HARVARD BIOSCIENCE, INC.

(HBIO)
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Delayed Nasdaq  -  04:00 2022-08-09 pm EDT
3.360 USD   -1.18%
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Harvard Bioscience : Q2 - 2022 HBIO Quarterly Earnings Presentation

08/04/2022 | 07:17am EDT

NASDAQ: HBIO

Q2'22 Earnings Presentation

Jim Green, Chairman, President & CEO

Mike Rossi, CFO

August 4, 2022

Forward-Looking Statements and

Non-GAAP Financial Information

Forward-Looking Statements

Information in this presentation or in oral statements of the management of the Company may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. You can identify these statements by our use of such words as "will," "guidance," "objectives," "optimistic," "potential," "future," "expects," "plans," "estimates," "continue," "drive," "strategy," "potential," "potentially," "growth," "long- term," "projects," "projected," "intends," "believes," "goals," "sees," "seek," "develop" "possible" "new," "emerging," "opportunity," "pursue" and similar expressions that do not relate to historical matters. Forward-looking statements in this presentation or that may be made during our presentation may include, but are not limited to, statements or inferences about the Company's or management's beliefs or expectations, our anticipated future revenues and earnings, the strength of our market position and business model, industry outlook, the impact of the COVID-10 pandemic and related supply chain disruptions on our business, our business strategy. the positioning of our Company for growth, the market demand and opportunity for our current products, or products we are developing or intend to develop, and our plans, objectives and intentions that are not historical facts. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Investors should note that many factors, as more fully described under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, or described in our other public filings and as otherwise enumerated herein or therein may cause our actual results to differ materially from those in the forward-looking statements. The forward-looking statements in this presentation are qualified by these risk factors. Our results may also be affected by factors of which we are not currently aware. We may not update these forward-looking statements, even though our situation may change in the future, unless we have obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

Management's Use of Non-GAAP Financial Information

In this presentation, we have included non-GAAP financial information including adjusted gross profit, adjusted operating income, adjusted net income, adjusted earnings per diluted share and adjusted EBITDA. We believe that this non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of the business. For the periods presented, these non-GAAP financial measures of revenue and income have excluded certain expenses and income primarily resulting from purchase accounting or events that we do not believe are related to the underlying operations of the business such as amortization of intangibles related to acquisitions, costs related to acquisition, disposition and integration initiatives, impairment charges, severance and restructuring and other business transformation expenses, and stock-based compensation expense. They also exclude the tax impact of the reconciling items. This non-GAAP financial information approximates information used by our management to internally evaluate the operating results of the Company. Any non-GAAPmeasures included herein are accompanied by a reconciliation to the nearest corresponding GAAP measure within this presentation.

The non-GAAP financial information provided in this presentation should be considered in addition to, not as a substitute for, the financial information provided and presented in accordance with GAAP and may be different than other companies' non-GAAP financial information.

2

Table of Contents

  • Summary
  • Q2 Performance
  • Customer/Product Family Update
  • Financial Update
  • 2022 Outlook

3

Q2'22 Summary

  • Revenue flat @ $29M with Cellular & Molecular (CMT) up 17%, Pre-Clinical down 9%
    o CMT transition to higher margin direct sales is driving growth, with a continued rotation out of low margin products sold mostly through distributors
    o Pre-Clinical revenue had a tough comparable to a very strong Q2 last year
    o Revenue includes currency impact (-$0.9M), China shipment delays due to Covid related shutdowns
  • Adj. Operating Margin*: 11% vs 15% PY due to revenue & order delays, inflation & S&M/R&D investments
    o Gross margin: 58% in Q2, up 100 bps vs. last year, though inflation and freight costs remain
    o Opex up on R&D investments for new products and Marketing activities versus low (Covid) prior year
  • Initiated actions in July to obsolete non-strategic product lines and reduce overall operating costs o Actions underpin gross margin, operating margin expansion for 2023
    o ~5% Global workforce reduction
  • Adjusted amounts are Non-GAAP measure, reconciliations to GAAP financial measures are available in the appendix

4

Q2'22 Performance versus Q2'21

Revenue

$29.2M, Flat

Gross Margin (GAAP)

57.0%, up 100 bps

Operating Income / Margin (GAAP)

4.0 / 13.7%

Adj. Operating Income / Margin*

$3.1M / 10.5%

Income/(Loss) Per Diluted Share (GAAP)

$0.06 up from ($0.01)

Adjusted Diluted EPS*

$0.05, down from $0.06

Cash Flow Used in Operations

($0.2M) in Q2'22

Net Debt Increase

$0.6M in Q2'22

Leverage Ratio (Debt to Adj. EBITDA)

3.1x

* Non-GAAP measure, reconciliations to GAAP financial measures are available in the appendix

Revenue ($M)

29.229.2

Q2'22 Q2'21

Adj. Operating Margin *

14.6%

10.5%

Q2'22

Q2'21

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Harvard Bioscience Inc. published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 11:14:26 UTC.


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Financials (USD)
Sales 2022 121 M - -
Net income 2022 - - -
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 140 M 140 M -
Capi. / Sales 2022 1,16x
Capi. / Sales 2023 1,06x
Nbr of Employees 485
Free-Float 88,6%
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James W. Green Chairman, President & Chief Executive Officer
Michael A. Rossi Chief Financial Officer
Bertrand Loy Lead Independent Director
Katherine A. Eade Independent Director
Thomas W. Loewald Independent Director
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