Q1 2024 Harvard Bioscience Inc Earnings Call Transcript
Key Points
- Harvard Bioscience Inc maintained strong gross margins at 60.3%, aligning with their long-term target despite a decrease in revenue.
- The company has implemented cost reductions to support commercial investments for growth and meet earnings targets.
- New product launches and commercialization efforts, such as VivaMARS and SoHo, are expected to drive future growth.
- Harvard Bioscience Inc is expanding into high-growth opportunities with bioproduction and organoids, which are anticipated to contribute significantly to future revenue.
- The company has a robust pipeline of innovative products, including electroporation and amino acid related products, which make up around 10% of their revenue.
- Revenue for Q1 2024 was down by $5.5 million from the previous year, indicating a tough start to the year.
- Significant slowdown in sales in China and Asia Pacific, with a 35% decrease in reported revenue, continuing through Q1.
- Supply chain issues resulted in a $1 million revenue shipment delay for one product alone, pushing it out of Q1.
- Overall EMEA revenue was down 16% as reported, affected by tight budgets and economic challenges including higher interest rates and impacts from the situation in Ukraine.
- Harvard Bioscience Inc recorded an operating loss of $2.3 million on a GAAP basis for Q1 2024.
Good day and thank you for standing by, and welcome to the Q1 2024 Harvard Bioscience Inc earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Dave Sirois, Director of SEC Reporting.
Thank you, Josh, and good morning, everyone. Thank you for joining the Harvard Bioscience first quarter 2024 earnings conference call. Leading the call today will be Jim Green, Chairman of the Board, President and Chief Executive Officer, and Jennifer Cote, Chief Financial Officer.
In conjunction with today's recorded call, we have provided a presentation that will be referenced during our remarks that is posted to the Investors section of our website at investor.harvardbioscience.com. Please note that statements made in today's discussion that are not historical facts, including statements or expectations of future events or future financial
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
