Harvard Bioscience Reports Second Quarter 2016 Financial Results

7/28/16

HOLLISTON, Mass., July 28, 2016 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq:HBIO), a global developer, manufacturer and marketer of a broad range of solutions to advance life science, reported financial results for the three and six months ended June 30, 2016.

Revenues for the three and six months ended June 30, 2016 were $26.1 million and $53.1 million, respectively. Loss per diluted share, as measured under U.S. generally accepted accounting principles (“GAAP”), for the three and six months ended June 30, 2016 was $0.02 and $0.04, respectively, while earnings per diluted share, on a non-GAAP basis, was $0.03 and $0.08, respectively, for the same periods.

Jeffrey Duchemin, President and CEO of Harvard Bioscience, said, “At the half way point of fiscal year 2016, we remain confident in achieving our financial objectives and goals for the year. Our second quarter results reflect some near term challenges faced in the quarter. We believe the most challenging time of the year is behind us and our results will benefit from a few tailwinds in the second half of the year. For one, our former GE spectrophotometer business, which was negatively impacted by GE’s decision to discontinue sales in the second half of 2015, continues to ramp up and will be up side for us for the remaining six months of the year as compared to the same periods in 2015. We continue to be pleased with our progress as we develop this direct channel since taking over the sales and service of NanoVue and SimpliNano spectrophotometers on January 1, 2016.”

“Overall, we remain steadfast in our commitment to our strategic priorities and the shareholder value we believe it creates. We are positioned to finish the year strongly through commercial and operational execution.”

Second Quarter Reported Results

  • Revenues for the three months ended June 30, 2016 were $26.1 million, a decrease of approximately $2.7 million, or 9% compared to revenues of $28.8 million for the three months ended June 30, 2015. Excluding currency translation, revenues decreased 9% or $2.5 million. For a reconciliation of changes in revenues, refer to Exhibit 8 below.
  • Net loss, as measured under U.S. generally accepted accounting principles (“GAAP”), was $0.7 million, or $0.02 per diluted share, for the three months ended June 30, 2016 compared to net income of $0.3 million, or $0.01 per diluted share, for the same quarter in 2015.
  • Net income, on a non-GAAP basis, was $1.0 million, or $0.03 per diluted share, for the three months ended June 30, 2016, compared to $1.6 million, or $0.05 per diluted share, for the three months ended June 30, 2015. For a reconciliation between GAAP and non-GAAP net income, and between GAAP and non-GAAP diluted earnings per share, refer to Exhibits 5 and 6 below, respectively. Additionally, refer to Exhibit 9 for the non-GAAP consolidated statement of operations.

Year-to-Date Reported Results

  • Revenues for the six months ended June 30, 2016 were $53.1 million, a decrease of approximately $1.5 million, or 3% compared to revenues of $54.6 million for the six months ended June 30, 2015. Excluding currency translation, revenues decreased 2% or $0.9 million. For a reconciliation of changes in revenues, refer to Exhibit 8 below.
  • Net loss, as measured under GAAP, was $1.3 million, or $0.04 per diluted share, for the six months ended June 30, 2016 compared to $1.1 million, or $0.03 per diluted share, for the six months ended June 30, 2015.
  • Net income, on a non-GAAP basis, was $2.6 million, or $0.08 per diluted share, for the six months ended June 30, 2016 compared to $2.3 million, or $0.07 per diluted share, for the same period in 2015. For a reconciliation between GAAP and non-GAAP net income, and between GAAP and non-GAAP diluted earnings per share, refer to Exhibits 5 and 6 below, respectively. Additionally, refer to Exhibit 9 for the non-GAAP consolidated statement of operations.


Financial Guidance

Today we are updating our full-year 2016 financial guidance, as issued on April 29, 2016, to reflect current foreign currency exchange rates, including the impact of Brexit uncertainty on current British pound sterling rates. We now expect to report revenues of approximately $108 million to $110 million.

On the bottom-line, we now expect to report full-year 2016 GAAP diluted earnings per share of approximately $0.00 to $0.02 and non-GAAP diluted earnings per share of $0.16 to $0.18, or a 23% to 38% increase compared to 2015 non-GAAP diluted earnings per share.

The Company may incur charges, realize gains, or experience other events in 2016 that could cause actual results to vary from this guidance. Refer to Exhibit 7 below for a reconciliation between the GAAP and non-GAAP diluted earnings per share guidance.

About Harvard Bioscience

Harvard Bioscience is a global developer, manufacturer and marketer of a broad range of solutions to advance life science. Our products are sold to thousands of researchers in over 100 countries through our global sales organization, websites, catalogs, and through distributors including Thermo Fisher Scientific Inc., VWR, and other specialized distributors. We have sales and manufacturing operations in the United States, the United Kingdom, Germany, Sweden, Spain, France, Canada and China. For more information, please visit our website at www.harvardbioscience.com.