Harvard Bioscience ( (HBIO) ) has released its Q3 earnings. Here is a breakdown of the information Harvard Bioscience presented to its investors.
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In its latest financial report for Q3 2024, Harvard Bioscience disclosed a challenging quarter marked by lower revenues and an increased net loss compared to the previous year. Despite these setbacks, the company highlighted the successful migration to a single ERP system to enhance operational efficiencies and emphasized the growing adoption of its new product lines.
Key financial metrics showed a decline in revenues to $22.0 million from $25.4 million in the same period last year, with a consistent gross margin of 58.1%. The net loss expanded to $4.8 million, influenced by a non-cash pension settlement charge. Adjusted EBITDA decreased to $1.3 million from $2.2 million the previous year. For the nine months ending September 30, 2024, revenues were down to $69.6 million from $84.1 million, with a net loss of $12.4 million compared to $1.6 million in 2023.
Looking forward, Harvard Bioscience anticipates revenue improvements in Q4 2024, projecting between $23 to $26 million, with gross margins expected between 59% and 60%. The company remains optimistic about its financial stability, expecting its cash flow and capital resources to support operations over the next 12 months.
