Business
Harvard Bioscience Announces Second Quarter 2020 Financial Results
Accelerated cost reduction, cash conservation actions drive increased operating income, reduced net debt Operating Income up sequentially and year-over-year
About this update from Harvard Bioscience, Inc.
[{"type":"text","content":"Accelerated cost reduction, cash conservation actions drive increased operating income, reduced net debt\nOperating Income up sequentially and year-over-year on both GAAP and adjusted basisCost reduction programs offset expected declines in Academic marketsNet Debt reduced by $2.2 million in Q2 HOLLISTON, Mass., Aug. 05, 2020 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the three and six months ended June 30, 2020.\n Jim Green, Chairman and CEO said, “Anticipating academic labs around the world would likely experience pandemic-related shutdowns similar to what we saw in China, we took immediate and decisive cost actions. These actions, combined with planned in-progress restructuring programs, reduced overall cost of operations to deliver sequential and year-over-year adjusted operating income growth.” Green concluded, “The continued growth from CRO/pharma customers, reopening of academic labs and our lower cost of operation, are expected to drive solid operating margins throughout the rest of 2020. All told, we expect adjusted operating margins for the second half of 2020 to be in line with our original targets set in September 2019.” Quarterly Financial Results Summary Q2'20 Q1'20 Q2'19 Revenue $23.3 million $23.8 million $29.6 million Operating Income (Loss) (GAAP) $0.6 million ($3.3) million $0.2 millionAdjusted Operating Income / Margin $4.1 million / 17.7% $0.5 million / 2.0% $3.4 million / 11.5% Diluted EPS (GAAP) ($0.04) ($0.12) ($0.01)Adjusted Diluted EPS $0.05 ($0.01) $0.04 Net Debt* $42.1 million $44.3 million $51.3 million *Debt outstanding less cash and cash equivalents Please refer to the exhibits below for a reconciliation of certain non-GAAP to GAAP financial measures, including operating income, net income and loss, and diluted earnings per share. Please see “Use of Non-GAAP Financial Information” for additional information regarding our use of such adjusted financial information. Webcast and Conference Call Details Harvard Bioscience will be hosting a conference call and webcast today at 8:00 a.m. Eastern Time. You can access the live conference call by dialing the following phone numbers: toll-free 1 (877) 303-7611 or international 1 (970) 315-0445 and referencing the conference ID# 4458189. The conference call will be simultaneously webcast a...