Harvard Bioscience, Inc. · NASDAQ:HBIO
Harvard Bioscience — Q2 2022 Earnings Presentation
21 slides from Harvard Bioscience's earnings presentation, Aug 4, 2022
Slide 1: Q2'22 Earnings Presentation
NASDAQ: HBIO Q2’22 Earnings Presentation Jim Green, Chairman, President & CEO Mike Rossi, CFO August 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 Q2 Performance Customer/Product Family Update Financial Update 2022 Outlook 3
Slide 4: Q2'22 Summary
Q2’22 Summary Revenue flat @ $29M with Cellular & Molecular (CMT) up 17%, Pre-Clinical down 9% o CMT transition to higher margin direct sales is driving growth, with a continued rotation out of low margin products sold mostly through distributors o Pre-Clinical revenue had a tough comparable to a
Slide 5: Q2'22 Performance versus Q2'21
Q2’22 Performance versus Q2’21 Revenue ($M) Revenue $29.2M, Flat Gross Margin (GAAP) 57.0%, up 100 bps 29.2 29.2 Operating Income / Margin (GAAP) 4.0 / 13.7% Adj. Operating Income / Margin* $3.1M / 10.5% Income/(Loss) Per Diluted Share (GAAP) $0.06 up from ($0.01) Q2'22 Q2'21 Adjusted Di
Slide 6: 2022 Q2 Revenue by Product Family
2022 Q2 Revenue by Product Family Highly Confidential (in $M) Q2 Q2 Comments 2022 2021 Vs. Q2’21 Cellular & 16.0 13.6 17% Revenue up on 17% on increasing direct sales performance Molecular o Cellular & Molecular direct sales continue to improve in US and EMEA o As expected, we continue to reduce low
Slide 7: Financial Section
(HY Harvard Bioscience Financial Section
Slide 8: 2022 Q2 Non-GAAP Results Year-over-Year
2022 Q2 Non-GAAP Results Year-over-Year (in M, except EPS) Q2’22 Q2’21 Adj. Gross Margin: pricing drives 100 bps improvement. COGS: Revenue 29.2 29.2 flat to PY, cost increases started in April 2021. Adj. Gross Profit 16.8 16.5 Adj. Gross Margin % 57.5% 56.5% Adj. Operating Expense: increased R&
Slide 9: 2022 Outlook
(HY Harvard Bioscience 2022 Outlook
Slide 10: 2022 Outlook: Q2 Earnings Call
Highly Confidential 2022 Outlook: Q2 Earnings Call A more conservative view due to heavy currency headwinds and continued volatility Reported Revenue: expect 1% to 5% growth for the year with volatility in Q3 o Strength in North America, EMEA is slow, periodic impacts of China (Covid related) shut
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 Q2 20 20 20 20 20 21 21 21 21 21 22 22 Cellular & 12.4 10.9 11.6 13.9 48.7 13.6 13.5 13.7 14.6 55.5 14.2 15.3 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 13.9 Product Lines
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 Q2 20 20 20 20 20 21 21 21 21 21 22 22 * * Cellular & 12.4 10.9 11.6 13.9 48.7 13.6 13.5 13.7 14.6 55.5 14.5 16.0 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 14.1 Pro
Slide 14: GAAP Income Statements
GAAP Income Statements (in $ M, except EPS) Q2’22 Q2’21 Q2’22 Q2’21 QTD QTD YTD YTD Revenue 29.2 29.2 58.0 56.2 Gross Profit 16.6 16.4 32.8 31.8 Gross Margin % 57.0% 56.0% 56.6% 56.6% Operating Expenses 12.6 16.3 35.5 32.0 % of revenue 43.3% 55.8% 61.3% 56.9% Operating Income / (Loss) 4.0 0.1 (2.7)
Slide 15: Balance Sheets
Balance Sheets (in $ M) Q2’22 Q4’21 Assets Cash & Cash Equivalents 4.3 7.8 Accounts Receivable 17.8 21.8 Inventories 29.3 27.6 Other Current Assets 5.1 4.3 Total Current Assets 56.5 61.6 Property, Plant, Equipment 3.4 3.4 Goodwill & Other Intangibles 80.5 85.1 Other Assets 14.9 12.3 Total Assets 155
Slide 16: Cash Flow Statements: Six Months Ended
Cash Flow Statements: Six Months Ended (in $ M) 2022 2021 Net Cash (Used in) Provided by Operating Activities (2.2) 1.8 Additions to PP&E (0.9) (0.4) Other Investing Activities - (0.2) Net Cash Used in Investing Activities (0.9) (0.5) Net Debt Activity - (5.0) Other Financing Activities (0.5) 1.7 Ne
Slide 17: GAAP to Non-GAAP Reconciliation: Three Months Ended June 30, 2022
GAAP to Non-GAAP Reconciliation: Three Months Ended June 30, 2022 Exhibit 4 HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) Three Months Ended June 30, 2022 (in thousands, except per share data) Settlement, Stock-Based Acquired Assets Restructuring, Income
Slide 18: GAAP to Non-GAAP Reconciliation: Three Months Ended June 30, 2021
GAAP to Non-GAAP Reconciliation: Three Months Ended June 30, 2021 Exhibit 4.1 HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) Three Months Ended June 30, 2021 (in thousands, except per share data) Stock-Based Acquired Assets Restructuring, Income Statement
Slide 19: GAAP to Non-GAAP Reconciliation: Six Months Ended June 30, 2022
GAAP to Non-GAAP Reconciliation: Six Months Ended June 30, 2022 Exhibit 4.2 HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) Six Months Ended June 30, 2022 (in thousands, except per share data) Settlement, Stock-Based Acquired Assets Restructuring, Income St
Slide 20: GAAP to Non-GAAP Reconciliation: Six Months Ended June 30, 2021
GAAP to Non-GAAP Reconciliation: Six Months Ended June 30, 2021 Exhibit 4.3 HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) Six Months Ended June 30, 2021 (in thousands, except per share data) Stock-Based Acquired Assets Restructuring, Income Statement of O
Slide 21: GAAP to Non-GAAP Reconciliation: Adjusted EBITDA
GAAP to Non-GAAP Reconciliation: Adjusted EBITDA Exhibit 5 HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) (in thousands) Three Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Operating income $ 3,998 $ 58 $ (2,714) $ (