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HOLLISTON, Mass. - Harvard Bioscience, Inc. (NASDAQ:HBIO), a global developer and manufacturer of life science research and preclinical testing technology, today announced the appointment of John Duke to its board of directors, effective immediately. Duke will also serve on the audit and nominating and governance committees. The appointment comes as the company, currently valued at $18 million, faces challenging market conditions with its stock trading near $0.41, significantly below its 52-week high of $3.60.
In addition to Duke’s appointment, the company named Katherine Eade as the Lead Independent Director of the board. Eade expressed confidence in Duke’s ability to contribute to the company, citing his "deep experience in life science tools and business execution" and his proven ability to drive growth and operational excellence. According to InvestingPro analysis, this leadership change comes at a crucial time as Harvard Bioscience shows signs of potential recovery, with net income expected to grow this year despite recent challenges.
Jim Green, President and CEO of Harvard Bioscience, highlighted Duke’s extensive operating experience and strong technical and business background as valuable assets for the board.
Duke, 54, is the CEO of Plastic Molding Technology and has a history of leadership roles in the life sciences sector. His previous positions include Executive Vice President and Chief Business Officer at Lyten, Inc., and over twenty years at Corning Incorporated, where he spent eight years in the Life Sciences division. He holds a Bachelor of Science in Materials Science & Engineering from the University of Utah and an MBA from Harvard University.
The company also announced the retirement of Thomas Loewald from the board, who had served since October 2017. Eade thanked Loewald for his service and contributions to the board over the past seven and a half years.
Harvard Bioscience is known for providing technologies, products, and services that support significant advancements in life science research, drug discovery, bio-production, and pharmaceutical and therapy development. The company operates internationally, with customers that include academic institutions, government laboratories, and leading pharmaceutical and biotechnology organizations. With a gross profit margin of 57% and revenue of $91.4 million in the last twelve months, the company shows operational resilience despite current market challenges. InvestingPro subscribers have access to 12 additional key insights and comprehensive analysis about Harvard Bioscience’s financial health and market position through the Pro Research Report, helping investors make more informed decisions.
This announcement is based on a press release statement from Harvard Bioscience, Inc.
In other recent news, Harvard Bioscience reported its first-quarter 2025 earnings, revealing a revenue of $21.8 million, surpassing the forecasted $20 million. Despite a year-over-year decline in revenue from $24.5 million in Q1 2024, the company exceeded expectations, highlighting effective cost management and strategic initiatives. The operating loss was largely due to a $48 million non-cash goodwill impairment charge. Furthermore, the company’s gross margin stood at 56%, down from 60.3% in the previous year, with adjusted EBITDA at $800,000 compared to $1.6 million in Q1 2024. Analysts from The Benchmark Company noted the company’s strategic focus on product innovation, including successful product launches in telemetry and neurobehavioral monitoring. The company anticipates Q2 2025 revenue between $18 million and $20 million, with a gross margin projection of 55-57%. Harvard Bioscience continues to focus on cost reduction and expanding its product portfolio, particularly in bioproduction and alternative testing methods.
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