Q3 2024 Harvard Bioscience Inc Earnings Call Transcript
Key Points
- Harvard Bioscience Inc (HBIO) has successfully transitioned and merged all US operations onto one modern P system, improving inventory and supply chain management.
- The company has introduced new products, such as the Soho family of telemetry devices and the Beva Mars neurobehavioral monitoring system, which are expected to drive future demand.
- Harvard Bioscience Inc (HBIO) has taken actions to reduce operating expenses by an additional $1 million per quarter, aiming for self-funding operations even in low revenue quarters.
- The company is seeing a positive trend in global trailing three-month order profiles, indicating potential growth.
- New product introductions, such as the CGMP compliant amino acid analyzer system and mesh MEA organoid platforms, are positioned to support high growth in bioproduction and organoid research applications.
- Revenue in the third quarter was $22 million, a 13% decrease compared to the same quarter last year, primarily due to weakness in China and Asia Pacific.
- The company reported an operating loss of $1.9 million on a GAAP basis for the quarter.
- Adjusted EBITDA decreased from $2.2 million last year to $1.3 million this year, driven by lower gross margin dollars.
- Harvard Bioscience Inc (HBIO) is currently unable to make additional borrowings under its revolver facility due to net leverage ratio limitations.
- The APAC market has been challenging, with a 20% revenue decline compared to the prior year, affecting sales in both preclinical and cellular and molecular products.
Good day and welcome to the third quarter, 2024 Harvard Bioscience Inc earnings conference call. [Operator Instructions]. As a reminder, this call may be recorded. I would like to turn the call over to Kathryn Flynn corporate controller. Please go ahead.
Thank you, Michelle and good morning, everyone. Thank you for joining the Harvard Bioscience third quarter, 2024 earnings conference. Leading the call today will be Jim Green, President and Chief Executive Officer; and Jennifer Cote, Chief Financial Officer
In conjunction with today's recorded call, we have provided a presentation that will be referenced during our remarks that is posted to the investors section of our website at investor.harvardbioscience.com. Please note that statements made in today's discussion that are not historical facts, including statements or expectations or future events or future financial performance are forward-looking statements and are made pursuant to the safe harbor provisions of the private Securities
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