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Harvard Bioscience(HBIO) - 2024 Q2 - Quarterly Results
HBIOHarvard Bioscience(HBIO)2024-08-08 12:29

Financial Performance - Revenues for Q2 2024 were 23.1million,down19.823.1 million, down 19.8% from 28.8 million in Q2 2023[2] - Net loss for Q2 2024 was (2.9)million,comparedtoanetlossof(2.9) million, compared to a net loss of (1.0) million in Q2 2023[3] - Adjusted EBITDA for Q2 2024 was 1.3million,downfrom1.3 million, down from 3.9 million in Q2 2023[3] - For the six months ended June 30, 2024, revenues were 47.6million,adeclineof19.047.6 million, a decline of 19.0% from 58.7 million in the same period last year[4] - Net loss for the six months ended June 30, 2024, was 7,621,000,comparedtoanetlossof7,621,000, compared to a net loss of 358,000 for the same period in 2023[13] - Adjusted operating income for the six months ended June 30, 2024, was 1,989,000,downfrom1,989,000, down from 8,006,000 in the same period of 2023, representing a decline of approximately 75.3%[14] - The company reported an adjusted EBITDA of 2,895,000forthesixmonthsendedJune30,2024,comparedto2,895,000 for the six months ended June 30, 2024, compared to 8,654,000 for the same period in 2023, a decline of approximately 66.5%[14] Margins and Costs - Gross margin for Q2 2024 was 57.2%, a decrease from 58.0% in the same quarter last year[2] - Gross margin for the first half of 2024 was 58.8%, down from 59.6% in the same period of 2023[4] - The company anticipates a full year gross margin of approximately 59% to 60% for 2024[5] - Management remains focused on cost management, expecting annualized savings of approximately 4millionfromactionstakeninQ2[1]CashFlowandAssets−Cashprovidedbyoperationswas4 million from actions taken in Q2[1] Cash Flow and Assets - Cash provided by operations was 0.6 million for the first half of 2024, significantly lower than 5.4millioninthesameperiodlastyear[4]−Cashandcashequivalentsdecreasedfrom5.4 million in the same period last year[4] - Cash and cash equivalents decreased from 4,283,000 at the beginning of the period to 4,048,000attheendoftheperiod,adecreaseof5.54,048,000 at the end of the period, a decrease of 5.5%[13] - The company had net cash provided by operating activities of 130,557,000 for the six months ended June 30, 2024, compared to a net cash used of (1,379,000)forthesameperiodin2023[13]BalanceSheet−Totalassetsdecreasedfrom(1,379,000) for the same period in 2023[13] Balance Sheet - Total assets decreased from 137,366,000 on December 31, 2023, to 128,912,000onJune30,2024,adeclineofapproximately6.5128,912,000 on June 30, 2024, a decline of approximately 6.5%[12] - Total current liabilities decreased from 26,542,000 on December 31, 2023, to 22,621,000onJune30,2024,areductionofapproximately14.822,621,000 on June 30, 2024, a reduction of approximately 14.8%[12] - Stockholders' equity decreased from 73,074,000 on December 31, 2023, to 67,247,000onJune30,2024,adeclineofapproximately8.067,247,000 on June 30, 2024, a decline of approximately 8.0%[12] - The company’s net debt as of June 30, 2024, was 32,052,000, a slight decrease from 32,840,000onDecember31,2023[16]FutureOutlook−Thecompanyexpectsfullyear2024revenuetobeapproximately32,840,000 on December 31, 2023[16] Future Outlook - The company expects full year 2024 revenue to be approximately 97 million to 102million,reflectingareductioninoutlookduetodelayedmarketrecovery[5]−Thecompany’sdilutedlosspershare(GAAP)forthesixmonthsendedJune30,2024,was102 million, reflecting a reduction in outlook due to delayed market recovery[5] - The company’s diluted loss per share (GAAP) for the six months ended June 30, 2024, was (0.18), compared to $(0.01) for the same period in 2023[15]