Harvard Bioscience Q3 revenue down 9% to $26.9M; GAAP operating loss $3.8M vs income $0.5M

HARVARD BIOSCIENCE INC

2023-Q3 EPS reported -$0.19 revenue$84,908,000

GAAP diluted EPS ($0.08) vs ($0.00); adjusted diluted EPS ($0.01) vs $0.06.
Pre-clinical product sales fell 17% YoY; cellular/molecular grew 6%; currency headwind ~$1.0M.
Q4 revenue guided to ~$30M with adjusted operating margin 14-15% (Q3 margin 2.6%).
Portfolio optimization to yield ~$4.0M annual gross margin improvement and ~$1.5M opex reduction entering 2023.
Net debt increased to $45.0M from $40.9M YoY.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

HARVARD BIOSCIENCE INC reported the third quarter ended September 30, 2022 results: revenue $26.9 million, EPS $ (0.08 ). Guidance initiated.

Period: the third quarter ended September 30, 2022
Revenue: $26.9 million
EPS: $ (0.08 )
Guidance: initiated
Result: reported results

Exact text from the filing

Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the third quarter ended September 30, 2022. Jim Green, Chairman and CEO, said, "Impacted by a challenging summer, our third quarter revenues were $26.9 million, down 9% from the same quarter prior year. Growth of 6% in our cellular/molecular product revenues were more than offset by a 17% reduction in sales of our higher margin pre-clinical products and a negative currency impact of approximately $1.0 million. Gross margin was down on lower revenue as well as higher costs of labor and materials, in addition to inventory charges related to the discontinuation of certain non-strategic products as a result of our previously communicated portfolio optimization. Operating margin was down from last year mainly on lower sales and lower gross margin." Green continued, "In spite of headwinds in the quarter, we expect sequential revenue growth and an improved product mix in Q4 resulting in our gross mar

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Source: SEC EDGAR

accession 0001171843-22-007231

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