Harvard Bioscience Announces Third Quarter 2024 Financial Results
Harvard Bioscience (NASDAQ: HBIO) reported Q3 2024 financial results showing revenues of $22.0 million, down from $25.4 million in Q3 2023. The company posted a net loss of $(4.8) million compared to $(1.2) million in the same period last year. Gross margin remained stable at 58.1%, while Adjusted EBITDA decreased to $1.3 million from $2.2 million.
The company completed migration to a single US enterprise resource planning system and implemented cost reduction actions expected to save $1 million quarterly starting Q4. For Q4 2024, HBIO expects revenues between $23-26 million with gross margins of 59-60% and adjusted EBITDA margin in mid-teens.
Harvard Bioscience (NASDAQ: HBIO) ha riportato i risultati finanziari del terzo trimestre 2024, mostrando ricavi di 22,0 milioni di dollari, in calo rispetto ai 25,4 milioni di dollari del terzo trimestre 2023. L'azienda ha registrato una perdita netta di (4,8) milioni di dollari rispetto a (1,2) milioni di dollari nello stesso periodo dell'anno scorso. Il margine lordo è rimasto stabile al 58,1%, mentre l'EBITDA rettificato è diminuito a 1,3 milioni di dollari rispetto ai 2,2 milioni.
La società ha completato la migrazione a un unico sistema di pianificazione delle risorse aziendali negli Stati Uniti e ha implementato azioni di riduzione dei costi previste per risparmiare 1 milione di dollari su base trimestrale a partire dal quarto trimestre. Per il quarto trimestre 2024, HBIO prevede ricavi compresi tra 23 e 26 milioni di dollari, con margini lordi del 59-60% e un margine EBITDA rettificato nel range medio rispetto ai teen.
Harvard Bioscience (NASDAQ: HBIO) reportó los resultados financieros del tercer trimestre de 2024, mostrando ingresos de 22.0 millones de dólares, por debajo de los 25.4 millones de dólares en el tercer trimestre de 2023. La empresa registró una pérdida neta de (4.8) millones de dólares en comparación con (1.2) millones de dólares en el mismo período del año pasado. El margen bruto se mantuvo estable en el 58.1%, mientras que el EBITDA ajustado se redujo a 1.3 millones de dólares desde 2.2 millones.
La compañía completó la migración a un único sistema de planificación de recursos empresariales en EE. UU. e implementó acciones de reducción de costos que se espera ahorren 1 millón de dólares trimestralmente a partir del cuarto trimestre. Para el cuarto trimestre de 2024, HBIO espera ingresos entre 23 y 26 millones de dólares, con márgenes brutos del 59-60% y un margen de EBITDA ajustado en el rango medio de adolescentes.
하버드 바이오사이언스 (NASDAQ: HBIO)는 2024년 3분기 재무 결과를 발표하며 2200만 달러의 수익을 기록했다고 보고했습니다. 이는 2023년 3분기 2540만 달러에서 감소한 수치입니다. 회사는 (480만 달러)의 순손실을 기록했으며, 이는 지난해 같은 기간의 (120만 달러)와 비교됩니다. 총 마진은 58.1%로 안정세를 유지하였고, 조정 EBITDA는 220만 달러에서 130만 달러로 감소했습니다.
회사는 미국의 단일 기업 자원 계획 시스템으로의 마이그레이션을 완료하였으며, 4분기부터 매 분기 100만 달러를 절감할 것으로 예상되는 비용 절감 조치를 시행하였습니다. 2024년 4분기 동안 HBIO는 2300만~2600만 달러의 수익과 59-60%의 총 마진, 중간 10대 수준의 조정 EBITDA 마진을 기대하고 있습니다.
Harvard Bioscience (NASDAQ: HBIO) a annoncé les résultats financiers du troisième trimestre 2024, montrant des revenus de 22,0 millions de dollars, en baisse par rapport à 25,4 millions de dollars au troisième trimestre 2023. L'entreprise a affiché une perte nette de (4,8) millions de dollars contre (1,2) million de dollars au cours de la même période l'année dernière. La marge brute est restée stable à 58,1 %, tandis que l'EBITDA ajusté a diminué à 1,3 million de dollars contre 2,2 millions.
L'entreprise a achevé sa migration vers un système de planification des ressources d'entreprise unique aux États-Unis et a mis en œuvre des actions de réduction des coûts, qui devraient permettre d'économiser 1 million de dollars par trimestre à partir du quatrième trimestre. Pour le quatrième trimestre 2024, HBIO prévoit des revenus compris entre 23 et 26 millions de dollars, avec des marges brutes de 59-60 % et une marge d'EBITDA ajustée dans la fourchette intermédiaire des adolescents.
Harvard Bioscience (NASDAQ: HBIO) hat die finanziellen Ergebnisse für das dritte Quartal 2024 vorgelegt und dabei Einnahmen von 22,0 Millionen US-Dollar erzielt, was einem Rückgang gegenüber 25,4 Millionen US-Dollar im dritten Quartal 2023 entspricht. Das Unternehmen verzeichnete einen Nettoverlust von (4,8) Millionen US-Dollar im Vergleich zu (1,2) Millionen US-Dollar im gleichen Zeitraum des Vorjahres. Die Bruttomarge blieb stabil bei 58,1 %, während das bereinigte EBITDA auf 1,3 Millionen US-Dollar von 2,2 Millionen US-Dollar sanken.
Das Unternehmen hat die Migration zu einem einheitlichen Enterprise-Resource-Planning-System in den USA abgeschlossen und kostensenkende Maßnahmen umgesetzt, von denen für das vierte Quartal Ersparnisse von 1 Million US-Dollar pro Quartal erwartet werden. Für das vierte Quartal 2024 erwartet HBIO Einnahmen zwischen 23 und 26 Millionen US-Dollar mit Bruttomargen von 59-60 % und einem bereinigten EBITDA-Margen im mittleren Teenagerbereich.
- Implementation of cost reduction measures expected to save $1 million quarterly
- Stable gross margin at 58.1% despite lower revenue
- Growing adoption of new telemetry, neuro-behavior and bioproduction products
- Expansion of MeshMEA™ organoid systems among academic researchers, CRO and BioPharma customers
- Revenue declined 13.4% to $22.0 million in Q3 2024
- Net loss widened to $(4.8) million from $(1.2) million YoY
- Adjusted EBITDA decreased to $1.3 million from $2.2 million YoY
- Unable to make additional borrowings under revolving credit facility
- Negative operating cash flow of $(0.8) million in Q3 2024 vs $4.4 million positive in Q3 2023
Insights
The Q3 2024 results reveal significant challenges for Harvard Bioscience, with concerning financial metrics across the board. Revenue declined -13.4% to
The implementation of cost reduction measures targeting
The declining performance metrics indicate broader market challenges beyond company-specific issues. The expansion into new product categories like MeshMEA™ organoid systems shows promise with adoption by key customer segments including CROs and BioPharma companies. However, this hasn't been enough to offset the overall market weakness.
The year-to-date revenue decline of -17.2% to
HOLLISTON, Mass., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the third quarter ended September 30, 2024.
Jim Green, Chairman and CEO, said, “Our third quarter revenues continued to reflect the effects of the challenging market environment. Our migration to a single US enterprise resource planning system, completed in the third quarter, supports operating efficiencies as well as improvements in inventory and supply chain management going forward. We have stayed focused on managing costs and have implemented additional cost reduction actions that we expect to result in incremental quarterly cost savings of
Green continued, “We’re happy to see expanding adoption of our new telemetry, neuro-behavior and bioproduction products. We’re especially pleased by the growth of our breakthrough MeshMEA™ organoid systems, led by early adopters including leading academic researchers, and now CRO and BioPharma customers.”
| Financial Results Summary | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
| (unaudited, $ in millions except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenues | $ | 22.0 | $ | 25.4 | $ | 69.6 | $ | 84.1 | |||||||
| Gross margin | 58.1 | % | 58.1 | % | 58.6 | % | 59.2 | % | |||||||
| Operating (loss) income (GAAP) | $ | (1.9 | ) | $ | (0.9 | ) | $ | (6.2 | ) | $ | 1.6 | ||||
| Adjusted operating income | $ | 0.8 | $ | 1.8 | $ | 2.8 | $ | 9.8 | |||||||
| Net loss (GAAP) | $ | (4.8 | ) | $ | (1.2 | ) | $ | (12.4 | ) | $ | (1.6 | ) | |||
| Diluted loss per share (GAAP) | $ | (0.11 | ) | $ | (0.03 | ) | $ | (0.29 | ) | $ | (0.04 | ) | |||
| Diluted adjusted (loss) earnings per share | $ | (0.02 | ) | $ | 0.01 | $ | (0.00 | ) | $ | 0.11 | |||||
| Adjusted EBITDA | $ | 1.3 | $ | 2.2 | $ | 4.2 | $ | 10.9 | |||||||
| Adjusted EBITDA margin | 6.0 | % | 8.9 | % | 6.0 | % | 13.0 | % | |||||||
| Cash flow (used in) provided by operations | $ | (0.8 | ) | $ | 4.4 | $ | (0.3 | ) | $ | 9.7 | |||||
Third Quarter 2024 Results
For the third quarter of fiscal 2024, the Company reported revenues of
Net loss for the third quarter of 2024 was
Nine Months Ended September 30, 2024 Results
For the nine months ended September 30, 2024, revenues were
Net loss for the nine months ended September 30, 2024 was (
Cash Flows and Liquidity
Cash used in operations was
The Company is currently unable to make additional borrowings under its revolving credit facility due to the net leverage ratio requirements of its Credit Agreement. Based on its current operating plans, the Company expects that its available cash and cash generated from operations will be sufficient to finance operations and capital expenditures for at least the next 12 months.
This press release includes certain financial information presented on an adjusted, or non-GAAP, basis. For additional information on the non-GAAP financial measures included in this press release, see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
2024 Q4 Guidance
Given the challenging market environment, the Company now expects Q4 2024 revenues of
Webcast and Conference Call Details
In conjunction with this announcement, Harvard Bioscience will be hosting a conference call and webcast today at 8:00 a.m. Eastern Time. A presentation that will be referenced during the webcast will be posted to the Company’s Investor Relations website shortly before the webcast begins.
Analysts who would like to join the call and ask a question must register here. Once registered, you will receive the dial-in numbers and a unique PIN number.
Participants who would like to join the audio-only webcast should go to our events and presentations on the investor website here.
Use of Non-GAAP Financial Information
In this press release, we have included non-GAAP financial information, including one or more of adjusted operating income (loss), adjusted operating margin, adjusted net income (loss), adjusted EBITDA, adjusted EBITDA margin, diluted adjusted earnings (loss) per share, and net debt. We believe that this non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of the business. For the periods presented, these non-GAAP financial measures have excluded certain expenses and income resulting from items that we do not believe are representative of the underlying operations of the business. Items excluded include stock-based compensation, amortization of intangibles related to acquisitions, other operating expenses, loss on equity securities, income taxes, and the tax impact of the reconciling items. Management believes that this non-GAAP financial information is important in comparing current results with prior period results and is useful to investors and financial analysts in assessing the Company’s operating performance.
Non-GAAP historical financial statement information included herein is accompanied by a reconciliation to the nearest corresponding GAAP measure which is included below in this press release.
With respect to non-GAAP forward-looking measures, we provide an outlook for adjusted EBITDA margin. Many of the items that we exclude from this forward-looking measure calculation are less capable of being controlled or reliably predicted by management. These items could cause the forward-looking measures presented in our outlook statements to vary materially from our GAAP results.
The non-GAAP financial information provided in this press release should be considered in addition to, not as a substitute for, the financial information provided and presented in accordance with GAAP and may be different than other companies’ non-GAAP financial information.
About Harvard Bioscience
Harvard Bioscience, Inc. is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, pharmaceutical and therapy discovery, bio-production and preclinical testing for pharmaceutical and therapy development. Our customers range from renowned academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe, and China, we sell through a combination of direct and distribution channels to customers around the world.
For more information, please visit our website at www.harvardbioscience.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions or statements that do not relate to historical matters. Forward-looking statements include, but are not limited to, information concerning expected future financial and operational performance including revenues, gross margins, earnings, cash and debt position, growth and the introduction of new products, the strength of the Company’s market position and business model and anticipated macroeconomic conditions. Forward-looking statements are not guarantees of future performance and involve known and unknown uncertainties, risks, assumptions, and contingencies, many of which are outside the Company’s control. Risks and other factors that could cause the Company’s actual results to differ materially from those described its forward-looking statements include those described in the “Risk Factors” section of the Company’s most recently filed Annual Report on Form 10-K as well as in the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements are based on the Company’s expectations and assumptions as of the date of this document. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect any change in expectations, even as new information becomes available.
| Company Contact: Jennifer Cote Chief Financial Officer (508) 893-3120 | Investors Contact: Three Part Advisors Sandy Martin HBIO@threepa.com (214) 616-2207 | |
| HARVARD BIOSCIENCE, INC. | |||||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||||
| (unaudited, in thousands, except per share data) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||
| Revenues | $ | 21,970 | $ | 25,363 | $ | 69,579 | $ | 84,097 | |||||||||
| Cost of revenues | 9,205 | 10,636 | 28,824 | 34,351 | |||||||||||||
| Gross profit | 12,765 | 14,727 | 40,755 | 49,746 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Sales and marketing expenses | 5,518 | 5,732 | 16,817 | 17,888 | |||||||||||||
| General and administrative expenses | 5,041 | 5,807 | 16,690 | 17,494 | |||||||||||||
| Research and development expenses | 2,567 | 2,760 | 8,078 | 8,614 | |||||||||||||
| Amortization of intangible assets | 1,334 | 1,361 | 3,998 | 4,138 | |||||||||||||
| Other operating expenses | 179 | - | 1,394 | - | |||||||||||||
| Total operating expenses | 14,639 | 15,660 | 46,977 | 48,134 | |||||||||||||
| Operating (loss) income | (1,874 | ) | (933 | ) | (6,222 | ) | 1,612 | ||||||||||
| Other income (expense): | |||||||||||||||||
| Interest expense | (856 | ) | (882 | ) | (2,356 | ) | (2,797 | ) | |||||||||
| Loss on pension settlement | (1,243 | ) | (1,243 | ) | |||||||||||||
| Gain (loss) on equity securities | - | 1,208 | (1,593 | ) | (373 | ) | |||||||||||
| Other (expense) income, net | (518 | ) | 45 | (841 | ) | 105 | |||||||||||
| Total other expense | (2,617 | ) | 371 | (6,033 | ) | (3,065 | ) | ||||||||||
| Loss before income taxes | (4,491 | ) | (562 | ) | (12,255 | ) | (1,453 | ) | |||||||||
| Income tax expense | 311 | 677 | 168 | 144 | |||||||||||||
| Net loss | $ | (4,802 | ) | $ | (1,239 | ) | $ | (12,423 | ) | $ | (1,597 | ) | |||||
| Loss per common share: | |||||||||||||||||
| Basic and diluted | $ | (0.11 | ) | $ | (0.03 | ) | $ | (0.29 | ) | $ | (0.04 | ) | |||||
| Weighted-average common shares: | |||||||||||||||||
| Basic and diluted | 43,614 | 42,688 | 43,499 | 42,345 | |||||||||||||
| HARVARD BIOSCIENCE, INC. | |||||||||
| Condensed Consolidated Balance Sheets | |||||||||
| (unaudited, in thousands) | |||||||||
| September 30, 2024 | December 31, 2023 | ||||||||
| Assets | |||||||||
| Cash and cash equivalents | $ | 4,569 | $ | 4,283 | |||||
| Accounts receivable, net | 12,831 | 16,099 | |||||||
| Inventories | 25,990 | 24,716 | |||||||
| Other current assets | 3,401 | 3,940 | |||||||
| Total current assets | 46,791 | 49,038 | |||||||
| Property, plant and equipment | 5,221 | 3,981 | |||||||
| Goodwill and other intangibles | 69,780 | 73,101 | |||||||
| Other long-term assets | 9,447 | 11,246 | |||||||
| Total assets | $ | 131,239 | $ | 137,366 | |||||
| Liabilities and Stockholders' Equity | |||||||||
| Current portion, long-term debt | $ | 3,606 | $ | 5,859 | |||||
| Other current liabilities | 19,145 | 20,683 | |||||||
| Total current liabilities | 22,751 | 26,542 | |||||||
| Long-term debt, net | 34,252 | 30,704 | |||||||
| Other long-term liabilities | 8,914 | 7,046 | |||||||
| Stockholders’ equity | 65,322 | 73,074 | |||||||
| Total liabilities and stockholders’ equity | $ | 131,239 | $ | 137,366 | |||||
| HARVARD BIOSCIENCE, INC. | |||||||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||||||
| (unaudited, in thousands) | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net loss | $ | (4,802 | ) | $ | (1,239 | ) | $ | (12,423 | ) | $ | (1,597 | ) | |||||
| Adjustments to operating cash flows | 3,432 | 2,010 | 11,480 | 9,111 | |||||||||||||
| Changes in operating assets and liabilities | 528 | 3,590 | 658 | 2,211 | |||||||||||||
| Net cash (used in) provided by operating activities | (842 | ) | 4,361 | (285 | ) | 9,725 | |||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Additions to property, plant and equipment | (880 | ) | (217 | ) | (2,343 | ) | (958 | ) | |||||||||
| Acquisition of intangible assets | (231 | ) | (184 | ) | (454 | ) | (292 | ) | |||||||||
| Proceeds from sale of product line | - | - | - | 512 | |||||||||||||
| Proceeds from sale of marketable equity securities | - | - | 1,919 | - | |||||||||||||
| Net cash used in investing activities | (1,111 | ) | (401 | ) | (878 | ) | (738 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Borrowing from revolving line of credit | 3,250 | 1,000 | 8,800 | 3,500 | |||||||||||||
| Repayment of revolving line of credit | - | (3,000 | ) | (2,550 | ) | (8,450 | ) | ||||||||||
| Repayment of term debt | (1,000 | ) | (750 | ) | (5,023 | ) | (3,341 | ) | |||||||||
| Payment of debt issuance costs | (161 | ) | (161 | ) | - | ||||||||||||
| Proceeds from exercise of employee stock options and purchases | 15 | - | 219 | 724 | |||||||||||||
| Taxes paid related to net share settlement of equity awards | - | - | (59 | ) | (451 | ) | |||||||||||
| Net cash provided by (used in) financing activities | 2,104 | (2,750 | ) | 1,226 | (8,018 | ) | |||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 370 | (194 | ) | 223 | (137 | ) | |||||||||||
| Increase in cash and cash equivalents | 521 | 1,016 | 286 | 832 | |||||||||||||
| Cash and cash equivalents at the beginning of period | 4,048 | 4,324 | 4,283 | 4,508 | |||||||||||||
| Cash and cash equivalents at the end of period | $ | 4,569 | $ | 5,340 | $ | 4,569 | $ | 5,340 | |||||||||
| HARVARD BIOSCIENCE, INC. | ||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) | ||||||||||||||||
| (in thousands, except per share data and percentages) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||
| GAAP operating (loss) income | $ | (1,874 | ) | $ | (933 | ) | $ | (6,222 | ) | $ | 1,612 | |||||
| Stock-based compensation | 1,053 | 1,363 | 3,379 | 3,618 | ||||||||||||
| Acquired asset depreciation & amortization | 1,343 | 1,369 | 4,017 | 4,167 | ||||||||||||
| Other operating expenses (1) | 179 | - | 1,394 | - | ||||||||||||
| Other adjustments | 137 | 42 | 256 | 450 | ||||||||||||
| Adjusted operating income | $ | 838 | $ | 1,841 | $ | 2,824 | $ | 9,847 | ||||||||
| Operating margin | (8.5 | %) | (3.7 | %) | (8.9 | %) | 1.9 | % | ||||||||
| Adjusted operating margin | 3.8 | % | 7.3 | % | 4.1 | % | 11.7 | % | ||||||||
| GAAP net loss | $ | (4,802 | ) | $ | (1,239 | ) | $ | (12,423 | ) | $ | (1,597 | ) | ||||
| Stock-based compensation | 1,053 | 1,363 | 3,379 | 3,618 | ||||||||||||
| Acquired asset depreciation & amortization | 1,343 | 1,369 | 4,015 | 4,167 | ||||||||||||
| Other operating expenses (1) | 179 | - | 1,394 | - | ||||||||||||
| Pension settlement expense | 1,243 | - | 1,243 | - | ||||||||||||
| Other adjustments | 137 | 42 | 256 | 46 | ||||||||||||
| (Gain) loss on equity securities | - | (1,208 | ) | 1,593 | 374 | |||||||||||
| Income taxes | (214 | ) | 196 | 377 | (1,919 | ) | ||||||||||
| Adjusted net (loss) income | (1,061 | ) | 523 | (166 | ) | 4,689 | ||||||||||
| Depreciation & amortization | 475 | 405 | 1,383 | 1,054 | ||||||||||||
| Interest and other expense, net | 1,374 | 837 | 3,197 | 3,095 | ||||||||||||
| Adjusted income taxes (2) | 525 | 481 | (209 | ) | 2,063 | |||||||||||
| Adjusted EBITDA | $ | 1,313 | $ | 2,246 | $ | 4,205 | $ | 10,901 | ||||||||
| Adjusted EBITDA margin | 6.0 | % | 8.9 | % | 6.0 | % | 13.0 | % | ||||||||
| Diluted loss per share (GAAP) | $ | (0.11 | ) | $ | (0.03 | ) | $ | (0.29 | ) | $ | (0.04 | ) | ||||
| Diluted adjusted earnings per share | $ | (0.02 | ) | $ | 0.01 | $ | (0.00 | ) | $ | 0.11 | ||||||
| Weighted-average common shares: | ||||||||||||||||
| Diluted GAAP | 43,614 | 42,688 | 43,499 | 42,345 | ||||||||||||
| Diluted Adjusted | 43,614 | 44,563 | 43,499 | 44,195 | ||||||||||||
| (1) Other operating expenses for the three months ended September 30, 2024 includes | ||||||||||||||||
| (2) Adjusted income taxes includes the tax effect of adjusting for the reconciling items using the tax rates in the jurisdictions in which the reconciling items arise. | ||||||||||||||||
| September 30, 2024 | December 31, 2023 | ||||||||
| Debt, including unamortized deferred financing costs | $ | 37,858 | $ | 36,563 | |||||
| Unamortized deferred financing costs | 492 | 560 | |||||||
| Cash and cash equivalents | (4,569 | ) | (4,283 | ) | |||||
| Net debt | $ | 33,781 | $ | 32,840 | |||||
FAQ
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