Harvard Bioscience Announces Fourth Quarter and Full-Year 2024 Financial Results

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Harvard Bioscience, Inc.
Harvard Bioscience, Inc.

HOLLISTON, Mass., March 12, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the fourth quarter and full year ended December 31, 2024.

Jim Green, Chairman and CEO, said, “Our fourth quarter saw sequential strengthening in pre-clinical revenues across all regions, while our cellular and molecular technology (CMT) revenues were down slightly from the third quarter, primarily due to reduced purchasing by US academic customers. As expected, our fourth quarter revenues were down compared to the fourth quarter of last year as we navigated a challenging market environment.

Green continued, “We are encouraged by the strong market reception of our new products by prominent academic institutions, contract research organizations and biopharma customers. In particular, we are seeing strong interest in our new SoHo™ telemetry systems and emerging growth of our breakthrough MeshMEA™ organoid systems. Finally, in the current market uncertainty, we remain focused on managing costs to improve our operating and financial performance.”

Fourth Quarter 2024 Results

For the fourth quarter of fiscal 2024, the Company reported revenues of $24.6 million compared to $28.2 million in the fourth quarter of fiscal 2023. Gross margin for the three months ended December 31, 2024 was 57.1%, compared to 58.0% in 2023, with the year-over-year decrease due to lower absorption of fixed manufacturing costs and the impact of foreign exchange rates, partially offset by more favorable product mix and the impact of cost containment actions.

Net income for the fourth quarter of 2024 was $18 thousand compared to a loss of $(1.8) million in the fourth quarter of 2023. Adjusted EBITDA for the fourth quarter of 2024 was $3.0 million compared to $3.6 million in the fourth quarter of the prior year.   Cash provided by operations was $1.7 million during the three months ended December 31, 2024, compared to $4.3 million in the same period in 2023.

Results for Year Ended December 31, 2024

For the year ended December 31, 2024, revenues were $94.1 million compared to $112.3 million for the year ended December 31, 2023. Revenues declined as a result of a challenging global market and reduced spending by CROs, distributors and academic research institutions. Gross margin for the year ended December 31, 2024 was 58.2%, compared to gross margin of 58.9% in the prior year.

Net loss for the year ended December 31, 2024 was ($12.4) million compared to net loss of $(3.4) million for the year ended 2023, primarily due to the impact of lower revenues, which was partially offset by lower manufacturing and operating expenses due to cost reduction actions taken throughout the year. The Company’s net loss for 2024 includes a loss on equity securities of ($1.6) million compared to $(0.6) million in the prior year. Adjusted EBITDA for the year ended December 31, 2024 was $7.2 million, compared to adjusted EBITDA of $14.6 million for the year ended 2023. Cash provided by operations was $1.4 million during the year ended December 31, 2024, compared to $14.0 million in the year ended in 2023.