Harvard Bioscience, Inc. (Nasdaq:HBIO), a global developer,
manufacturer, and marketer of a broad range of specialized products
to advance life science research, today reported financial
highlights for the fourth quarter and full year ended December 31,
2013.
Corporate Highlights:
- Completed spin-off of Harvard Apparatus Regenerative
Technology, Inc. ("HART") (Nasdaq:HART) on November 1, 2013,
resulting in the creation of a "new" Harvard Bioscience focused
solely on developing, manufacturing and marketing tools to advance
life science research.
- Appointed a new and experienced leadership team focused on
global growth strategies to increase the Company's industry
presence in hospitals and research facilities worldwide and to
bolster our core business.
- Realigned the Company's global operations to increase
efficiency and better position it for growth. The realignment is
expected to result in overall net annual savings of approximately
$2 million on a pre-tax basis, beginning in 2014. With a reduction
of approximately $3 million in personnel-related costs and
expenditures, approximately $1 million is being reinvested.
- Implemented a new global growth strategy capitalizing on market
growth and demand.
Jeffrey A. Duchemin, CEO and President of Harvard Bioscience,
said, "2013 was a pivotal and exhilarating year for Harvard
Bioscience. Following the spin-off of HART, we created a dedicated
platform from which we expect to profitably grow our business. With
our singular focus on our core business, our plans include
expanding in Asia and other emerging markets, building stronger
channel capabilities, reinvigorating product development, driving
efficiencies through operations and improved cost structure, and
implementing a new acquisition strategy."
On November 1, 2013, Harvard Bioscience effected the spin-off of
HART. Financial results that are termed "continuing operations"
reflect Harvard Bioscience's business, and do not include the
discontinued operations of HART, which are referred to as
"discontinued operations." A full explanation can be found
below.
Fourth Quarter Reported Results
Revenues for the three months ended December 31, 2013 were $27.9
million, a decrease of approximately $0.4 million, or 1.4% compared
to revenues of $28.2 million for the three months ended December
31, 2012. Overall, revenues decreased by 2.2% with currency
translation having a 0.8% positive impact.
(Loss) income from continuing operations, as measured under U.S.
generally accepted accounting principles ("GAAP"), was a $0.3
million loss, or $0.01 loss per share, for the three months ended
December 31, 2013 compared to income of $1.2 million, or $0.04 per
diluted share, for the same period in 2012. The unfavorable
year-to-year quarterly GAAP earnings comparison was due to a
combination of a $2.1 million restructuring charge taken in the
current quarter related to the Company's December 2013
restructuring plan and the costs incurred from the elimination of
the position of Chief Operating Officer, lower revenues and higher
costs associated with inventory write-offs.
Income from continuing operations, on a non-GAAP basis, was $1.7
million, or $0.05 per diluted share, for the three months ended
December 31, 2013 compared to $2.7 million, or $0.09 per diluted
share, for the same period in 2012. The unfavorable year-to-year
quarterly non-GAAP earnings comparison was due primarily to lower
revenues and higher costs associated with inventory write-offs.
Refer to Exhibit 5 below for a reconciliation between the GAAP
and non-GAAP (loss) income from continuing operations for the three
months ended December 31, 2013 and 2012.
Full Year Reported Results
Revenues for the year ended December 31, 2013 were $105.2
million, a decrease of $6.0 million, or 5.4%, compared to revenues
of $111.2 million for the year ended December 31, 2012. Currency
translation had a positive 0.2% effect on revenues for 2013
compared with 2012. Our acquisitions of AHN Biotechnologie GmbH, or
AHN, in February 2012, and Modular SFC, Inc., in May 2012, had a
positive 0.2% effect on revenues. Excluding the effects of currency
translation and acquisitions, our revenues decreased 5.8% from the
previous year.
Income from continuing operations, as measured under GAAP, was
$0.7 million, or $0.02 per diluted share, for the year ended
December 31, 2013 compared to $4.5 million, or $0.15 per diluted
share, for the same period in 2012. The unfavorable year-to-year
GAAP earnings comparison was due to a combination of a $2.1 million
restructuring charge taken in the current quarter related to the
Company's December 2013 restructuring plan and the costs incurred
from the elimination of the position of Chief Operating Officer,
higher transaction costs associated with HART and lower
revenues.
Income from continuing operations, on a non-GAAP basis, was $7.1
million, or $0.22 per diluted share, for the year ended December
31, 2013 compared to $10.2 million, or $0.34 per diluted share, for
the same period in 2012. The unfavorable year-to-year non-GAAP
earnings comparison was due primarily to lower revenues.
Refer to Exhibit 5 below for a reconciliation between the GAAP
and non-GAAP income from continuing operations for the years ended
December 31, 2013 and 2012.
"The many exciting developments during the past year have left
us stronger than ever as a company and well-placed to excel going
forward. We have a great team of employees, whose dedication to the
Company has been outstanding. By focusing on organic growth,
product development and a new acquisition strategy, we are now
pursuing a plan that I expect will enable us to achieve our
worldwide revenue goals," Mr. Duchemin added.
Mr. Duchemin concluded, "During the fourth quarter of 2013, we
implemented several initiatives designed to improve our long-term
business and financial results, and have already begun to benefit
from those changes. We expect those improvements will continue well
into 2014, as we stabilize the decline in revenues, and benefit
from the operational improvements we implemented. With those steps
already taken, we are initiating financial guidance for the
full-year 2014. Our guidance includes revenues to be approximately
the same as 2013 revenues, and anticipate it will be a bridge year
to return the Company to topline organic growth in 2015 as we boost
our revenues and new product development. We expect to report
full-year 2014 non-GAAP EPS of $0.26 per diluted share, an
improvement of approximately 20%, primarily because of operational
improvements and efficiencies. This translates to GAAP EPS of $0.15
per diluted share." (Refer to Exhibit 7 below for a reconciliation
between the GAAP and non-GAAP EPS guidance.)
Discontinued Operations
On November 1, 2013, the previously announced spin-off of HART,
from our Company was completed. Following the spin-off, our
historical financial statements have been restated to reflect
HART's operations as discontinued operations, along with the
operations of our other discontinued operations, including Union
Biometrica, Inc.
Conference Call Details
As previously announced, management will host a conference call
to discuss fourth quarter and full year 2013 results and business
highlights and outlook, which will be simultaneously broadcast over
the Internet and can be accessed through the Harvard Bioscience,
Inc. website. The conference call will begin at 11:00 a.m. ET
today, February 27, 2014. To listen to the conference call, log on
to our website at www.harvardbioscience.com and click on the
Earnings Call icon. If you are unable to listen to the live
webcast, the call will be archived in the investor relations
section of our website. The live conference call is also accessible
by dialing toll-free 877-303-7611, or international: 970-315-0445,
and referencing the pass code of "55082311". A replay of this
conference call will be available from approximately 2:00 p.m. on
February 27, 2014 through March 8, 2014 and will be accessible by
dialing toll-free 855-859-2056, or toll and international:
404-537-3406, and referencing the pass code of "55082311".
This earnings release, as well as any material financial and
other statistical information presented on the call which is not
included in this earnings release, is available on the Company's
website by clicking on the Press Releases icon. If you are unable
to listen to the live conference call, please note that the call,
this press release and any related financial or statistical
information will be archived on our website under the Press
Releases icon or Earnings Call icon, as appropriate.
Use of Non-GAAP Financial Information
In this press release, we have included non-GAAP financial
information including adjusted operating income, adjusted income
from continuing operations and adjusted earnings from continuing
operations per diluted share. 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 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
initiatives, transaction costs, restructuring expenses, stock-based
compensation expense and gain from adjustment of acquisition
contingencies. They also exclude the tax impact of the reconciling
items and any changes in the valuation allowance. This non-GAAP
financial information approximates information used by our
management to internally evaluate the operating results of the
Company. Tabular reconciliations of our non-GAAP adjusted operating
income, non-GAAP adjusted income from continuing operations and
non-GAAP adjusted earnings from continuing operations per diluted
share for the three months and years ended December 31, 2013 and
2012 and changes in total revenue compared to the same period of
the prior year are included as exhibits below in this press
release.
The non-GAAP financial information provided in this press
release should be considered in addition to, not as a substitute
for, the financial information provided and presented in accordance
with GAAP.
About Harvard Bioscience
Harvard Bioscience is a global developer, manufacturer, and
marketer of a broad range of specialized products, primarily
apparatus and scientific instruments, used to advance life science
research. Our products are sold to thousands of researchers in over
100 countries primarily through our global sales organization,
catalogs, our websites and through distributors, including GE
Healthcare, Thermo Fisher Scientific, VWR, and other specialized
distributors. Harvard Bioscience has sales and manufacturing
operations in the United States, the United Kingdom, Germany,
Sweden, and Spain with additional facilities in France and Canada.
For more information, please visit our website at
www.harvardbioscience.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws. 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 press release or that may be
made during our conference call may include, but are not limited
to, statements or inferences about the Company's or management's
beliefs or expectations, the Company's anticipated future revenues
and earnings, the strength of the Company's market position and
business model, the impact of acquisitions, or potential
acquisitions, the outlook for the life sciences industry, the
Company's business strategy, the positioning of the Company for
growth, the market demand and opportunity for the Company's current
products, or products it is developing or intends to develop, and
the Company's plans, objectives and intentions that are not
historical facts.
These statements involve known and unknown risks, uncertainties
and other factors that may cause the Company's actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Factors that may cause the
Company's actual results to differ materially from those in the
forward-looking statements include economic and political
conditions generally and those affecting pharmaceutical and
biotechnology industries, research funding levels from endowments
at our university customers, our financial position, general
economic outlook or other circumstances, the Company's failure to
identify potential acquisition candidates, successfully negotiate
favorable pricing and other terms with acquisition candidates to
enable potential acquisitions to close, successfully integrate
acquired businesses or technologies, complete consolidations of
business functions, expand our product offerings, introduce new
products or commercialize new technologies, unanticipated costs
relating to acquisitions, unanticipated costs arising in connection
with the Company's consolidation of business functions and any
restructuring initiatives, decreased demand for the Company's
products due to changes in our customers' needs, our ability to
obtain regulatory approvals, the seasonal nature of purchasing in
Europe, economic, political and other risks associated with
international revenues and operations, including expansion into
Asia and other emerging markets, additional costs of complying with
recent changes in regulatory rules applicable to public companies,
our ability to manage our growth, our ability to retain key
personnel, competition from our competitors, technological changes
resulting in our products becoming obsolete, future changes to the
operations or the activities of our subsidiaries due to
manufacturing consolidations, our ability to meet the financial
covenants contained in our credit facility, our ability to protect
our intellectual property and operate without infringing on others'
intellectual property, potential costs of any lawsuits to protect
or enforce our intellectual property, impact of any impairment of
our goodwill or intangible assets, our ability to utilize deferred
tax assets after the release of our valuation allowances, plus
factors described under the heading "Part II, Item 1A. Risk
Factors" in both the Company's Quarterly Report on Form 10-Q for
the fiscal quarter ended March 31, 2013 and the Company's Quarterly
Report on Form 10-Q for the fiscal quarter ended September 30,
2013, or otherwise described in the Company's other public filings.
The Company's results may also be affected by factors of which the
Company is not currently aware. The Company may not update these
forward-looking statements, even though its situation may change in
the future, unless it has obligations under the federal securities
laws to update and disclose material developments related to
previously disclosed information.
The Harvard Bioscience logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=23828
For investor inquiries, please call (508) 893-8066. Press
releases may be found on our web site.
Exhibit 1 |
|
|
HARVARD BIOSCIENCE,
INC. |
Selected Consolidated
Balance Sheet Information |
(unaudited, in
thousands) |
|
|
|
|
|
|
|
December
31, |
|
2013 |
2012 |
Assets |
|
|
|
|
|
Cash and cash equivalents |
$25,771 |
$20,681 |
Trade receivables |
13,884 |
14,357 |
Inventories |
15,777 |
17,762 |
Property, plant and
equipment |
4,375 |
4,551 |
Goodwill and other
intangibles |
56,903 |
58,701 |
Other assets |
18,750 |
17,432 |
Total assets |
$135,460 |
$133,484 |
|
|
|
Liabilities and Stockholders'
Equity |
|
|
|
|
|
Total current liabilities |
16,085 |
9,901 |
Total liabilities |
40,975 |
29,271 |
Stockholders' equity |
94,485 |
104,213 |
Total liabilities and
stockholders' equity |
$135,460 |
$133,484 |
|
|
|
|
|
Exhibit 2 |
|
|
|
|
HARVARD BIOSCIENCE,
INC. |
Consolidated Statements
of Operations |
(In thousands, except
per share data) |
(unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Revenues |
$27,854 |
$28,249 |
$105,171 |
$111,171 |
Cost of product revenues |
15,806 |
14,856 |
57,475 |
58,831 |
Gross profit |
12,048 |
13,393 |
47,696 |
52,340 |
|
|
|
|
|
Sales and marketing expenses |
4,224 |
4,750 |
17,330 |
18,287 |
General and administrative expenses |
4,660 |
4,431 |
17,887 |
18,121 |
Research and development expenses |
1,118 |
1,064 |
4,154 |
4,344 |
Restructuring charges |
2,100 |
144 |
2,150 |
310 |
Amortization of intangible assets |
635 |
680 |
2,590 |
2,752 |
Transaction costs |
260 |
186 |
2,048 |
696 |
Total operating expenses |
12,997 |
11,255 |
46,159 |
44,510 |
|
|
|
|
|
Operating (loss) income |
(949) |
2,138 |
1,537 |
7,830 |
|
|
|
|
|
Other (expense) income: |
|
|
|
|
Foreign exchange |
(65) |
(27) |
(139) |
(113) |
Interest expense |
(305) |
(137) |
(955) |
(584) |
Interest income |
14 |
9 |
43 |
46 |
Other income (expense),
net |
37 |
6 |
(51) |
(287) |
Other (expense) income, net |
(319) |
(149) |
(1,102) |
(938) |
|
|
|
|
|
(Loss) income from continuing operations
before income taxes |
(1,268) |
1,989 |
435 |
6,892 |
Income tax (benefit) expense |
(1,013) |
817 |
(288) |
2,398 |
(Loss) income from continuing operations |
(255) |
1,172 |
723 |
4,494 |
Discontinued operations |
|
|
|
|
(Loss) income from discontinued
operations, net of tax |
(501) |
28 |
(2,553) |
(2,124) |
Net (loss) income |
$(756) |
$1,200 |
$(1,830) |
$2,370 |
|
|
|
|
|
(Loss) earnings per share: |
|
|
|
|
Basic (loss) earnings per
common share from continuing operations |
$(0.01) |
$0.04 |
$0.02 |
$0.16 |
Discontinued operations |
(0.01) |
-- |
(0.08) |
(0.07) |
Basic (loss) earnings per
common share |
$(0.02) |
$0.04 |
$(0.06) |
$0.09 |
|
|
|
|
|
Diluted (loss) earnings per
common share from continuing operations |
$(0.01) |
$0.04 |
$0.02 |
$0.15 |
Discontinued operations |
(0.01) |
-- |
(0.08) |
(0.07) |
Diluted (loss) earnings per
common share |
$(0.02) |
$0.04 |
$(0.06) |
$0.08 |
|
|
|
|
|
Weighted average common shares: |
|
|
|
|
Basic |
31,064 |
28,921 |
30,384 |
28,799 |
Diluted |
31,064 |
30,104 |
31,914 |
29,793 |
|
|
|
Exhibit 3 |
|
|
HARVARD BIOSCIENCE,
INC. |
Condensed Cash Flow
Information |
(unaudited, in
thousands) |
|
|
|
|
Year
Ended |
|
December
31, |
|
2013 |
2012 |
|
|
|
Cash flows from operations: |
|
|
Net (loss) income |
$(1,830) |
$2,370 |
Changes in assets and liabilities |
(256) |
256 |
Other adjustments to operating cash
flows |
6,146 |
5,436 |
Net cash provided by operating
activities |
4,060 |
8,062 |
|
|
|
Investing activities: |
|
|
Net cash provided by (used in) investing
activities |
171 |
(4,676) |
|
|
|
Financing activities: |
|
|
Proceeds from issuance of debt |
14,550 |
500 |
Repayments of debt |
(2,750) |
(3,850) |
Transfer of cash and cash equivalents to
HART |
(15,041) |
-- |
Other financing activities |
3,309 |
2,287 |
Net cash provided by (used in) financing
activities |
68 |
(1,063) |
|
|
|
Effect of exchange rate changes on cash |
791 |
442 |
|
|
|
Increase in cash and cash equivalents |
$5,090 |
$2,765 |
|
|
|
|
|
Exhibit 4 |
|
|
|
|
HARVARD BIOSCIENCE,
INC. |
Reconciliation of GAAP
Operating (Loss) Income to Non-GAAP Adjusted Operating Income
(Continuing Operations) |
(unaudited, in
thousands) |
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
GAAP operating (loss) income |
$(949) |
$2,138 |
$1,537 |
$7,830 |
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
635 |
680 |
2,590 |
2,752 |
|
|
|
|
|
Inventory amortization on acquisition |
-- |
-- |
-- |
74 |
|
|
|
|
|
Restructuring charges |
2,100 |
144 |
2,150 |
310 |
|
|
|
|
|
Transaction costs |
260 |
186 |
2,048 |
696 |
|
|
|
|
|
Stock-based compensation expense |
660 |
930 |
2,599 |
3,257 |
|
|
|
|
|
Non-GAAP adjusted operating income |
$2,706 |
$4,078 |
$10,924 |
$14,919 |
|
|
|
|
|
Exhibit 5 |
|
|
|
|
HARVARD BIOSCIENCE,
INC. |
Reconciliation of GAAP
(Loss) Income from Continuing Operations to Non-GAAP Adjusted
Income from Continuing Operations |
(unaudited, in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
GAAP (loss) income from continuing
operations |
$(255) |
$1,172 |
$723 |
$4,494 |
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
635 |
680 |
2,590 |
2,752 |
|
|
|
|
|
Inventory amortization on acquisition |
-- |
-- |
-- |
74 |
|
|
|
|
|
Acquisition costs |
(22) |
5 |
5 |
308 |
|
|
|
|
|
Transaction costs |
260 |
186 |
2,048 |
696 |
|
|
|
|
|
Restructuring charges |
2,100 |
144 |
2,150 |
310 |
|
|
|
|
|
Stock-based compensation expense |
660 |
930 |
2,599 |
3,257 |
|
|
|
|
|
Income taxes (A) |
(1,675) |
(369) |
(3,053) |
(1,671) |
|
|
|
|
|
Non-GAAP adjusted income from continuing
operations |
$1,703 |
$2,748 |
$7,062 |
$10,220 |
|
|
|
|
|
(A) Income taxes includes
the tax effect of adjusting for the reconciling items and any
changes in the valuation allowance. |
|
|
|
|
|
Exhibit 6 |
|
|
|
|
HARVARD BIOSCIENCE,
INC. |
Reconciliation of GAAP
Diluted (Loss) Earnings Per Common Share from Continuing Operations
to Non-GAAP Adjusted Diluted Earnings Per Common Share from
Continuing Operations |
(unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Year
Ended |
|
December
31, |
December
31, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
GAAP diluted (loss) earnings per common share
from continuing operations |
$(0.01) |
$0.04 |
$0.02 |
$0.15 |
|
|
|
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
0.02 |
0.02 |
0.08 |
0.09 |
|
|
|
|
|
Acquisition costs |
-- |
-- |
-- |
0.01 |
|
|
|
|
|
Transaction costs |
0.01 |
0.01 |
0.06 |
0.02 |
|
|
|
|
|
Restructuring charges |
0.07 |
-- |
0.07 |
0.01 |
|
|
|
|
|
Stock-based compensation expense |
0.02 |
0.03 |
0.08 |
0.11 |
|
|
|
|
|
Income taxes (A) |
(0.06) |
(0.01) |
(0.09) |
(0.05) |
|
|
|
|
|
Non-GAAP adjusted diluted earnings per common
share from continuing operations |
$0.05 |
$0.09 |
$0.22 |
$0.34 |
|
|
|
|
|
(A) Income taxes includes
the tax effect of adjusting for the reconciling items and any
changes in the valuation allowance. |
|
|
Exhibit 7 |
|
HARVARD BIOSCIENCE,
INC. |
Reconciliation of
Guidance for 2014 GAAP Diluted Earnings per Common Share to
Non-GAAP Adjusted Diluted Earnings per Common Share |
(unaudited) |
|
|
|
|
GAAP diluted earnings per common share from
continuing operations (A) |
$ 0.15 |
|
|
Adjustments: |
|
|
|
Amortization of intangible assets |
0.07 |
|
|
Stock-based compensation expense |
0.09 |
|
|
Income taxes (B) |
(0.05) |
|
|
Non-GAAP adjusted diluted earnings per common
share from continuing operations (A) |
$ 0.26 |
|
|
(A) This guidance excludes
the impact of future acquisitions, acquisition costs or
restructuring charges. |
|
(B) Income taxes includes
the tax effect of adjusting for the reconciling items. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HARVARD BIOSCIENCE,
INC. |
Reconciliation of
Changes In Revenues Compared to the Same Period of the Prior Year
(Continuing Operations) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
For the Year
Ended |
Three Months
Ended |
For the Year
Ended |
Three Months
Ended |
For the Year
Ended |
|
Mar. 31, |
Jun. 30, |
Sept. 30, |
Dec. 31, |
Dec. 31, |
Mar. 31, |
Jun. 30, |
Sept. 30, |
Dec. 31, |
Dec. 31, |
Mar. 31, |
Jun. 30, |
Sept. 30, |
Dec. 31, |
Dec. 31, |
|
2011 |
2011 |
2011 |
2011 |
2011 |
2012 |
2012 |
2012 |
2012 |
2012 |
2013 |
2013 |
2013 |
2013 |
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Organic growth |
-2.1% |
-1.6% |
-6.3% |
-4.4% |
-3.8% |
4.2% |
2.2% |
-1.2% |
-4.5% |
0.1% |
-8.5% |
-8.3% |
-3.8% |
-2.2% |
-5.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions |
1.3% |
2.8% |
4.2% |
2.9% |
2.9% |
4.4% |
4.9% |
1.6% |
1.6% |
3.1% |
0.9% |
0.0% |
0.0% |
0.0% |
0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange effect |
0.9% |
3.6% |
1.8% |
-0.2% |
1.5% |
-1.0% |
-2.1% |
-1.4% |
0.2% |
-1.1% |
-0.3% |
-0.1% |
0.1% |
0.8% |
0.2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue growth |
0.1% |
4.8% |
-0.3% |
-1.7% |
0.6% |
7.6% |
5.0% |
-1.0% |
-2.7% |
2.1% |
-7.9% |
-8.4% |
-3.7% |
-1.4% |
-5.4% |
CONTACT: Jeffrey A. Duchemin
CEO and President
jduchemin@harvardbioscience.com
Robert E. Gagnon
CFO
rgagnon@harvardbioscience.com
Tel: 508 893 8999
Fax: 508 429 8478
Investor Relations:
Dian Griesel Int'l.
Cheryl Schneider
cschneider@dgicomm.com
Public Relations:
Susan Forman or Laura Radocaj
sforman@dgicomm.com
lradocaj@dgicomm.com
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