HBIO Reports Second Quarter 2013 Results

HBIO Reports Second Quarter 2013 Results

HOLLISTON, Mass., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc.
(Nasdaq:HBIO), a global developer, manufacturer, and marketer of a broad range
of tools to advance life science research and regenerative medicine, today
reported unaudited financial results for the three and six months ended June
30, 2013.

Commenting on the Company's performance, David Green, President and Interim
CEO, stated,

"In the second quarter, revenues and non-GAAP adjusted earnings per share in
our core life science research tools business, excluding expenses related to
the regenerative medicine device business spin-off and search costs for a new
CEO, were flat with the first quarter. These one-off costs totaled
approximately 1¢ per share. Compared to last year's second quarter, both
revenue and profits in the second quarter were disappointing, primarily
because we saw a sharp decline in shipments to General Electric Healthcare.
Revenues were down 8% in the second quarter compared with the second quarter
of 2012, with GE accounting for almost half the decline in revenue. Part of
the decline was also due to reporting against an exceptionally strong quarter
last year. We reported a record second quarter last year for both revenue and
non-GAAP adjusted EPS and it was the last quarter before we saw substantial
impact from the threat of sequestration in the U.S."

Mr. Green continued, "GE's impact on the quarter in both revenue and operating
profit was significant. However, GE now only accounts for approximately 4% of
our total revenue. We expect that revenue from GE will likely remain at this
lower level throughout the second half of the year. Because of this we expect
this year's revenue to be down approximately 4% versus last year. We have
implemented cost cutting initiatives to partly mitigate the impact of the
decline in GE revenue on operating profit during the second half of the year."

He added, "Outside the decline at GE we saw growth in both revenue and
operating profit at our Denville business and significant growth in our new
BioDrop spectrophotometer product line. I am also pleased to announce that the
integration of AHN Biotechnologie, which we acquired last year, into the
Denville supply chain should start to have a positive impact on margins in the
second half of the year and should have a substantial positive impact on 2014
operating profits.

We continue to make progress with the spin-off of HART, our subsidiary
focusing on the regenerative medicine device business. We have received a
supplemental ruling from the IRS that the spin-off will be tax-free for
federal income tax purposes and HART has also filed a Form 10 Registration
Statement with the SEC. We have also continued to make clinical progress in
HART with an eighth trachea transplant surgery having recently taken place and
the six-month follow up on the first two patients that entered the Russian
clinical trial having been reported at the European Society of Thoracic
Surgeons Conference."

Mr. Green also stated, "Finally, we have also made progress in our effort to
hire a new CEO for Harvard Bioscience. We have interviewed several promising
candidates and we are moving the process forward."

Second Quarter Reported Results

Revenues for the three months ended June 30, 2013 were $26.1 million, a
decrease of $2.4 million, or 8.4% compared to revenues of $28.5 million for
the three months ended June 30, 2012. Currency exchange rates had a negative
0.2% effect on revenues compared with the second quarter of 2012. Excluding
the effects of currency changes, our second quarter revenues decreased 8.3%
from the same period last year.

Net (loss) income from continuing operations, as measured under U.S. generally
accepted accounting principles ("GAAP"), was a $0.3 million loss, or ($0.01)
per diluted share for the three months ended June 30, 2013 compared to $0.8
million income, or $0.03 per diluted share, for the same period in 2012. The
unfavorable year-to-year quarterly GAAP earnings comparison was due to a
combination of a one-time write-off of deferred Initial Public Offering
("IPO") costs of $0.8 million, increased spending in our development-stage
Regenerative Medicine Device ("RMD") business, and lower revenue in our Life
Science Research Tools ("LSRT") business.

On a non-GAAP adjusted basis, earnings per share for our core LSRT business
for the three months ended June 30, 2013 was $0.07 per diluted share, compared
with $0.10 per diluted share for the same period in 2012. Non-GAAP adjusted
earnings per share for our RMD business for the second quarter of 2013 was a
loss of $0.07 per diluted share, compared with a loss of $0.04 per diluted
share for the second quarter of 2012, and reflected both greater activity in
developing this initiative and a write-off of deferred IPO costs of $0.8
million. Our total non-GAAP adjusted earnings per share, reflecting LSRT and
RMD combined, was $0.00 per diluted share for the second quarter of 2013
compared with $0.06 per diluted share for the second quarter of 2012.

Year to Date Reported Results

Revenues for the six months ended June 30, 2013 were $52.2 million, a decrease
of $4.6 million, or 8.2% compared to revenues of $56.8 million for the six
months ended June 30, 2012. Currency exchange rates had a negative 0.2% effect
on revenues for the six months ended June 30, 2013, compared with the same
period in the previous year. Our acquisition of AHN Biotechnologie, or AHN, in
February 2012 had a positive 0.4% effect on revenues. Excluding the effects of
currency changes and acquisitions, our revenues decreased by 8.4% from the
same period in the previous year.

Net (loss) income from continuing operations, as measured under GAAP, was $0.4
million loss, or ($0.01) per diluted share for the six months ended June 30,
2013 compared to $1.3 million income, or $0.04 per diluted share, for the same
period in 2012. The unfavorable year-to-year GAAP earnings comparison was due
to a combination of a one-time write-off of deferred IPO costs of $0.8
million, increased spending in our development-stage RMD business, and lower
revenue in our LSRT business.

On a non-GAAP adjusted basis, earnings per share for our core LSRT business
for the six months ended June 30, 2013 was $0.15 per diluted share, compared
with $0.20 per diluted share for the same period in 2012. Non-GAAP adjusted
earnings per share for our RMD business for the six months ended June 30, 2013
was a loss of $0.12 per diluted share, compared with a loss of $0.07 per
diluted share for the same period in 2012, and reflected both greater activity
in developing this initiative and an $0.8 million write-off of deferred IPO
costs. Our total non-GAAP adjusted earnings per share, reflecting LSRT and RMD
combined, was $0.03 per diluted share for the six months ended June 30, 2013
compared with $0.13 per diluted share for the same period in 2012.

Operating Results

Three months ended June 30, 2013 compared to three months ended June 30, 2012:

Revenues were lower by $2.4 million, or 8.4%, to $26.1 million for the three
months ended June 30, 2013 compared to $28.5 million for the same period in
2012. In our Biochrom business, revenues from shipments to General Electric
Healthcare ("GE") were down approximately $1.1 million and represented
approximately 46% of our overall unfavorable year to year revenue comparison.
Our Harvard Apparatus and Hoefer revenues were negatively impacted by the
government spending sequestration in the U.S. and government austerity
programs in Europe on life science research spending.

Cost of product revenues decreased $0.9 million, or 5.9%, to $14.0 million for
the three months ended June 30, 2013 compared with $14.9 million for the three
months ended June 30, 2012. Gross profit as a percentage of revenues decreased
to 46.4% for the three months ended June 30, 2013 compared with 47.8% for the
same period in 2012. The decrease in gross profit as a percentage of revenues
was primarily due to lower sales volume and a less favorable sales mix in the
second quarter of 2013 compared with the second quarter of 2012.

Sales and marketing expenses decreased $0.1 million, or 2.5%, to $4.6 million
for the three months ended June 30, 2013 compared with $4.7 million for the
three months ended June 30, 2012. In LSRT, sales and marketing expenses
decreased $0.1 million, or 2.5%, to $4.4 million, compared to $4.5 million for
the three months ended June 30, 2012, primarily due to cost reduction
activities at our Denville and Hoefer businesses. In RMD, sales and marketing
expenses were flat with the second quarter of 2012 at $0.2 million.

General and administrative expenses increased $0.7 million, or 14.5% to $5.6
million for the three months ended June 30, 2013 compared with $4.9 million
for the three months ended June 30, 2012. In LSRT, general and administrative
expenses decreased $0.2 million, or 5.5%, to $4.2 million compared to $4.4
million for the three months ended June 30, 2012 primarily due lower stock
compensation expense. In RMD, general and administrative expenses increased
$1.0 million primarily due a $0.8 million write-off of deferred IPO costs.

Research and development expenses were flat at $2.0 million for the three
months ended June 30, 2013 and 2012. In LSRT, research and development
expenses decreased $0.2 million, or 16.7%, to $0.9 million compared to $1.1
million for the three months ended June 30, 2012 primarily due to lower
expenses at our Harvard Apparatus business. In RMD, research and development
expenses increased $0.2 million, primarily due to increased scaffold and
bioreactor development activities.

Amortization of intangible assets expense remained flat at $0.7 million for
the three months ended June 30, 2013 and 2012.

Other income and expense, net, was $0.3 million expense and $0.2 million
expense for the three months ended June 30, 2013 and 2012, respectively. Net
interest expense was $0.2 million for the three months ended June 30, 2013
compared to net interest expense of $0.1 million for the three months ended
June 30, 2012. The increase in net interest expense was due to higher average
debt balances in the second quarter of 2013 compared to the second quarter of
2012.

Income tax (benefit) expense was $0.8 million benefit and $0.3 million expense
for the three months ended June 30, 2013 and 2012, respectively. The effective
income tax rate for continuing operations was 73.4% benefit for the three
months ended June 30, 2013, compared with 27.9% expense for the same period in
2012. The effective tax rate for the second quarter of 2013 included benefits
related to foreign tax rate differential, research and development tax credits
and stock compensation exercises, as well as offsetting discrete expense items
related to certain non-deductible costs.

Six months ended June 30, 2013 compared to six months ended June 30, 2012:

Revenues decreased $4.6 million, or 8.2%, to $52.2 million for the six months
ended June 30, 2013 compared to $56.8 million for the same period in 2012. Our
acquisition of AHN contributed approximately $0.3 million, or 0.5% to the six
months ended June 30, 2013 revenues. The effect of a stronger U.S. dollar
decreased our revenues by $0.1 million, or 0.2%, compared with the same period
in 2012. Adjusting for the effect of foreign currency fluctuation and
acquisitions, revenues were down $4.8 million, or 8.4%, year-to-year. In our
Biochrom business, revenues from shipments to GE were down approximately $1.5
million and represented approximately 33% of our overall unfavorable year to
year revenue comparison. Our Harvard Apparatus and Hoefer revenues were
negatively impacted by the government spending sequestration in the U.S. and
government austerity programs in Europe on life science research spending.

Cost of product revenues decreased $2.0 million, or 6.7%, to $27.8 million for
the six months ended June 30, 2013 compared with $29.8 million for the six
months ended June 30, 2012. Excluding the effects of currency changes and
acquisitions, cost of product revenues decreased by $2.1 million, or 7.1% over
the same period in the previous year. Gross profit as a percentage of revenues
was 46.7% for the six months ended June 30, 2013 compared with 47.5% for the
same period in 2012. The decrease in gross profit as a percentage of revenues
was primarily due to lower sales volume and a less favorable sales mix for the
six months ended June 30, 2013 compared with the same period in 2012.

Sales and marketing expenses decreased $0.1 million, or 1.4%, to $9.4 million
for the six months ended June 30, 2013 compared with $9.5 million for the six
months ended June 30, 2012. In LSRT, sales and marketing expenses decreased
$0.2 million, or 1.9%, to $8.9 million, compared to $9.1 million for the six
months ended June 30, 2012 mainly due to cost reductions at our Harvard
Apparatus and Hoefer businesses. In RMD, sales and marketing expenses were
flat at $0.4 million.

General and administrative expenses increased $0.9 million, or 9.4% to $10.7
million for the six months ended June 30, 2013 compared with $9.8 million for
the six months ended June 30, 2012. In LSRT, general and administrative
expenses decreased $0.7 million, or 8.3%, to $8.2 million, compared to $8.9
million for the six months ended June 30, 2012 primarily due to lower stock
compensation expense and cost reduction activities across all of our
businesses. In RMD, general and administrative expenses increased $1.7 million
which included a $0.8 million write-off of deferred IPO costs, approximately
$0.6 million of legal and consulting costs associated with the separation and
spin-off of the HART business, and $0.2 million of increased management and
facilities costs.

Research and development expenses increased $0.2 million, or 6.3% to $3.9
million for the six months ended June 30, 2013 compared with $3.7 million for
the six months ended June 30, 2012. In LSRT, research and development expenses
decreased $0.2 million, or 10.9%, to $1.9 million for the six months ended
June 30, 2013, compared to $2.1 million for the six months ended June 30, 2012
due to lower expenses at our Harvard Apparatus business. In RMD, research and
development expenses increased $0.5 million, primarily due to increased
activity in our scaffold and bioreactor development.

Amortization of intangible asset expenses was flat at $1.4 million for the six
months ended June 30, 2013 and 2012.

Other income and expense, net, was $0.4 million expense and $0.6 million
expense for the six months ended June 30, 2013 and 2012, respectively. Net
interest expense was $0.4 million for the six months ended June 30, 2013
compared to $0.3 million for the six months ended June 30, 2012. The increase
in net interest expense was due to higher average borrowings during the six
months ended June 30, 2013 compared to the same period in 2012. Other expense,
net, for the six months ended June 30, 2012, also included $0.3 million of
acquisition-related expenses.

Income tax (benefit) expense was $1.0 million benefit and $0.6 million expense
for the six months ended June 30, 2013 and 2012, respectively. The effective
income tax rate for continuing operations was 72.1% benefit for the six months
ended June 30, 2013, compared with 32.1% expense for the same period in 2012.
The effective tax rate for the six months ended June 30, 2013 included
benefits related to foreign tax rate differential, research and development
tax credits and stock compensation exercises, as well as offsetting discrete
expense items related to certain non-deductible costs.

Balance Sheet

We ended the second quarter of 2013 with cash and cash equivalents of $34.1
million compared to $20.7 million at December 31, 2012. As of June 30, 2013
and December 31, 2012, we had borrowings of $24.3 million and $13.0 million,
respectively, outstanding under our credit facility. Total cash and cash
equivalents, net of debt, were $9.8 million and $7.7 million at June 30, 2013
and December 31, 2012, respectively.

Trade receivables were $13.8 million and inventories were $18.3 million as of
June 30, 2013 compared to $14.4 million and $17.7 million as of June 30, 2012,
respectively. Outstanding days of sales, or DSO, was 49 days for the three and
six month periodsended June 30, 2013 and 2012. Annualized inventory turns
were 3.1 times for the three months ended June 30, 2013 compared with 3.3
times for the same period in 2012.

Conference Call Details

As previously announced, management will host a conference call to discuss
second quarter 2013 results and business highlights and outlook, which will be
simultaneously broadcasted over the Internet and can be accessed through the
Harvard Bioscience, Inc. web site. In addition, management may discuss, and
answer one or more questions concerning, business and financial developments
and trends, including with respect to our acquisition initiatives, our efforts
in the field of regenerative medicine and other business and financial matters
affecting the Company. Some of these discussions and responses to questions
may contain information that has not been previously disclosed. The conference
call will begin at 11:00 a.m. Boston time today, August 1, 2013. To listen to
the conference call, log on to our website at www.harvardbioscience.com and
click on the Earnings Call icon. If you are unable to listen to the live
webcast, the call will be archived in the investor relations section of our
website. The live conference call is also accessible by dialing toll-free
877-303-7611, or toll 970-315-0445, and referencing the pass code of
"21825448". A replay of this conference call will be available from 2:00 p.m.
on August 1, 2013 through August 10, 2013 and will be accessible by dialing
toll-free 855-859-2056, or toll 404-537-3406, and referencing the pass code of
"21825448". This earnings release, as well as any material financial and other
statistical information presented on the call which is not included in this
earnings release, is available on our website by clicking on the Press
Releases icon. If you are unable to listen to the live conference call, please
note that the call, this press release and any related financial or
statistical information will be archived on our web site under the Press
Releases icon or Earnings Call icon, as appropriate.

Use of Non-GAAP Financial Information

In this press release, we have included non-GAAP financial information
including adjusted operating income, adjusted net income, adjusted earnings
per diluted share and organic revenue growth. We believe that this non-GAAP
financial information provides investors with an enhanced understanding of the
underlying operations of the business. For the periods presented, these
non-GAAP financial measures of income have excluded certain expenses and
income primarily resulting from purchase accounting or events that we do not
believe are related to the underlying operations of the business such as
amortization of intangibles related to acquisitions, costs related to
acquisition initiatives, restructuring expenses (including related inventory
write-downs) and stock-based compensation expense. They also exclude the tax
impact of the reconciling items. This non-GAAP financial information is used
by our management to internally evaluate our operating results. Tabular
reconciliations of our non-GAAP adjusted operating income, non-GAAP adjusted
net income and non-GAAP adjusted earnings per diluted share for the three and
six months ended June 30, 2013 and 2012 and changes in total revenue compared
to the same period of the prior year are included as exhibits below in this
press release.

The non-GAAP financial information provided in this press release should be
considered in addition to, not as a substitute for, the financial information
provided and presented in accordance with GAAP.

About Harvard Bioscience

Harvard Bioscience ("HBIO") is a global developer, manufacturer and marketer
of a broad range of specialized products, primarily apparatus and scientific
instruments, used to advance life science research and regenerative medicine.
Our products are sold to thousands of researchers in over 100 countries
primarily through our 850 page catalog (and various other specialty catalogs),
our website, through distributors, including GE Healthcare, Thermo Fisher
Scientific and VWR, and via our field sales organization. We have sales and
manufacturing operations in the United States, the United Kingdom, Germany,
Sweden and Spain with additional facilities in France and Canada. For more
information, please visit www.harvardbioscience.com.

The Harvard Bioscience, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6426

This press release contains forward-looking statements within the meaning of
the federal securities laws. You can identify these statements by our use of
such words as "will," "guidance," "objectives," "optimistic," "potential,"
"future," "expects," "plans," "estimates," "continue," "drive," "strategy,"
"potential," "potentially," "growth," "long-term," "projects," "projected,"
"intends," "believes," "goals," "sees," "seek," "develop" "possible" "new,"
"emerging," "opportunity," "pursue" and similar expressions that do not relate
to historical matters. Forward-looking statements in this press release or
that may be made during our conference call may include, but are not limited
to, statements or inferences about the Company's or management's beliefs or
expectations, the Company's anticipated future revenues and earnings, the
strength of the Company's market position and business model, the impact of
acquisitions, or potential acquisitions, the outlook for the life sciences
industry and the field of regenerative medicine, opportunities or potential
opportunities in the field of regenerative medicine, the Company's business
strategy, the positioning of the Company for growth, the market demand and
opportunity for the Company's current products, or products it is developing
or intends to develop, and the Company's plans, objectives and intentions that
are not historical facts.

These statements involve known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements.
Factors that may cause the Company's actual results to differ materially from
those in the forward-looking statements include the Company's failure to
identify potential acquisition candidates and successfully close such
acquisitions with favorable pricing, successfully integrate acquired
businesses or technologies, complete consolidations of business functions,
expand our product offerings, introduce new products or commercialize new
technologies, including in the field of regenerative medicine, unanticipated
costs relating to acquisitions, unanticipated costs arising in connection with
the Company's consolidation of business functions and any restructuring
initiatives, decreased demand for the Company's products due to changes in our
customers' needs, our ability to obtain regulatory approvals, including FDA
approval, for our products, the current size or anticipated size of the
regenerative medicine market, the existence and size of opportunities in the
regenerative medicine market, our ability to complete the planned spin-off of
our subsidiary, our financial position, general economic outlook or other
circumstances, the seasonal nature of purchasing in Europe, economic,
political and other risks associated with international revenues and
operations, the impact of the current economic and financial crisis,
additional costs of complying with recent changes in regulatory rules
applicable to public companies,our ability to retain key personnel,
competition from our competitors, technological changes resulting in our
products becoming obsolete, future changes to the operations or the
activities of our subsidiaries due to manufacturing consolidations, our
ability to meet the financial covenants contained in our credit facility, our
ability to protect our intellectual property and operate without infringing on
others' intellectual property, potential costs of any lawsuits to protect or
enforce our intellectual property, economic and political conditions generally
and those affecting pharmaceutical and biotechnology industries, federal
government's spending and reduction regulations and research funding levels
from endowments at our university customers, impact of any impairment of our
goodwill or intangible assets, our ability to utilize deferred tax assets
after the release of our valuation allowances, the amount of earn-out
consideration that the Company receives in connection with the disposition
of the Company's Capital Equipment Business segment and factors that may
impact the receipt of this consideration, such as the revenues of the
businesses disposed of, plus factors described under the heading "Item 1A.
Risk Factors" in the Company's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2013 or described in the Company's other public filings. The
Company's results may also be affected by factors of which the Company is not
currently aware. The Company may not update these forward-looking statements,
even though its situation may change in the future, unless it has obligations
under the federal securities laws to update and disclose material developments
related to previously disclosed information.

For investor inquiries, please call (508) 893-8066. Press releases may be
found on our web site, http://www.harvardbioscience.com.


Exhibit 1
HARVARD BIOSCIENCE, INC.
Selected Consolidated Balance Sheet Information
(Unaudited, in thousands)
                                                    
                                           As of
                                           June 30,  December 31,
                                           2013      2012
                                                    
Assets                                               
                                                    
Cash and cash equivalents                  $34,098  $20,681
Trade receivables                          13,826   14,357
Inventories                               18,259   17,762
Property, plant and equipment              4,365    4,551
Goodwill and other intangibles             56,534   58,701
Other assets                               18,968   17,432
Total assets                               $146,050 $133,484
                                                    
Liabilities and Stockholders' Equity                 
                                                    
Current liabilities                        $13,298  $9,901
Non-current liabilities                    27,377   19,370
Total liabilities                         40,675   29,271
Stockholders' equity                       105,375  104,213
Total liabilities and stockholders' equity $146,050 $133,484



Exhibit 2
HARVARD BIOSCIENCE, INC.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
                                                           
                                         Three Months Ended Six Months Ended
                                         June 30,           June 30,
                                         2013      2012     2013     2012
                                                                  
                                                                  
Revenues                                  $26,094  $28,496 $52,181 $56,818
Cost of product revenues                  13,999   14,881  27,819  29,803
Gross profit                              12,095   13,615  24,362  27,015
                                                                  
Sales and marketing expenses              4,624    4,743   9,376   9,512
General and administrative expenses       5,612    4,902   10,682  9,760
Research and development expenses         1,979    1,972   3,923   3,689
Restructuring charges                     (24)     (13)    (45)    137
Amortization of intangible assets         676      712     1,355   1,391
Total operating expenses                  12,867   12,316  25,291  24,489
                                                                  
Operating (loss) income                   (772)    1,299   (929)   2,526
                                                                  
Other (expense) income:                                            
Foreign exchange                          (25)     (16)    9       (57)
Interest expense                          (245)    (152)   (374)   (300)
Interest income                           10       12      19      26
Other expense, net                        (69)     (70)    (81)    (281)
Other (expense) income, net               (329)    (226)   (427)   (612)
                                                                  
(Loss) income before income taxes         (1,101)  1,073   (1,356) 1,914
Income tax (benefit) expense              (808)    299     (977)   615
(Loss) income from continuing operations  (293)    774     (379)   1,299
Discontinued operations                                            
Income from discontinued operations, net  107      --     287     --
of tax
Total income from discontinued            107      --     287     --
operations, net of tax
Net (loss) income                         $(186)   $774    $(92)   $1,299
                                                                  
(Loss) income per share:                                           
Basic (loss) earnings per common share    $(0.01)  $0.03   $(0.01) $0.05
from continuing operations
Discontinued operations                   0.00     --     0.01    --
Basic (loss) earnings per common share    $(0.01)  $0.03   $(0.00) $0.05
Diluted (loss) earnings per common share  $(0.01)  $0.03   $(0.01) $0.04
from continuing operations
Discontinued operations                   0.00     --     0.01    --
Diluted (loss) earnings per common share  $(0.01)  $0.03   $(0.00) $0.04
                                                                  
Weighted average common shares:                                    
Basic                                     30,103   28,768  29,941  28,739
Diluted                                   30,103   29,595  29,941  29,634



Exhibit 3
HARVARD BIOSCIENCE, INC.
Condensed Cash Flow Statements
(in thousands, unaudited)

                                              Six Months Ended
                                              June 30,
                                              2013     2012
                                                      
Cash flows from operations:                            
Net (loss) income                              $(92)   $1,299
Other adjustments to operating cash flows      1,684   3,236
Changes in assets and liabilities              (211)   (382)
Net cash provided by operating activities      1,381    4,153
                                                      
Investing activities:                                  
Net cash used in investing activities          (641)    (3,470)
                                                      
Financing activities:                                  
Net proceeds from issuance (repayment) of debt 11,299  (201)
Other financing activities                     1,999   402
Net cash provided by financing activities      13,298   201
                                                      
Effect of exchange rate changes on cash        (621)    (145)
                                                      
Increase in cash and cash equivalents          $13,417 $739



Exhibit 4
HARVARD BIOSCIENCE, INC.
Reconciliation of US GAAP Operating (Loss) Income to Non-GAAP Adjusted
Operating Income
(in thousands)
(unaudited)
                                                            
                                          Three Months Ended Six Months Ended
                                          June 30,           June 30,
                                          2013      2012     2013     2012
                                                                   
US GAAP operating (loss) income            $(772)   $1,299  $(929)  $2,526
                                                                   
Adjustments:                                                        
                                                                   
Amortization of intangible assets          676      712     1,355   1,391
                                                                   
Impact of fair value adjustment to         --      39      --     74
inventory
                                                                   
Restructuring and other misc. charges      (20)     (13)    (30)    137
                                                                   
Stock-based compensation expense           588      718     1,237   1,415
                                                                   
Non-GAAP adjusted operating income         $472     $2,755  $1,633  $5,543



Exhibit 5
HARVARD BIOSCIENCE, INC.
Reconciliation of US GAAP Net (Loss) Income to Non-GAAP Adjusted Net Income
(in thousands)
(unaudited)

                   Three Months Ended            Six Months Ended        
                   June 30,                      June 30,                
                   2013            2012         2013          2012     
                                                                   
US GAAP net (loss)
income from         $(293)         $774        $(379)       $1,299  
Continuing
Operations
                                                                   
Adjustments:                                                        
                                                                   
Amortization of     676            712         1,355        1,391   
intangible assets
                                                                   
Impact of fair
value adjustment to --            39          --          74      
inventory
                                                                   
Direct acquisition
costs and other     5              77          19           282     
costs
                                                                   
Restructuring and   (20)           (13)        (30)         137     
other misc. charges
                                                                   
Stock-based
compensation        588            718         1,237        1,415   
expense
                                                                   
Income taxes        (850)    (A)   (431)   (B)  (1,342)  (C)  (833)   (B)
                                                                   
Non-GAAP adjusted   $106           $1,876      $860         $3,765  
net income
                                                                   
(A) Income taxes includes the tax effect of adjusting for the reconciling
items and discrete items related to stock option exercises.
(B) Income taxes includes the tax effect of adjusting for the reconciling
items.
(C) Income taxes includes the tax effect of adjusting for the reconciling
items and discrete items related to research and development credits and stock
option exercises.



Exhibit 6
HARVARD BIOSCIENCE, INC.
Reconciliation of US GAAP Diluted (Loss) Earnings Per Common Share to Non-GAAP
Adjusted Diluted Earnings Per Common Share
(unaudited)
                                                                  
                 Three Months Ended            Six Months Ended         
                 June 30,                      June 30,                 
                 2013           2012          2013           2012     
                                                                  
US GAAP diluted
(loss) earnings   $(0.01)       $0.03        $(0.01)       $0.04   
per common share
                                                                  
Adjustments:                                                       
                                                                  
Amortization of   0.02          0.02         0.05          0.05    
intangible assets
                                                                  
Direct            --           --          --           0.01    
acquisition costs
                                                                  
Stock-based
compensation      0.02          0.02         0.04          0.05    
expense
                                                                  
Income taxes      (0.03)   (A)  (0.01)  (B)  (0.05)   (C)  (0.02)  (B)
                                                                  
Non-GAAP adjusted
diluted earnings  $0.00        $0.06        $0.03         $0.13   
per common share
                                                                  
(A) Income taxes includes the tax effect of adjusting for the reconciling
items and discrete items related to stock option exercises.
(B) Income taxes includes the tax effect of adjusting for the reconciling
items.
(C) Income taxes includes the tax effect of adjusting for the reconciling
items and discrete items related to research and development credits and stock
option exercises.



Exhibit 7
HARVARD BIOSCIENCE, INC.                                                             
Reconciliation of Changes In Total Revenue Compared to the Same Period in the Prior  
Years
(unaudited)                                                                          
                                                                                    
                                     For                           For   Three       Six
            Three Months            the   Three Months            the   Months      Months
             Ended                   Year  Ended                   Year  Ended       Ended
                                     Ended                         Ended
            March June  Sept. Dec.  Dec.  March June  Sept. Dec.  Dec.  March June  June
             31,   30,   30,   31,   31,   31,   30,   30,   31,   31,   31,   30,   30,
            2011  2011  2011  2011  2011  2012  2012  2012  2012  2012  2013  2013  2013
                                                                        
Organic      -2.1% -1.6% -6.3% -4.4% -3.8% 4.2%  2.2%  -1.2% -4.5% 0.1%  -8.5% -8.3% -8.4%
growth
                                                                        
Acquisitions 1.3%  2.8%  4.2%  2.9%  2.9%  4.4%  4.9%  1.6%  1.6%  3.1%  0.9%  0.0%  0.4%
                                                                        
Foreign
exchange     0.9%  3.6%  1.8%  -0.2% 1.5%  -1.0% -2.1% -1.4% 0.2%  -1.1% -0.3% -0.1% -0.2%
effect
                                                                        
Total
revenue      0.1%  4.8%  -0.3% -1.7% 0.6%  7.6%  5.0%  -1.0% -2.7% 2.1%  -7.9% -8.4% -8.2%
growth

CONTACT: David Green, President and Interim CEO
         dgreen@harvardbioscience.com
                 
         Tom McNaughton, CFO
         tmcnaughton@harvardbioscience.com

         Tel: 508 893 8999
         Fax: 508 429 8478

Harvard Bioscience, Inc. Logo
 
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