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 [5] - The company's customer base includes renowned academic institutions, government laboratories, and leading pharmaceutical, biotechnology, and contract research organizations [5] - Harvard Bioscience operates in North America, Europe, and China, utilizing both direct and distribution channels to reach customers globally [5] Investor Engagement - The company announced that Jim Green, Chairman and CEO, and Jennifer Cote, CFO, will present to investors at the 14th Annual East Coast IDEAS Conference on June 12, 2024 [4] - The presentation is scheduled for 2:45-3:20 PM ET and will be webcast live, with a replay available shortly after [2][4] - One-on-one investor meetings will also be hosted throughout the day, with scheduling available through the conference team [2]

HOLLISTON, Mass., June 06, 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 presenting to investors at the 14th Annual East Coast IDEAS Conference at the Jay Conference Center – Bryant Park in New York City on June 12, 2024. About Harvard Bioscience, Inc. For more information, please visit our website at www.harvardbioscience.com. The Company's presentation is scheduled f ...

HOLLISTON, Mass., May 16, 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 Benchmark Healthcare House Call Virtual Conference on May 22nd, 2024, with a live fireside chat scheduled for 9:00-9:40 am ET. The Company will also be hosting one-on-one meetings with investors in conjunction with the Conference. To register for the presentation, or to schedule ...

HOLLISTON, Mass., May 16, 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 Benchmark Healthcare House Call Virtual Conference on May 22nd, 2024, with a live fireside chat scheduled for 9:00-9:40 am ET. The Company will also be hosting one-on-one meetings with investors in conjunction with the Conference. To register for the presentation, or to schedul ...

For the transition period from to Commission file number 001-33957 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, 2024 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (State or other jurisdiction of Incorporation or organization) (I.R.S. Employer Identification No.) 84 October Hill Road, Holliston, Massa ...

Harvard Bioscience (HBIO) came out with quarterly earnings of $0.02 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this medical instruments maker would post earnings of $0.05 per share when it actually produced earnings of $0.04, delivering a surprise of -20%.Over the last four quarters, the company has not been able to surpass consensus EPS estimates.Harvard ...

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Harvard Bioscience experienced Q1 2024 revenue decline due to market headwinds, maintaining strong gross margins while implementing cost reductions and anticipating second-half growth - CEO Jim Green noted Q1 revenues were impacted by market headwinds, particularly in APAC, despite achieving a **60% gross margin**[2](index=2&type=chunk) - Solid growth is anticipated in the second half of the year, driven by new product commercializations and expected Chinese stimulus for academic research and healthcare[2](index=2&type=chunk) Q1 2024 Financial Results Summary | Financial Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenues (Millions USD) | $24.5 | $30.0 | | Gross Margin (%) | 60.3 | 61.2 | | Operating (Loss) Income (GAAP) (Millions USD) | $(2.3) | $1.7 | | Adjusted Operating Income (Millions USD) | $1.2 | $4.4 | | Net (Loss) Income (GAAP) (Millions USD) | $(4.7) | $0.6 | | Diluted (Loss) EPS (GAAP) (USD/share) | $(0.11) | $0.01 | | Diluted Adjusted EPS (USD/share) | $0.02 | $0.06 | | Adjusted EBITDA (Millions USD) | $1.6 | $4.8 | | Adjusted EBITDA Margin (%) | 6.6 | 15.9 | [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) The company experienced a Q1 2024 revenue decline and net loss, with full-year 2024 revenues expected to be flat, anticipating second-half growth and stable margins [First Quarter 2024 Results](index=2&type=section&id=First%20Quarter%202024%20Results) Q1 2024 results indicate a revenue decrease and net loss, alongside positive cash flow from operations and a reduction in debt Q1 Revenue and Gross Margin Comparison | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Revenues (Millions USD) | $24.5 | $30.0 | | Gross Margin (%) | 60.3 | 61.2 | - The company reported a **net loss of $(4.7) million**, including a **$(2.3) million loss** on marketable securities and other operating expenses, compared to a **net income of $0.6 million** in Q1 2023[4](index=4&type=chunk) Q1 Adjusted EBITDA and Cash Flow | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Adjusted EBITDA (Millions USD) | $1.6 | $4.8 | | Cash provided by operations (Millions USD) | $1.4 | $1.8 | - Debt was reduced by **$1.0 million** during the first quarter of 2024[5](index=5&type=chunk) [2024 Guidance](index=2&type=section&id=2024%20Guidance) Full-year 2024 revenues are projected to be flat, with anticipated second-half growth, a **60% gross margin**, and mid-teens adjusted EBITDA margin - Full-year 2024 revenues are expected to be approximately **flat** compared to 2023[6](index=6&type=chunk) - Growth is anticipated in the second half of 2024, driven by new product commercializations and expected improvements in China[6](index=6&type=chunk) - The company expects a full-year 2024 **gross margin of approximately 60%** and an **adjusted EBITDA margin in the mid-teens**[6](index=6&type=chunk) [Financial Statements](index=4&type=section&id=Financial%20Statements) The consolidated financial statements detail Q1 2024 performance, showing a net loss, total assets of **$133.2 million**, and **$1.4 million** in cash from operations [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The Q1 2024 Consolidated Statement of Operations reports revenues of **$24.5 million**, an operating loss of **$(2.3) million**, and a net loss of **$(4.7) million** Q1 2024 Consolidated Statement of Operations (in thousands) | Line Item | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | | :--- | :--- | :--- | | Revenues | $24,512 | $29,975 | | Gross Profit | $14,772 | $18,346 | | Total Operating Expenses | $17,051 | $16,597 | | Operating (Loss) Income | $(2,279) | $1,749 | | Net (Loss) Income | $(4,694) | $622 | | Diluted (Loss) EPS | $(0.11) | $0.01 | [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, the balance sheet shows total assets of **$133.2 million**, with **$4.3 million** in cash and **$31.9 million** in long-term debt Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 (Thousands USD) | Dec 31, 2023 (Thousands USD) | | :--- | :--- | :--- | | Cash and cash equivalents | $4,255 | $4,283 | | Total current assets | $48,148 | $49,038 | | Total assets | $133,161 | $137,366 | | Total current liabilities | $25,677 | $26,542 | | Long-term debt, net | $31,890 | $30,704 | | Stockholders' equity | $68,812 | $73,074 | | Total liabilities and stockholders' equity | $133,161 | $137,366 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 cash flow statements show **$1.4 million** provided by operating activities, with net cash used in investing and financing activities Q1 Condensed Consolidated Statement of Cash Flows (in thousands) | Cash Flow Activity | Q1 2024 (Thousands USD) | Q1 2023 (Thousands USD) | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,403 | $1,812 | | Net cash (used in) provided by investing activities | $(225) | $288 | | Net cash used in financing activities | $(1,055) | $(2,893) | | Decrease in cash and cash equivalents | $(28) | $(719) | [Non-GAAP Financial Measures](index=2&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures to clarify core operational performance, reconciling Q1 2024 GAAP operating loss to **$1.2 million** adjusted operating income and net loss to **$0.7 million** non-GAAP net income [Use of Non-GAAP Financial Information](index=2&type=section&id=Use%20of%20Non-GAAP%20Financial%20Information) Non-GAAP financial information is provided to enhance understanding of underlying operations by excluding specific non-representative items - Non-GAAP financial information is included to provide investors with an enhanced understanding of the business's underlying operations[9](index=9&type=chunk) - Excluded items from non-GAAP measures, such as stock-based compensation and amortization of intangibles, are not considered representative of underlying operations[9](index=9&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) This section reconciles Q1 2024 GAAP operating loss to **$1.2 million** adjusted operating income and net loss to **$0.7 million** non-GAAP net income, detailing adjustments and net debt Q1 2024 GAAP to Non-GAAP Reconciliation Highlights (in thousands) | Metric | GAAP (Thousands USD) | Adjustments (Thousands USD) | Non-GAAP (Adjusted) (Thousands USD) | | :--- | :--- | :--- | :--- | | Operating (Loss) Income | $(2,279) | $3,450 | $1,171 | | Net (Loss) Income | $(4,694) | $5,389 | $695 | | Diluted (Loss) EPS | $(0.11) | - | $0.02 | - Other operating expenses in Q1 2024 totaled **$966 thousand**, including a **$0.5 million** commission fee for employee retention credits and an estimated **$0.5 million** loss from an unclaimed property audit[23](index=23&type=chunk) Net Debt Calculation (in thousands) | Date | Total Debt (Thousands USD) | Cash (Thousands USD) | Net Debt (Thousands USD) | | :--- | :--- | :--- | :--- | | Mar 31, 2024 | $35,610 | $(4,255) | $31,845 | | Dec 31, 2023 | $36,563 | $(4,283) | $32,840 | | Mar 31, 2023 | $44,053 | $(3,789) | $41,034 | [Corporate Information and Forward-Looking Statements](index=2&type=section&id=Corporate%20Information%20and%20Forward-Looking%20Statements) This section outlines Harvard Bioscience's business in life science technologies, details investor communications, and includes a safe harbor statement for forward-looking information - Harvard Bioscience develops and sells life science technologies globally, serving academic, government, pharmaceutical, and biotech sectors[13](index=13&type=chunk) - The report includes forward-looking statements regarding future financial performance, growth, and new product introductions, subject to inherent risks and uncertainties[15](index=15&type=chunk) - A conference call and webcast were hosted on May 7, 2024, at 8:00 a.m. Eastern Time to discuss the financial results[7](index=7&type=chunk)

HOLLISTON, Mass., April 29, 2024 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) will announce its financial results for the quarter ended March 31, 2024 before the market opens on May 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 webcast sh ...

HOLLISTON, Mass., April 29, 2024 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) will announce its financial results for the quarter ended March 31, 2024 before the market opens on May 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 webcast ...

HOLLISTON, Mass., April 09, 2024 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (NASDAQ:HBIO) today announced a labor force reduction to improve its operating cost structure and support its ongoing investments in growth. The Company expects to realize overall annual run rate savings of approximately $4 million beginning in the second quarter of 2024. The Company also expects second quarter restructuring-related charges of approximately $0.5 million. Jim Green, Harvard Bioscience Chairman and CEO, said, "We re ...