Harvard Bioscience, Inc. · NASDAQ:HBIO
Harvard Bioscience — Q1 2021 Earnings Presentation
18 slides from Harvard Bioscience's earnings presentation, May 6, 2021
Slide 1: Q1'21 Earnings Presentation
NASDAQ: HBIO Q1’21 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO May 6, 2021
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 ▪ Business Update ▪ Financial Update ▪ 2021 Outlook 3
Slide 4: Summary
Summary Q1’21 Highlights ▪ Revenue up 14% year over year on strong order growth ▪ Adjusted operating margin improved to 12% vs. 2% Q1’20 ▪ Pre-Clinical revenue up 24% driven by North America and Asia ▪ CMT revenue up 3%, strong order growth though revenue impacted by global supply chain ▪ Net debt r
Slide 5: Q1 2021 Performance versus Q1 2020
Q1 2021 Performance versus Q1 2020 Revenue ($M) ▪ Revenue $27.0M, up 13.5% 27.0 23.8 ▪ Gross Margin 57.2%, up 260 bps ▪ Operating Loss / Margin (GAAP) ($0.2M) / -0.9% ▪ Adj. Operating Income / Margin* $3.2M / 12.0% ▪ Loss Per Diluted Share (GAAP) ($0.02), up from ($0.12) Q1'21 Q1'20 ▪ Adjusted Dilut
Slide 6: Q1 2021 Revenue By Customer/Product Family
Q1 2021 Revenue By Customer/Product Family (in $M) Q1 Q1 vs. 2021 2020 Q1’20 Cellular & 15.8 15.4 2.6% CMT Products Molecular Product Sales improve with Academic Research recovering, impacted Lines by shipment delays due to global supply chain disruptions Preclinical 10.4 8.4 23.8% Pre-Clinical Prod
Slide 7: Q1 2021 Business Update
Q1 2021 Business Update ▪ North American Sales realignment complete, territories expanded, cross-selling gaining momentum ▪ Introduced 9 new or improved/refreshed products in January ▪ Backlog increased significantly, managing global supply chain challenges to maintain growth ▪ Communicated final ac
Slide 8: Financial Section
(HY Harvard Bioscience Financial Section
Slide 9: 2021 Q1 Non-GAAP Results Year-over-Year
2021 Q1 Non-GAAP Results Year-over-Year (in M, except EPS) Q1’21 Q1’20 ▪ Adj. Gross Margin: YoY improvement on volume, Revenue 27.0 23.8 product mix driven by sales focus on top products, Adj. Gross Profit 15.5 13.0 portfolio actions Adj. Gross Margin % 57.5% 54.6% Adj. Operating Expenses 12.3 12.5
Slide 10: 2021 Outlook
(HY Harvard Bioscience 2021 Outlook
Slide 11: 2021 Outlook
2021 Outlook Improvement to prior outlook in revenue, maintain improved operating margin ▪ Revenue growth: expect improvement to 10-to-14% versus 2020 on a reported basis o Pre-Clinical tailwinds and overall sales execution on track to provide sustainable growth foundation o Academic labs expected t
Slide 12: Appendix: Revenue by Product Family, GAAP to Non-GAAP Reconciliations
Appendix: • Revenue by Product Family • GAAP to Non-GAAP Reconciliations 12
Slide 13: Revenue By Product Family
Revenue By Product Family (in $M) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q1 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2021* 2021 Reported Cellular & 18.4 19.0 17.0 19.4 73.8 15.4 12.6 13.7 16.9 58.6 15.8 16.5 Molecular Product Lines Preclinical 9.8 10.6 10.4 11.6 42.4 8.4 10.7 10.3 14.1 43.5 10.4
Slide 14: GAAP Income Statements
GAAP Income Statements (in $ M, except EPS) Q1’21 Q1’20 Revenue 27.0 23.8 Gross Profit 15.4 13.0 Gross Margin % 57.2% 54.6% Operating Expenses 15.7 16.3 % of revenue 58.1% 68.4% Operating Loss (0.2) (3.3) Operating Margin % (0.9%) (13.8%) Net Loss (0.7) (4.5) (Loss) Per Diluted Share (0.02) (0.12) A
Slide 15: Balance Sheets
Balance Sheets (in $ M) Q1’21 Q4’20 Assets Cash & Cash Equivalents 5.8 8.3 Accounts Receivable 17.1 17.8 Inventories 22.7 22.3 Other Current Assets 3.7 3.4 Total Current Assets 49.2 51.7 Property, Plant, Equipment 3.7 4.0 Goodwill & Other Intangibles 90.1 91.7 Other Assets 8.2 8.9 Total Assets 151.2
Slide 16: Cash Flow Statements
Cash Flow Statements (in $ M) Q1’21 Q1’20 Net Cash Provided by Operating Activities 1.0 2.9 Additions to PP&E (0.2) (0.2) Other Investing Activities (0.2) - Net Cash Used in Investing Activities (0.3) (0.2) Repayments of Debt, Net (4.5) (4.8) Other Financing Activities 1.4 (0.2) Net Cash Used in Fin
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Three Months Ended March 31, March 31, (in thousands) 2021 2020 GAAP gross profit $ 15,431 $ 12,982 Stock-based compensation expense 20 10 Severance, restructuring and transformation costs 53 (41) Acquired assets amortization 19 20 Adjusted gross profit $ 15,523 $ 12,
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation Three Months Ended (in thousands, except per share data) March 31, March 31, 2021 2020 GAAP operating (loss) income $ (239) $ (3,273) Stock-based compensation expense 968 793 Severance, restructuring and transformation costs 985 1,471 Acquired assets amortization and