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由于收入确认错误，Repligen财务报表需要重报
2024-09-19 04:48
- Repligen (NASDAQ:RGEN) said it will need to restate some of its financial statements after a review found that the timing of recognition of 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 balances, or strategic outlook.
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- Repligen Non-GAAP EPS of $0.33 in-line, revenue of $154M in-line; updates FY24 outlook
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