Harvard Bioscience (NASDAQ: HBIO) posts FY25 metrics and guides modest 2026 growth
Rhea-AI Filing Summary
Harvard Bioscience furnished an investor presentation outlining recent performance, strategy, and 2026 outlook. For FY25, the company reports $87M revenue, 58% adjusted gross margin, $8M adjusted EBITDA, and a GAAP net loss of $56.7M, driven in part by a goodwill impairment.
The business generated 54% recurring revenue in 2025 from consumables, software, and services and targets a path toward 60%. Guidance for FY26 calls for 2–4% revenue growth, 58–60% adjusted gross margin, and 6–10% adjusted EBITDA growth, with 1Q26 revenue expected between $20–$22M.
The presentation highlights debt refinancing that extends maturity to 2029 and reduces annual debt service by $3M, as well as a phased closure of the Holliston, MA plant, which is expected to improve adjusted EBITDA by about $3M in 2027 and $4M annually beginning in 2028. Management emphasizes a focus on translational science tools, recurring revenue expansion, and new products such as MeshMEA, SoHo, and Incub8.
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UNITED STATES
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Item 7.01 Regulation FD Disclosure.
Corporate Presentation
The Company from time to time presents and/or distributes to the investment community at various industry and other conferences slide presentations to provide updates and summaries of its business. A copy of the Company’s current corporate slide presentation is attached hereto as Exhibit 99.1 and incorporated herein by reference.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| EXHIBIT NUMBER |
EXHIBIT DESCRIPTION | |
| 99.1 | Corporate slide presentation of Harvard Bioscience, Inc., dated March 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HARVARD BIOSCIENCE, INC. | ||
| Date: March 17, 2026 | By: | /s/ Mark Frost |
| Mark Frost | ||
| Chief Financial Officer | ||
Exhibit 99.1
NASDAQ: HBIO Harvard Bioscience Investor Overview March 202 6
2 Forward - Looking Statements & Non - GAAP Financial Information Forward Looking Statements This document contains forward - looking statements within the meaning of the federal securities laws, including the Private Secur ities Litigation Reform Act of 1995. Forward - looking statements may be identified by the use of words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions or statements that do not relate to historical matters. Forward - looking statements include, but are not limited to, information concerning expected future financial and operat ional performance including revenues, gross margins, adjusted EBITDA and EBITDA margin, cash and debt position, growth and the introduction of new products, and the strength of t he Company’s market position and business model and anticipated macroeconomic conditions. Forward - looking statements are not guarantees of future performance and involve known and unknown uncertainties, risks, assumptions, and contingencies, many of which are outside the Company’s control. Risks and other factors that could cause the Company’s actual re sults to differ materially from those described its forward - looking statements include those described in the “Risk Factors” section of the Company’s most recently filed Annual Report o n F orm 10 - K as well as in the Company’s other filings with the Securities and Exchange Commission. Forward - looking statements are based on the Company’s expectations and assumptions as of the date of this document. Except as required by law, the Company assumes no obligation to update forward - looking statements to reflect any change in expectations, even as new inform ation becomes available. Use of Non - GAAP Financial Information This document contains non - GAAP financial information, including one or more of adjusted operating income (loss), adjusted opera ting margin, adjusted net income (loss), adjusted EBITDA, adjusted EBITDA margin, diluted adjusted earnings (loss) per share, and net debt. We believe that this non - GAAP financial inform ation provides investors with an enhanced understanding of the underlying operations of our business. For the periods presented, these non - GAAP financial measures have excluded certain ex penses and income resulting from items that we do not believe are representative of the underlying operations of the business. Items excluded include stock - based compensation, amorti zation of intangibles related to acquisitions, other operating expenses, goodwill impairment, interest and other expenses, net, loss on pension settlement, loss on equity securities, incom e t axes, and the tax impact of reconciling items. Management believes that this non - GAAP financial information is important in comparing current results with prior period results and is use ful to investors and financial analysts in assessing the Company’s operating performance. Historical non - GAAP financial information included herein is accompanied by a reconciliation to the nearest corresponding GAAP m easure, which is included below. With respect to non - GAAP forward - looking measures, we provide an outlook for adjusted EBITDA margin. Many of the items that we e xclude from this forward - looking measure calculation may not be subject to the control of or may not be reliably predicted by management. These items could cause our non - GAAP forwar d looking measures to vary materially from measures reported under GAAP. The non - GAAP financial information provided in this document should be considered in addition to, not as a substitute for, the f inancial information provided and presented in accordance with GAAP and may be different than other companies’ non - GAAP financial information.
“Accelerating drug development through human - relevant translational tools” Vision 3
Harvard Bioscience By The Numbers $ 87 M Revenue FY25 58 % Adj. Gross Margin FY25 $ 8M Adj . EBITDA FY25 5 4 % R ecurring R evenue (path to 60%+) #1 or #2 in 7 of 10 product lines 10,000+ C ustomers Harvard Bioscience builds tools that power translational research across drug discovery & preclinical development Guiding 2 - 4% growth in FY26 Guiding 58 - 60% in FY26 Guiding 6 - 10% growth in FY26 4 FY25 revenue more than 1.5x company enterprise value* *Enterprise value as of 3/13/26
Recent Actions ✔ New Executive Leadership: Appointed John Duke CEO effective July 2025 & made Mark Frost permanent CFO in March of 2026 ✔ Debt Refinancing: E xtended debt maturity to 2029, reduced annual debt service generating $3 million in annual cash savings, & enhanced financial flexibility to support long term growth objectives & BroadOak made $7.5M investment in convertible notes ✔ Expanded Board of Directors: Appointed Rob Gagnon & Seth Benson effective July 2025, Stephen DeNelsky effective September 2025, BroadOak Partner Bill Snider effective December 2025 ✔ Strategic Consolidation: Streamlining production footprint & improving manufacturing efficiency through phased closure of Holliston, MA plant – expected to deliver approximately $3 million of adjusted EBITDA improvement in 2027 and $4 million of improvement beginning in 2028 5 ✔ Focused Strategic Direction: Announced focus on Translational Science products in February 2026
Investment Highlights: Strong Foundation Poised for Growth Market Leadership with Structural Tailwinds #1 preclinical telemetry franchise for 35+ years, & early organoid leadership Blue - Chip Customer Base Selling to diverse, blue - chip customer base on a global scale Recurring Revenue, High Margins & Positive Cash Flow Software, consumables, installed base drive visibility & margin expansion on products with high barrier to entry, generating increased cash for the Company Differentiated New Product Innovation (NPI) Pipeline MeshMEA , SoHo , Incub8 extend leadership into high - growth adjacencies New Management & BoD Refocused management team with deep experience supported by technically deep employee base & refreshed board of directors Strengthened Balance Sheet & Streamlined Operations Refinancing & manufacturing consolidation unlock operating leverage 6
Key Strategic Pillars: The New Harvard Bioscience Historically known as life sciences tools company, becoming pure play Translational Science Tools company Positioning Company For Long - Term Growth Integrate in vivo telemetry with in vitro organoid platforms Scale High - Margin Innovation Advance differentiated NPI in telemetry, electrophysiology, & organoids Expand Recurring Revenue Mix Grow consumables, software, & services attached to installed base Operate with Discipline Use preclinical cash flows to fund R&D, margin expansion, & bolt - ons Lead the Translational Bridge 7
An Evolving Translational Science Market 8 ▪ Regulators usher in new tools : FDA, EMA, & other global regulators are actively pushing the adoption of New Approach Methodologies (NAMs) ▪ NAMs are human relevant technologies geared to reduce failure rates in drug discovery – currently, over 90% of drugs that pass a nimal trials fail in human trials ▪ Scientific tailwinds : NAMs have demonstrated a technical improvement in modeling biologic outcomes ▪ The FDA is encouraging submission of NAMs data, in addition to animal data, for new drug applications, which creates an addit ion al market for our products ▪ Innovation continues : Next - gen organoid & 3D systems rapidly advance HBIO is uniquely positioned to lead during this transition ▪ Decades - long pre - clinical tools leadership : deep industry relationships with biopharma, CROs, regulators, & research institutions ▪ Workflow coverage : Products span across the translational science space from foundational tools to the latest NAM technologies ( MeshMEA ) ▪ Installed advantage : Millions of products sold to thousands of customers around the globe & across the drug development ecosystem Regulatory, scientific, & economic shift in drug development $10B+ Translational Tools Market
Leading Reputation , with Multiple Competitive Advantages A differentiated platform with durable market leadership 9 Breadth Across the Translational Workflow ▪ Only provider spanning in vivo telemetry & in vitro organoid platforms ▪ Enables standardized data & cross - selling across development stages Creates durable market leadership, strong pricing power, & long - term revenue visibility First - Mover & Technology Leadership ▪ Category - defining MeshMEA & decades of electrophysiology expertise ▪ Continuous innovation extending leadership into high - growth markets Sticky Installed Base & Recurring Revenue ▪ Mission - critical software embedded in regulated customer workflows ▪ High switching costs with growing consumables & service revenue Robust Data & Brand Equity ▪ Proprietary platforms validated in CRO & pharma environments ▪ Long - standing relationships & strong scientific reputation
CELLULAR & MOLECULA R Boston PRECLINICAL SYSTEMS Minneapolis Core Operating Site Sales Office / Small Centers of Excellence *Headcount is approximate. Note: Headquarters moving to Minneapolis in 1Q27; Additional manufacturing sites in Sweden, Barcelona, and Freiburg 12 - 3 1 - 25 12 - 31 - 24 3 39 354 Employees* 10 10 Product Lines 8 8 Sites BIOPRODUCTION Cambridge, UK CELLULAR & 10 MOLECULAR Stuttgart, Germany ▪ Strong commercial organization with 45 highly technical, deeply knowledgeable direct sales representatives ▪ Considerable manufacturing flexibility across five facilities adequately covers NA, EMEA, & Asia ▪ JD Edwards ERP system consolidation (completed in 2024) improved sales & operations planning ▪ Streamlining production footprint & improving manufacturing efficiency through phased closure of Holliston, MA plant A global operating platform with embedded growth leverage Global Footprint & Distribution – Built to Scale Efficiently
ACADEMIC RESEARCH 50% of 2025 Revenue BIOTECH, PHARMACEUTICAL 28% of 2025 Revenue 11 Note: Logos r eflects subset of blue - chip recurring customers. ▪ Scientific Research labs primarily government & grant funded ▪ Early discovery of new novel drugs & compounds for therapies & vaccines ▪ Advanced cellular testing & gene editing ▪ Perform early discovery & then transition from discovery through preclinical regulatory & on to production ▪ Leverage discoveries from academics & biotech's ▪ Bridge to bio - production ▪ Preclinical studies to determine safety & efficacy of new pharmaceuticals ▪ Pharmaceutical companies are outsourcing significant preclinical activities to CROs Why Who What Breakthrough technologies & applications drive innovation Reduced development cycle time drives BioPharma revenue growth Reduced test cycle - time drives CROs revenue growth Blue - Chip Customers Across Multiple Revenue Streams CONTRACT RESEARCH ORGANIZATIONS 22% of 2025 Revenue
CHANNEL REVENUE MIX 2025 REVENUE BY SALES CHANNEL Direct Sales 6 1 % Distributors 3 9 % EMEA 38 % APAC 20 % SALES FORCE GEOGRAPHY 2025 SALES REPS BY REGION 12 Direct Sales Force Complemented by Key Distributors for Global Reach ▪ Effective direct sales channel supported by 45 highly technical, deeply knowledgeable direct sales representatives ▪ Global reach with strategic geographic mix based on sales & distribution footprint ▪ Signed Fisher North America agreement in August 2025, which increases customer access ▪ Working to sign similar agreement with another distributor in 2026, which would expand reach into large pharma AMERICAS 42%
▪ Leading provider of products across the drug development cycle, spanning research & discovery, bioproduction & preclinical testing ▪ Diversified offerings that span the gamut of preclinical workflows & applications ▪ Top - tier market positions across the majority of product lines 13 Research & Discovery Preclinical Safety & Toxicology CELLULAR TESTINGS COMPOUND CREATION CLINICAL SMALL MODEL SAFETY/TOXICOLOGY LARGE / NHP MODEL SAFETY/TOX ICOLOGY Bio - Production Regulatory Report Low Yield ORGANOIDS LARGE POPULATION Drug Discovery Life Cycle & Where We Fit In Preclinical Systems Products Cellular & Molecular Technology (CMT) Products Amino Acid Analyzers Broad Portfolio Serves as One Stop Shop for Customers
14 Industry’s first platform for long - term functional recording inside living organoids ▪ Enables continuous neuro & cardiac data over weeks to months Earlier safety & efficacy insights versus traditional animal models ▪ Improves compound selection while reducing development time & cost Integrated hardware, consumables, & advanced analysis software ▪ Creates high switching costs & expanding recurring revenue streams MCS Software Platform MeshMEA TM MEA2100 Mini System Organoids & MeshMEA : Powering Shift to Human - Relevant Discovery FIRST & DIFFERENTIATED FASTER & MORE PREDICTIVE RECURRING & HIGH - MARGIN Incub8 TM System
STRENGTHEN THE BASE: MARKET LEADERSHIP & PROFITABLE GROWTH HIGH - GROWTH PLATFORMS: FROM INVESTMENT TO IMPACT CMT - ORGANOIDS CMT PRECLINICAL Bio - Production In - Vitro Organoid Apps 15 NPI Pipeline Provides High Growth Opportunities ▪ Ponemah TM Enterprise Data Acquisition/Analysis GLP ▪ Introduced 2 nd release of SoHo shared housing implantable telemetry system to extend leadership in wireless telemetry ▪ Introduced VivaMARS TM high - volume GLP behavioral system ▪ Well established cellular/molecular/inhalation - respiration technologies for research/discovery ▪ Recurring revenue streams from consumables, software & services ▪ BTX® electroporation / electrofusion system ▪ Supports latest applications in cell & gene editing, cell & gene therapy (CGT) ▪ Introduced BTX & Amino Acid Analysis for bioproduction ▪ Introduced breakthrough MeshMEA TM organoid platform ▪ Leverages leadership position in advanced electrophysiology with Incub8 TM platform ▪ Adapts leading MEA technology to emerging organoid applications in neuro & cardiac safety toxicology
16 ▪ 54% recurring revenue in 2025 ▪ Clear path to 60% recurring revenue ▪ Focusing NPI on resources & investments on higher - margin consumables service & software 46% 54% ▪ Improvement d riven by cost reductions to date ▪ Maintaining cost discipline & operational efficiency going forward ▪ Differentiated & innovative high - margin platforms such as SoHo telemetry, & proprietary MeshMEA & Incub8 platforms 46% non - recurring equipment revenue 54 % recurring consumables, software & services revenue Note: represents full year 2025 revenue mix ▪ Cash generation driven by operational improvements ▪ Manufacturing consolidation expected to unlock additional efficiencies ▪ Additional cash will provide opportunity to invest in innovation Recurring Revenue High Gross Margin Positive Cash Flow Recurring Revenue, Strong Margins & Cash Generation
17 Revenue Breakout by Geography & Segment % of FY25 Revenue FY25 FY24 4Q25 4Q24 HBIO Revenue 49% $42.2M $45.3M $11.0M $11.3M Americas $15.9M $18.4M $3.9M $4.0M CMT $26.3M $27.0M $7.1M $7.3M Pre - Clinical 31% $26.7M $28.4M $7.5M $8.5M EMEA $16.5M $18.4M $4.7M $5.4M CMT $10.2M $10.0M $2.8M $3.2M Pre - Clinical 20% $17.6M $20.4M $5.2M $4.8M APAC $7.7M $9.3M $2.1M $2.1M CMT $9.9M $11.1M $3.2M $2.6M Pre - Clinical $86.6M $94.1M $23.7M $24.6M HBIO Total NIH/ACA funding drove US Sequential improvements: ▪ Americas CMT 4Q YoY decreases driven by lower academic sales. Pre - clinical 4Q YoY decrease driven by lower pharma sales. EMEA grew Sequentially with lower YoY Sales ▪ EMEA CMT & Pre - clinical 4Q YoY decreases were driven by lower academic sales. APAC increase driven by China clarity & Year End Stocking ▪ APAC CMT 4Q YoY decreases due to lower partnership distribution sales. Pre - clinical 4Q YoY increase driven by increased partnership distribution sales.
$ Million except per share data 18 * Non - GAAP measure, see Slide 27 - 29 for reconciliation to GAAP financial measures 4Q25 Financial Metrics (GAAP except where noted) GAAP ADJUSTED $0.00 $0.00 $14.0 $14.2 $3.0 $3.8
$ Million except per share data 19 FY25 Financial Metrics (GAAP except where noted) GAAP ADJUSTED $0.00 $54.8 $49.9 $7.2 $8.1 * Non - GAAP measure, see Slide 27 - 29 for reconciliation to GAAP financial measures
20 REVENUE ADJ. EBITDA ADJ. GROSS MARGIN 1Q26 Revenue between $20.0M - $22.0M FY26 Revenue growth between 2% - 4% 1Q26 Adj. GM between 57.0% - 59.0% FY26 Adj. GM between 58% - 60% 1Q26 Adj. EBITDA between $1.0M - $2.2M FY26 Adj. EBITDA growth between 6% - 10% Outlook
Investment Highlights: Strong Foundation Poised for Growth Market Leadership with Structural Tailwinds #1 preclinical telemetry franchise for 35+ years, & early organoid leadership Blue - Chip Customer Base Selling to diverse, blue - chip customer base on a global scale Recurring Revenue, High Margins & Positive Cash Flow Software, consumables, installed base drive visibility & margin expansion on products with high barrier to entry, generating increased cash for the Company Differentiated New Product Innovation (NPI) Pipeline MeshMEA , SoHo , Incub8 extend leadership into high - growth adjacencies New Management & BoD Refocused management team with deep experience supported by technically deep employee base & refreshed board of directors Strengthened Balance Sheet & Streamlined Operations Refinancing & manufacturing consolidation unlock operating leverage 21
22 Additional Product Portfolio Details 22
x Global leader in implantable & external telemetry for safety pharmacology & toxicology x Mission - critical data acquisition & regulatory - ready software platforms x High recurring revenue from software, consumables, & long - term customer relationships x Cash flow foundation funding innovation & expansion across the portfolio x Positioned at the center of NAM adoption & human - relevant research models x Leading electrophysiology platforms supporting discovery, translational, & organoid research x First - of - its - kind MeshMEA system enabling long - term organoid data acquisition x Expanding into gene editing, bioproduction, & next - generation in vitro workflows Cellular & Molecular Technology (CMT) Innovation & High - Growth Applications Preclinical Systems Market Leadership & Cash Generation 23 ~$4 0 M FY2 5 A Rev. ~$4 7 M FY2 5 A Rev. Diversified Platform Powering the Full Translational Workflow Two complementary engines covering critical stages of drug discovery through preclinical development while driving cash flow today & growth tomorrow 46% 54%
Research & Discovery Preclinical Safety & Toxicology CELLULAR TESTINGS COMPOUND CREATION CLINICAL SMALL MODEL SAFETY/TOXICOLOGY LARGE / NHP MODEL SAFETY/TOX Bio - Production Regulatory Report Low Yield ORGANOIDS LARGE POPULATION 24 Inhalation / Respiratory VivaMARS TM Neuro - Behavioral System New: SoHo TM Implantable Telemetry System Implantable / External Telemetry Collects basic respiratory endpoints & performs lung function analysis High - capacity behavior Assessment Measurement of biopotentials in small lab animals Maximize data output while minimizing costs Captures physiological data from freely moving animals within social groups Includes small & large animal applications Ponemah Data Management Software designed for optimal data acquisition & analysis Denotes New Products Pre - Clinical Systems Products
Research & Discovery Preclinical Safety & Toxicology CELLULAR TESTINGS COMPOUND CREATION CLINICAL SMALL MODEL SAFETY/TOXICOLOGY LARGE / NHP MODEL SAFETY/TOX Bio - Production Regulatory Report Low Yield ORGANOIDS LARGE POPULATION 25 BTX® Electroporation / Electrofusion Electroporation technology bridges from therapy to production Cellular Platforms (MEA / Patchclamp ) Precision Electrophysiology First: MeshMEA Organoid Platform In - Vitro Electrophysiology Analysis Reduce test time/cost, increase yield Neuro & cardiac longitudinal studies Perfect for New Approach Methodologies (NAMs) Spectrophotometers Composition analysis to support molecular testing High Precision Syringe Pumps Injection & perfusion applications Amino Acid Analyzers Protein analysis of buffers & solutions Denotes New Products Cellular & Molecular Technology (CMT) Products
26 Non - GAAP Reconciliation Tables 26
27 (1) Other operating expenses for the year ended December 31, 2025, were $0.7 million, including a fee of $0.5 million in connecti on with the receipt of employee retention tax credits and restructuring costs of $0.2 million in connection with headcount reductions. Other operating expenses for the ye ar ended December 31, 2024, were $1.6 million, including $0.8 million in connection with headcount reductions, a fee of $0.5 million in connection with the receipt of employee retention tax credits, and $0.3 million related to settlement of an unclaimed property audit. Other operating expenses for the three months ended December 31, 2025 i ncl udes $0.2 million of commission feed paid in connection with the receipt of employee retention credits. Other operating expenses for the three months ended Decemb er 31, 2024 includes $0.2 million of restructuring charges. Non - GAAP Reconciliation Table – Adjusted Operating Income Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 GAAP operating income (loss) $ 1,710 $ 11 $ (48,580) $ (6,211) Stock-based compensation 459 961 1,855 4,340 Acquired asset amortization 850 1,257 4,027 5,255 Goodwill impairment - - 47,951 - Other operating expenses (1) 217 217 729 1,611 Other adjustments 46 42 181 299 Adjusted operating income $ 3,282 $ 2,488 $ 6,163 $ 5,294 Operating margin 7.2% 0.0% (56.1%) (6.6%) Adjusted operating margin 13.8% 10.1% 7.1% 5.6%
28 (1) Other operating expenses for the year ended December 31, 2025, were $0.7 million, including a fee of $0.5 million in connecti on with the receipt of employee retention tax credits and restructuring costs of $0.2 million in connection with headcount reductions. Other operating expenses for the year ended December 31, 2024, we re $1.6 million, including $0.8 million in connection with headcount reductions, a fee of $0.5 million in connection with the receipt of employee retention tax credits, and $0.3 million related to settlement of an unclaimed property audit. Other operating expenses for the three months ended December 31, 2025 includes $0.2 million of commission feed paid in connection with the receipt of employee re tention credits. Other operating expenses for the three months ended December 31, 2024 includes $0.2 million of restructuring charges. (2) Adjusted income taxes includes the tax effect of adjusting for the reconciling items using the tax rates in the jurisdictions in which the reconciling items arise. Non - GAAP Reconciliation Table – Adjusted EBITDA Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 GAAP net loss $ (2,847) $ 18 $ (56,700) $ (12,405) Stock-based compensation 459 961 1,855 4,340 Acquired asset amortization 850 1,257 4,027 5,255 Goodwill impairment - - 47,951 - Other operating expenses (1) 217 217 729 1,611 Loss on pension settlement 1,233 - 1,233 - Other adjustments 46 42 181 299 Loss on equity securities - - - 1,593 Income taxes (11) 191 (277) 568 Adjusted net (loss) income (53) 2,686 (1,001) 1,261 Depreciation & amortization 501 503 1,918 1,902 Interest and other expense, net 3,681 (579) 7,573 3,861 Adjusted income taxes (2) (346) 381 (409) 172 Adjusted EBITDA $ 3,783 $ 2,991 $ 8,081 $ 7,196 Adjusted EBITDA margin 15.9% 12.2% 9.3% 7.6%
29 Non - GAAP Reconciliation Table – Adjusted EPS & Net Debt 2025 2024 Debt, including unamortized deferred financing costs $ 35,870 $ 36,956 Unamortized deferred financing costs 4,130 394 Cash and cash equivalents (8,614) (4,108) Net debt $ 31,386 $ 33,242 December 31,
30
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