Business
Harvard Bioscience Announces Second Quarter 2023 Financial Results
Q2 Revenues of $28.8 millionQ2 GAAP operating income $0.8 million, adjusted operating income $3.6 millionStrong H1 operating cash flow drove net debt
About this update from Harvard Bioscience, Inc.
[{"type":"text","content":" Q2 Revenues of $28.8 millionQ2 GAAP operating income $0.8 million, adjusted operating income $3.6 millionStrong H1 operating cash flow drove net debt reduction of $5.4 million HOLLISTON, Mass., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the second quarter ended June 30, 2023. Jim Green, Chairman and CEO said, “We are encouraged by the continuation of a strong start to the fiscal year, with growth from new products and our improved portfolio largely offsetting the revenue from discontinued low margin products that we obsoleted last year.” Green continued, “New products launched in 2022 demonstrate our ability to leverage our recognized technical leadership in academic research and discovery into industrial applications for CRO, pharma and biotech customers, as shown by our initial success in bio-production and in high-capacity behavioral systems. In addition, in the first half of 2023, we began shipping our innovative second-generation MEA (multi electrode array) systems designed for testing at the cell and developing organoid level.” Financial Results Summary ($ in millions except per share data) Q2 2023 Q2 2022 H1 2023 H1 2022 Revenues $28.8 $29.2 $58.7 $58.0 Gross Margin 58.0% 57.0% 59.6% 56.6% Operating Income (GAAP) $0.8 $4.0 $2.5 $(2.7) Adjusted Operating Income $3.6 $3.1 $8.0 $5.4 Net (Loss) Income (GAAP) $(1.0) $2.4 $(0.4) $(4.4) Diluted (Loss) Earnings Per Share (GAAP) $(0.02) $0.06 $(0.01) $(0.11) Diluted Adjusted Earnings Per Share $0.04 $0.05 $0.09 $0.08 Adjusted EBITDA $3.9 $3.4 $8.7 $6.1 Adjusted EBITDA Margin 13.6% 11.6% 14.7% 10.5% Cash Flow provided by (used in) Operations $3.6 $(0.2) $5.4 $(2.2) Net Debt* $37.8 $45.2 $37.8 $45.2 * Debt outstanding plus unamortized deferred financing costs, less cash and cash equivalents as of period end. Second Quarter 2023 Highlights For the second quarter of fiscal 2023, the Company reported revenues of $28.8 million, compared to $29.2 million in the second quarter of fiscal 2022. Second quarter revenues include a net reduction of $1.6 million from discontinued products compared to the second quarter of last year. Gross margin for the three months ended June 30, 2023 was 58.0% compared with 57.0% in the comparable quarter of the prior year. Operating income for the second quarter of fiscal 20...