Harvard Bioscience (HBIO) Jefferies Global Healthcare Conference summary

Company overview and strategy

• Provides advanced life science tools for academic, CRO, and biopharma customers, focusing on cellular/molecular technologies and preclinical systems.

• 2023 revenue was $112M with $14.6M Adjusted EBITDA; recurring revenue exceeded 35%.

• Reduced debt by $30M over four years and consolidated operations from 14 to 8 sites.

• Maintains long-term targets: double-digit top-line growth, 60%+ gross margins, and 20%+ EBITDA margins.

• Highly technical workforce, with about half being engineers and scientists.

Market trends and customer base

• End markets driven by aging population and demand for advanced research in diseases like Alzheimer's, cancer, and obesity.

• Blue-chip academic, biotech, and pharma customers rely on products for drug discovery and testing.

• Preclinical systems are gold standard for in vivo telemetry and regulatory reporting.

• Strategy includes adapting technologies for higher-volume bioproduction and CRO applications.

Financial performance and outlook

• FY 2022 included $5.5M in low-margin products, nearly eliminated by 2023.

• Asia-Pacific revenues (20–25% of business) faced a 30–35% decline, but recovery is expected in the second half of the year.

• Second half of the year projected to be strong due to easing APAC headwinds and new product launches.

• Focus on recurring revenue growth through expanded services and consumables.