The following is a summary of the Harvard Bioscience, Inc. (HBIO) Q2 2024 Earnings Call Transcript:
Financial Performance:
Harvard Bioscience reported Q2 2024 revenue of $23.1 million, down $5.7 million from the previous year.
Gross margin for Q2 2024 was 57.2%, slightly lower than last year's 58% due to lower absorption of fixed manufacturing costs.
Operating profit on an adjusted basis was $800,000 or 3.5% of revenue, with adjusted EBITDA at $1.3 million or 5.5% of revenue.
Cash flow from operations for the first half of 2024 was $0.6 million, significantly lower compared to $5.4 million in the same period last year.
Business Progress:
The company indicated a shift towards product innovation with new telemetry devices and neurobehavioral monitoring systems expected to boost revenues.
Commercial introduction of new products in electroporation and bioproduction projects, along with a CGMP-compliant amino acid analysis system for bioprocessing applications.
Installation of MEA Organoid platforms for in-vitro data acquisition, particularly in neuro and cardiac toxicology applications, setting up a full production launch in Q1 2025.
Opportunities:
New product launches and innovations set to contribute to revenue streams and underpin long-term double-digit growth.
Increased quoting and funnel activity in China and Asia Pacific signals potential revenue stabilization and growth from academic sectors.
Risks:
Continued challenges from lower capital spending by CROs and pharma in the US and Europe affecting preclinical product shipments.
Economic factors including interest rates and energy costs additionally constrain spending in Europe.
More details: Harvard Bioscience IR
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