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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2025
_______________________________
HARVARD BIOSCIENCE, INC.
(Exact name of registrant as specified in its charter)
______________________________
| Delaware | 001-33957 | 04-3306140 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
84 October Hill Road
Holliston, MA 01746
(Address of Principal Executive Offices) (Zip Code)
(508) 893-8999
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
____________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Securities registered pursuant to Section 12(b) of the Act: | ||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | HBIO | The NASDAQ Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 12, 2025, Harvard Bioscience, Inc. (the “Company”) issued a press release announcing financial results for the three months ended March 31, 2025, and the details of a related conference call to be held at 8:00 AM ET on May 12, 2025. The press release is furnished as Exhibit 99.1 and incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
| (d) Exhibits. | |
| Exhibit Number | Description |
| 99.1 | Press Release issued by Harvard Bioscience, Inc. on May 12, 2025 |
| 104 | Cover Page Interactive Data File (embedded within the XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HARVARD BIOSCIENCE, INC. | |||
| Date: May 12, 2025 | By: | /s/ Jennifer Cote | |
| Jennifer Cote | |||
| Chief Financial Officer | |||
Exhibit 99.1
Harvard Bioscience Announces First Quarter 2025 Financial Results
HOLLISTON, Mass., May 12, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the first quarter ended March 31, 2025.
Jim Green, Chairman and CEO, said, “First quarter revenues were in line with our expectations, reflecting typical Q4 to Q1 seasonality as well as uncertainty surrounding NIH funding and the evolving tariff situation, especially in relation to sales to China.”
We are excited by the emerging adoption of our breakthrough MeshMEA™ organoid systems by academic and biopharma customers and encouraged by the market reception of our new SoHo™ telemetry systems. In addition, we remain focused on managing costs and expect that recently completed cost reduction actions will result in operating cost reductions of approximately $1 million per quarter beginning in the second quarter.”
First Quarter 2025 Results
For the first quarter of 2025, the Company reported revenues of $21.8 million compared to $24.5 million in the first quarter of 2024. Gross margin for the first quarter of 2025 was 56.0%, compared to 60.3% in the first quarter of 2024.
Net loss for the first quarter of 2025 was $(50.3) million, which included goodwill impairment of $(48.0) million. This is compared to a net loss of $(4.7) million in the first quarter of 2024, which included a loss on marketable securities of ($1.3) million. Adjusted EBITDA for the first quarter of 2025 was $0.8 million compared to $1.6 million in the first quarter of the prior year. Cash provided by operations was $3.0 million during the three months ended March 31, 2025, compared to $1.4 million in the same period in 2024.
Second Quarter 2025 Guidance
The Company expects second quarter 2025 revenues of $18 million to $20 million and gross margin in the 55% to 57% range.
This press release includes certain financial information presented on an adjusted, or non-GAAP, basis. For additional information on the non-GAAP financial measures included in this press release, see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
Webcast and Conference Call Details
In conjunction with this announcement, Harvard Bioscience will be hosting a conference call and webcast today at 8:00 a.m. Eastern Time. A presentation that will be referenced during the webcast will be posted to the Company’s Investor Relations website shortly before the webcast begins.
Participants who would like to join the call and ask a question should dial 1-866-652-5200 and request to be connected to the Harvard Bioscience call.
Participants who would like to join the audio-only webcast should go to our events and presentations on the Investor Relations section of our website here (https://investor.harvardbioscience.com/events-and-presentations).
Use of Non-GAAP Financial Information
In this press release we have included non-GAAP financial information, including one or more of adjusted operating income (loss), adjusted operating margin, adjusted net income (loss), adjusted EBITDA, adjusted EBITDA margin, diluted adjusted earnings (loss) per share, and net debt. We believe that this non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of our business. For the periods presented, these non-GAAP financial measures have excluded certain expenses and income resulting from items that we do not believe are reflective of the underlying operations of the business. Items excluded include stock-based compensation, amortization of intangibles related to acquisitions, other operating expenses, loss on equity securities, income taxes, and the tax impact of reconciling items. Management believes that this non-GAAP financial information is important in comparing current results with prior period results and is useful to investors and financial analysts in assessing the Company’s operating performance.
Non-GAAP historical financial statement information included herein is accompanied by a reconciliation to the nearest corresponding GAAP measure, which is included below.
With respect to non-GAAP forward-looking measures, we provide an outlook for adjusted EBITDA margin. Certain of the items that we exclude from this forward-looking non-GAAP measure may not be subject to the control of, or may not be reliably predicted by, the Company’s management. These items could cause our non-GAAP forward looking measures to vary materially from measures reported under GAAP.
The non-GAAP financial information provided in this press release should be considered in addition to, not as a substitute for, the financial information provided and presented in accordance with GAAP and may be different from other companies’ non-GAAP financial information.
About Harvard Bioscience
Harvard Bioscience, Inc. is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bio-production and preclinical testing for pharmaceutical and therapy development. Our customers range from renowned academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe, and China, we sell through a combination of direct and distribution channels to customers around the world.
For more information, please visit our website at www.harvardbioscience.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend,” “believe” and similar expressions or statements that do not relate to historical matters. Forward-looking statements include, but are not limited to, information concerning expected future financial and operational performance including revenues, gross margin, adjusted EBITDA and adjusted EBITDA margin, cash and debt position, growth and the introduction of new products, the strength of the Company’s market position, business model and anticipated macroeconomic conditions, and matters relating to our ability to continue as a going concern, fund our operations, or refinance our outstanding indebtedness. Forward-looking statements do not guarantee future performance and involve known and unknown uncertainties, risks, assumptions, and contingencies, many of which are outside the Company’s control. Risks and other factors that could cause the Company’s actual results to differ materially from those described in its forward-looking statements include those described in the “Risk Factors” section of the Company’s most recently filed Annual Report on Form 10-K as well as in the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements are based on the Company’s expectations and assumptions as of the date of this document. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect any change in expectations, even as new information becomes available.
Investor Inquiries:
(508) 893-3120
investors@harvardbioscience.com
HARVARD BIOSCIENCE, INC.
Condensed Consolidated Statements Of Operations
(Unaudited, in thousands, except per share data)
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenues | $ | 21,774 | $ | 24,512 | ||||
| Cost of revenues | 9,590 | 9,740 | ||||||
| Gross profit | 12,184 | 14,772 | ||||||
| Sales and marketing expenses | 4,971 | 5,904 | ||||||
| General and administrative expenses | 5,185 | 5,963 | ||||||
| Research and development expenses | 2,321 | 2,885 | ||||||
| Amortization of intangible assets | 1,160 | 1,333 | ||||||
| Goodwill impairment | 47,951 | — | ||||||
| Other operating expenses | 264 | 966 | ||||||
| Total operating expenses | 61,852 | 17,051 | ||||||
| Operating loss | (49,668 | ) | (2,279 | ) | ||||
| Other income (expense): | ||||||||
| Interest expense | (802 | ) | (751 | ) | ||||
| Loss on equity securities | — | (1,312 | ) | |||||
| Other income (expense), net | (324 | ) | (142 | ) | ||||
| Total other expense | (1,126 | ) | (2,205 | ) | ||||
| Loss before income taxes | (50,794 | ) | (4,484 | ) | ||||
| Income tax (benefit) expense | (454 | ) | 210 | |||||
| Net loss | $ | (50,340 | ) | $ | (4,694 | ) | ||
| Loss per share: | ||||||||
| Basic and diluted loss per share | $ | (1.14 | ) | $ | (0.11 | ) | ||
| Weighted-average common shares: | ||||||||
| Basic and diluted | 44,096 | 43,402 | ||||||
HARVARD BIOSCIENCE, INC.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except share and per share data)
| March 31, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 5,546 | $ | 4,108 | ||||
| Accounts receivable, net | 13,479 | 14,866 | ||||||
| Inventories | 22,816 | 23,245 | ||||||
| Other current assets | 3,061 | 2,898 | ||||||
| Total current assets | 44,902 | 45,117 | ||||||
| Property, plant and equipment | 5,009 | 5,106 | ||||||
| Goodwill and other intangibles | 19,090 | 67,456 | ||||||
| Other long-term assets | 10,800 | 8,965 | ||||||
| Total assets | $ | 79,801 | $ | 126,644 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Debt | $ | 35,958 | $ | 36,956 | ||||
| Other current liabilities | 19,645 | 18,002 | ||||||
| Total current liabilities | 55,603 | 54,958 | ||||||
| Other long-term liabilities | 9,363 | 8,346 | ||||||
| Stockholders’ equity | 14,835 | 63,340 | ||||||
| Total liabilities and stockholders’ equity | $ | 79,801 | $ | 126,644 | ||||
HARVARD BIOSCIENCE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
| Three Months Ended | ||||||||
| March 31, 2025 | March 31, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (50,340 | ) | $ | (4,694 | ) | ||
| Adjustments to operating cash flows | 49,814 | 4,389 | ||||||
| Changes in operating assets and liabilities | 3,512 | 1,708 | ||||||
| Net cash provided by operating activities | 2,986 | 1,403 | ||||||
| Cash flows from investing activities: | ||||||||
| Additions to property, plant and equipment | (513 | ) | (645 | ) | ||||
| Acquisition of intangible assets | (170 | ) | (75 | ) | ||||
| Proceeds from sale of marketable equity securities | — | 495 | ||||||
| Net cash used in investing activities | (683 | ) | (225 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowing from revolving line of credit | — | 2,500 | ||||||
| Repayment of revolving line of credit | — | (500 | ) | |||||
| Repayment of term debt | (1,000 | ) | (3,023 | ) | ||||
| Payment of debt issuance costs | (129 | ) | — | |||||
| Proceeds from exercise of employee stock options and purchases | — | 15 | ||||||
| Taxes paid related to net share settlement of equity awards | (75 | ) | (47 | ) | ||||
| Net cash used in financing activities | (1,204 | ) | (1,055 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 339 | (151 | ) | |||||
| Increase (decrease) in cash and cash equivalents | 1,438 | (28 | ) | |||||
| Cash and cash equivalents at the beginning of period | 4,108 | 4,283 | ||||||
| Cash and cash equivalents at the end of period | $ | 5,546 | $ | 4,255 | ||||
HARVARD BIOSCIENCE, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
(in thousands, except per share data and percentages)
| Three Months Ended | ||||||||
| March 31, 2025 | March 31, 2024 | |||||||
| GAAP operating loss | $ | (49,668 | ) | $ | (2,279 | ) | ||
| Stock-based compensation | 600 | 1,048 | ||||||
| Acquired asset amortization | 1,160 | 1,333 | ||||||
| Goodwill impairment | 47,951 | — | ||||||
| Other operating expenses (1) | 264 | 966 | ||||||
| Other adjustments | 12 | 97 | ||||||
| Adjusted operating income | $ | 319 | $ | 1,165 | ||||
| Operating margin | (228.1 | %) | (9.3 | %) | ||||
| Adjusted operating margin | 1.5 | % | 4.8 | % | ||||
| GAAP net loss | $ | (50,340 | ) | $ | (4,694 | ) | ||
| Stock-based compensation | 600 | 1,048 | ||||||
| Acquired asset amortization | 1,160 | 1,333 | ||||||
| Goodwill impairment | 47,951 | — | ||||||
| Other operating expenses (1) | 264 | 966 | ||||||
| Other adjustments | 12 | 97 | ||||||
| Loss on equity securities | — | 1,312 | ||||||
| Income taxes | (199 | ) | 627 | |||||
| Adjusted net (loss) income | (552 | ) | 689 | |||||
| Depreciation & amortization | 495 | 448 | ||||||
| Interest and other expense, net | 1,126 | 893 | ||||||
| Adjusted income taxes (2) | (255 | ) | (417 | ) | ||||
| Adjusted EBITDA | $ | 814 | $ | 1,613 | ||||
| Adjusted EBITDA margin | 3.7 | % | 6.6 | % | ||||
| Diluted loss per share (GAAP) | $ | (1.14 | ) | $ | (0.11 | ) | ||
| Diluted adjusted (loss) earnings per share | $ | (0.01 | ) | $ | 0.02 | |||
| Weighted-average common shares: | ||||||||
| Diluted GAAP | 44,096 | 43,402 | ||||||
| Diluted Adjusted | 44,096 | 44,693 | ||||||
| March 31, | ||||||||
| 2025 | 2024 | |||||||
| Debt, including unamortized deferred financing costs | $ | 35,958 | $ | 35,610 | ||||
| Unamortized deferred financing costs | 392 | 490 | ||||||
| Cash and cash equivalents | (5,546 | ) | (4,255 | ) | ||||
| Net debt | $ | 30,804 | $ | 31,845 | ||||
(1) Other operating expenses for the three months ended March 31, 2025 includes $93 thousand of restructuring-related charges and $171 thousand of employee retention tax credit fees compared to $472 thousand of employee retention tax credit fees and $494 thousand of unclaimed property audit expenses for the three months ended March 31, 2024.
(2) Adjusted income taxes includes the tax effect of adjusting for the reconciling items using the tax rates in the jurisdictions in which the reconciling items arise.