Harvard Bioscience Inc (NASDAQ:HBIO) reported a 6% decline in its Q3 2023 revenues, which fell to $25.4 million, partially due to a net reduction of $1.3 million from discontinued products. Despite the decline in revenue, the company's gross margin saw an improvement, rising from 45.2% to 58.1%. This increase was credited to an enhanced portfolio by CEO Jim Green.
The company also reported a Q3 2023 net loss of $1.2 million. This figure included a favorable $1.2 million mark-to-market adjustment. However, Harvard Bioscience managed to reduce its debt by $2.8 million and its net debt by $3.8 million during the same period.
In terms of operational cash flow, the company reported an increase from $0.6 million in Q3 2022 to $4.4 million in Q3 2023.
For the nine months ending September 30, 2023, Harvard Bioscience reported revenues of $84.1 million and a net loss of $1.6 million. This compares favorably with the same period in 2022 when the company reported a significantly higher net loss of $7.9 million due to inventory charges.
Considering headwinds in Asia, Harvard Bioscience has updated its guidance for 2023. The company now anticipates flat revenue growth but expects gross margins of approximately 60% and adjusted EBITDA margins in the range of 13% to 14%.
Further details about the company's financial performance can be found in its complete 8-K earnings release.
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