Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today
announced financial results for the fourth quarter and year ended
December 31, 2023.
Jim Green, Chairman and CEO said, “Our fourth
quarter revenue was down a modest 1% compared to the prior year
quarter in a challenging APAC marketplace. Revenue included a net
reduction of approximately $0.9 million of remaining discontinued
products from prior year. We saw significant gross margin expansion
and continued our relentless focus on enhancing the product
portfolio. At the same time, we introduced exciting new products
which we expect to lead to future growth.”
Green continued, “We remain focused on
solidifying our base business and expanding recurring revenue by
introducing new products, services, and consumables. Our latest
product introductions are penetrating exciting high growth
adjacencies in bioproduction and advanced cell and organoid
applications where we expect to see adoption in research, pharma,
and biotech, in addition to high volume industrial
applications.”
Financial Results
Summary |
Three Months Ended December 31, |
|
Year Ended December 31, |
(unaudited, $ in millions except per share
data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenues |
$ |
28.2 |
|
|
$ |
28.4 |
|
|
$ |
112.3 |
|
|
$ |
113.3 |
|
Gross
margin |
|
58.0 |
% |
|
|
55.7 |
% |
|
|
58.9 |
% |
|
|
53.7 |
% |
Operating income (loss) (GAAP) |
$ |
0.3 |
|
|
$ |
(0.5 |
) |
|
$ |
1.9 |
|
|
$ |
(6.9 |
) |
Adjusted operating income |
$ |
3.3 |
|
|
$ |
3.4 |
|
|
$ |
13.1 |
|
|
$ |
9.5 |
|
Net
loss (GAAP) |
$ |
(1.8 |
) |
|
$ |
(1.7 |
) |
|
$ |
(3.4 |
) |
|
$ |
(9.5 |
) |
Diluted
loss per share (GAAP) |
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.23 |
) |
Diluted
adjusted earnings per share |
$ |
0.04 |
|
|
$ |
0.04 |
|
|
$ |
0.14 |
|
|
$ |
0.12 |
|
Adjusted EBITDA |
$ |
3.6 |
|
|
$ |
3.7 |
|
|
$ |
14.6 |
|
|
$ |
10.8 |
|
Adjusted EBITDA margin |
|
13.0 |
% |
|
|
13.0 |
% |
|
|
13.0 |
% |
|
|
9.6 |
% |
Cash
flow provided by operations |
$ |
4.3 |
|
|
$ |
2.7 |
|
|
$ |
14.0 |
|
|
$ |
1.2 |
|
Debt,
including unamortized deferred financing costs |
|
|
|
|
$ |
36.6 |
|
|
$ |
46.8 |
|
Net
debt (non-GAAP) |
|
|
|
|
$ |
32.8 |
|
|
$ |
43.2 |
|
Net
leverage ratio (non-GAAP) (1) |
|
|
|
|
|
2.3 |
|
|
|
4.0 |
|
(1) Net leverage ratio is defined as our net
debt divided by our trailing twelve-month adjusted EBITDA as
defined in our credit agreement. For more information, please refer
to the reconciliation of GAAP to non-GAAP financial measures
included in the appendix to this press release.
Fourth Quarter
2023 Highlights
For the fourth quarter of fiscal 2023, the
Company reported revenues of $28.2 million compared to $28.4
million in the fourth quarter of fiscal 2022 and included a net
reduction of $0.9 million from discontinued products from the
fourth quarter of 2022. Gross margin for the three months ended
December 31, 2023 was 58.0% compared with 55.7% in the comparable
quarter of the prior year.
Net loss for the fourth quarter of 2023 was
$(1.8) million and included an unfavorable impact of a $(0.3)
million unrealized loss on marketable securities. This compares to
net loss of $(1.7) million in the fourth quarter of 2022. Adjusted
EBITDA for the fourth quarter of 2023 was $3.6 million, compared to
$3.7 million in the fourth quarter of the prior year.
Cash provided by operations for the fourth
quarter of 2023 was $4.3 million compared to $2.7 million in the
same period last year. Debt was reduced by $2.3 million during the
quarter.
Year Ended
December 31, 2023
Highlights
For the year ended December 31, 2023, revenues
were $112.3 million, compared to $113.3 million in the same period
a year ago. Revenues for the year include a net reduction of $5.0
million from discontinued products compared to 2022. Gross margin
was 58.9% compared to 53.7% in the prior year. Gross margins
in the prior year included the impact of a $1.5 million inventory
charge related to the discontinued products.
Full year net loss was $(3.4) million, including
an unfavorable $(0.6) million unrealized loss on marketable
securities, compared to a net loss of $(9.5) million in the prior
year, which included the aforementioned inventory charges. Adjusted
EBITDA was $14.6 million, compared to $10.8 million in 2022.
Cash provided by operations in the year was
$14.0 million compared to $1.2 million in the prior year. Debt was
reduced by $10.5 million during the year.
2024
Guidance
For the full year 2024 we expect flat to modest
revenue growth. We expect weakness in the first half versus a
strong prior year comparison. We also expect strong second half
growth versus both first half of 2024 and second half of 2023,
supported by new product commercializations and expected
improvements in Chinese market conditions. In addition, we expect
further gross margin expansion in the full year 2024 to
approximately 60% compared to 59% in 2023 and adjusted EBITDA
margin improving to the mid-teens compared to 13% in 2023.
This press release includes certain financial
information presented on an adjusted, or non-GAAP, basis. For
additional information on the non-GAAP financial measures included
in this press release, please see “Use of Non-GAAP Financial
Information” and “Reconciliation of GAAP to Non-GAAP Financial
Measures” below.
Webcast and
Conference Call
Details
In conjunction with this announcement, Harvard
Bioscience will be hosting a conference call and webcast today at
8:00 a.m. Eastern Time. A presentation that will be referenced
during the webcast will be posted to our Investor Relations website
shortly before the webcast begins.
Analysts who want to join the call and ask a
question must register here. Once registered, you will receive the
dial-in numbers and a unique PIN number.
Participants who want to join the audio-only
webcast should go to our events and presentations on the investor
website here.
Use of
Non-GAAP Financial
Information
In this press release, we have included non-GAAP
financial information, including one or more of adjusted operating
income (loss), adjusted net income (loss), adjusted EBITDA,
adjusted EBITDA margin, diluted adjusted earnings (loss) per share,
net debt and net leverage ratio. 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 have excluded
certain expenses 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,
amortization of intangibles related to acquisitions, litigation
settlement, restructuring and other costs, unrealized gain/loss on
equity securities, income taxes, and. the tax impact of the
reconciling items. Management believes that this non-GAAP financial
information is important in comparing current results with prior
period results and is useful to investors and financial analysts in
assessing the Company’s operating performance.
Non-GAAP historical financial statement
information included herein is accompanied by a reconciliation to
the nearest corresponding GAAP measure which is included as
exhibits below in this press release.
With respect to non-GAAP forward-looking
measures, we provide an outlook for adjusted EBITDA margin. Many of
the items that we exclude from this forward-looking measure
calculation are less capable of being controlled or reliably
predicted by management. These items could cause the
forward-looking measures presented in our outlook statements to
vary materially from our GAAP results.
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 and may be different than other companies’
non-GAAP financial information.
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 the United
States, 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
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 revenues, gross margins,
earnings, cash and debt position, growth and the introduction of
new products, and the strength of the Company’s market position and
business model. 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.
Investor
Inquiries:
Harvard Bioscience, Inc.Investor Relations
investors@harvardbioscience.com(508) 893-3120
|
|
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|
|
|
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|
|
|
HARVARD BIOSCIENCE, INC. |
Consolidated Statements of Operations |
(unaudited, in thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
28,153 |
|
|
$ |
28,427 |
|
|
$ |
112,250 |
|
|
$ |
113,335 |
|
|
|
Cost of revenues |
|
11,828 |
|
|
|
12,594 |
|
|
|
46,179 |
|
|
|
52,516 |
|
|
|
Gross profit |
|
16,325 |
|
|
|
15,833 |
|
|
|
66,071 |
|
|
|
60,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
6,220 |
|
|
|
5,948 |
|
|
|
24,108 |
|
|
|
25,041 |
|
|
|
General and administrative expenses |
|
5,286 |
|
|
|
5,863 |
|
|
|
22,780 |
|
|
|
24,493 |
|
|
|
Research and development expenses |
|
3,150 |
|
|
|
2,849 |
|
|
|
11,764 |
|
|
|
12,329 |
|
|
|
Amortization of intangible assets |
|
1,387 |
|
|
|
1,630 |
|
|
|
5,525 |
|
|
|
6,122 |
|
|
|
Litigation settlement |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(233 |
) |
|
|
Total operating expenses |
|
16,043 |
|
|
|
16,290 |
|
|
|
64,177 |
|
|
|
67,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
282 |
|
|
|
(457 |
) |
|
|
1,894 |
|
|
|
(6,933 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(794 |
) |
|
|
(900 |
) |
|
|
(3,591 |
) |
|
|
(2,548 |
) |
|
|
Unrealized loss on equity securities |
|
(259 |
) |
|
|
- |
|
|
|
(632 |
) |
|
|
- |
|
|
|
Other (expense) income, net |
|
(332 |
) |
|
|
465 |
|
|
|
(227 |
) |
|
|
302 |
|
|
|
Total other expense |
|
(1,385 |
) |
|
|
(435 |
) |
|
|
(4,450 |
) |
|
|
(2,246 |
) |
|
|
Loss before income taxes |
|
(1,103 |
) |
|
|
(892 |
) |
|
|
(2,556 |
) |
|
|
(9,179 |
) |
|
|
Income tax expense |
|
715 |
|
|
|
774 |
|
|
|
859 |
|
|
|
337 |
|
|
|
Net loss |
$ |
(1,818 |
) |
|
$ |
(1,666 |
) |
|
$ |
(3,415 |
) |
|
$ |
(9,516 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average common
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
42,710 |
|
|
|
42,102 |
|
|
|
42,420 |
|
|
|
41,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HARVARD BIOSCIENCE, INC. |
Condensed Consolidated Balance Sheets |
(unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2023 |
|
2022 |
|
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
4,283 |
|
|
$ |
4,508 |
|
|
|
Accounts receivable, net |
|
16,099 |
|
|
|
16,705 |
|
|
|
Inventories |
|
24,716 |
|
|
|
26,439 |
|
|
|
Other current assets |
|
3,940 |
|
|
|
3,472 |
|
|
|
Total current assets |
|
49,038 |
|
|
|
51,124 |
|
|
|
Property, plant and equipment |
|
3,981 |
|
|
|
3,366 |
|
|
|
Goodwill and other intangibles |
|
73,101 |
|
|
|
77,274 |
|
|
|
Other long-term assets |
|
11,246 |
|
|
|
13,596 |
|
|
|
Total assets |
$ |
137,366 |
|
|
$ |
145,360 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current portion, long-term debt |
$ |
5,859 |
|
|
$ |
3,811 |
|
|
|
Other current liabilities |
|
20,683 |
|
|
|
19,438 |
|
|
|
Total current liabilities |
|
26,542 |
|
|
|
23,249 |
|
|
|
Long-term debt, net |
|
30,704 |
|
|
|
43,013 |
|
|
|
Other long-term liabilities |
|
7,046 |
|
|
|
6,878 |
|
|
|
Stockholders’ equity |
|
73,074 |
|
|
|
72,220 |
|
|
|
Total liabilities and stockholders’ equity |
$ |
137,366 |
|
|
$ |
145,360 |
|
|
|
|
|
|
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|
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HARVARD BIOSCIENCE, INC. |
|
Condensed Consolidated Statements of Cash
Flows |
|
(unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
Cash flows from operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(1,818 |
) |
|
$ |
(1,666 |
) |
|
$ |
(3,415 |
) |
|
$ |
(9,516 |
) |
|
|
Adjustments to operating cash flows |
|
3,732 |
|
|
|
2,787 |
|
|
|
12,843 |
|
|
|
7,952 |
|
|
|
Changes in operating assets and liabilities |
|
2,389 |
|
|
|
1,558 |
|
|
|
4,600 |
|
|
|
2,716 |
|
|
|
Net cash provided by operating activities |
|
4,303 |
|
|
|
2,679 |
|
|
|
14,028 |
|
|
|
1,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
(830 |
) |
|
|
(235 |
) |
|
|
(1,788 |
) |
|
|
(1,590 |
) |
|
|
Acquisition of intangible assets |
|
(231 |
) |
|
|
- |
|
|
|
(523 |
) |
|
|
- |
|
|
|
Proceeds from sale of product line |
|
- |
|
|
|
- |
|
|
|
512 |
|
|
|
- |
|
|
|
Net cash used in investing activities |
|
(1,061 |
) |
|
|
(235 |
) |
|
|
(1,799 |
) |
|
|
(1,590 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowing from revolving line of credit |
|
1,000 |
|
|
|
- |
|
|
|
4,500 |
|
|
|
7,800 |
|
|
|
Repayment of revolving line of credit |
|
(2,500 |
) |
|
|
(1,750 |
) |
|
|
(10,950 |
) |
|
|
(6,400 |
) |
|
|
Repayment of term debt |
|
(750 |
) |
|
|
(750 |
) |
|
|
(4,091 |
) |
|
|
(3,186 |
) |
|
|
Proceeds from exercise of employee stock options and purchases |
|
206 |
|
|
|
231 |
|
|
|
930 |
|
|
|
577 |
|
|
|
Taxes paid related to net share settlement of equity awards |
|
(2,072 |
) |
|
|
(461 |
) |
|
|
(2,523 |
) |
|
|
(1,628 |
) |
|
|
Net cash used in financing activities |
|
(4,116 |
) |
|
|
(2,730 |
) |
|
|
(12,134 |
) |
|
|
(2,837 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash and cash equivalents |
|
(183 |
) |
|
|
(350 |
) |
|
|
(320 |
) |
|
|
(38 |
) |
|
|
Decrease in cash and cash
equivalents |
|
(1,057 |
) |
|
|
(636 |
) |
|
|
(225 |
) |
|
|
(3,313 |
) |
|
|
Cash and cash equivalents at
the beginning of period |
|
5,340 |
|
|
|
5,144 |
|
|
|
4,508 |
|
|
|
7,821 |
|
|
|
Cash and cash equivalents at
the end of period |
$ |
4,283 |
|
|
$ |
4,508 |
|
|
$ |
4,283 |
|
|
$ |
4,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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|
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|
HARVARD BIOSCIENCE, INC. |
|
Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited) |
|
(in thousands, except per share data) |
|
|
Three Months Ended |
|
Year Ended |
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2023 |
|
December 31, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income (loss) |
$ |
282 |
|
|
$ |
(457 |
) |
|
$ |
1,894 |
|
|
$ |
(6,933 |
) |
|
|
Stock-based compensation |
|
1,382 |
|
|
|
1,010 |
|
|
|
5,000 |
|
|
|
4,411 |
|
|
|
Acquired asset amortization |
|
1,394 |
|
|
|
1,648 |
|
|
|
5,561 |
|
|
|
6,236 |
|
|
|
Restructuring & other |
|
207 |
|
|
|
1,168 |
|
|
|
656 |
|
|
|
6,016 |
|
|
|
Litigation settlement |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(233 |
) |
|
|
Adjusted operating income |
$ |
3,265 |
|
|
$ |
3,369 |
|
|
$ |
13,111 |
|
|
$ |
9,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
margin |
|
1.0 |
% |
|
|
-1.6 |
% |
|
|
1.7 |
% |
|
|
-6.1 |
% |
|
|
Adjusted
operating margin |
|
11.6 |
% |
|
|
11.9 |
% |
|
|
11.7 |
% |
|
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
$ |
(1,818 |
) |
|
$ |
(1,666 |
) |
|
$ |
(3,415 |
) |
|
$ |
(9,516 |
) |
|
|
Stock-based compensation |
|
1,382 |
|
|
|
1,010 |
|
|
|
5,000 |
|
|
|
4,411 |
|
|
|
Acquired asset amortization |
|
1,394 |
|
|
|
1,648 |
|
|
|
5,561 |
|
|
|
6,236 |
|
|
|
Restructuring & other |
|
207 |
|
|
|
1,068 |
|
|
|
253 |
|
|
|
5,836 |
|
|
|
Litigation settlement |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(233 |
) |
|
|
Unrealized loss on equity securities |
|
258 |
|
|
|
- |
|
|
|
632 |
|
|
|
- |
|
|
|
Income taxes |
|
315 |
|
|
|
(281 |
) |
|
|
(1,604 |
) |
|
|
(1,689 |
) |
|
|
Adjusted net income |
|
1,738 |
|
|
|
1,779 |
|
|
|
6,427 |
|
|
|
5,045 |
|
|
|
Depreciation |
|
386 |
|
|
|
314 |
|
|
|
1,440 |
|
|
|
1,338 |
|
|
|
Interest and other expense, net |
|
1,126 |
|
|
|
536 |
|
|
|
4,221 |
|
|
|
2,426 |
|
|
|
Adjusted income taxes (1) |
|
400 |
|
|
|
1,054 |
|
|
|
2,463 |
|
|
|
2,026 |
|
|
|
Adjusted EBITDA |
$ |
3,650 |
|
|
$ |
3,683 |
|
|
$ |
14,551 |
|
|
$ |
10,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA margin |
|
13.0 |
% |
|
|
13.0 |
% |
|
|
13.0 |
% |
|
|
9.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share (GAAP) |
$ |
(0.04 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted adjusted earnings per share |
$ |
0.04 |
|
|
$ |
0.04 |
|
|
$ |
0.14 |
|
|
$ |
0.12 |
|
|
|
Weighted-average common shares: |
|
|
|
|
|
|
|
|
|
Diluted GAAP |
|
42,710 |
|
|
|
42,102 |
|
|
|
42,420 |
|
|
|
41,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Adjusted |
|
44,819 |
|
|
|
42,740 |
|
|
|
44,361 |
|
|
|
42,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
|
Debt, including unamortized deferred financing
costs |
|
|
|
|
$ |
36,563 |
|
|
$ |
46,824 |
|
|
|
Unamortized deferred financing costs |
|
|
|
|
|
560 |
|
|
|
840 |
|
|
|
Cash and
cash equivalents |
|
|
|
|
|
(4,283 |
) |
|
|
(4,508 |
) |
|
|
Net debt |
|
|
|
|
$ |
32,840 |
|
|
$ |
43,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net leverage ratio (2) |
|
|
|
|
|
2.3 |
|
|
|
4.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) 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. |
|
|
|
|
|
|
|
|
|
|
|
|
(2) Net leverage ratio is defined herein as net debt divided by our
trailing twelve months adjusted EBITDA as defined in our credit
agreement and as shown above. |
|
|
|
|
|
|
|
|
|
|
|
Harvard Bioscience (NASDAQ:HBIO)
過去 株価チャート
から 4 2024 まで 5 2024
Harvard Bioscience (NASDAQ:HBIO)
過去 株価チャート
から 5 2023 まで 5 2024