Harvard Bioscience (HBIO) Sidoti Micro-Cap Virtual Conference summary

Leadership and organizational changes

• New CEO and CFO appointed within the past year, both with extensive life sciences and financial backgrounds.

• Board of directors significantly refreshed, now with more life science expertise.

• Strategic focus shifted to translational science and operational streamlining.

Financial performance and guidance

• Business size is $87 million, with projected 2–4% revenue growth for the year.

• EBITDA margin is about 10%, with guidance for 6–10% improvement by 2026.

• Recurring revenue comprises 54% of total, expected to reach 60% in two years.

• Gross margins approaching 60%, with a target to solidly exceed this by 2027.

• Free cash flow positive in 2025, flat to slightly up in 2026, and robust again in 2027.

Operational initiatives and restructuring

• Debt refinanced in December, providing flexibility and reduced service costs.

• Project Viking consolidates U.S. operations, moving production to Minneapolis and centers of excellence in Europe.

• Expected $3 million annual cost savings starting 2027, with $1 million added in 2028.

• Restructuring charges estimated at $3.4–$4.4 million, with lease costs a significant component.