Harvard Bioscience Announces Action to Improve Operational Efficiency and Support Ongoing Investments in Growth
April 09 2024 - 9:00AM
Harvard Bioscience, Inc. (Nasdaq: HBIO) today announced a labor
force reduction to improve its operating cost structure and support
its ongoing investments in growth.
The Company expects to realize overall annual run rate savings
of approximately $4 million beginning in the second quarter of
2024. The Company also expects second quarter restructuring-related
charges of approximately $0.5 million.
Jim Green, Harvard Bioscience Chairman and CEO, said, “We remain
focused on organizational efficiencies and aligning our global
operating structure with our strategic growth priorities. This
action is intended to underpin our financial performance while we
continue to focus on our growth initiatives.”
About Harvard Bioscience
Harvard Bioscience, Inc. is a leading developer, manufacturer
and seller of technologies, products and services that enable
fundamental advances in life science applications, including
research, pharmaceutical and therapy discovery, bio-production and
preclinical testing for pharmaceutical and therapy development. Our
customers range from renowned academic institutions and government
laboratories to the world’s leading pharmaceutical, biotechnology
and contract research organizations. With operations in North
America, Europe, and China, we sell through a combination of direct
and distribution channels to customers around the world.
For more information, please visit our website
at https://www.harvardbioscience.com.
Forward-Looking Statements
This document contains forward-looking statements within the
meaning of the federal securities laws, including the Private
Securities 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
operational performance including cost savings, restructuring
charges and growth initiatives. 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 results 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 on Form 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 information becomes available.
Inquiries:
Investors and MediaHarvard Bioscience, Inc.Investor
Relationsinvestors@harvardbioscience.com(508) 893-3120
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