OREANDA-NEWS. Harvard Bioscience, Inc., a global developer, manufacturer and marketer of a broad range of solutions to advance life science, reported its financial results for the three months ended March 31, 2016.

The Company reported revenues for the first quarter of $27.0 million and non-GAAP diluted earnings per share of $0.05, compared with revenues of $25.8 million and non-GAAP earnings per diluted share of $0.02 for the year-ago quarter. For the respective diluted earnings per share figures under U.S. generally accepted accounting principles (“GAAP”) that correspond to the above non-GAAP figures please see the more detailed discussion below regarding the financial results for the three months ended March 31, 2016. Refer to Exhibit 7 below for a reconciliation between GAAP and non-GAAP diluted earnings per share. Excluding currency translation, revenues for the first quarter increased 6%, or $1.5 million from the year-ago quarter. For a reconciliation of changes in revenues, refer to Exhibit 9 below.

Jeffrey A. Duchemin, President and Chief Executive Officer of Harvard Bioscience, said, “We are pleased to report a solid start to 2016.  We delivered strong top and bottom-line growth, which demonstrates our team’s commitment to our growth strategy.  Revenue growth of 5% is a testament to our team’s ability to deliver organic growth and execute to our plan.”

Mr. Duchemin continued, “Additionally, the facility consolidation efforts, which we completed in 2015, began to produce positive results as we report today that our first quarter non-GAAP gross profit percentage increased 190 basis points to 48.1% as compared to the same period in 2015.”  The gross profit percentage increased 340 basis points on a GAAP basis to 48.0%.  For a reconciliation between GAAP and non-GAAP gross profit, refer to Exhibit 4 below.

Mr. Duchemin concluded, “The first signs of the benefits we expect to reap from right sizing our global footprint, along with the investments made in 2015, are reflected in the results reported today.  Our work is not done, but a solid start to 2016 has positioned us to meet our 2016 financial and strategic objectives.”

Financial Results for the Quarter Ended March 31, 2016

  • Revenues for the three months ended March 31, 2016 were $27.0 million, an increase of approximately 4.7%, or $1.2 million compared to revenues of $25.8 million for the three months ended March 31, 2015. Excluding currency translation, revenues increased 6%, or $1.5 million. For a reconciliation of changes in revenues, refer to Exhibit 9 below.
  • Net loss, as measured under GAAP, was $0.6 million, or $0.02 per diluted share, for the three months ended March 31, 2016 compared to a loss of $1.4 million, or $0.04 per diluted share, for the same quarter in 2015.
  • Net income, on a non-GAAP basis, was $1.6 million, or $0.05 per diluted share, for the three months ended March 31, 2016, compared to $0.8 million, or $0.02 per diluted share, for the three months ended March 31, 2015. For a reconciliation between GAAP and non-GAAP net income, and between GAAP and non-GAAP diluted earnings per share, refer to Exhibits 6 and 7 below, respectively. Additionally, refer to Exhibit 10 for the non-GAAP consolidated statement of operations.

Financial Guidance

The Company is reaffirming its financial guidance for the full year 2016, which was previously issued on April 29, 2016. The Company continues to expect revenues to be approximately $109 million to $111 million.

The Company continues to expect to report full-year 2016 non-GAAP diluted earnings per share of $0.17 to $0.19. This translates to an updated GAAP diluted earnings per share of approximately $0.02 to $0.04. Refer to our earnings release, issued on April 29, 2016, for additional details on guidance.

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 8 below for a reconciliation between the GAAP and non-GAAP diluted earnings per share guidance.

Conference Call Details

Harvard Bioscience will be hosting a conference call and webcast today at 8:30 am ET. On that call, management may respond to questions from the audience and provide information on any of a number of topics related to the business, including operations, plans and outlook.

Participating in the call will be Jeffrey A. Duchemin, President and Chief Executive Officer and Robert Gagnon, Chief Financial Officer of Harvard Bioscience. Investors can access the live conference call by dialing the following phone numbers: toll-free 1-888-771-4371, or international: 1-847-585-4405, and referencing the conference ID# 42439647.