UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2025 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission file number 001-33957 HARVARD BIOSCIENCE, INC. (Exact Name of Registrant as Specified in Its Charter) Indicate by check mark whether the registrant is a large a ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $21.8 million, down from $24.5 million in Q1 2024, aligning with the higher end of guidance [7][10] - Gross margin decreased to 56% from 60.3% in the previous year [8][14] - Operating loss was $49.7 million compared to a loss of $2.3 million in Q1 2024, primarily due to a goodwill impairment charge of $48 million [8][10] - Adjusted EBITDA was $800,000, down from $1.6 million in Q1 2024 [15] - Cash flow from operations improved to $3 million from $1.4 million in the prior year [16] Business Line Data and Key Metrics Changes - Revenue in The Americas declined 9.4% year-over-year and 5.4% sequentially [11] - European revenue decreased 29% sequentially and 9% year-over-year [12] - APAC revenue increased 6.6% sequentially but was down 17% compared to the prior year [13] Market Data and Key Metrics Changes - The Americas faced a slowdown attributed to budget clarity issues for academic and NIH funding [11] - European sales were impacted by a lack of seasonal bump and lower CRO sales [12] - APAC market showed slight sequential growth but anticipated challenges due to tariff announcements [13] Company Strategy and Development Direction - Focus on expanding adoption of new products while reducing costs, with an expected reduction in operating expenses by an additional $1 million per quarter starting Q2 2025 [25] - New product introductions include the SOHO telemetry devices and VivaMARS system, targeting both academic and industrial customers [19][20] - Emphasis on bioproduction applications and exploring partnerships for CAR T therapy production [21][31] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns over NIH funding and the impact of tariffs on revenue, particularly in China [25][53] - Positive outlook on the adoption of organoid systems due to government policy changes encouraging alternative testing methods [24][34] - Anticipated Q2 revenue guidance is between $18 million to $20 million, with gross margin expected to be in the 55% to 57% range [25] Other Important Information - Goodwill impairment charge of $48 million was recorded due to a decrease in market capitalization [10][29] - Net debt decreased to $30.8 million, reflecting improved cash flow management [16] Q&A Session Summary Question: Can you elaborate on the impairment charge? - Management explained that the impairment was due to a drop in market cap, necessitating a reassessment of goodwill, leading to a non-cash charge of $48 million [29] Question: What about the bioproduction business and CAR T therapy? - Management confirmed that the BTX system is being adopted by a domestic biotech for CAR T therapy production, indicating strong traction in the market [31] Question: How is the MEA product line performing amid NIH funding uncertainties? - Management noted strong interest in the MEA product line, particularly from academic researchers, despite a slowdown in purchasing processes due to NIH staffing changes [34][45] Question: What are the refinancing plans? - Management indicated that refinancing will be more expensive than commercial rates, with terms likely spanning four to five years [46][48]

NASDAQ: HBIO Q1'25 Earnings Presentation Jim Green, Chairman, President & CEO Jennifer Cote, CFO & Treasurer Mark Frost, Incoming Interim CFO & Treasurer May 12, 2025 1 Forward-Looking Statements and Non-GAAP Financial Information 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," ...

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 ...

HOLLISTON, Mass., May 05, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) will announce its financial results for the quarter ended March 31, 2025, before the market opens on May 12, 2025, and will hold a conference call to discuss the results at 8:00 a.m. Eastern Time. Participants who would like to join the call and ask a question must register here. Once registered, you will receive the dial-in numbers and a unique PIN number. Participants who would like to join the audio-only webcast ...

Core Viewpoint - Harvard Bioscience, Inc. announced the resignation of Chief Financial Officer Jennifer Cote, effective upon the filing of the Quarterly Report on Form 10-Q, expected by May 12, 2025. Mark Frost has been appointed as the Interim CFO and Treasurer following her departure [1]. Group 1: Management Changes - Jennifer Cote's resignation will take effect upon the filing of the Company's Quarterly Report on Form 10-Q, anticipated by May 12, 2025 [1]. - Mark Frost has been appointed as the Interim Chief Financial Officer and Treasurer effective upon Ms. Cote's resignation [1]. - Mark Frost brings over 30 years of financial and executive-level management experience, having served as CFO for multiple public healthcare companies and as a consultant to Harvard Bioscience since January 2025 [2]. Group 2: Leadership Statements - Jim Green, Chairman and CEO, expressed confidence in Mark Frost's financial and business acumen, highlighting his extensive experience in corporate finance and as a public company CFO [3]. - Green acknowledged Jennifer Cote's contributions to the company, particularly in leading the finance team and driving initiatives such as the ERP system consolidation project [3]. Group 3: Company Overview - Harvard Bioscience, Inc. is a leading developer, manufacturer, and seller of technologies and services that support advances in life science applications, including research and drug discovery [4]. - The company serves a diverse customer base, including academic institutions, government laboratories, and leading pharmaceutical and biotechnology organizations globally [4].

Revenue and Sales - Harvard Bioscience, Inc. generated approximately 49% of its global revenues from the Cellular and Molecular Technologies (CMT) product family and 51% from the Preclinical product family for the years ended December 31, 2024 and 2023[23][24]. - Revenues from direct sales to end-users represented approximately 63% of total revenues, while sales through distributors accounted for approximately 37% for the year ended December 31, 2024[27]. - No single customer accounted for more than 10% of revenues in 2024, demonstrating a broad customer base across various sectors[26]. - A significant portion of the company's revenues is derived from pharmaceutical and biotechnology companies, which are subject to various risks including government regulation and funding uncertainties[52]. - The company anticipates that revenues from international operations will continue to increase due to efforts to expand its business abroad[56]. - Revenues decreased by $18.2 million, or 16.1%, to $94.1 million for the year ended December 31, 2024, compared to $112.3 million for the year ended December 31, 2023[113]. Financial Performance - Gross profit decreased by $11.3 million, or 17.1%, to $54.8 million for the year ended December 31, 2024, with a gross margin of 58.2%[114]. - The net loss for the year ended December 31, 2024, was $12.405 million, compared to a net loss of $3.415 million in 2023, representing an increase in loss of 263.5%[200]. - Operating (loss) income for the year ended December 31, 2024, was $(6.211) million, compared to an operating income of $1.894 million in 2023[200]. - Cash provided by operating activities decreased significantly to $1.4 million in 2024 from $14.0 million in 2023, impacted by a larger net loss and changes in operating assets and liabilities[129]. - The company reported total operating expenses of $60.977 million for 2024, a decrease of 5.5% from $64.177 million in 2023[200]. Expenses and Cost Management - Research and development expenses were approximately $10.4 million and $11.8 million for the years ended December 31, 2024 and 2023, respectively[29]. - Sales and marketing expenses decreased by $1.9 million, or 7.7%, to $22.2 million for the year ended December 31, 2024[115]. - General and administrative expenses decreased by $1.3 million, or 5.6%, to $21.5 million for the year ended December 31, 2024[116]. - Interest expense decreased by $0.4 million, or 10.6%, to $3.2 million for the year ended December 31, 2024[120]. - The company incurred $0.8 million in restructuring expenses during the year ended December 31, 2024, primarily related to headcount reductions[110]. Debt and Financing - As of December 31, 2024, the company had an outstanding indebtedness of $37.4 million under its term loan and senior revolving credit facility[46]. - The company was not in compliance with the consolidated net leverage ratio covenant as of December 31, 2024, but received a waiver from lenders on March 10, 2025[46]. - The company is exploring alternative sources of capital to refinance its outstanding indebtedness by June 30, 2025, to avoid default under the Credit Agreement[47]. - The company maintains a Credit Agreement with a term loan of $40.0 million and a $25.0 million revolving credit facility, both maturing on December 22, 2025[125]. - The March 2025 Amendment caps the lender's commitment under the revolving credit facility at the amount outstanding, preventing additional borrowings[62]. Operational Efficiency and Strategy - The company plans to pursue a balanced development portfolio strategy, focusing on both internal research and potential acquisitions to expand its product offerings[29]. - The company has consolidated its enterprise resource planning (ERP) system in the United States in 2024 to improve operational efficiency[16][30]. - Harvard Bioscience has taken steps to rationalize its product portfolio, including discontinuing non-strategic products and reducing headcount in Europe and North America[16]. - The recently introduced VivaMars™ behavioral monitoring system targets high throughput testing needs for industrial customers, including CROs and pharmaceutical companies[27]. - The company is currently implementing a plan to remediate the identified material weaknesses, but there is no assurance of timely remediation[69]. Risks and Challenges - The company faces competition from established companies with greater financial and operational resources, which may impact its market position[49]. - The life sciences industry is subject to rapid technological change, requiring the company to continually enhance and develop new products[50]. - The company is subject to risks associated with international sales, including fluctuations in foreign currency exchange rates and local economic conditions[57]. - Changes in government regulations may adversely impact the company's revenues and increase its expenses[54]. - The company faces risks associated with the development and deployment of artificial intelligence technologies, which could result in reputational harm and regulatory liabilities[73]. Internal Controls and Compliance - The company identified material weaknesses in internal controls over financial reporting as of December 31, 2024, which could adversely affect the accuracy of financial statements[68]. - The independent auditor, Grant Thornton LLP, expressed an adverse opinion on the effectiveness of internal control over financial reporting as of December 31, 2024[190]. - Material weaknesses included ineffective manual controls over revenue transactions and an inadequate cycle count program for inventory verification[165]. - Management's evaluation concluded that there is a reasonable possibility of material misstatements in financial statements due to these weaknesses[164]. - The effectiveness of internal controls is subject to inherent limitations, including the possibility of human error and changes in conditions[160]. Workforce and Human Resources - The company employed a total of 355 employees as of December 31, 2024, including 330 full-time employees[42]. - Retaining key personnel is essential; competition for qualified employees is intense, particularly in key geographic areas[84]. - The company may face significant dilution of ownership interest if additional funds are raised through equity or convertible debt[88]. Market Conditions and Economic Factors - Geopolitical instability and economic uncertainty may materially affect the company's financial condition and results of operations[89]. - Rising commodity prices could adversely impact profit margins if costs cannot be passed on to customers[94]. - Foreign currency exchange rate fluctuations may negatively impact reported earnings, as a significant portion of revenues is derived from international operations[72].

Core Viewpoint - Harvard Bioscience, Inc. is actively engaging with investors through participation in two upcoming conferences in March 2025, highlighting its commitment to investor relations and transparency [1][2]. Company Overview - Harvard Bioscience, Inc. is a prominent developer, manufacturer, and seller of technologies and services that facilitate advancements in life sciences, including research, pharmaceutical discovery, bio-production, and preclinical testing [1]. - The company's customer base includes prestigious academic institutions, government laboratories, and leading pharmaceutical and biotechnology firms, indicating a strong market presence [1]. Upcoming Events - The 37th Annual Roth Conference will take place from March 16-18, 2025, where management will conduct one-on-one meetings and participate in a Fireside Chat on March 17 at 10 a.m. PT [2]. - A virtual event, the KeyBanc Capital Markets Healthcare Forum, is scheduled for March 19, 2025, featuring one-on-one meetings and a Fireside Chat with Paul Knight at 3:45 p.m. ET [2].

Financial Data and Key Metrics Changes - Revenue in Q4 2024 was $24.6 million, which is 13% lower than Q4 2023 but up 12% sequentially from Q3 2024 [7][10] - Gross margin for Q4 was 57%, down from 58% in Q4 2023, with adjusted EBITDA at $3 million, a sequential improvement from $1.3 million in Q3 [17][19] - Full year 2024 adjusted EPS was $0.03 compared to $0.14 in 2023, reflecting lower gross margins offset partially by reduced operating expenses [24] Business Line Data and Key Metrics Changes - In The Americas, Q4 revenue grew 3% sequentially but was down 11% year-over-year, with preclinical sales rebounding [11] - European revenue in Q4 grew 28% sequentially but was down 7% year-over-year, driven by new product introductions [12] - APAC revenue was up 8% sequentially but down 24% year-over-year, with preclinical sales showing sequential growth but lower year-over-year due to destocking [14][15] Market Data and Key Metrics Changes - The company noted a stabilization in global revenue trends, with sequential improvements across regions [10] - The academic research segment, which constitutes about half of the business, faced headwinds due to uncertainties in NIH funding [70][72] Company Strategy and Development Direction - The company is focusing on expanding into high-growth areas such as electroporation and bioproduction, alongside new product introductions [31][32] - The implementation of a new ERP system is expected to enhance operational efficiencies and inventory management [19][80] - The company is working to extend distribution agreements in North America to increase product reach [29][96] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the visibility of NIH funding impacting academic research revenue, leading to cautious revenue guidance for Q1 2025 [44][72] - Despite challenges, management remains optimistic about maintaining positive EBITDA and cash flow to support operations and debt servicing [45][75] Other Important Information - The company has entered into an amendment with lenders to waive Q4 non-compliance with net leverage ratio covenants, requiring refinancing by June 30 [26][27] - Cash flow from operations was $1.7 million in Q4, showing sequential improvement compared to Q3 [22] Q&A Session Summary Question: What metric was breached regarding debt financing? - The net leverage ratio was impacted by three quarters of reduced revenue, affecting compliance with the covenant [49][50] Question: What was the previous debt rate and what is expected for the new transaction? - The previous rate was SOFR plus 3.75%, expected to increase by 2 to 4 percentage points in the new transaction [52][54] Question: How are new product introductions performing? - New products like MeshMEA and BTX are gaining traction, with significant sales growth in Europe [57][58] Question: Are current projects fully funded and stable? - Current academic projects are predominantly funded, with ongoing demand from pharma companies [87][90]

Core Viewpoint - Harvard Bioscience, Inc. reported a decline in revenues for both the fourth quarter and the full year of 2024, attributed to a challenging market environment and reduced spending by key customers, while also highlighting strong interest in new product offerings [2][5][6]. Fourth Quarter 2024 Results - The company reported revenues of $24.6 million for Q4 2024, down from $28.2 million in Q4 2023, reflecting a year-over-year decrease [3][4]. - Gross margin for Q4 2024 was 57.1%, slightly down from 58.0% in the previous year, primarily due to lower absorption of fixed manufacturing costs and foreign exchange impacts [3]. - Net income for Q4 2024 was $18 thousand, a significant improvement from a net loss of $(1.8) million in Q4 2023 [4]. - Adjusted EBITDA for Q4 2024 was $3.0 million, compared to $3.6 million in the same quarter of the prior year [4]. Year Ended December 31, 2024 - Total revenues for the year were $94.1 million, down from $112.3 million in 2023, driven by a challenging global market and reduced spending by contract research organizations and academic institutions [5][6]. - The gross margin for the year was 58.2%, a slight decrease from 58.9% in 2023 [5]. - The net loss for the year was $(12.4) million, compared to a net loss of $(3.4) million in 2023, largely due to lower revenues [6]. - Adjusted EBITDA for the year was $7.2 million, down from $14.6 million in 2023 [6]. Q1 2025 Guidance - The company anticipates Q1 2025 revenues to be between $19 million and $21 million, with a gross margin expected in the range of 56% to 58% [8]. Financial Position - As of December 31, 2024, total assets were $126.6 million, down from $137.4 million in 2023 [20]. - Current liabilities increased significantly to $54.96 million from $26.54 million in the previous year, primarily due to a rise in the current portion of long-term debt [20]. - Cash and cash equivalents at the end of 2024 were $4.1 million, slightly down from $4.3 million at the end of 2023 [21].