Harvard Bioscience Announces Second Quarter 2024 Financial Results

Core Viewpoint - Harvard Bioscience, Inc. reported a challenging second quarter in 2024, with revenues declining and a net loss widening, while the company remains optimistic about long-term growth prospects from new products despite a delayed market recovery [2][4][8]. Financial Results Summary - For Q2 2024, revenues were $23.1 million, down from$28.8 million in Q2 2023, representing a decrease of approximately 19% [4][19]. - Gross margin for Q2 2024 was 57.2%, compared to 58.0% in Q2 2023, with gross profit falling to $13.2 million from$16.7 million [4][5]. - The net loss for Q2 2024 was $(2.9) million, compared to a net loss of$(1.0) million in Q2 2023 [5][20]. - Adjusted EBITDA for Q2 2024 was $1.3 million, down from$3.9 million in the same period last year [5][24]. Six-Month Results - For the six months ended June 30, 2024, revenues totaled $47.6 million, down from$58.7 million in the same period of 2023 [6][19]. - Gross margin for the first half of 2024 was 58.8%, compared to 59.6% in the prior year, with gross profit decreasing to $28.0 million from$35.0 million [6][7]. - The net loss for the first half of 2024 was $(7.6) million, compared to a net loss of$(0.4) million in the same period of 2023 [7][20]. - Adjusted EBITDA for the first half of 2024 was $2.9 million, down from$8.7 million in the same period last year [7][24]. 2024 Guidance - The company has reduced its full-year 2024 revenue outlook to approximately $97 million to$102 million, with expected gross margin of 59% to 60% and adjusted EBITDA margin in the high single digits [8].