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Harvard Bioscience, Inc.(HBIO) has released its unaudited consolidated financial statements for the second quarter ended June 30, 2023, revealing a net loss of $980,000 and total revenues of $28.8 million. The company's financial performance is analyzed in detail across various categories in its balance sheet, income statement, and cash flow statement.
Consolidated Balance Sheets
Harvard Bioscience's consolidated balance sheet as of June 30, 2023, shows total assets amounting to $142.9 million. The company's current assets, including cash and cash equivalents, accounts receivable, inventories, and other current assets, amounted to $52.6 million. Property, plant, and equipment netted at $3.5 million, while goodwill and intangible assets stood at $56.8 million and $18.4 million, respectively.
The company's liabilities and stockholders' equity totaled $67.5 million as of June 30, 2023. Current liabilities, including current portion of long-term debt and operating lease liabilities, were reported at $22.9 million. Long-term debt and deferred tax liability were noted as $38.2 million and $667,000, respectively. Stockholders' equity reached $75.4 million, with common stock, additional paid-in capital, and accumulated deficit accounting for the major components.
Consolidated Statements of Operations
For the three months ended June 30, 2023, Harvard Bioscience reported revenues of $28.8 million, compared to $29.2 million in the same period of the previous year. The cost of revenues for the quarter amounted to $12.1 million, resulting in a gross profit of $16.7 million. Operating expenses, including sales and marketing, general and administrative, research and development expenses, and amortization of intangible assets, totaled $15.9 million.
The company reported a net loss of $980,000 for the second quarter of 2023. Basic and diluted loss per share were both calculated at $0.02, based on weighted-average common shares of approximately 42.4 million for the period.
Consolidated Statements of Cash Flows
Harvard Bioscience's cash flows from operating activities for the first half of 2023 resulted in a net inflow of $5.4 million. The company invested $337,000 in property, plant, and equipment and intangible assets during the same period. Financing activities involved borrowings from a revolving line of credit and repayments of revolving line of credit and term debt, resulting in a net cash outflow of $5.3 million.
Despite the net loss reported for the second quarter of 2023, Harvard Bioscience remains committed to its operations and growth strategies. The company continues to focus on optimizing its balance sheet and leveraging opportunities within the bioscience industry.
Investors and stakeholders are encouraged to review the complete unaudited consolidated financial statements, including accompanying notes, for a comprehensive understanding of Harvard Bioscience's financial performance and outlook.