Q2 2024 Harvard Bioscience Inc Earnings Call Transcript
Key Points
- Harvard Bioscience Inc (HBIO) is focusing on new product initiatives, which are expected to add new revenue streams starting in the second half of the year.
- The company has implemented cost-saving measures, realizing savings of approximately $700,000 in Q2 and expecting annual run rate savings of approximately $4 million.
- New product launches, such as the SoHo telemetry devices and VivaMARS neurobehavioral monitoring system, are expected to drive growth in the second half of 2024 and beyond.
- The company is seeing increased quoting activity in China, indicating potential future growth as market conditions stabilize.
- Harvard Bioscience Inc (HBIO) is targeting long-term double-digit revenue growth through new high-growth applications like bioproduction and MEA Organoid platforms.
- Revenue in Q2 2024 was down $5.7 million from the previous year, primarily due to slower sales in China and reduced capital spending by CRO and biopharma customers in Europe and the US.
- The company reported an operating loss of $2.1 million on a GAAP basis for the quarter.
- Gross margin decreased to 57.2% from 58% in the previous year, driven by lower absorption of fixed manufacturing costs and a lower mix of higher-margin products.
- Adjusted EBITDA declined significantly from $3.9 million last year to $1.3 million this year, primarily due to lower gross margin dollars.
- The market recovery is expected to be delayed to later in the second half of the year, leading to a reduction in the full-year 2024 revenue outlook to approximately $97 million to $102 million.
Good day and thank you for standing by. Welcome to the Q2 2024 Harvard Bioscience, Inc. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
(Operator Instructions) I would now like to hand the conference over to your speaker today, Kathryn Flynn, Corporate Controller.
Thank you, Josh, and good morning, everyone. Thank you for joining the Harvard Bioscience second quarter 2024 earnings conference call. Leading the call today will be Jim Green, 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 or future events or future financial performance are forward-looking
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