☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q 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 Incorporation or organ ...

Financial Data and Key Metrics Changes - Revenue for Q3 2023 was $25.4 million, down 6% from the previous year, with an underlying core revenue decline of approximately 3.5% after adjusting for foreign exchange and discontinued products [5][6] - Adjusted operating profit improved to $1.8 million, representing 7.3% of revenue, up from $700,000 the previous year, marking an improvement of nearly 5 percentage points [6] - Adjusted EBITDA was $2.2 million or 8.9% of revenue, also up 5 percentage points from the prior year [6][14] - Gross margin improved to 58% from 45% in the same period of FY '22, with underlying gross margin improvement of about 9% over the prior year quarter [28][13] Business Line Data and Key Metrics Changes - In the Americas, revenue increased by 5.9% as reported, with underlying core revenue growth of about 11% after accounting for discontinued products [7] - Cellular molecular products saw a decline primarily due to discontinued low-margin products and some slowness in cell-based testing systems [30] - EMEA revenue was down 1.4% as reported, with a 6.2% reduction from discontinued products but a positive FX impact of 7.7%, leading to an adjusted decline of roughly 3.5% [30] Market Data and Key Metrics Changes - Revenue in China and Asia Pacific decreased by 30%, with a modest negative effect from FX and discontinued products of approximately 4.5% [8] - Demand for preclinical respiratory products in China dropped significantly, as prior purchases were driven by COVID research needs [8][27] Company Strategy and Development Direction - The company is focusing on new product introductions and expanding service offerings to fuel growth, particularly in the organoid research area [9][31] - New product offerings include the mesh microelectrode array platform, VivaMARS high-capacity behavior monitoring systems, and SoHo small animal model telemetry platform [9][10][11] - The strategy aims to penetrate larger industrial applications while continuing to support academic research and pharma discovery [31] Management's Comments on Operating Environment and Future Outlook - Management noted that the core business remains strong despite post-COVID challenges in China and Asia Pacific [27] - The company expects gross margins to remain strong in the 60% range and adjusted EBITDA margins in the 13% to 14% range [41] - There is optimism about the potential for recurring revenues to increase from over 35% to the mid-40s or better due to new product offerings [49] Other Important Information - Cash flow from operations was $4.4 million compared to $600,000 last year, allowing for an additional $2.8 million paydown against the credit facility [15][29] - The company is targeting a net leverage reduction to approximately 2x by the end of 2023 [18] Q&A Session Summary Question: Sustainability of gross margins and potential expansion in 2024 - Management expressed confidence in maintaining gross margins around 60% going forward, despite some accounting changes impacting current results [20][43] Question: Recurring revenues and new product offerings - Management indicated that recurring revenues are currently over 35% and expect to increase significantly with new product introductions [24][49] Question: Demand for products in China and respiratory research exposure - Management acknowledged a slowdown in respiratory product demand in China but anticipated a return to normalized levels over time [54] Question: Opportunities for acquisitions or partnerships - Management is actively exploring opportunities for acquisitions or partnerships to accelerate growth in new areas, particularly as the capital structure improves [60]

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, 2023 ☐ 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) Delaware 04-3306140 (State or other jurisdiction of Incorpo ...

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 March 31, 2023 ☐ 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) Delaware 04-3306140 (State or other jurisdiction of Incorp ...

Harvard Bioscience, Inc. (NASDAQ:HBIO) Q1 2023 Earnings Conference Call April 25, 2023 9:00 AM ET Company Participants Dave Sirois - Director, Corporate Accounting & SEC Reporting James Green - Chairman of the Board, President & Chief Executive Officer Jennifer Cote - Interim Chief Financial Officer Conference Call Participants Bruce Jackson - Benchmark Company Paul Knight - KeyBanc Operator Good day, and thank you for standing by. Welcome to Harvard Bioscience First Quarter 2023 Earnings Conference Call. [ ...

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, 2022 or ☐ 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. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact Name of Registrant as Specified in Its Charter) (State or other jurisdiction o ...

Harvard Bioscience, Inc. (NASDAQ:HBIO) Q4 2022 Earnings Call Transcript March 9, 2023 8:00 AM ET Company Participants Dave Sirois - Director, Corporate Accounting & SEC Reporting Jim Green - Chairman of the Board, President & Chief Executive Officer Jennifer Cote - Interim Chief Financial Officer Conference Call Participants Bruce Jackson - Benchmark Company Harrison Schrage - KeyBanc Operator Good day, and thank you for standing by. Welcome to the Harvard Bioscience Fourth Quarter 2022 Earnings Conference ...

Financial Performance - Q4 2022 revenue was $28.4 million, a 14% decrease compared to $33.1 million in Q4 2021[22, 27] - The company expects to reduce debt leverage to approximately 2x level by the end of 2023[7] - Adjusted Gross Margin was 57% of revenue in Q4 2022, compared to 60% in Q4 2021[22] - Adjusted EBITDA was $3.7 million in Q4 2022, representing 13% of revenue, compared to $5.7 million and 17% in Q4 2021[22] - Adjusted EPS was $0.04 in Q4 2022, compared to $0.08 in Q4 2021[22] - Cash flow from operations was $2.7 million in Q4 2022, compared to $0.1 million in Q4 2021[22] Product Revenue - Cellular & Molecular product revenue was $14.7 million in Q4 2022, a 2% decrease compared to $14.9 million in Q4 2021[27] - Pre-Clinical revenue was $14.8 million in Q4 2022, a 19% decrease compared to $18.2 million in Q4 2021[27] Outlook - The company anticipates low-to-mid single digit revenue growth in 2023, which includes an approximate 4 percentage points impact from discontinued products[31]

Q3 2022 Performance - Revenue was $26.9 million, a decrease of 9% compared to Q3 2021, which includes a currency impact of -$1.0 million[5, 11] - Pre-Clinical revenue decreased by 17% due to lower EMEA CRO/pharma sales and APAC challenges [6] - Adjusted Operating Margin was 2.6%, significantly lower than the 13.3% in Q3 2021 [5] - Adjusted Gross Margin was 50.6%, down from 55.5% in Q3 2021, impacted by inflation and lower absorption [12] - Cash flow from operations was $0.6 million in Q3 2022 [11] Financial Position - Net debt decreased by $0.2 million in Q3 2022 [11] - Leverage ratio (Debt-to-TTM Adj EBITDA) was 3.9x at the end of Q3 2022 [11, 13] 2022 Outlook - The company expects Q4 2022 revenue to be in the $30 million range [15] - The company anticipates full-year 2022 revenue to be approximately $115 million, with a gross margin of 55% to 56% and an operating margin of 9% to 10% [15] - The company aims for gross margins in the 58% to 60% range and Adjusted EBITDA margins in the high teens [5, 15]

Financial Data and Key Metrics Changes - Revenue for Q3 2022 was $26.9 million, a decrease of 9% from the previous year, with a 6% growth in cellular/molecular technology offset by a 17% decline in preclinical sales [9][11] - Adjusted operating margin fell to 2.6% from 13.3% year-over-year, while gross margins decreased to 51% from 56% due to inflation and lower absorption [11][20] - Free cash flow from operations was $700,000, and net debt remained flat [12][27] Business Line Data and Key Metrics Changes - Cellular/molecular technology revenue increased by 6% on a constant currency basis, driven by strong direct sales, while preclinical products saw a 17% decline [13][14] - The U.S. experienced slower telemetry sales to CROs, although there is an expectation for improvement in Q4 [15][56] Market Data and Key Metrics Changes - The strong U.S. dollar negatively impacted revenue by approximately $1 million, particularly affecting sales in Europe and Asia Pacific [15][28] - The company noted a recovery in China, although it faced tough comparisons to prior year sales [14][61] Company Strategy and Development Direction - The company is focused on restructuring and portfolio actions to achieve targeted gross margins of 58% to 60% and EBITDA margins in the high teens by FY '23 [12][35] - New product introductions, including the BTX Electroporation systems and the U7500 spectrophotometer, are expected to drive future growth [16][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging Q3 but expressed optimism for sequential revenue improvement in Q4, projecting revenue in the $30 million range [34] - The company anticipates a return to mid- to upper single-digit organic growth in 2023, despite the impact of discontinued low-margin products [39][35] Other Important Information - Restructuring costs for Q3 were $1.7 million, with expectations for additional charges in Q4 [29][30] - The company is planning for significantly lower transformation costs in 2023 as restructuring initiatives are completed [36][30] Q&A Session Summary Question: What is the goal for organic growth potential? - Management aims for mid- to upper single-digit growth on a reported basis, with a pro forma view suggesting around 10% to 11% growth [39] Question: Is there more pipeline behind the BTX Electroporation configuration? - Yes, there is a significant pipeline, with the BTX system being used in the development of various new drugs, including COVID vaccines [40][43] Question: How much of the current downturn in the inhalation business is due to economic conditions? - Management indicated that the downturn is partly due to a normalization of sales following the COVID-19 spike, with expectations for growth based on new capabilities [48][49] Question: Were there any discontinued products impacting the top line in Q3? - Yes, the company began phasing out certain low-margin products in Q3, which affected sales [50] Question: What types of studies are seeing an upturn in the CRO pipeline for Q4? - The implantable telemetry continuous monitoring systems are recovering, and the introduction of new glucose products is expected to augment growth [51][52]