Financial Performance - Revenues for Q2 2024 were $23.1 million, down 19.8% from $28.8 million in Q2 2023[2] - Net loss for Q2 2024 was $(2.9) million, compared to a net loss of $(1.0) million in Q2 2023[3] - Adjusted EBITDA for Q2 2024 was $1.3 million, down from $3.9 million in Q2 2023[3] - For the six months ended June 30, 2024, revenues were $47.6 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, 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, 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 $2,895,000 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 $4 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 $5.4 million in the same period last year[4] - Cash and cash equivalents decreased from $4,283,000 at the beginning of the period to $4,048,000 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) for the same period in 2023[13] Balance Sheet - Total assets decreased from $137,366,000 on December 31, 2023, to $128,912,000 on June 30, 2024, a decline of approximately 6.5%[12] - Total current liabilities decreased from $26,542,000 on December 31, 2023, to $22,621,000 on June 30, 2024, a reduction of approximately 14.8%[12] - Stockholders' equity decreased from $73,074,000 on December 31, 2023, to $67,247,000 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 $32,840,000 on December 31, 2023[16] Future Outlook - The company expects full year 2024 revenue to be approximately $97 million to $102 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]
Harvard Bioscience(HBIO) - 2024 Q2 - Quarterly Results