Core Insights - Harvard Bioscience, Inc. has appointed John Duke to its board of directors, effective June 2, 2025, and he will also serve on the audit and nominating and governance committees [1][2] - Katherine Eade has been named Lead Independent Director of the Company's board of directors [1] - Thomas Loewald has retired from the board after serving since October 2017 [3] Company Overview - Harvard Bioscience, Inc. is a leading developer, manufacturer, and seller of technologies, products, and services that enable advances in life science applications, including research, drug and therapy discovery, bio-production, and preclinical testing for pharmaceutical development [4] - The Company serves a diverse customer base, including academic institutions, government laboratories, and leading pharmaceutical and biotechnology organizations, with operations in the United States, Europe, and China [4]

Financial Performance - Revenues decreased by $2.7 million, or 11.2%, to $21.8 million for the three months ended March 31, 2025, compared to $24.5 million for the same period in 2024[80]. - Gross profit decreased by $2.6 million, or 17.5%, to $12.2 million, with a gross margin of 56.0% for the three months ended March 31, 2025, down from 60.3% in 2024[81]. - Cash provided by operating activities increased to $3.0 million for the three months ended March 31, 2025, compared to $1.4 million in the same period of 2024, reflecting a growth of approximately 113%[96]. - Cash used in investing activities rose to $0.7 million in Q1 2025 from $0.2 million in Q1 2024, primarily due to capital expenditures for manufacturing and software development[97]. - Cash used in financing activities was $1.2 million for the three months ended March 31, 2025, compared to $1.1 million in the same period of 2024, with $1.0 million allocated to debt repayments[98]. Expenses - Sales and marketing expenses decreased by $0.9 million, or 15.8%, to $5.0 million for the three months ended March 31, 2025[82]. - General and administrative expenses decreased by $0.8 million, or 13.0%, to $5.2 million for the three months ended March 31, 2025[83]. - Research and development expenses decreased by $0.6 million, or 19.5%, to $2.3 million for the three months ended March 31, 2025[84]. Cash and Liquidity - Cash and cash equivalents increased to $5.5 million as of March 31, 2025, compared to $4.1 million as of December 31, 2024[91]. - Cash and cash equivalents increased by $1.4 million in Q1 2025, contrasting with a decrease of $28,000 in Q1 2024[96]. - The company experienced cash inflows from accounts receivable of $0.7 million and inventories of $1.3 million in Q1 2025, contributing to the positive cash flow from operations[96]. - Borrowings outstanding were $36.4 million as of March 31, 2025, down from $37.4 million as of December 31, 2024[91]. - There is substantial doubt about the company's ability to continue as a going concern unless alternative sources of capital are accessed or repayment dates under the Credit Agreement are extended[95]. Impairments and Losses - A non-cash goodwill impairment charge of $48.0 million was recorded during the three months ended March 31, 2025[86]. - Losses associated with the translation of foreign equity into U.S. dollars were $1.3 million for Q1 2025, compared to $0.8 million in Q1 2024, indicating an increase of 62.5%[100]. - Currency exchange rate fluctuations contributed to a loss of $0.2 million in Q1 2025, while such fluctuations were not significant in Q1 2024[100]. Foreign Currency Impact - The effect of foreign currency exchange rates resulted in a $0.1 million unfavorable impact on revenues and a $0.1 million favorable impact on expenses during Q1 2025[100]. - Recent accounting pronouncements impacting the business are detailed in the financial statements[102]. Accounting Policies - There have been no material changes to the critical accounting policies underlying the financial statements[101].

Harvard Bioscience (HBIO) Q1 2025 Earnings Call May 12, 2025 08:00 AM ET Company Participants Kathryn Flynn - Corporate ControllerMark Frost - Interim CFO & TreasurerJames Green - President, CEO & ChairmanPaul Knight - Managing Director Conference Call Participants Bruce Jackson - Senior Analyst Operator Good day, and welcome to the First Quarter twenty twenty five Harvard Bioscience Inc. Earnings Conference Call. All participants will be in a listen only mode. After today's presentation, there will be an o ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $21.8 million, down from $24.5 million in Q1 2024, aligning with the higher end of guidance [7][10] - Gross margin decreased to 56% from 60.3% in the previous year [8][14] - Operating loss was $49.7 million compared to a loss of $2.3 million in Q1 2024, primarily due to a goodwill impairment charge of $48 million [8][10] - Adjusted EBITDA was $800,000, down from $1.6 million in Q1 2024 [15] - Cash flow from operations improved to $3 million from $1.4 million in the prior year [16] Business Line Data and Key Metrics Changes - Revenue in The Americas declined 9.4% year-over-year and 5.4% sequentially [11] - European revenue decreased 29% sequentially and 9% year-over-year [12] - APAC revenue increased 6.6% sequentially but was down 17% compared to the prior year [13] Market Data and Key Metrics Changes - The Americas faced a slowdown attributed to budget clarity issues for academic and NIH funding [11] - European sales were impacted by a lack of seasonal bump and lower CRO sales [12] - APAC market showed slight sequential growth but anticipated challenges due to tariff announcements [13] Company Strategy and Development Direction - Focus on expanding adoption of new products while reducing costs, with an expected reduction in operating expenses by an additional $1 million per quarter starting Q2 2025 [25] - New product introductions include the SOHO telemetry devices and VivaMARS system, targeting both academic and industrial customers [19][20] - Emphasis on bioproduction applications and exploring partnerships for CAR T therapy production [21][31] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over NIH funding and the impact of tariffs on revenue, particularly in China [25][53] - Positive outlook on the adoption of organoid systems due to government policy changes encouraging alternative testing methods [24][34] - Anticipated Q2 revenue guidance is between $18 million to $20 million, with gross margin expected to be in the 55% to 57% range [25] Other Important Information - Goodwill impairment charge of $48 million was recorded due to a decrease in market capitalization [10][29] - Net debt decreased to $30.8 million, reflecting improved cash flow management [16] Q&A Session Summary Question: Can you elaborate on the impairment charge? - Management explained that the impairment was due to a drop in market cap, necessitating a reassessment of goodwill, leading to a non-cash charge of $48 million [29] Question: What about the bioproduction business and CAR T therapy? - Management confirmed that the BTX system is being adopted by a domestic biotech for CAR T therapy production, indicating strong traction in the market [31] Question: How is the MEA product line performing amid NIH funding uncertainties? - Management noted strong interest in the MEA product line, particularly from academic researchers, despite a slowdown in purchasing processes due to NIH staffing changes [34][45] Question: What are the refinancing plans? - Management indicated that refinancing will be more expensive than commercial rates, with terms likely spanning four to five years [46][48]

NASDAQ: HBIO Q1'25 Earnings Presentation Jim Green, Chairman, President & CEO Jennifer Cote, CFO & Treasurer Mark Frost, Incoming Interim CFO & Treasurer May 12, 2025 1 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements This document contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward- looking statements may be identified by the use of words such as "may," "will," ...

Exhibit 99.1 Harvard Bioscience Announces First Quarter 2025 Financial Results HOLLISTON, Mass., May 12, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the "Company") today announced financial results for the first quarter ended March 31, 2025. Jim Green, Chairman and CEO, said, "First quarter revenues were in line with our expectations, reflecting typical Q4 to Q1 seasonality as well as uncertainty surrounding NIH funding and the evolving tariff situation, especially in relation to sales ...

HOLLISTON, Mass., May 05, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) will announce its financial results for the quarter ended March 31, 2025, before the market opens on May 12, 2025, and will hold a conference call to discuss the results at 8:00 a.m. Eastern Time. Participants who would like to join the call and ask a question must register here. Once registered, you will receive the dial-in numbers and a unique PIN number. Participants who would like to join the audio-only webcast ...

Core Viewpoint - Harvard Bioscience, Inc. announced the resignation of Chief Financial Officer Jennifer Cote, effective upon the filing of the Quarterly Report on Form 10-Q, expected by May 12, 2025. Mark Frost has been appointed as the Interim CFO and Treasurer following her departure [1]. Group 1: Management Changes - Jennifer Cote's resignation will take effect upon the filing of the Company's Quarterly Report on Form 10-Q, anticipated by May 12, 2025 [1]. - Mark Frost has been appointed as the Interim Chief Financial Officer and Treasurer effective upon Ms. Cote's resignation [1]. - Mark Frost brings over 30 years of financial and executive-level management experience, having served as CFO for multiple public healthcare companies and as a consultant to Harvard Bioscience since January 2025 [2]. Group 2: Leadership Statements - Jim Green, Chairman and CEO, expressed confidence in Mark Frost's financial and business acumen, highlighting his extensive experience in corporate finance and as a public company CFO [3]. - Green acknowledged Jennifer Cote's contributions to the company, particularly in leading the finance team and driving initiatives such as the ERP system consolidation project [3]. Group 3: Company Overview - Harvard Bioscience, Inc. is a leading developer, manufacturer, and seller of technologies and services that support advances in life science applications, including research and drug discovery [4]. - The company serves a diverse customer base, including academic institutions, government laboratories, and leading pharmaceutical and biotechnology organizations globally [4].

Revenue and Sales - Harvard Bioscience, Inc. generated approximately 49% of its global revenues from the Cellular and Molecular Technologies (CMT) product family and 51% from the Preclinical product family for the years ended December 31, 2024 and 2023[23][24]. - Revenues from direct sales to end-users represented approximately 63% of total revenues, while sales through distributors accounted for approximately 37% for the year ended December 31, 2024[27]. - No single customer accounted for more than 10% of revenues in 2024, demonstrating a broad customer base across various sectors[26]. - A significant portion of the company's revenues is derived from pharmaceutical and biotechnology companies, which are subject to various risks including government regulation and funding uncertainties[52]. - The company anticipates that revenues from international operations will continue to increase due to efforts to expand its business abroad[56]. - Revenues decreased by $18.2 million, or 16.1%, to $94.1 million for the year ended December 31, 2024, compared to $112.3 million for the year ended December 31, 2023[113]. Financial Performance - Gross profit decreased by $11.3 million, or 17.1%, to $54.8 million for the year ended December 31, 2024, with a gross margin of 58.2%[114]. - The net loss for the year ended December 31, 2024, was $12.405 million, compared to a net loss of $3.415 million in 2023, representing an increase in loss of 263.5%[200]. - Operating (loss) income for the year ended December 31, 2024, was $(6.211) million, compared to an operating income of $1.894 million in 2023[200]. - Cash provided by operating activities decreased significantly to $1.4 million in 2024 from $14.0 million in 2023, impacted by a larger net loss and changes in operating assets and liabilities[129]. - The company reported total operating expenses of $60.977 million for 2024, a decrease of 5.5% from $64.177 million in 2023[200]. Expenses and Cost Management - Research and development expenses were approximately $10.4 million and $11.8 million for the years ended December 31, 2024 and 2023, respectively[29]. - Sales and marketing expenses decreased by $1.9 million, or 7.7%, to $22.2 million for the year ended December 31, 2024[115]. - General and administrative expenses decreased by $1.3 million, or 5.6%, to $21.5 million for the year ended December 31, 2024[116]. - Interest expense decreased by $0.4 million, or 10.6%, to $3.2 million for the year ended December 31, 2024[120]. - The company incurred $0.8 million in restructuring expenses during the year ended December 31, 2024, primarily related to headcount reductions[110]. Debt and Financing - As of December 31, 2024, the company had an outstanding indebtedness of $37.4 million under its term loan and senior revolving credit facility[46]. - The company was not in compliance with the consolidated net leverage ratio covenant as of December 31, 2024, but received a waiver from lenders on March 10, 2025[46]. - The company is exploring alternative sources of capital to refinance its outstanding indebtedness by June 30, 2025, to avoid default under the Credit Agreement[47]. - The company maintains a Credit Agreement with a term loan of $40.0 million and a $25.0 million revolving credit facility, both maturing on December 22, 2025[125]. - The March 2025 Amendment caps the lender's commitment under the revolving credit facility at the amount outstanding, preventing additional borrowings[62]. Operational Efficiency and Strategy - The company plans to pursue a balanced development portfolio strategy, focusing on both internal research and potential acquisitions to expand its product offerings[29]. - The company has consolidated its enterprise resource planning (ERP) system in the United States in 2024 to improve operational efficiency[16][30]. - Harvard Bioscience has taken steps to rationalize its product portfolio, including discontinuing non-strategic products and reducing headcount in Europe and North America[16]. - The recently introduced VivaMars™ behavioral monitoring system targets high throughput testing needs for industrial customers, including CROs and pharmaceutical companies[27]. - The company is currently implementing a plan to remediate the identified material weaknesses, but there is no assurance of timely remediation[69]. Risks and Challenges - The company faces competition from established companies with greater financial and operational resources, which may impact its market position[49]. - The life sciences industry is subject to rapid technological change, requiring the company to continually enhance and develop new products[50]. - The company is subject to risks associated with international sales, including fluctuations in foreign currency exchange rates and local economic conditions[57]. - Changes in government regulations may adversely impact the company's revenues and increase its expenses[54]. - The company faces risks associated with the development and deployment of artificial intelligence technologies, which could result in reputational harm and regulatory liabilities[73]. Internal Controls and Compliance - The company identified material weaknesses in internal controls over financial reporting as of December 31, 2024, which could adversely affect the accuracy of financial statements[68]. - The independent auditor, Grant Thornton LLP, expressed an adverse opinion on the effectiveness of internal control over financial reporting as of December 31, 2024[190]. - Material weaknesses included ineffective manual controls over revenue transactions and an inadequate cycle count program for inventory verification[165]. - Management's evaluation concluded that there is a reasonable possibility of material misstatements in financial statements due to these weaknesses[164]. - The effectiveness of internal controls is subject to inherent limitations, including the possibility of human error and changes in conditions[160]. Workforce and Human Resources - The company employed a total of 355 employees as of December 31, 2024, including 330 full-time employees[42]. - Retaining key personnel is essential; competition for qualified employees is intense, particularly in key geographic areas[84]. - The company may face significant dilution of ownership interest if additional funds are raised through equity or convertible debt[88]. Market Conditions and Economic Factors - Geopolitical instability and economic uncertainty may materially affect the company's financial condition and results of operations[89]. - Rising commodity prices could adversely impact profit margins if costs cannot be passed on to customers[94]. - Foreign currency exchange rate fluctuations may negatively impact reported earnings, as a significant portion of revenues is derived from international operations[72].

Core Viewpoint - Harvard Bioscience, Inc. is actively engaging with investors through participation in two upcoming conferences in March 2025, highlighting its commitment to investor relations and transparency [1][2]. Company Overview - Harvard Bioscience, Inc. is a prominent developer, manufacturer, and seller of technologies and services that facilitate advancements in life sciences, including research, pharmaceutical discovery, bio-production, and preclinical testing [1]. - The company's customer base includes prestigious academic institutions, government laboratories, and leading pharmaceutical and biotechnology firms, indicating a strong market presence [1]. Upcoming Events - The 37th Annual Roth Conference will take place from March 16-18, 2025, where management will conduct one-on-one meetings and participate in a Fireside Chat on March 17 at 10 a.m. PT [2]. - A virtual event, the KeyBanc Capital Markets Healthcare Forum, is scheduled for March 19, 2025, featuring one-on-one meetings and a Fireside Chat with Paul Knight at 3:45 p.m. ET [2].