Harvard Bioscience, Inc. (NASDAQ:HBIO) Q3 2024 Results Conference Call November 7, 2024 8:00 AM ET

Company Participants

Kathryn Flynn - Corporate Controller
James Green - Chairman, President and CEO
Jennifer Cote - CFO

Conference Call Participants

Paul Knight - KeyBanc
Bruce Jackson - The Benchmark Company

Operator

Good day, and welcome to the Third Quarter 2024 Harvard Biosciences Inc. Earnings Conference Call. [Operator Instructions] As a reminder, this call may be recorded.

I would like to turn the call over to Kathryn Flynn, Corporate Controller. Please go ahead.

Kathryn Flynn

Thank you, Michelle, and good morning, everyone. Thank you for joining the Harvard Bioscience Third Quarter 2024 Earnings Conference Call. Leading the call today will be Jim Green, President and Chief Executive Officer; and Jennifer Cote, Chief Financial Officer. In conjunction with today's recorded call, we have provided a presentation that will be referenced during our remarks, that is posted to the Investors section of our website at investor.harvardbioscience.com.

Please note that statements made in today's discussion that are not historical facts, including statements or expectations or future events or future financial performance, are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied. Please refer to today's press release for other disclosures on forward-looking statements.

These facts and other risks and uncertainties are described in the company's filings with the Security and Exchange Commission. Harvard Bioscience assumes no obligation to update or revise any forward-looking statements publicly and management statements are made as of today.

During the call, management will also reference certain non-GAAP financial measures which can be useful in evaluating the company's operations related to our financial condition and results. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered a substitute. Reconciliations of GAAP to non-GAAP measures are provided in today's earnings press release.

I will now turn the call over to Jim. Jim, please go ahead.

James Green

Thanks, Kathryn. Good morning, everybody. Let's go ahead and move to Slide 3 of the presentation and take a look at our quarterly results. Revenue in the third quarter came in at $22 million. That's 13% below Q3 last year. On a sequential basis, we were down about 5%, impacted primarily on weakness in China or Asia Pacific.

Taking a minute now on the market environment. Americas and Europe seem to be stabilizing with 3 sequential revenue quarters that were roughly flat. China, APAC saw further weakness in Q3 that was now expected to flatten or improve modestly going forward. So despite the delayed market recovery, overall, we believe we have a stable base revenue run rate that we'll be building on with new products now going into production.