.jpg (GRAPHIC) — 24KB
• g886256ex99_1s8g1.jpg (GRAPHIC) — 65KB
• 0001193125-24-221406.txt ( ) — 970KB
• rgen-20240912.xsd (EX-101.SCH) — 3KB
• rgen-20240912_lab.xml (EX-101.LAB) — 18KB
• rgen-20240912_pre.xml (EX-101.PRE) — 11KB
• d886256d8k_htm.xml (XML) — 4KB

Forward-Looking Statements

Forward-Looking Statements This report contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including, among others, statements regarding the expected impact of the Restatement and change in accounting treatment, including on the Company's overall business operations, previously reported cash and cash equivalent balances, and strategic outlook; statements regarding the Company's internal controls over financial reporting and ongoing internal reviews and assessments; and statements regarding the Company's 2024 guidance are based on management's current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others, that the Company has underestimated the scope and impact of the Restatement, risks and uncertainties around the effectiveness of the Company's disclosure controls and procedures and the effectiveness of the Company's internal control over financial reporting, the risk that the Company's restated financial statements may take longer to complete than expected, as well as those risks and uncertainties identified in the Company's filings with the U.S. Securities and Exchange Commission (the "Commission"), including its 2023 Annual Report, its Current Reports on Form 8-K, its Quarterly Reports on Form 10-Q, including for the quarters ended March 31, 2024 and June 30, 2024, and in any subsequent filings with the Commission, which are available at the Commission's website at www.sec.gov. Any such risks and uncertainties could materially and adversely affect the Company's results of operations, its profitability and its cash flows, which would, in turn, have a significant and adverse impact on the Company

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Supplemental Slides issued by Repligen Corporation, dated September 18, 2024 (furnished herewith). 104 Cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. REPLIGEN CORPORATION Date: September 18, 2024 By: /s/ Olivier Loeillot Olivier Loeillot President and Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR