Harvard Bioscience reports company news on its life science research tools business, which develops, manufactures and sells technologies, products and services for research, pharmaceutical and therapy discovery, bioproduction and preclinical testing. Updates commonly cover operating and financial results, new products for translational science, New Approach Methodologies, product mix, and customer markets that include academic institutions, government laboratories, pharmaceutical companies, biotechnology companies and contract research organizations.
Company releases also address capital actions, Nasdaq listing compliance, manufacturing and operating-model changes, management appointments, guidance, and investor conference presentations. The business sells through direct and distribution channels and has operations in the United States, Europe and China.
Harvard Bioscience (Nasdaq: HBIO) has updated shareholders on its strategic initiatives aimed at long-term growth, despite challenges posed by COVID-19. The company reported increased demand for research products related to the pandemic. Key strategic actions from September 2019 are on track, including a $6 million debt reduction, improved margins, and a streamlined manufacturing process. Harvard Bioscience also emphasizes efforts to support research organizations in developing COVID-19 treatments and vaccines. Overall, they remain committed to creating shareholder value as they navigate current challenges.
Harvard Bioscience (Nasdaq: HBIO) reported Q1 2020 revenue of $23.8 million, down 16% year-over-year due to the Covid-19 pandemic. The company experienced a gross margin of 54.6% but faced an operating loss of $3.3 million, compared to a loss of $0.1 million in Q1 2019. Adjusted loss per share was $(0.01), down from $0.02 in the previous year. Cash flow from operations was $2.9 million, with a $5 million debt reduction. The company has retracted its full-year 2020 guidance, anticipating a revenue decline of 20%-30% in Q2.