Business
Harvard Bioscience Announces Third Quarter 2021 Financial Results
Strong double digit revenue growth, solid margin performance despite global supply chain disruptions Revenue up 23% year-over-year as sales momentum
About this update from Harvard Bioscience, Inc.
[{"type":"text","content":"Strong double digit revenue growth, solid margin performance despite global supply chain disruptions Revenue up 23% year-over-year as sales momentum continuesPre-clinical product revenue up 28%Cellular and Molecular Technologies (CMT) product revenue up 19% HOLLISTON, Mass., Nov. 03, 2021 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the period ended September 30, 2021. Jim Green, Chairman and CEO said, “The positive trends we reported in the first half of 2021 have carried through with our strong top line performance in Q3. Demand for our pre-clinical products was very strong, with revenue up 28% over prior year, and also up significantly over pre-Covid levels. Our CMT products also experienced meaningful growth, up 19% over prior year as academic lab sales continue to recover. Operating income was adversely impacted by increased material, freight and labor costs associated with ongoing global supply disruptions.” Mr. Green concluded, “We expect revenue growth of 15% to 17% for 2021 compared to 2020 based on sales momentum, up from prior expectations of 12% to 15%. Although supply disruptions are forcing extra costs in the short term, we still expect adjusted operating margin expansion to the mid-teens for the year.” Quarterly Financial Results SummaryQ3'21Q3'20 Revenues $29.7 million $24.0 million Operating Income (GAAP) $0.5 million $0.2 million Adjusted Operating Income $3.9 million $3.6 million Operating Margin (GAAP) 1.8 % 0.8 % Adjusted Operating Margin 13.3 % 14.8 % Loss Per Share (GAAP) $(0.00) $(0.03) Adjusted Diluted Earnings Per Share $0.06 $0.04 Net Debt* $40.9 million $41.6 million * Debt outstanding less cash and cash equivalents For more details on Q3 performance, a slide presentation that will be referenced during the webcast will be posted to our Investor Relations website shortly before the webcast begins. Please refer to the exhibits below for a reconciliation of certain non-GAAP to GAAP financial measures, including operating income, net income and loss, diluted earnings per share and adjusted EBITDA. 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 a...