Revenue Performance - Fourth quarter 2024 revenues were $24.6 million, down 12.4% from $28.2 million in Q4 2023[3] - For the full year 2024, revenues totaled $94.1 million, down 16.2% from $112.3 million in 2023[5] - The company expects Q1 2025 revenues to be between $19 million and $21 million, with a gross margin of 56% to 58%[8] Profitability - Net income for Q4 2024 was $18 thousand, compared to a net loss of $(1.8) million in Q4 2023[4] - The net loss for 2024 was $(12.4) million, compared to a net loss of $(3.4) million in 2023[6] - Adjusted operating income for the year ended December 31, 2024, was $5,294, down from $13,075 in 2023, reflecting a decrease of 59.5%[26] - Adjusted net income for the three months ended December 31, 2024, was $2,686, compared to $1,731 in the same period of 2023[26] Margins - Gross margin for Q4 2024 was 57.1%, a slight decrease from 58.0% in Q4 2023[3] - Adjusted EBITDA for Q4 2024 was $3.0 million, down from $3.6 million in Q4 2023[4] - Adjusted EBITDA for the three months ended December 31, 2024, was $2,991, representing a margin of 12.2%[26] - The company reported an operating margin of 0.0% for the three months ended December 31, 2024, down from 1.0% in 2023[26] Cash Flow - Cash provided by operations in Q4 2024 was $1.7 million, compared to $4.3 million in Q4 2023[4] - Net cash provided by operating activities for the three months ended December 31, 2024, was $1,725, compared to $4,303 in the same period of 2023[24] - Cash and cash equivalents at the end of the period were $4,108, a decrease from $4,283 at the end of the previous year[24] Debt and Financing - Total debt, including unamortized deferred financing costs, was $33,242 as of December 31, 2024, compared to $32,840 in 2023[27] - The company incurred $1,000 in repayment of term debt during the three months ended December 31, 2024[24] Cost Management and Product Development - The company is focusing on cost management to improve operating and financial performance amid market uncertainties[3] - New products, including SoHo™ telemetry systems and MeshMEA™ organoid systems, have received strong market interest[3] - Stock-based compensation for the year ended December 31, 2024, was $4,340, down from $5,000 in 2023[26]
Harvard Bioscience(HBIO) - 2024 Q4 - Annual Results