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Harvard Bioscience(HBIO) - 2021 Q4 - Earnings Call Presentation
2022-03-08 18:27
NASDAQ: HBIO Q4'21 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO March 8, 2022 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," "gu ...
Harvard Bioscience(HBIO) - 2021 Q3 - Earnings Call Presentation
2021-11-03 19:38
Q3 2021 Performance Highlights - Revenue reached $29.7 million, a 23% increase compared to Q3 2020 and an 8% increase compared to pre-COVID levels in Q3 2019 [5, 6, 11] - Pre-Clinical product line revenue increased by 28% due to strong global demand [5, 11] - Cellular & Molecular product line revenue increased by 19% as academic labs continued to recover from lockdowns [5, 11] - Adjusted Operating Income was $3.9 million with an Adjusted Operating Margin of 13.3% [6, 14] Financial Details - Gross Margin was 55%, a decrease of 110 bps compared to Q3 2020 [6, 19] - Adjusted Gross Profit was $16.4 million with an Adjusted Gross Margin of 55.5% [14] - Adjusted Operating Expenses were $12.5 million, representing 42.1% of revenue [14] - Net Debt decreased from 41.6 million in Q3'20 to 40.9 million in Q3'21 [13] Outlook - The company increased its revenue growth outlook for 2021 to 15-17% [16] - The company expects to maintain mid-teens Adjusted Operating Margins [16]
Harvard Bioscience(HBIO) - 2021 Q3 - Earnings Call Transcript
2021-11-03 15:56
Harvard Bioscience, Inc. (NASDAQ:HBIO) Q3 2021 Earnings Conference Call November 3, 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 Lisa Springer - Singular Research Paul Knight - KeyBanc Capital Markets Timothy Chiang - Northland Capital Markets Bruce Jackson - The Benchmark Company Ailon Grushkin - Nano-Cap Growth Operator Good day, and thank you for standing by. Welc ...
Harvard Bioscience(HBIO) - 2021 Q2 - Earnings Call Presentation
2021-08-16 19:39
NASDAQ: HBIO Q2'21 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO August 5, 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 ...
Harvard Bioscience(HBIO) - 2021 Q2 - Earnings Call Transcript
2021-08-08 20:51
Financial Data and Key Metrics Changes - Revenue increased by 25% compared to Q2 2020, reaching $29.2 million, returning to pre-COVID levels [8][11] - Gross margin was 56%, down 340 basis points from the previous year due to increased costs from global supply chain issues [11][12] - Adjusted operating income was $4.3 million, with an adjusted operating margin of 14.6% [12] - GAAP earnings per share improved to negative $0.01 from negative $0.04 last year, while adjusted earnings per share rose to $0.06 from $0.05 [12] Business Line Data and Key Metrics Changes - Cellular and molecular product revenue grew by 22%, driven by strong order and backlog growth, despite shipment delays [13] - Preclinical product revenue increased by 20%, supported by strong demand from CROs, pharma, and academic labs [14] - Sales in the Americas rose by 28%, while Europe saw a 32% increase, indicating strong academic lab demand [15] Market Data and Key Metrics Changes - European labs are recovering, although slowly, with expectations for improved demand as the year progresses [15][46] - Overall reported revenue grew by 25%, with a 21% increase on a currency-adjusted basis [15] Company Strategy and Development Direction - The company aims to focus on organic sales growth and new product introductions while addressing COGS issues from supply chain disruptions [29][30] - There is an emphasis on improving sales effectiveness and marketing to drive revenue growth [29] - The company plans to continue portfolio rationalization to enhance revenue quality [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from global supply chain disruptions but expressed confidence in improving operational efficiencies and cost management [30][39] - The outlook for revenue growth has been raised to approximately 12% to 15% for the year, with expectations for continued gross margin expansion [31][34] - Management is optimistic about achieving sustained double-digit revenue growth in the future [49] Other Important Information - The company introduced 17 new products in the first half of the year, with a focus on preclinical and cellular product lines [17][68] - The restructuring program initiated in 2019 has resulted in $7 million of annualized cost savings [24] Q&A Session Summary Question: How fixable are the supply chain issues? - Management indicated that while some costs are expected to remain, improvements in supply chain management will help reduce costs over the next few quarters [37][39] Question: What products drove the 25% Q2 growth? - The preclinical DSI products and inhalation products were significant contributors to growth, despite some shipment constraints [41][42] Question: Will new product launches be delayed due to supply chain issues? - Some delays are anticipated, but new product introductions are expected to drive sustained revenue growth [53] Question: Is there an expected increase in demand from academic labs in the fall? - Management expects demand to increase as new budgets are allocated at the start of the academic year [55] Question: Will the backlog be worked through in the second half of the year? - Management does not expect to clear the entire backlog but anticipates getting closer to a normalized backlog by year-end [60][62] Question: What areas are the new products focused on? - Most new products are in the preclinical line, with significant investments in software systems and cellular testing capabilities [68][70]
Harvard Bioscience(HBIO) - 2021 Q1 - Earnings Call Transcript
2021-05-09 04:29
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 ...
Harvard Bioscience(HBIO) - 2020 Q4 - Earnings Call Transcript
2021-03-10 18:33
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]
Harvard Bioscience(HBIO) - 2020 Q4 - Earnings Call Presentation
2021-03-10 14:17
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 ...
Harvard Bioscience(HBIO) - 2020 Q3 - Earnings Call Presentation
2020-11-08 20:14
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(HBIO) - 2020 Q3 - Earnings Call Transcript
2020-11-08 01:34
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 ...