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Harvard Bioscience Inc. (HBIO-0.09%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in revenues to $94.1 million from $112.3 million the previous year, attributed to a decline in demand from distributors, CROs, and academic medical research institutions.
Gross profit decreased to $54.8 million, with a gross margin of 58.2%, down from 58.9% the previous year, primarily due to decreased revenues and under-absorption of fixed manufacturing overhead costs.
Sales and marketing expenses were reduced to $22.2 million, while general and administrative expenses decreased to $21.5 million, reflecting cost containment efforts.
Research and development expenses decreased to $10.4 million, attributed to reduced compensation costs and capitalized software development costs.
The company reported a net loss of $12.4 million, compared to a net loss of $3.4 million in the previous year, with a basic and diluted loss per share of $0.28.
Harvard Bioscience's balance sheet shows total assets of $126.6 million and total liabilities of $63.3 million as of December 31, 2024.
The company was not in compliance with the consolidated net leverage ratio covenant under its Credit Agreement as of December 31, 2024, but has entered into an amendment with lenders to waive the non-compliance, subject to certain refinancing milestones by June 30, 2025.
Harvard Bioscience is exploring alternative sources of capital to refinance its outstanding indebtedness to avoid default under the Credit Agreement.
Harvard Bioscience's management identified material weaknesses in its internal control over financial reporting as of December 31, 2024, related to the order to cash cycle and physical count of inventories, and is implementing measures to remediate these weaknesses.
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. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.