|Over a week ago|
Harvard Bioscience introduces next generation inhalation system » 09:1203/2303/23/20
Harvard Bioscience has…
Harvard Bioscience has launched a technology known as Accumulated Inhaled Aerosol for academic researchers, contract research organizations and pharmaceutical companies involved in pre-clinical inhalation and exposure studies. With our new Buxco AIA system, researchers are presented with real-time aerosol amounts inhaled and deposited in subjects' lungs, a breakthrough improvement over the current delivered dose measurement. By reporting those measures against real-time respiratory endpoints using FinePointe software, researchers can now observe a direct correlation between dose and lung function over time. "Researchers worldwide are focused on finding a treatment to COVID-19, and we are proud to provide advanced instrumentation to contribute to this effort," said Jim Green, President and CEO of Harvard Bioscience. "This is a transformational technology that gives our customers the ability to know the delivered dose and the resulting lung function, all on an easy-to-use software platform." Integrating exposure and respiratory capabilities, this system delivers precise amounts of various aerosols to multiple subjects in a uniform, and reproducible manner, then measures pulmonary effects from the same platform. This technology and other new advancements in the Harvard Bioscience inhalation platform provide researchers with novel tools to study COVID-19 and advance development in both the discovery of new therapies and the pre-clinical regulatory phases, as solutions progress toward general clinical use.
|Over a month ago|
Harvard Bioscience expects annualized savings of $4M-$5M from restructuring » 07:1902/2602/26/20
The Company committed to…
The Company committed to a restructuring program to support delivery of its strategic action plan communicated in September 2019. The restructuring program began implementation in the fourth quarter of 2019, and includes consolidation of Connecticut manufacturing to Massachusetts, downsizing of operations in the United Kingdom and a reduction in force across the business representing greater than 10% of existing headcount. A portion of the savings generated will be reinvested to drive profitable growth. The restructuring program is expected to be completed by the end of 2020, with the majority of activities completed in the first half of 2020, delivering annualized run-rate savings of $4.0 to $5.0 million. The Company expects to incur costs associated with headcount reductions, program management and other transition costs required to affect the site consolidations and other business improvements totaling $4.0 million to $5.0 million. These costs will be excluded from adjusted operating income and diluted earnings per share.
Harvard Bioscience reports Q4 adj. EPS 8c, consensus 9c » 07:1802/2602/26/20
Reports Q4 revenue $31M,…
Reports Q4 revenue $31M, consensus $31.8M. Jim Green, Chairman and CEO said, "We finished 2019 with the actions underpinning our 2020 targets and creation of a strong growth platform well under way. Adjusted operating margin in the fourth quarter improved from 14% to 18%, with full year operating performance in-line with expectations. We also launched a restructuring program in Q4 which will deliver annualized savings greater than $4.0 million, and importantly create room for reinvestment to drive top-line growth. Revenue in the fourth quarter was in-line with expectations. Pre-Clinical product sales were down in the quarter due primarily to large, one-time Pharma purchases in the fourth quarter of the prior year, though we are excited to see a return to growth with our CRO customers. Cellular and Molecular product revenues were lower, though much was from planned product rationalization which positively impacted our profitability, and sales to European Academic customers improved after experiencing headwinds the first three quarters of 2019. The board and the management team are changing the Company to create a strong profitable growth platform designed to unlock significant value for our shareholders. We are excited for 2020 and fully expect to complete the turnaround and deliver the targets we set last September. We expect low single digit revenue growth for the year. Restructuring savings, higher margin product mix and improved operations are anticipated to underpin gross margin expansion by over 2 percentage points. We expect operating margins to improve well into the mid-teens. Finally, we plan to continue to pay down our debt to below 3 times leverage by the end of the first half of 2020 while we explore refinancing existing debt to a lower interest rate."
|Over a quarter ago|
Fly Intel: Top five analyst downgrades » 10:2012/0912/09/19
MMM, PNC, M, CVX, HBIO
Catch up on today's…
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. 3M (MMM) downgraded to Neutral from Buy at Citi with analyst Andrew Kaplowitz saying with industrial production having peaked in December 2018, the "industrial cycle" is in the midst of a mild downturn that could stabilize. 2. PNC Financial (PNC) downgraded to Outperform from Top Pick at RBC Capital with analyst Gerard Cassidy saying while the outlook for the stock remains "robust" and he still views the company as one of the top performing U.S. banks, he prefers Truist Financial Corporation as his new Top Pick rated bank stock given the opportunity offered by its recent merger combining BB&T (BBT) and SunTrust (STI). 3. Macy's (M) downgraded to Sell from Neutral at Goldman Sachs with analyst Alexandra Walvis saying while acknowledging the stock's year-to-date underperformance and "already weak sentiment" following the recent deterioration in fundamentals, she sees "significant additional downside" to Macy's retail operations. 4. Chevron (CVX) downgraded to Neutral from Buy at Citi with analyst Alastair Syme saying Chevron has emerged as a "relative safe haven" for energy investors given its balance sheet strength and clear capital allocation; however, the "safe-haven status might now be overplayed." 5. Harvard Bioscience (HBIO) downgraded to Speculative Buy from Buy at Benchmark with analyst Bruce Jackson citing the corporate restructuring that the company is undergoing as part of the new strategic plan introduced in September. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Harvard Bioscience downgraded to Speculative Buy from Buy at Benchmark » 07:3812/0912/09/19
Benchmark analyst Bruce…
Benchmark analyst Bruce Jackson downgraded Harvard Bioscience to Speculative Buy from Buy with an unchanged price target of $3.50 given the corporate restructuring that the company is undergoing as part of the new strategic plan introduced in September. The company has already decided to discontinue a product line and shut down its Raleigh, NC facility, and he assumes there are more changes coming, Jackson tells investors. While he is "giving management the benefit of the doubt," he believes his rating needs to adequately reflect the potential for disruption in the first half of 2020, Jackson explained.
Fly Intel: After Hours Movers » 19:0311/0511/05/19
INGN, FIVN, EVH, KTOS, AVLR, CDXS, TRUP, PAYS, RIGL, DVN, ICHR, SSRM, WIFI, PTLA, IRTC, PODD, PLT, FLDM, MTCH, OPRX, SWIR, WW, FANG, HYRE, ATUS, WLL, ACHC, RRR, HUBS, TISI, FRGI, COHR, REGI, RRGB, ZYME, BEAT, MCHP, NEWR, IOTS, CPS, CARA, CARG, HBIO, ALRM, ITI, CHMA
UP AFTER EARNINGS: …
UP AFTER EARNINGS: Inogen (INGN) up 9.4%... Five9 (FIVN) up 8.6%... Evolent Health (EVH) up 8.6%... Kratos (KTOS) up 7.8%... Avalara (AVLR) up 5.0%... Codexis (CDXS) up 5.0%... Trupanion (TRUP) up 5.0%... PaySign (PAYS) up 4.8%... Rigel Pharma (RIGL) up 4.6%... Devon Energy (DVN) up 4.4%... Ichor Holdings (ICHR) up 4.2%... SSR Mining (SSRM) up 2.5%... Boingo Wireless (WIFI) up 1.9%... Portola (PTLA) up 1.7%... iRhythm Technologies (IRTC) up 1.7%... Insulet (PODD) up 1.5%. DOWN AFTER EARNINGS: Plantronics (PLT) down 27.7%... Fluidigm (FLDM) down 19.6%... Match Group (MTCH) down 15.5%... Optimize RX (OPRX) down 15.3%... Sierra Wireless (SWIR) down 13.4%... WW International (WW) down 12.8%... Diamondback Energy (FANG) down 11.6%... HyreCar (HYRE) down 11.1%... Altice (ATUS) down 8.8%... Whiting Petroleum (WLL) down 8.4%... Acadia Healthcare (ACHC) down 7.6%... Red Rock Resorts (RRR) down 6.8%... HubSpot (HUBS) down 6.3%... Team (TISI) down 6.0%... Fiesta Restaurant Group (FRGI) down 5.9%... Coherent (COHR) down 5.8%... Renewable Energy (REGI)) down 5.8%... Red Robin Gourmet Burgers (RRGB) down 5.8%... Zymeworks (ZYME) down 4.1%... BioTelemetry (BEAT) down 4.1%... Microchip (MCHP) down 4.0%... New Relic (NEWR) down 3.8%... Adesto Technologies (IOTS) down 3.2%... Cooper Standard (CPS) down 3.1%... Cara Therapeutics (CARA) down 2.5%... CarGurus (CARG) down 2.4%... Harvard Bioscience (HBIO) down 2.2%... Alarm.com (ALRM) down 2.0%... Iteris (ITI) down 1.8%... Chiasma (CHMA) down 1.5%. ALSO LOWER: Supernus Pharma (SUPN) down 24.8% after Q3 results and announcing its Phase 3 trial of SPN0810 did not meet primary endpoint. Movers as of 18:30ET.
Harvard Bioscience tightens FY19 adj. EPS view to 19c from 19c-21c 16:0711/0511/05/19
Harvard Bioscience reports Q3 adj. EPS 4c, consensus 5c » 16:0611/0511/05/19
Reports Q3 revenue…
Reports Q3 revenue $27.42M, consensus $28.67M. Jim Green, chairman and CEO said, "We are executing on our strategic priorities. In spite of Q3 revenue continuing at a slower pace, adjusted operating margin improved by 90 basis points, all while taking initial actions designed to meet the targets outlined for next year's profitability and growth. As revenue headwinds annualize in the first half of next year, we expect improvements in sales effectiveness combined with product improvements to yield organic growth in line with our published targets."
Harvard Bioscience announces inducement grants under Nasdaq listing rule » 08:1711/0111/01/19
Harvard Bioscience announced that in connection with Yash Singh being named Executive Vice President, Cellular & Molecular Technologies on October 31, 2019, the Compensation Committee of the Board of Directors approved the grant of equity awards to Mr. Singh as equity inducement awards outside of the Company's Third Amended and Restated 2000 Stock Option and Incentive Plan and material to the employee's acceptance of employment with the Company. The equity awards were granted on October 31, 2019 and approved in accordance with Nasdaq Listing Rule 5635(c)(4). Such equity awards include an option to acquire 86,614 shares of common stock of the Company as well as market condition deferred stock award of restricted stock units with a target share amount of 39,286, each with vesting subject to Mr. Singh's continued employment with Harvard Bioscience on such vesting dates. The stock option has an exercise price of $2.80, being the closing price of Harvard Bioscience's common stock on the grant date, and vests in four equal annual installments commencing one year from the grant date and continuing on the next three anniversaries of such date thereafter. The market condition award has a final award amount determined based on the achievement of a relative total shareholder return, of the Company's common stock from the grant date to the earlier of October 31, 2020, being the anniversary of the grant date, or upon a change of control, and measured relative to the NASDAQ Biotechnology index during such period. The maximum number of market condition restricted stock units that may be earned is 150% of the target and would be achieved if the relative total shareholder return is at or above the 75th percentile of companies in the index and if the relative total shareholder return is below the 20th percentile, the market condition award will not vest and the award will be forfeited. The final achieved market condition award amount vests in equal installments on each of October 31, 2020, 2021, and 2022.
Harvard Bioscience appoints Ken Olson as general manager, pre-clinical systems » 08:5410/2110/21/19
Harvard Bioscience announced that Ken Olson has been named VP and General Manager, Pre-Clinical Systems, reporting to Chairman, President and CEO, Jim Green. Olson will lead the Pre-Clinical Systems Team, which is comprised of the Data Sciences International team focused on delivering market leading preclinical products, systems, and services to the drug discovery and development industry. Olson was formerly SVP, Global Engineering and Operations at Spacelabs Healthcare.