Repligen financial statements require restatement due to revenue recognition error [Seeking Alpha]
Repligen Corporation (RGEN)
Last repligen corporation earnings: 2/20 07:30 am
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US:NASDAQ Investor Relations:
repligen.com/investors
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Source: Seeking Alpha
product revenue from a COVID-related cancellation payment was recognized inappropriately. The error has impacted financial statements for the year ended 2023, as well as fiscal quarters ended March 31, 2023 through June 30, 2024. Repligen noted that the change does not impact the total revenue recognized for this payment. The payment at the heart of the matter was a $17.3M cash payment received in April 2023 as a fee after a customer cancelled two COVID-related purchase orders. The company said it thought it had accounted for this appropriately based on U.S. GAAP practices and there was no fraud or misconduct involved. The "February 2023 transaction should have been analyzed and accounted for as a contract modification, which required this Payment to be deferred and recognized as product units were delivered under the Open PO," an SEC filing states. The document also noted that the restatement should not have an impact on business operations, cash and cash equivalent balan
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RGEN
News
- Repligen Co. (NASDAQ: RGEN) is now covered by analysts at Wolfe Research. They set a "peer perform" rating on the stock.MarketBeat
- Repligen Co. (NASDAQ: RGEN) was upgraded by analysts at StockNews.com from a "sell" rating to a "hold" rating.MarketBeat
- Company News for Nov 13, 2024 [Yahoo! Finance]Yahoo! Finance
- Repligen Corp (RGEN) Q3 2024 Earnings Call Highlights: Strong Revenue Growth and Strategic ... [Yahoo! Finance]Yahoo! Finance
- Repligen Beats on Q3 Earnings & Sales, Narrows '24 Sales View [Yahoo! Finance]Yahoo! Finance
RGEN
Earnings
- 11/12/24 - Beat
RGEN
Sec Filings
- 11/21/24 - Form 144
- 11/21/24 - Form 4
- 11/21/24 - Form 4
- RGEN's page on the SEC website