RGEN
#Yes, I think that's the right way to think about the year.
Sure, sure.
So first and foremost, we are going to continue to reinvest in the business to support the future growth that we are expecting to see.
Also I think of equal importance really is M&A and we continue to be active on the M&A front looking for opportunities and that's a really, really high priority for us next year.
We will be reinvesting in CapEx as we talked about and ---+ but that will be not significantly above where we were at this year, but a little bit above this year.
Yes, <UNK>, absolutely.
So I think one of the things that really has helped us in 2015 as we go into 2016 is the expansion of the commercial organization.
So we've been able to now broaden our customer base in both the US and in Europe and we are seeing an uptick in Asia as well.
Really pulled through from the strength that we have in ATF.
So as we broaden the customer base, the opportunities to get into more processes and to ship multiple columns is absolutely the case.
So when we look at our top customers, it's not one or two columns, it's probably 5 to 10 columns per year that we are shipping to those sites.
And as I said a little earlier, it depends a little bit on the number of campaigns that a customer would run in a given year.
So if you are a CMO, there's kind of a fixed set of campaigns they run.
When you start to get into the large pharma accounts, clearly if we can move into their preclinical Phase 1/Phase 2 opportunities, the number of columns goes up significantly.
So we are pretty pleased, <UNK>, as we've kicked off this year that we have a number of customers now that are asking about going 100% committing to our pre-packed columns.
So that's exciting for us and that's what's spearheading our investment in man capacity and physical capacity for OPUS.
Yes, I think it's ---+ obviously the distributors that we've brought on have worked out really well for us and we've put Repligen people into Asia as well and that's also played a big part in our success in 2015.
It's clear to me that we need to continue to add more people into Asia and we think that the right balance of applications people to support the customers, especially on ATF evaluations and implementation, is probably our number one priority.
So we will be looking at China and Korea as the two areas where we want to add in the applications people and additional salespeople.
We have a very strong distributor in India and so we think we can manage that territory quite nicely through the folks that we have on the ground right now.
So for us, the biosimilar story is really strength in the biologics market, so whether it's an originator molecule that moves through Phase 3 into approval or it's a biosimilar, we are agnostic because, from a Protein A ligand point of view, it's purely a volume play and so we will ship to our top two customers in GE and Millipore the same amount of ligand to do a purification of a biosimilar as it would be to do the purification of an originator molecule.
So we like the fact that the biosimilar market continues to mature and it's exciting to see biosimilars coming through now for final approval and I think that's going to help the overall growth in the market going forward.
Yes, that's a great question.
So I'd say since mid-2015, I've personally been very focused on driving the M&A strategy for the Company and I think we've made a lot of progress.
We have an active pipeline of targets that we are working with.
I can't really speak to timing of when a deal may or may not get done, but we are making progress.
I don't think it's an issue ---+ every company that you deal with, there's always a valuation piece, but I think it's just a matter of getting the targets that we are interested in in getting deals done with to a point where they are comfortable with getting a deal done with Repligen.
And that's really what we are working towards and it's our strategic priority for this year and our goal is to get some deals done this year for sure.
Sure, sure, so I will touch on the Refine question first, the contingent consideration.
So we paid out ---+ it's a three-year program.
Obviously, we paid out in the first quarter of 2015 a $1 million earnout that occurred for the 2014 year.
In the 2015 year, we achieved the full maximum amount of payout and we will be paying out another $4.35 million in the first quarter of 2016.
We accrued $2 million towards the 2016 milestone in Q4 and there are additional amounts of about $2.25 million to $3.55 million that we could pay out if our sales actually hit the lower end to the high end of the milestone schedules.
So we can't really say right now whether we are going to hit those milestones or not, but right now we are accrued to about 48% of the lower end of the milestone, which gives you the level of confidence that we think we will be able to hit that milestone.
In terms of cash flow, we guided basically a few minutes ago that we have a good solid forecast for next year and we expect to generate about $13 million to $15 million of free cash flow and spend about $3 million to $3.5 million obviously in CapEx.
So a total next year finishing around $87 million to $89 million is our expectation.
Obviously that excludes any M&A activity.
