Business
Harvard Bioscience Announces Third Quarter 2020 Financial Results
Disciplined cost management, cash conservation actions drive increased year-over-year operating income and reduced net debt Operating margin up year-over-year
About this update from Harvard Bioscience, Inc.
[{"type":"text","content":"Disciplined cost management, cash conservation actions drive increased year-over-year operating income and reduced net debt\nOperating margin up year-over-year on GAAP and adjusted basisRevenue improved sequentially with solid CRO/pharma demand and academic labs reopeningGenerated positive operating cash flow in Q3 with working capital improvements HOLLISTON, Mass., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the three and nine months ended September 30, 2020.\n Jim Green, Chairman and CEO said, “Since anticipating academic labs around the world would likely experience pandemic-related shutdowns early in the year, we moved aggressively to manage costs. These actions, combined with restructuring programs, reduced overall cost of operations delivering year-over-year adjusted operating income and margin growth.” Green concluded, “The continued growth from CRO/pharma customers, reopening of academic labs and our lower cost of operations, are expected to drive solid operating margins throughout the rest of 2020 and allow for targeted commercial and product investments to drive revenue growth. We expect adjusted operating margins for the second half of 2020 to be in the mid to upper teens.” Quarterly Financial Results Summary Q3'20 Q2'20 Q3'19 Revenue $24.0 million $23.3 million $27.4 million Operating Income (Loss) (GAAP) $0.2 million $0.6 million $(1.4) million Adjusted Operating Income $3.6 million $4.1 million $3.3 million Adjusted Operating Margin 14.8% 17.7% 12.1% Loss per diluted share (GAAP) ($0.03) ($0.04) ($0.07) Diluted EPS (GAAP) $0.04 $0.05 $0.04 Adjusted Diluted EPS* $41.6 million $42.1 million $48.8 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) 315-0...