2013 Q2 Form 10-Q Financial Statement

#000119312513323245 Filed on August 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $17.51M $15.52M
YoY Change 12.79% 102.82%
Cost Of Revenue $5.298M $7.345M
YoY Change -27.87% 372.96%
Gross Profit $12.21M $8.179M
YoY Change 49.3% 34.06%
Gross Profit Margin 69.74% 52.69%
Selling, General & Admin $3.124M $3.418M
YoY Change -8.6% 49.32%
% of Gross Profit 25.58% 41.79%
Research & Development $2.306M $2.906M
YoY Change -20.65% -17.37%
% of Gross Profit 18.88% 35.53%
Depreciation & Amortization $690.0K $880.0K
YoY Change -21.59% 114.63%
% of Gross Profit 5.65% 10.76%
Operating Expenses $5.430M $6.324M
YoY Change -14.14% 8.92%
Operating Profit $6.103M $1.318M
YoY Change 363.05% -1189.26%
Interest Expense $12.40K $27.36K
YoY Change -54.67% -72.64%
% of Operating Profit 0.2% 2.08%
Other Income/Expense, Net -$122.0K $458.0K
YoY Change -126.64%
Pretax Income $6.034M $1.778M
YoY Change 239.37% -3332.73%
Income Tax $1.495M $208.0K
% Of Pretax Income 24.78% 11.7%
Net Earnings $4.539M $1.570M
YoY Change 189.11% -2954.55%
Net Earnings / Revenue 25.92% 10.11%
Basic Earnings Per Share $0.14 $0.05
Diluted Earnings Per Share $0.14 $0.05
COMMON SHARES
Basic Shares Outstanding 31.64M shares 30.85M shares
Diluted Shares Outstanding 32.32M shares 31.15M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.10M $28.40M
YoY Change 104.58% -34.86%
Cash & Equivalents $37.33M $15.88M
Short-Term Investments $20.80M $12.50M
Other Short-Term Assets $2.000M $1.100M
YoY Change 81.82% 57.14%
Inventory $10.56M $11.50M
Prepaid Expenses
Receivables $4.871M $7.812M
Other Receivables $5.300M $3.600M
Total Short-Term Assets $80.91M $52.36M
YoY Change 54.54% 0.3%
LONG-TERM ASSETS
Property, Plant & Equipment $9.838M $9.868M
YoY Change -0.31% 393.4%
Goodwill $994.0K $994.0K
YoY Change 0.0%
Intangibles $6.499M $7.177M
YoY Change -9.44%
Long-Term Investments $4.600M $10.90M
YoY Change -57.8% -27.81%
Other Assets $1.800M $200.0K
YoY Change 800.0% 0.0%
Total Long-Term Assets $23.74M $29.09M
YoY Change -18.39% 49.95%
TOTAL ASSETS
Total Short-Term Assets $80.91M $52.36M
Total Long-Term Assets $23.74M $29.09M
Total Assets $104.7M $81.45M
YoY Change 28.49% 13.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.481M $2.585M
YoY Change -42.7% 187.18%
Accrued Expenses $8.738M $7.148M
YoY Change 22.23% 224.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.22M $9.733M
YoY Change 4.99% 163.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.984M $2.743M
YoY Change -27.68% 357.16%
Total Long-Term Liabilities $1.984M $2.743M
YoY Change -27.68% 357.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.22M $9.733M
Total Long-Term Liabilities $1.984M $2.743M
Total Liabilities $12.20M $12.48M
YoY Change -2.19% 190.14%
SHAREHOLDERS EQUITY
Retained Earnings -$98.27M -$116.5M
YoY Change -15.65%
Common Stock $318.1K $308.5K
YoY Change 3.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.45M $68.73M
YoY Change
Total Liabilities & Shareholders Equity $104.7M $81.45M
YoY Change 28.49% 13.76%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $4.539M $1.570M
YoY Change 189.11% -2954.55%
Depreciation, Depletion And Amortization $690.0K $880.0K
YoY Change -21.59% 114.63%
Cash From Operating Activities $8.800M $2.010M
YoY Change 337.81% -174.17%
INVESTING ACTIVITIES
Capital Expenditures -$790.0K -$350.0K
YoY Change 125.71% 105.88%
Acquisitions
YoY Change
Other Investing Activities $20.00K $1.740M
YoY Change -98.85% -145.08%
Cash From Investing Activities -$760.0K $1.380M
YoY Change -155.07% -134.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.070M 20.00K
YoY Change 5250.0%
NET CHANGE
Cash From Operating Activities 8.800M 2.010M
Cash From Investing Activities -760.0K 1.380M
Cash From Financing Activities 1.070M 20.00K
Net Change In Cash 9.110M 3.410M
YoY Change 167.16% -150.59%
FREE CASH FLOW
Cash From Operating Activities $8.800M $2.010M
Capital Expenditures -$790.0K -$350.0K
Free Cash Flow $9.590M $2.360M
YoY Change 306.36% -192.91%

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dei Trading Symbol
TradingSymbol
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dei Entity Registrant Name
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dei Document Fiscal Year Focus
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dei Document Type
DocumentType
10-Q
dei Document Period End Date
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2013-06-30
dei Entity Central Index Key
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us-gaap Basis Of Accounting
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<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Basis of Presentation</b></font></td> </tr> </table> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The consolidated financial statements included herein have been prepared by Repligen Corporation (the &#x201C;Company,&#x201D; &#x201C;Repligen&#x201D; or &#x201C;we&#x201D;) in accordance with generally accepted accounting principles in the United States (&#x201C;U.S. GAAP&#x201D;) and pursuant to the rules and regulations of the Securities and Exchange Commission (&#x201C;SEC&#x201D;), for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnote disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company&#x2019;s Annual Report on Form 10-K for the year ended December&#xA0;31, 2012.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year.</font></p> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></p> </div>
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M21D
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.86
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
672255 shares
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P8Y
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
786254 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.84
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
12390684
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
4.28
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-18587
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.28
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y4D
us-gaap Weighted Average Number Of Shares Outstanding Basic
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24947879
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OtherNonoperatingIncomeExpense
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IncreaseDecreaseInInventories
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12194417
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2034545
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8121757
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us-gaap Direct Operating Cost Royalty Expense
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1219593
us-gaap Selling General And Administrative Expense
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6432039
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2778348
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EffectOfExchangeRateOnCashAndCashEquivalents
-492563
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
592030
us-gaap Interest Expense
InterestExpense
25933
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-958014
us-gaap Increase Decrease In Other Operating Liabilities
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-194945
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2034545
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ChangeInFairValueOfAcquisitionRelatedContingentConsideration
-18587
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31072445 shares
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
458298
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
285046 shares
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0872 pure
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.62
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3738823
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1539300 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30787399 shares
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
513515
us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
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686000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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1969
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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502180
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
372715
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
22977047
us-gaap Sales Revenue Goods Net
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21001840
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OtherNonoperatingIncomeExpense
567559
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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3063572
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
5141897
us-gaap Investment Income Net
InvestmentIncomeNet
60940
us-gaap Revenues
Revenues
28348281
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-238285
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2155131
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-62132
us-gaap Operating Income Loss
OperatingIncomeLoss
2484814
us-gaap Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
314244
us-gaap Royalty Revenue
RoyaltyRevenue
7346441
us-gaap Net Income Loss
NetIncomeLoss
2796435
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-1658864
us-gaap Cost Of Goods Sold
CostOfGoodsSold
12617800
us-gaap Costs And Expenses
CostsAndExpenses
25863467
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
134986
us-gaap Share Based Compensation
ShareBasedCompensation
455669
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1696885
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4712261
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
24483333
us-gaap Direct Operating Cost Royalty Expense
DirectOperatingCostRoyaltyExpense
999021
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6846769
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
267137
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-154319
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1239381
us-gaap Interest Expense
InterestExpense
49741
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1207265
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
212763
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
134986
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
455669
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
992771
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5714121
CY2012 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P8Y
CY2013Q1 us-gaap Income Tax Expense Benefit Extraordinary Items
IncomeTaxExpenseBenefitExtraordinaryItems
298000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2012Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
11659239
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31149090 shares
CY2012Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
303953 shares
CY2012Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0872 pure
CY2012Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1451500 shares
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30845137 shares
CY2012Q2 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
285000
CY2012Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6130
CY2013Q2 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
ResearchAndDevelopmentArrangementContractToPerformForOthersCompensationEarned
142000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-4638
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
13013610
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OtherNonoperatingIncomeExpense
-122263
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ComprehensiveIncomeNetOfTax
3650661
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OperatingIncomeLoss
6102763
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6033703
CY2013Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-883888
CY2013Q2 us-gaap Investment Income Net
InvestmentIncomeNet
65605
CY2013Q2 us-gaap Revenues
Revenues
17508967
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1778193
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-1722999
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InvestmentIncomeNet
29516
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Revenues
15523820
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ComprehensiveIncomeNetOfTax
-159166
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OperatingIncomeLoss
1317739
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RoyaltyRevenue
3864581
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NetIncomeLoss
1569963
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CostOfGoodsSold
7345257
CY2012Q2 us-gaap Costs And Expenses
CostsAndExpenses
14206081
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
214797
CY2012Q2 us-gaap Direct Operating Cost Royalty Expense
DirectOperatingCostRoyaltyExpense
536933
CY2012Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3418233
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IncomeTaxExpenseBenefit
208230
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InterestExpense
27360
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AllocatedShareBasedCompensationExpense
214797
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ResearchAndDevelopmentExpense
2905658
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EarningsPerShareBasic
0.14
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EarningsPerShareDiluted
0.14
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32317156 shares
CY2013Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
673461 shares
CY2013Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
520552 shares
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31643695 shares
CY2013Q2 us-gaap Royalty Revenue
RoyaltyRevenue
4495357
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NetIncomeLoss
4539187
CY2013Q2 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAggregateLosses
5000
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CostOfGoodsSold
5297809
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11406204
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312691
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642736
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3123940
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InterestExpense
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ResearchAndDevelopmentExpense
2306332
CY2013Q2 rgen Change In Fair Value Of Acquisition Related Contingent Consideration
ChangeInFairValueOfAcquisitionRelatedContingentConsideration
35387
CY2012Q4 us-gaap Deferred Other Tax Expense Benefit
DeferredOtherTaxExpenseBenefit
3021000

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