Harvard Bioscience reports decrease in revenue and net loss for second quarter 2024

From GlobeNewswire: 2024-08-08 08:30:00

Harvard Bioscience, Inc. reported financial results for the second quarter of 2024, with revenues of $23.1 million, a decrease from $28.8 million in the same period of 2023. The Company’s gross margin was 57.2%, below their target of 60%, resulting in a net loss of $(2.9) million for the quarter.

For the six months ended June 30, 2024, Harvard Bioscience reported revenues of $47.6 million, a decrease from $58.7 million in the same period of 2023. Gross margin was 58.8%, below their target of 60%, resulting in a net loss of $(7.6) million for the first half of 2024.

Due to a delayed market recovery, Harvard Bioscience reduced its full year 2024 revenue outlook to $97 million to $102 million. The Company expects full year gross margin of 59% to 60% and adjusted EBITDA margin in the high single digits.

Harvard Bioscience will be hosting a conference call and webcast today to discuss the financial results. Non-GAAP financial measures have been utilized in the press release to provide investors with an enhanced understanding of the Company’s operations. Detailed financial information and reconciliation can be found in the press release.



Read more at GlobeNewswire:: Harvard Bioscience Announces Second Quarter 2024 Financial