Nucor earnings beat by $0.08, revenue fell short of estimates
HOLLISTON, Mass. - Harvard Bioscience, Inc. (NASDAQ:HBIO), a global developer and manufacturer of life science research and testing equipment, announced today the upcoming resignation of its Chief Financial Officer and Treasurer, Jennifer Cote. Ms. Cote is set to leave her role following the filing of the company's Quarterly Report on Form 10-Q, expected by May 12, 2025. The announcement comes as the company faces significant challenges, with InvestingPro data showing the stock has declined over 89% in the past year, though analysts project a return to profitability in 2025.
Mark Frost, who has been consulting for Harvard Bioscience since January 2025, will step in as the Interim Chief Financial Officer and Treasurer upon Ms. Cote's departure. With a career spanning over three decades, Frost offers a wealth of experience from his tenure as CFO at various public and private companies, including Fathom, Argon Medical Devices, Analogic, AngioDynamics, and AMRI. His early career included various finance roles at General Electric. Frost is a Colgate University alumnus and has completed programs at INSEAD and GE. According to InvestingPro analysis, Frost will need to address the company's significant debt burden, with current short-term obligations exceeding liquid assets.
Jim Green, Harvard Bioscience's Chairman and CEO, expressed confidence in Frost's abilities to navigate the company through the current market environment. Green also acknowledged Cote's contributions, particularly highlighting her leadership in finance and her role in the recent ERP system consolidation project aimed at enhancing operational efficiency.
Harvard Bioscience serves a diverse customer base across academic, governmental, and corporate sectors in life science research and preclinical testing. The company operates internationally with direct and distribution channels.
This leadership transition occurs as Harvard Bioscience continues to navigate the competitive and evolving life science industry. The information regarding the executive changes is based on a press release statement from the company.
In other recent news, Harvard Bioscience reported its Q4 2024 financial results, with earnings per share (EPS) of $0.06, surpassing the forecasted $0.05. The company's revenue also exceeded expectations, reaching $24.6 million compared to the anticipated $24.15 million. Despite these positive results, the company faced a 13% year-over-year decline in quarterly revenue and a 16% drop in full-year revenue compared to 2023. KeyBanc Capital Markets recently downgraded Harvard Bioscience from "Overweight" to "Sector Weight," citing concerns about the company's financial stability and market exposure risks. The downgrade reflects uncertainties surrounding the company's financial obligations, including a looming debt refinancing deadline of June 2025. Additionally, Harvard Bioscience's significant exposure to academic and research markets, which constitute about 47% of its business, poses further risks. The company is actively focusing on new product opportunities and cost management to navigate these challenges. Looking ahead, Harvard Bioscience has provided Q1 2025 revenue guidance of $19-$21 million and expects gross margins between 56-58%.
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