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 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 (1.8) million in Q4 2023 [4]. - Adjusted EBITDA for Q4 2024 was 3.6 million in the same quarter of the prior year [4]. Year Ended December 31, 2024 - Total revenues for the year were 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 (3.4) million in 2023, largely due to lower revenues [6]. - Adjusted EBITDA for the year was 14.6 million in 2023 [6]. Q1 2025 Guidance - The company anticipates Q1 2025 revenues to be between 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 137.4 million in 2023 [20]. - Current liabilities increased significantly to 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 4.3 million at the end of 2023 [21].
Harvard Bioscience Announces Fourth Quarter and Full-Year 2024 Financial Results