Harvard Bioscience, Inc. · NASDAQ:HBIO
Harvard Bioscience — Q1 2022 Earnings Presentation
19 slides from Harvard Bioscience's earnings presentation, May 4, 2022
Slide 1: Q1'22 Earnings Presentation
NASDAQ: HBIO Q1’22 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO May 4, 2022
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements and Non-GAAP Financial Information Forward-Looking Statements Information in this presentation or in oral statements of the management of the Company may include forward-looking statements within the meaning of the federal securities laws, including the Private Securities
Slide 3: Table of Contents
Table of Contents ▪ Summary ▪ Q1 Performance ▪ Customer/Product Family Update ▪ Financial Update ▪ 2022 Outlook 3
Slide 4: Q1'22 Summary
Q1’22 Summary ▪ Revenue up 7% with Pre-Clinical* +10%, CMT +7% ▪ Significant order delays on China lockdown, recovering late Q2 and expect strong second half ▪ Continued higher COGS on supply chain disruptions, inefficient labor and higher freight ▪ Operating margin: 8% vs 12% PY due to revenue/orde
Slide 5: Q1'22 Performance versus Q1'21
Q1’22 Performance versus Q1’21 Revenue ($M) ▪ Revenue $28.8M, up 7% ▪ Gross Margin (GAAP) 56.2%, down 100 bps 28.8 27.0 ▪ Operating Loss / Margin (GAAP) ($6.7M) / -23.3% ▪ Adj. Operating Income / Margin* $2.4M / 8.2% ▪ Loss Per Diluted Share (GAAP) ($0.17), down from ($0.02) Q1'22 Q1'21 ▪ Adjusted D
Slide 6: 2022 Q1 Revenue by Product Family
Highly Confidential 2022 Q1 Revenue by Product Family (in $M) Q1 Q1 Comments 2022 2021 Vs. Q1’21 Cellular & 14.5 13.6 7% Revenue up on improved fulfillment, required inefficient use of extra labor Molecular o Shipment delays to China on lockdowns o Global supply chain disruptions still hampering rev
Slide 7: Financial Section
(HY Harvard Bioscience Financial Section
Slide 8: 2022 Q1 Non-GAAP Results Year-over-Year
2022 Q1 Non-GAAP Results Year-over-Year (in M, except EPS) Q1’22 Q1’21 ▪ Adj. Gross Margin: product mix, pricing improvement, more than Revenue 28.8 27.0 offset by supply chain/cost inflation. COGS increases started in Q2’21 Adj. Gross Profit 16.3 15.5 Adj. Gross Margin % 56.6% 57.5% ▪ Adj. Operatin
Slide 9: 2022 Outlook
(HY Harvard Bioscience 2022 Outlook
Slide 10: 2022 Outlook: Q1 Earnings Call
Highly Confidential 2022 Outlook: Q1 Earnings Call Outlook: Strong growth and improved margin, though broadened range to address China volatility ▪ Revenue growth: Expect 8% -13% growth on a reported basis o Strength in North America and EMEA, China starts recovering in late Q2 with strong second ha
Slide 11: Appendix
Appendix: • Revenue by Product Family • GAAP Financials • GAAP to Non-GAAP Reconciliations 11
Slide 12: Revenue By Product Family: As Reported
Revenue By Product Family: As Reported (in $M) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 20 20 20 20 20 21 21 21 21 21 22 Cellular & 12.4 10.9 11.6 13.9 48.7 13.6 13.5 13.7 14.6 55.5 14.2 Molecular Product Lines Pre-Clinical 11.4 12.4 12.4 17.1 53.4 13.3 15.7 15.9 18.4 63.4 14.6 Product Lines Revenue 23.8 23
Slide 13: Revenue By Product Family: Constant Currency
Revenue By Product Family: Constant Currency (in $M) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 20 20 20 20 20 21 21 21 21 21 22 * Cellular & 12.4 10.9 11.6 13.9 48.7 13.6 13.5 13.7 14.6 55.5 14.5 Molecular Product Lines Pre-Clinical 11.4 12.4 12.4 17.1 53.4 13.3 15.7 15.9 18.4 63.4 14.7 Product Lines Currenc
Slide 14: GAAP Income Statements
GAAP Income Statements (in $ M, except EPS) Q1’22 Q1’21 Revenue 28.8 27.0 Gross Profit 16.2 15.4 Gross Margin % 56.2% 57.2% Operating Expenses 22.9 15.7 % of revenue 79.5% 58.1% Operating Loss (6.7) (0.2) Operating Margin % -23.3% -0.9% Net (Loss) (6.9) (0.7) Loss Per Diluted Share (0.17) (0.02) Amo
Slide 15: Balance Sheets
Balance Sheets (in $ M) Q1’22 Q4’21 Assets Cash & Cash Equivalents 5.4 7.8 Accounts Receivable 20.3 21.8 Inventories 28.7 27.6 Other Current Assets 5.0 4.3 Total Current Assets 59.4 61.6 Property, Plant, Equipment 3.5 3.4 Goodwill & Other Intangibles 83.2 85.1 Other Assets 11.9 12.3 Total Assets 158
Slide 16: Cash Flow Statements: Three Months Ended
Cash Flow Statements: Three Months Ended (in $ M) 2022 2021 Net Cash (Used in) Provided by Operating Activities (2.0) 1.0 Additions to PP&E (0.5) (0.2) Other Investing Activities - (0.2) Net Cash Used in Investing Activities (0.5) (0.3) Net Debt Activity 0.6 (4.6) Other Financing Activities (0.5) 1.
Slide 17: GAAP to Non-GAAP Reconciliation: Three Months Ended March 31, 2022
GAAP to Non-GAAP Reconciliation: Three Months Ended March 31, 2022 HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) Three Months Ended March 31, 2022 (in thousands, except per share data) Settlement, Stock-Based Acquired Assets Restructuring, Income Statemen
Slide 18: GAAP to Non-GAAP Reconciliation: Three Months Ended March 31, 2021
GAAP to Non-GAAP Reconciliation: Three Months Ended March 31, 2021 HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) Three Months Ended March 31, 2021 (in thousands, except per share data) Stock-Based Acquired Assets Restructuring, Income Statement of Operati
Slide 19: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) (in thousands) Three Months Ended March 31, 2022 March 31, 2021 Operating income $ (6,712) $ (239) Stock-based compensation expense 1,023 968 Acquired asset amo