Harvard Bioscience Q3 revenue falls 13% to $22M; net loss widens to $4.8M

HARVARD BIOSCIENCE INC

2024-Q3 EPS reported -$0.29 revenue$69,579,000

Revenue $22.0M, down 13.4% YoY from $25.4M; gross margin stable at 58.1%.
GAAP net loss $4.8M (($0.11)/diluted share) vs $1.2M loss a year ago; included $1.2M non-cash pension settlement charge.
Adjusted EBITDA $1.3M (6.0% margin) vs $2.2M (8.9%) prior year; nine-month adjusted EBITDA $4.2M vs $10.9M.
Operations used $0.8M cash in Q3 vs $4.4M generated last year; revolving credit facility constrained by net leverage ratio.
CEO cites challenging market; expects $1M quarterly cost savings from additional actions starting Q4; new products gaining adoption.

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