Harvard Bioscience, Inc. (NASDAQ:HBIO) Q1 2021 Earnings Conference Call May 6, 2021 8:00 AM ET Company Participants David Sirois - Director, Corporate Accounting & SEC Reporting James Green - President, CEO & Chairman Michael Rossi - CFO Conference Call Participants Paul Knight - KeyBanc Capital Markets Timothy Chiang - Northland Capital Markets Lisa Springer - Singular Research Bruce Jackson - The Benchmark Company Operator Good day and thank you for standing by and welcome to the Q1 2021 Harvard Bioscienc ...

For the quarterly period ended March 31, 2021 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 001-33957 HARVARD BIOSCIENCE, INC. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of (I.R.S. Employ ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2020 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 001-33957 ___________________________ HARVARD BIOSCIENCE, INC. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of (I.R.S. Employer Incorporation o ...

Financial Data and Key Metrics Changes - Net revenue recovered to pre-COVID levels, with Q4 revenue at $31 million, flat compared to last year [8][11] - Adjusted operating margin improved to 19%, with adjusted operating income at $5.8 million, resulting in an adjusted operating margin of 18.7% [8][12] - Gross margin increased to 57.2%, an improvement of 150 basis points year-over-year [11][12] - GAAP earnings per share was negative $0.02, while adjusted EPS was $0.08, flat to last year [12] Business Line Data and Key Metrics Changes - Preclinical product revenue increased by 19%, driven by strength across all core customer segments [8][14] - Cellular and Molecular revenue decreased by 15%, but showed sequential improvement from previous quarters [13] - Cost reductions from turnaround initiatives delivered annual savings of $7 million to $8 million [16][22] Market Data and Key Metrics Changes - North America remains the bulk of the business, but Asia is showing rapid growth, while Europe is recovering more slowly [54][56] - Academic labs are expected to continue recovering, contributing to overall sales growth [27][59] Company Strategy and Development Direction - The company aims for reported revenue growth of approximately 8% to 12% over last year, focusing on high-value organic growth and new product introductions [10][28] - Portfolio rationalization has pruned low-quality product revenues, enhancing overall business efficiency [28] - Investments in sales, marketing, and product development are expected to support long-term profitable growth [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of academic labs and the overall market, anticipating a return to normal operations [27][59] - The company expects to achieve a gross margin target of approximately 60% as academic lab productivity returns [20][28] - Management highlighted the importance of strategic account management and professional marketing to drive sales growth [26][44] Other Important Information - The company completed refinancing from high-cost debt to commercial bank debt, saving about $3 million annually [9][16] - Operating expenses increased due to variable compensation linked to achieving sales goals [23] Q&A Session Summary Question: What is the thinking on normalized growth rate? - Management indicated that adjusting for non-strategic products, they expect high single-digit growth, with preclinical products anticipated to see double-digit growth [35] Question: Which products stood out in growth rates? - Preclinical products showed 19% growth, particularly driven by new inhalation technology and telemetry systems [37] Question: Any further shrinkage on non-growth businesses expected in 2021? - Management does not foresee further shrinkage, having already pruned non-strategic products from the portfolio [41] Question: Thoughts on the CRO industry merger? - Management believes there will be short-term chaos but expects to maintain strong relationships and potentially gain more business from the merger [43][45] Question: Details on new product launches in 2021? - Management mentioned investments in BTX electroporation technology and new telemetry technologies, among others [49][50] Question: Target debt-to-capital ratio? - Management aims for a debt-to-capital ratio around 2x, with plans for potential acquisitions later in the year [52] Question: Geographic segmentation and growth rates? - North America is the largest market, but Asia is expected to be the fastest-growing region, while Europe is recovering more slowly [54][56] Question: Impact of COVID on preclinical revenues? - The inhalation products have seen a specific growth vector due to COVID, but overall growth is more generalized across the portfolio [66] Question: Importance of new product introductions to revenue growth? - New product introductions are expected to contribute to long-term growth, with immediate impacts from improved sales and marketing efforts [68]

NASDAQ: HBIO Q4'20 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO March 10, 2021 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements Information in this presentation or in oral statements of the management of the Company may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of such words as "will," "g ...

NASDAQ: HBIO Q3'20 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO November 5, 2020 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements Information in this presentation or in oral statements of the management of the Company may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of such words as "will," ...

Harvard Bioscience, Inc. (NASDAQ:HBIO) Q3 2020 Earnings Conference Call November 5, 2020 8:00 AM ET Company Participants David Sirois - Director, Corporate Accounting & SEC Reporting Jim Green - Chairman of the Board, President and Chief Executive Officer Mike Rossi - Chief Financial Officer Conference Call Participants Lisa Springer - Singular Research Bruce Jackson - The Benchmark Company Operator Thank you for standing by, and welcome to the Third Quarter 2020, Harvard Bioscience Inc, Earnings Conference ...

Revenue Performance - Revenue for the three months ended September 30, 2020 was $24.0 million, a decrease of approximately $3.4 million, or 12.3%, compared to $27.4 million for the same period in 2019, primarily due to the impact of the COVID-19 pandemic [97]. - Revenues for the nine months ended September 30, 2020 were $71.1 million, a decrease of approximately $14.1 million, or 16.5%, compared to $85.2 million for the same period in 2019 [106]. Cost of Revenues - Cost of revenues decreased to $10.5 million for the three months ended September 30, 2020, a decrease of $1.9 million, or 15.3%, compared to $12.4 million for the same period in 2019, resulting in a gross margin of 56.1% [98]. - Cost of revenues decreased to $30.8 million, a reduction of $7.3 million, or 19.2%, resulting in a gross margin of 56.7% for the nine months ended September 30, 2020, compared to 55.3% in 2019 [107]. Expenses - Sales and marketing expenses decreased by $0.7 million, or 13.3%, to $4.6 million for the three months ended September 30, 2020, due to ongoing restructuring and lower travel costs [99]. - Sales and marketing expenses decreased by $2.9 million, or 16.8%, to $14.4 million for the nine months ended September 30, 2020, primarily due to restructuring and cost reduction initiatives [108]. - General and administrative expenses were $5.4 million for the three months ended September 30, 2020, a decrease of $1.2 million, or 18.2%, compared to $6.6 million for the same period in 2019 [100]. - General and administrative expenses increased by $0.6 million, or 3.6%, to $17.8 million, mainly due to higher employee severance and restructuring costs [110]. - Research and development expenses were $1.9 million for the three months ended September 30, 2020, a decrease of $0.6 million, or 24.0%, compared to $2.6 million for the same period in 2019 [101]. - Research and development expenses were $6.3 million, a decrease of $1.7 million, or 21.5%, compared to $8.1 million for the same period in 2019 [112]. Interest and Tax - Interest expense was $1.2 million for the three months ended September 30, 2020, a decrease of $0.1 million, or 10.6%, compared to $1.3 million for the same period in 2019 [103]. - Interest expense decreased to $3.7 million, a reduction of $0.4 million, or 9.5%, compared to $4.1 million in 2019, due to reduced borrowings [114]. - The effective tax rate was 22.4% for the three months ended September 30, 2020, compared with 2.0% for the same period in 2019, primarily due to the mix of forecasted income or losses in different jurisdictions [104]. - The effective tax rate was (6.7)% for the nine months ended September 30, 2020, compared to 6.5% for the same period in 2019, influenced by the mix of income and losses in various jurisdictions [115]. Restructuring and Cash Flow - The 2019 Restructuring Plan is expected to deliver annualized run-rate savings of $4.0 million to $5.0 million, with additional savings of approximately $1.0 million from expanded restructuring efforts [92][93]. - Approximately $4.4 million of cash payments were made related to restructuring activities through the nine months ended September 30, 2020 [94]. - Cash provided by operations increased to $6.8 million for the nine months ended September 30, 2020, compared to $5.8 million in 2019, primarily due to improved working capital management [120]. Debt and Interest Rates - Total debt, net of cash and cash equivalents, was $41.6 million at September 30, 2020, down from $46.7 million at December 31, 2019 [118]. - The company had available borrowing capacity under the revolving line of credit of $7.3 million as of September 30, 2020 [126]. - As of September 30, 2020, the weighted effective interest rate on the term loan was 8.9% [141]. - An increase of 1% in interest rates would result in an approximate interest expense increase of $0.1 million [141]. - An increase of 2% in interest rates would lead to an approximate interest expense increase of $0.2 million [141]. COVID-19 Impact - The company continues to monitor the impact of COVID-19 on operations and has implemented a mitigation plan to reduce expenses, including work hour and salary reductions [90].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2020 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-33957 HARVARD BIOSCIENCE, INC. (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction of (I.R.S. Employer Incorporat ...

NASDAQ: HBIO Q2'20 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO August 5, 2020 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements This information in this presentation or in oral statements of the management of the Company may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of such words as "will ...