RGENHIGH SIGNALFINANCIAL10-K

RGEN achieved a dramatic turnaround from a $25.5M net loss to $48.9M profit while nearly quadrupling revenue, but operating cash flow declined 33% and cash reserves decreased by $191M.

This represents a remarkable operational transformation suggesting successful execution of growth strategy and improved operational efficiency. However, the significant decline in operating cash flow despite profitability and the substantial cash burn raise questions about working capital management and sustainability of the growth trajectory.

Comparing 2026-02-26 vs 2025-03-14View on EDGAR →
FINANCIAL ANALYSIS

RGEN delivered exceptional top-line growth with revenue surging 286% to $141.2M and swinging from operating losses to $55.2M in operating income, demonstrating strong operational leverage. However, the company consumed significant cash with operating cash flow declining 33% to $117.4M and total cash position dropping $191M to $566.0M, while working capital increased substantially with inventory up 19% and receivables up 18%. This mixed picture suggests robust business momentum but potential working capital inefficiencies that investors should monitor closely.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+291.6%
-$25.5M→$48.9M

Net income grew 291.6% — bottom-line growth signals improving overall business health.

Revenue
P&L
+286.1%
$36.6M→$141.2M

Strong top-line growth of 286.1% — accelerating demand or successful expansion into new markets.

Operating Income
P&L
+257.1%
-$35.1M→$55.2M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Interest Expense
P&L
+67.9%
$1.2M→$2.0M

Interest expense surged 67.9% — significant debt increase or rising rates materially impacting earnings.

Operating Cash Flow
Cash Flow
-33.1%
$175.4M→$117.4M

Operating cash flow fell 33.1% — earnings quality concerns; investigate working capital changes and non-cash items.

R&D Expense
P&L
+25.4%
$43.2M→$54.2M

R&D investment increased 25.4% — signals commitment to future product development, though near-term margin impact.

Cash & Equivalents
Balance Sheet
-25.3%
$757.4M→$566.0M

Cash decreased 25.3% — monitor burn rate and upcoming capital needs.

Inventory
Balance Sheet
+19.2%
$143.0M→$170.5M

Inventory built 19.2% — monitor whether demand supports this build or if write-downs may follow.

Accounts Receivable
Balance Sheet
+18.2%
$134.1M→$158.6M

Receivables grew 18.2% — monitor days sales outstanding for collection efficiency.

Gross Profit
P&L
+11.1%
$54.4M→$60.5M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-14
ADDED
The number of shares of the registrant s common stock o utstanding as of February 20, 2026, was 56,331,110 .
These forward-looking statements are based on information available to us at the time of this Form 10-K and current operations, forecasts and assumptions and involve a number of judgments, risks and uncertainties.
We are committed to inspiring advances in bioprocessing as a trusted partner in the production of critical biologic drugs including monoclonal antibodies ( mAbs ) and mAb derivatives like antibody drug conjugates, recombinant proteins, RNA-based therapeutics and vaccines and cell and gene therapies ( C GT ) that are improving human health worldwide.
A majority of our 19 manufacturing sites are located in the United States (including California, Massachusetts, New Hampshire, New Jersey and New York).
The majority of our revenue is derived from consumable and/or single-campaign ( single-use ) product sales, though we have grown our hardware and equipment offerings in recent years.
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REMOVED
10-K Summary 62 SIGNATURES 63 Summary of the Material Risks Associated with Our Business Our business is subject to numerous risks and uncertainties that you should be aware of in evaluating our business.
Investors are cautioned that express or implied statements in this Form 10-K that are not strictly historical statements, including, without limitation, statements regarding current or future financial performance, potential impairment of future earnings, management s strategy, plans and objectives for future operations or acquisitions, product development and sales, research and development, selling, general and administrative expenditures, intellectual property and adequacy of capital resources and financing plans constitute forward-looking statements.
We are committed to inspiring advances in bioprocessing as a trusted partner in the production of critical biologic drugs including monoclonal antibodies ( mAbs ) and mAb derivatives, recombinant proteins, RNA-based therapeutics and vaccines, and cell and gene therapies ( C GT ) that are improving human health worldwide.
Increasingly, our technologies are being implemented to overcome challenges in processing plasmid DNA (a starting material for the production of mRNA) and gene delivery vectors such as lentivirus and adeno-associated viral vectors.
A majority of our 16 manufacturing sites are located in the United States (California, Massachusetts, New Hampshire, New Jersey, and New York).
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