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]

Financial Data and Key Metrics Changes - Revenue for Q2 2022 was $29 million, flat compared to Q2 2021, with a 17% growth in Cellular and Molecular offset by a 9% decline in preclinical revenue [9][10] - Adjusted operating margin was 11%, down from 15% in the previous year, impacted by order delays, inflation, and increased R&D and marketing investments [11] - Gross margins improved to 58%, up 100 basis points from last year, despite higher costs of goods sold [11][13] - GAAP earnings per share increased to $0.06 from a loss of $0.01 in the prior year, while adjusted earnings per share decreased to $0.05 from $0.06 [14] Business Line Data and Key Metrics Changes - Cellular and Molecular technology revenue increased by 17%, driven by strong direct sales performance in both the U.S. and Europe [15] - Preclinical revenue decreased by 9% due to lower demand in Europe and shipment delays in China, with expectations for recovery in Q4 [16][17] - The strong U.S. dollar negatively impacted revenue by approximately $900,000, affecting overall performance [10][17] Market Data and Key Metrics Changes - The U.S. market showed steady growth, while Europe experienced volatility, particularly in commercial biopharma sectors [19][20] - China remains a critical market, but the outlook has become ambiguous due to lockdowns and economic conditions, with a planned revenue-related cost base at a lower level [19] Company Strategy and Development Direction - The company is focusing on direct sales of high-margin cellular products and has announced actions to optimize its product portfolio by discontinuing non-strategic product lines [12][40] - The goal for 2023 includes achieving double-digit revenue growth, gross margins of 60%, and operating margins in the mid- to upper teens [47][41] - Investments in R&D for new product development are expected to support long-term growth [41] Management's Comments on Operating Environment and Future Outlook - Management expressed a conservative view on annual revenue growth, expecting a range of 1% to 5% year-over-year due to currency impacts and market volatility [40] - The company anticipates a return to growth in Q4, with improvements in free cash flow and reductions in net debt for the second half of the year [41][39] - Inflation and higher interest rates have been factored into the financial outlook, with expectations for continued impacts from currency fluctuations [48][51] Other Important Information - A global workforce reduction of approximately 5% is planned to optimize operations and reduce costs, with expected severance costs of about $1 million per quarter [12][30] - The company recorded a $4 million asset tied to convertible preferred stock as part of a litigation settlement, which is expected to positively impact cash flow [35][34] Q&A Session Summary Question: Impact of new guidance on long-term perspective - Management believes changes are designed to help achieve a growth structure for 2023, with Q4 expected to mark the beginning of recovery [45][46] Question: Changes in inputs or inflation - Management noted a $900,000 impact from currency, which is expected to continue affecting revenue [48] Question: Portfolio pruning impact - Currency impacts and portfolio rationalization are expected to affect margins, with a potential 300 basis point impact [53][55] Question: Products driving growth in Cellular and Molecular - Key products include high-end cellular testing products and new inhalation capabilities, which are expected to drive future growth [60][62]

NASDAQ: HBIO Q2'22 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO August 4, 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," "g ...