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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 ...
Harvard Bioscience(HBIO) - 2020 Q2 - Earnings Call Presentation
2020-08-10 13:54
NASDAQ: HBIO Q2'20 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO August 5, 2020 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements This 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 Q2 - Earnings Call Transcript
2020-08-08 14:59
Harvard Bioscience, Inc. (NASDAQ:HBIO) Q2 2020 Earnings Conference Call August 5, 2020 8:00 AM ET Company Participants David Sirois – Director of Corporate Accounting and SEC Reporting Jim Green – Chairman of the Board, President and Chief Executive Officer Mike Rossi – Chief Financial Officer Conference Call Participants Bruce Jackson – The Benchmark Company Lisa Springer – Singular Research Operator Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Harvard Biosciences Incorpora ...
Harvard Bioscience(HBIO) - 2020 Q1 - Quarterly Report
2020-05-08 21:26
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, 2020 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the ...
Harvard Bioscience(HBIO) - 2020 Q1 - Earnings Call Transcript
2020-05-08 16:38
Financial Data and Key Metrics Changes - Q1 2020 revenue was $23.8 million, down $4.4 million or 15.7% from Q1 2019 [12] - GAAP gross margin was 54.6%, a decrease of 2.7% year-over-year [12] - Non-GAAP adjusted gross margin was also 54.6%, down 2.9% [12] - GAAP operating income was negative $3.3 million, while adjusted operating income was positive $500,000, resulting in an adjusted operating margin of 2% [12] - GAAP earnings per share was negative $0.12, and adjusted earnings per share was negative $0.01 [12] - Cash flow from operations improved to $2.9 million from $2 million in the prior year [25] Business Line Data and Key Metrics Changes - Revenue from cellular and molecular products, primarily for academic research labs, was down 15.7% due to lab shutdowns [14] - Preclinical revenue also declined primarily due to COVID-19 impacts, but CRO revenue saw year-over-year growth driven by North America and China [15] - Pharma revenue remained steady compared to last year, with excitement around new inhalation products [15] Market Data and Key Metrics Changes - The impact of COVID-19 was felt equally across geographies, with Asia affected through February, followed by significant impacts in Europe and North America in March [20] - Academic labs experienced significant revenue declines due to shutdowns, while CROs and pharma showed resilience and growth [20][36] Company Strategy and Development Direction - The company is focusing on strict cash and cost control to maintain strong cash flow and meet debt obligations [10] - A restructuring plan was initiated, including a global reduction in force of approximately 10%, expected to yield annualized savings of over $4 million [16] - The company is investing in high-potential areas such as CRISPR-related products and preclinical testing technologies [53] Management's Comments on Operating Environment and Future Outlook - Management expects further revenue decline in Q2, projecting a decrease of 20% to 30% year-over-year, with recovery anticipated in the second half as academic labs reopen [27] - The company has taken immediate actions to offset Q2 margin impacts and is committed to maintaining cash flows and meeting debt obligations [27] - Management expressed confidence in the recovery of the CRO and pharma segments, with indications of continued demand for products [34] Other Important Information - The company returned a $6 million PPP loan, indicating confidence in its liquidity and operational management [26] - New inhalation products are gaining interest, particularly from CROs and pharmaceuticals, with expectations for continued growth [52] Q&A Session Summary Question: Can you talk to the businesses again as you were moving into Q2? - Management noted that CROs started growing in Q1 despite COVID-19, with strong demand continuing from these segments [32] Question: Do you think academia may be bottoming now, but not necessarily recover? - Management believes the order intake from academia has dropped significantly but expects sequential improvement as labs reopen [39] Question: Can you talk about debt payments due this current quarter? - Management confirmed ongoing interest payments will be met, and they are focused on avoiding covenant issues [43] Question: Could you give us more color around the insulation-type products? - Management explained that new inhalation products are designed to measure aerosol delivery to the lungs, with growing interest from various customer segments [50] Question: Is the low-margin portfolio rationalization process complete? - Management indicated that the rationalization process is nearly complete, focusing on successful product lines moving forward [53] Question: How should we think about gross margins in the second quarter? - Management expects some downward pressure on gross margins due to volume decline but anticipates operating margins to return to normal levels [58]
Harvard Bioscience(HBIO) - 2020 Q1 - Earnings Call Presentation
2020-05-05 14:18
NASDAQ: HBIO Q1'20 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO May 5, 2020 Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements This 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," ...