Financial Data and Key Metrics - Revenue in Q3 2024 was $22 million, down 13% YoY and 5% sequentially, primarily due to weakness in China and Asia Pacific [7] - Gross margin was $12.8 million or 58.1%, close to the 60% target despite a low revenue quarter [9] - GAAP operating loss was $1.9 million, while adjusted operating income was $800,000 or 3.8% of revenue [9] - Adjusted EBITDA was $1.3 million or 6% of revenue [9] - Cash flow used in operations was $0.8 million in Q3 2024, compared to $4.4 million provided in the same period last year [24] Business Line Performance - Americas revenue was down 12% YoY but stabilized sequentially, with preclinical sales declining 26% YoY due to COVID-related respiratory products and telemetry system software [13] - Cellular and Molecular (CMT) revenue grew 15% YoY in the Americas, showing modest sequential growth [14] - Europe revenue was down 12% YoY but stabilized sequentially, with preclinical sales down 21% YoY and CMT sales down 7% YoY [15] - APAC revenue was down 20% YoY and 20% sequentially, with preclinical sales down 32% YoY and CMT sales down 5% YoY [16] Market Performance - Americas and Europe markets are stabilizing, with flat sequential revenue for the last three quarters [8] - China and APAC markets saw further weakness in Q3, but are expected to stabilize or improve modestly going forward [8] - Global trailing 3-month order profile shows an inflection point to growth since June, with booking trends increasing for four months [17] Company Strategy and Industry Competition - The company successfully transitioned all U.S. operations to a modern ERP system, improving inventory and supply chain management [10] - Cost reduction actions in Q3 and early Q4 are expected to reduce operating expenses by $1 million per quarter starting in Q4 [11] - New product introductions, including the SoHo telemetry devices and VivaMARS neurobehavioral monitoring system, are expected to drive incremental growth [31][32] - The company is focusing on high-growth areas like electroporation, bioproduction, and Mesh MEA organoid platforms, with strong interest from biopharma and CRO customers [34][37] Management Commentary on Operating Environment and Future Outlook - Management expects Q4 revenue to range between $23 million and $26 million, with gross margins in the 59% to 60% range [41] - Adjusted EBITDA margins are expected to be in the mid-teens for Q4, with full-year EBITDA margins in the high single-digits [42] - The company is optimistic about 2025, with new products expected to drive high single-digit to double-digit growth [50][57] Other Important Information - The company settled a defined benefit plan in the U.K., removing future annuity payments and resulting in a noncash realized loss of $1.2 million [22] - Net debt at the end of Q3 2024 was slightly above the net debt at the end of the year, with minimal net borrowings against the revolver [25] - The company amended its credit agreement in Q3, limiting additional borrowings until annual financials are reported in March 2025 [26] Q&A Session Summary Question: CRO Dynamics and Revenue Contribution - CROs contribute about 25% of the company's global revenue, with mixed performance due to tightening budgets in biotech and pharma [44][45] - The company expects CRO demand to stabilize, with a return to normalized run rates in safety and assessment [45][52] Question: New Product Growth Potential - Electroporation and bioproduction segments are expected to grow at 20% or better, contributing 10% of current revenue [57] - Mesh MEA organoid platforms are expected to grow at a 50% to 100% CAGR, potentially adding 4-5 points of total compound growth to the business [58][59] Question: China Market Stability - The company sees signs of stabilization in China, particularly in academic research, but CRO and pharma spending remains weak [51][63] - The company expects China to stabilize and grow modestly, focusing on high-value, IP-protected products [63][66] Question: Mesh MEA Order and Shipment Lag - The company is ramping up production of Mesh MEA systems, with plans to increase biochip production tenfold by Q2 2025 [69][71] - Early adopters are showing strong interest, with potential for $1 million to $2 million in quarterly growth from these systems [68][71]

HOLLISTON, Mass., Oct. 29, 2024 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) will announce its financial results for the quarter ended September 30, 2024 before the market opens on November 7, 2024, 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 ...

The Zacks Instruments - Scientific industry is suffering from challenging macroeconomic conditions. The continuing war in Ukraine and the conflict in the Middle East increase the risk of rising energy prices and sluggishness in the European economy, which are headwinds. However, increasing healthcare spending, driven by aging demography, and continued innovation in the pharma and life sciences end markets are positives. Higher demand for generic drugs and biosimilars is driving growth for scientific tool an ...

Core Insights - Harvard Bioscience, Inc. will showcase its latest product innovations at the Safety Pharmacology Society Annual Meeting from September 22-25, 2024, in San Diego [1] Product Innovations - The DSI™ Ponemah™ Data Management Platform integrates with DSI's SoHo™ implantable telemetry and VivaMARS™ behavior monitoring systems, providing a leading tool for managing and analyzing preclinical study data [2] - The SoHo™ telemetry system, introduced earlier this year, is now utilized by leading preclinical researchers for their testing needs [3] - The SoHo telemetry solution's small footprint allows for high-density studies in natural shared housing environments, reducing space needs and operating costs while increasing testing throughput [4] - The VivaMARS™ system offers a high-throughput platform for real-time behavioral testing in neuropharmacology safety and toxicology studies, supporting the needs of CROs and pharma companies [6] - The Mesh MEA™ organoid platform captures precise electrophysiology measurements from living organoids in real time, aimed at reducing the need for large population small model testing [8][9] Market Position and Future Outlook - Jim Green, Chairman and CEO of Harvard Bioscience, highlighted the commercial success of the wireless telemetry line and the collaboration with a leading customer to present data with the VivaMARS system [10] - The company is expanding its Mesh MEA Organoid Systems with installations at leading biotech, pharma, and CRO companies, as well as top academic institutions [10] - The company will exhibit its solutions at booth 501 during the Safety Pharmacology Society Annual Meeting [11]

HOLLISTON, Mass., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) today announced that Jim Green, Chairman and Chief Executive Officer, and Jennifer Cote, Chief Financial Officer, will be participating in the Sidoti Small Cap Virtual Conference on September 18th, 2024, with a presentation time of 9:15 am ET. The presentation will be webcast live and can be accessed through the investor relations section of the Harvard Bioscience website: https://investor.harvardbioscience.com/even ...

Financial Data and Key Metrics Changes - Revenue in Q2 2024 was $23.1 million, down $5.7 million from the previous year [5] - Gross margin was 57.2%, a decrease from 58% in Q2 last year, primarily due to lower absorption of fixed manufacturing costs [9][10] - Adjusted EBITDA decreased from $3.9 million last year to $1.3 million this year [10] - Operating loss on a GAAP basis was reported at $2.1 million, while adjusted operating profit was $800,000, or 3.5% of revenue [6][11] Business Line Data and Key Metrics Changes - Revenue from the Americas was down 12% year-over-year and 3% sequentially [7] - Preclinical sales declined compared to the prior year and sequentially [7] - Cellular and Molecular products saw a slight decline of 5% year-over-year but showed sequential growth of 9% compared to Q1 2024 [7] - In Europe, revenue was down 29% year-over-year but flat sequentially [8] - APAC revenue decreased by 22% year-over-year and 16% sequentially, with preclinical sales continuing to decline [8] Market Data and Key Metrics Changes - The market environment has been challenging, with slower sales to China and Asia Pacific continuing [5] - Capital spending by CRO and biopharma customers in Europe and the U.S. has been reduced, impacting preclinical product shipments [5] - The academic market in Asia is showing signs of recovery, with increased quoting activity [24][46] Company Strategy and Development Direction - The company is focusing on new product initiatives and operating cost structure improvements to support long-term double-digit revenue growth [6][14] - New product revenue streams from bioproduction and MEA Organoid applications are expected to begin in the second half of the year [14] - The company aims to leverage established technologies for high-growth applications with significant consumable and recurring revenues [14][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a tough first half of the year and a challenging Q2, but expressed optimism about market recovery in the second half [5][21] - The full-year 2024 revenue outlook has been reduced to approximately $97 million to $102 million, with expectations for sequential growth supported by new product shipments [21] - Management expects gross margin for the full year to be around 59% to 60% despite lower expected revenue [21] Other Important Information - The company realized approximately $700,000 in savings from operational efficiency actions during Q2, with expected annual run rate savings of about $4 million [10][50] - Recurring revenue has increased from a little above 35% to closer to 40% due to pressure on capital purchases [48] Q&A Session Summary Question: What is the total APAC exposure as a percent of revenue? - Historically, Asia Pacific has been about 25% of total revenue, predominantly from China [23] Question: What is the outlook for APAC? - Management believes they have reached the bottom in APAC, with growing funnels and early indications of recovery [24] Question: Are orders being received for new products? - The company has started receiving orders for new products introduced at the end of last year, with expectations for revenue growth in the second half [25][27] Question: What growth is expected if the market grows at 5%? - The company expects to achieve low double-digit growth driven by new product development, independent of market growth [33] Question: Can you elaborate on the organoid marketing strategy? - The strategy includes leveraging academic research and publications to build credibility and market presence, targeting both academic and biopharma customers [39][41]

Core Viewpoint - Harvard Bioscience, Inc. reported a challenging second quarter in 2024, with revenues declining and a net loss widening, while the company remains optimistic about long-term growth prospects from new products despite a delayed market recovery [2][4][8]. Financial Results Summary - For Q2 2024, revenues were $23.1 million, down from $28.8 million in Q2 2023, representing a decrease of approximately 19% [4][19]. - Gross margin for Q2 2024 was 57.2%, compared to 58.0% in Q2 2023, with gross profit falling to $13.2 million from $16.7 million [4][5]. - The net loss for Q2 2024 was $(2.9) million, compared to a net loss of $(1.0) million in Q2 2023 [5][20]. - Adjusted EBITDA for Q2 2024 was $1.3 million, down from $3.9 million in the same period last year [5][24]. Six-Month Results - For the six months ended June 30, 2024, revenues totaled $47.6 million, down from $58.7 million in the same period of 2023 [6][19]. - Gross margin for the first half of 2024 was 58.8%, compared to 59.6% in the prior year, with gross profit decreasing to $28.0 million from $35.0 million [6][7]. - The net loss for the first half of 2024 was $(7.6) million, compared to a net loss of $(0.4) million in the same period of 2023 [7][20]. - Adjusted EBITDA for the first half of 2024 was $2.9 million, down from $8.7 million in the same period last year [7][24]. 2024 Guidance - The company has reduced its full-year 2024 revenue outlook to approximately $97 million to $102 million, with expected gross margin of 59% to 60% and adjusted EBITDA margin in the high single digits [8].

Financial Performance - Revenues for Q2 2024 were $23.1 million, down 19.8% from $28.8 million in Q2 2023[2] - Net loss for Q2 2024 was $(2.9) million, compared to a net loss of $(1.0) million in Q2 2023[3] - Adjusted EBITDA for Q2 2024 was $1.3 million, down from $3.9 million in Q2 2023[3] - For the six months ended June 30, 2024, revenues were $47.6 million, a decline of 19.0% from $58.7 million in the same period last year[4] - Net loss for the six months ended June 30, 2024, was $7,621,000, compared to a net loss of $358,000 for the same period in 2023[13] - Adjusted operating income for the six months ended June 30, 2024, was $1,989,000, down from $8,006,000 in the same period of 2023, representing a decline of approximately 75.3%[14] - The company reported an adjusted EBITDA of $2,895,000 for the six months ended June 30, 2024, compared to $8,654,000 for the same period in 2023, a decline of approximately 66.5%[14] Margins and Costs - Gross margin for Q2 2024 was 57.2%, a decrease from 58.0% in the same quarter last year[2] - Gross margin for the first half of 2024 was 58.8%, down from 59.6% in the same period of 2023[4] - The company anticipates a full year gross margin of approximately 59% to 60% for 2024[5] - Management remains focused on cost management, expecting annualized savings of approximately $4 million from actions taken in Q2[1] Cash Flow and Assets - Cash provided by operations was $0.6 million for the first half of 2024, significantly lower than $5.4 million in the same period last year[4] - Cash and cash equivalents decreased from $4,283,000 at the beginning of the period to $4,048,000 at the end of the period, a decrease of 5.5%[13] - The company had net cash provided by operating activities of $130,557,000 for the six months ended June 30, 2024, compared to a net cash used of $(1,379,000) for the same period in 2023[13] Balance Sheet - Total assets decreased from $137,366,000 on December 31, 2023, to $128,912,000 on June 30, 2024, a decline of approximately 6.5%[12] - Total current liabilities decreased from $26,542,000 on December 31, 2023, to $22,621,000 on June 30, 2024, a reduction of approximately 14.8%[12] - Stockholders' equity decreased from $73,074,000 on December 31, 2023, to $67,247,000 on June 30, 2024, a decline of approximately 8.0%[12] - The company’s net debt as of June 30, 2024, was $32,052,000, a slight decrease from $32,840,000 on December 31, 2023[16] Future Outlook - The company expects full year 2024 revenue to be approximately $97 million to $102 million, reflecting a reduction in outlook due to delayed market recovery[5] - The company’s diluted loss per share (GAAP) for the six months ended June 30, 2024, was $(0.18), compared to $(0.01) for the same period in 2023[15]

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, pharmaceutical and therapy discovery, bio-production, and preclinical testing for pharmaceutical and therapy development [3] - The company serves a diverse customer base, including renowned academic institutions, government laboratories, and leading pharmaceutical, biotechnology, and contract research organizations [3] - Harvard Bioscience operates in the United States, Europe, and China, utilizing both direct and distribution channels to reach customers globally [3] Upcoming Financial Results - Harvard Bioscience will announce its financial results for the quarter ended June 30, 2024, before the market opens on August 8, 2024 [1] - A conference call to discuss the results will be held at 10:00 a.m. Eastern Time on the same day [1] - Participants interested in joining the call must register to receive dial-in numbers and a unique PIN [1][2] Investor Relations - Financial information presented during the conference call, including the earnings release and a related slide presentation, will be available on the Investor Relations section of Harvard Bioscience's website [2] - The company provides contact information for investor inquiries, including a dedicated team at Three Part Advisors [4]

HOLLISTON, Mass., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) will announce its financial results for the quarter ended June 30, 2024 before the market opens on August 8, 2024, and will hold a conference call to discuss the results at 10:00 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 ...