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Harvard Bioscience, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $21,970,000 from $25,363,000 in the same quarter the previous year. The decrease is attributed to reduced demand from contract research organizations and academic medical research institutions.
Gross profit for the quarter was $12,765,000, down from $14,727,000 in the previous year, with the gross margin remaining at 58.1%. The decrease in gross profit is due to the decline in revenues.
Sales and marketing expenses decreased to $5,518,000 from $5,732,000, while general and administrative expenses decreased to $5,041,000 from $5,807,000, primarily due to lower compensation costs.
Research and development expenses were $2,567,000, slightly down from $2,760,000 in the previous year.
Amortization of intangible assets was $1,334,000, compared to $1,361,000 in the previous year.
The company recorded a loss on pension settlement of $1,243,000 during the quarter.
Interest expense was $856,000, slightly down from $882,000 in the previous year.
Net loss for the quarter was $4,802,000, compared to a net loss of $1,239,000 in the previous year.
Cash used in operating activities was $285,000 for the nine months ended September 30, 2024, compared to cash provided by operating activities of $9,725,000 in the previous year.
Harvard Bioscience reported cash and cash equivalents of $4,569,000 as of September 30, 2024, with borrowings outstanding of $38,300,000.
The company is unable to make additional borrowings under its revolving credit facility due to net leverage ratio requirements and will be unable to do so until it delivers financial statements for the year ending December 31, 2024.
The filing details various financial activities, including the sale of HRGN shares for $1,900,000, resulting in a loss on equity securities of $1,593,000.
Harvard Bioscience continues to focus on improving liquidity through cost containment and inventory reduction, expecting available cash and cash generated from operations to be sufficient to finance operations and service its debt for at least the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Harvard Bioscience Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.