HARVARD BIOSCIENCE INC - FORM 8-K - EX-99.1 - PRESENTATION MATERIALS

Attached files

file	filename
8-K - FORM 8-K - HARVARD BIOSCIENCE INC	d393304d8k.htm

Tools to Advance Life Science Research

and Regenerative Medicine

NASDAQ HBIO

August 2012

Exhibit 99.1

Safe Harbor Statement

This presentation 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,” “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 presentation 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 the 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, successfully integrate acquired businesses or

technologies, successfully negotiate favorable pricing and other terms with acquisition candidates to enable potential acquisitions to close, complete consolidations of business functions,

expand our distribution channels, expand our product offerings, introduce new products or commercialize new technologies on a timely basis, 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,

lack of demand or decreased demand for the Company’s products due to changes in our customers’ needs, success of our efforts with our distributor to promote sales of our microvolume

spectrophotometer product and success of our strategies to increase the sales of other products, our ability to obtain regulatory approvals, including FDA approval, for our products

including any products in the field of regenerative medicine, the current size or anticipated size of the regenerative medicine market, the existence and size of opportunities in the

regenerative medicine market, our financial position, general economic outlook, or other circumstances, overall economic trends, 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 manage our growth, 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, research funding levels from endowments at

our university customers, impact of any impairment of our goodwill or intangible assets, our acquisition of Genomic Solutions failing to qualify as a tax-free reorganization for federal tax

purposes, 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2011, filed with the SEC on March 15,

2012 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. Except as otherwise noted herein, any forward looking statements represent our estimates as of August 2, 2012 and should not be

relied upon as representing our estimates as of any other date. The Company may not update these forward-looking statements, even though its situation may change in the future, unless it

Tools to Advance Life Science Research and

Regenerative Medicine

has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

Use Of Non-GAAP Information

In this presentation, we have included non-GAAP financial information including adjusted operating income

from continuing operations, adjusted income from continuing operations and adjusted earnings per diluted share

from continuing operations. 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 gains and expenses primarily resulting from business

combination accounting or events that we do not believe are related to the underlying operations of the business

such as gain from adjustment of acquisition contingencies, expenses from amortization of intangibles related to

acquisitions, fair value adjustments of inventory and backlog related to acquisitions, asset write-down expenses,

costs related to acquisition initiatives, restructuring expenses (including related inventory write-downs),

discontinued operations and stock-based compensation expense. They also exclude the tax effect of reconciling

items, reversal of the liability related to the uncertain tax positions and the corresponding accrued interest,

utilization of deferred tax assets that had full valuation allowance and in the third quarter of 2010 it included the

effect of reversing valuation allowances on certain deferred tax assets. This non-GAAP financial information

approximates information used by our management to internally evaluate the operating results of the Company.

Tabular reconciliations of our non-GAAP adjusted operating income and adjusted net income per diluted share

from continuing operations for the periods presented to the comparable GAAP financial information is included in

this presentation in Appendices A and B.

The non-GAAP financial information provided in this presentation should be considered in addition to, not

as a substitute for, the financial information provided and presented in accordance with GAAP.

Tools to Advance Life Science Research and

Regenerative Medicine

Investment Highlights

•

2011 revenue of $109m and 35c non-GAAP EPS in Core Life Science Research Tools (LSRT)

Business:

•

Profitable, mature steady growth business.

•

$115m-$120m revenue and 39-42c EPS guidance for 2012

•

17% 14-year average revenue growth

•

12% 14-year average non-GAAP adjusted EPS growth

•

Regenerative Medicine Device (RMD) Business

•

Five patients already treated with regenerated tracheal transplants, clinical trial begun

•

Heart,

lung,

kidney

and

liver

transplant

bioreactors

research

stage

•

Clinical stem cell injector syringe pump will be submitted for regulatory review this year

•

Investment stage business: 13c EPS investment in 2012. Exploring strategic alternatives for funding this at a

higher level

•

We believe this nascent market could potentially grow to hundreds of millions of dollars annually

•

Commitment to Stockholder Value Creation

•

Management holds 14% of shares and beneficially owns 16% in options

•

$10m stock repurchase completed in 2010 at $3.24 per share

Tools to Advance Life Science Research and

Regenerative Medicine

IPO

MBO

Core LSRT Business –

Strong, Consistent Growth

Revenue From Continuing Operations

14 year

CAGR

17%

*Est.

Tools to Advance Life Science Research and

Regenerative Medicine

* The 2012 revenue estimate is the midpoint of our guidance of $115 - $120 million as of August 2, 2012 was calculated using exchange rates (USD

1.55/GBP and USD 1.25/Euro) approximating July 5, 2012 rates, excludes any further acquisitions and assumes a continuation of the business

conditions as we see them at this time. Guidance is valid only as of the date of issue and is not being updated to today’s date or confirmed.

Core LSRT Business -

Strong EPS Growth

Non-GAAP Adjusted Diluted EPS From

Continuing Operations

Note: See reconciliation of US GAAP diluted earnings per share to non-GAAP adjusted diluted earnings per share in Appendix A and

Appendix B. The 2012 estimate for non-GAAP adjusted diluted EPS from continuing operations is the midpoint of our guidance of $0.39 to

$0.42 as of August 2, 2012 and was calculated using exchange rates (USD 1.55/GBP and USD 1.25/Euro) approximating August 2, 2012

rates

and excludes further acquisitions and assumes a continuation of the business conditions as we see them at this time. Guidance is

valid only as of

the date of issue and is not being updated to today’s date or confirmed.

MBO

IPO

GNSL

Acquired

(Divested

2007)

SOX

14 year

CAGR

12%

*Est.

Tools to Advance Life Science Research and

Regenerative Medicine

Core LSRT Business Strategy

Our strategy is to have a broad range of relatively inexpensive products

that have strong positions in niche markets in life

science research:

This gives us high operating margins and low volatility

We grow through a combination of organic growth (driven by adding sales

people and launching new products) and tuck-under acquisitions:

This has given us growth through booms and busts

We improve our operations:

So we can invest in growth without decreasing margins

Tools to Advance Life Science Research and

Regenerative Medicine

Core Life Science Business Has Two Divisions

Market sizes and shares are management estimates and have not been independently verified

Physiology Division

Molecular Biology Division

Business

Position:

Global market leader

Major player

Products:

Syringe pumps, isolated organ

systems, electroporators,

behavioral research products

Plastic lab consumables,

Electrophoresis products,

Spectrophotometers

Market Size:

Approx. $400m pa

Approx. $2.4bn pa

Average

Order:

Approx. $1,000

Growth

Driver for

2012:

New products, additional sales

New products, additional sales people

The name Harvard is used under a license agreement between Harvard Bioscience and Harvard

University

Tools to Advance Life Science Research and

Regenerative Medicine

Harvard Apparatus Physiology Products

Syringe Pumps

market leader

Cell & Tissue Incubators

market leader

Electroporation

strong #2 with

new technology

Neuroscience Research

Systems

Animal Ventilators

market leader

Organ Systems

market leader

Market sizes and shares are management estimates and have not been independently verified

Tools to Advance Life Science Research and

Regenerative Medicine

Molecular Biology Products

Biochrom

Spectrophotometers

Market sizes and shares are management estimates and have not been independently verified

Hoefer

Electrophoresis

Denville

Pipette Tips

Tools to Advance Life Science Research and

Regenerative Medicine

Acquisitions

•

Acquisitions are a core part of our growth strategy:

•

focus

“tuck-under”

acquisitions

product

lines

that

are

complementary to our current ones

•

Our “sweet spot”

is $3.0-$8.0 million in revenue

•

Typically below the radar of the big companies

•

Typically immediately accretive to non-GAAP adjusted EPS

•

There are usually both revenue and cost synergies

•

We have completed 25 acquisitions in 14 years. Our most recent

acquisitions were CMA Microdialysis (July 2011), AHN

Biotechnologie (February 2012) and Modular SFC (May 2012).

Tools to Advance Life Science Research and

Regenerative Medicine

•

Recent improvements:

•

Panlab and Coulbourn were restructured in Q1 2012

•

Hoefer’s San Francisco, CA facility was relocated in Q4 2011

Operational Improvement

Tools to Advance Life Science Research and

Regenerative Medicine

Base Business EPS Growth Model –

3-5 Year Plan

Organic Growth

3-7%

Tuck under Acquisitions

10-15%

Operational Improvements

0-5%

Total Expected Average EPS Growth

15-20%

Tools to Advance Life Science Research and

Regenerative Medicine

Regenerative Technology for Saving Lives

Mr. Beyene is

alive and well

at 12

months**

Mr. Lyles

died of

pneumonia at

3.5 months..

Ms. Castillo is

alive and well at

4 years*

Hannah

Warren’s

surgery has

been approved

by the FDA

Ms. Tuulik is

alive and well

at 1 month

Mr. Zozula is

alive and well

at 1 month

Clinical Success with Regenerated Tracheas

Tools to Advance Life Science Research and

Regenerative Medicine

Clinical

transplantation

tissue

engineered

airway,

Macchiarini

al,

The

Lancet,

November 19

2008

Tracheobronchial transplantation with a stem-cell-seeded bioartificial nanocomposite:

proof-of-concept

study.

Macchiarini

al.,

The

Lancet,

November

2011.

If patients continue to do well we will have a cure for tracheal cancer.

The

Patient

was

“condemned

die”-

Dr.

Macchiarini

The patient and Prof. Macchiarini before

the surgery

CAT scan used to make the

scaffold. The 6cm tumor is in

green

The scaffold prior to seeding

with bone marrow stem cells

Seeding the cells in the

InBreath bioreactor

The seeded graft after 2 days of

culture

Mr. Beyene

after the

surgery

Tools to Advance Life Science Research and

Regenerative Medicine

The InBreath Bioreactor System

Inbreath and vented culture lid

Inbreath and sealed sterile transport lid

Inbreath inside sterile transport box

Sterile transport box

Non-sterile thermally insulated outer

transport box.

Tools to Advance Life Science Research and

Regenerative Medicine

Save lives

Target life threatening conditions like tracheal and esophageal cancer, and transplants for

heart, lung, liver and kidney. Not low medical value skin, bone or muscle.

Easier to get ethics committee (IRB) and regulatory (Humanitarian Use Device) approval for

first-in-man, greatly reducing clinical trial risk and cost.

High medical value and higher cost alternatives (donor organs and cancer therapeutics)

create high per procedure revenue potential.

Medical devices, not cell therapy

Easier, less expensive regulatory pathway.

Bioreactors are 510k exempt, injectors are 510k and scaffolds (for tracheal cancer) are

orphan device PMA.

Collaborate with the best

Prof. Macchiarini at the Karolinska Institutet is our key clinical collaborator.

Dr. Harald Ott at Massachusetts General Hospital is a key research collaborator.

We have several other research collaborators at leading universities/hospitals.

Capital efficient

Investigator led first-in-man and clinical trials greatly reduces clinical trial cost.

Revenue from 510k approved injectors creates early cash flow.

Regenerative Medicine Strategy

Tools to Advance Life Science Research and

Regenerative Medicine

Tracheal Cancer –

Possible Pricing Levels

Approaches to pricing organ regeneration products:

1. avoided cost of donor organ procurement

$40-90k

2. price of cancer therapeutics*

Yervoy for melanoma

$120k per patient

Zelboraf for melanoma

$56k per treatment

Adcetris for lymphoma

$120k per patient

Hence, a price in the $50k per procedure range would likely be attractive to payors and

sustainable in the long term

* These treatments typically extend life by several months. While we do not yet have statistically robust data, Mr.

Beyene

alive

and

well

months

post

surgery

and

Mr.

Lyles

died

3.5

months

post

surgery.

Ms.

Castillo

alive

and

well

over

years

post

surgery

but

she

was

treated

for

occlusion

her

left

main

bronchus,

not

tracheal

cancer.

The two Russian patients had tracheal trauma and are alive and well at 1 month.

Tools to Advance Life Science Research and

Regenerative Medicine

The lungs were regenerated in a Harvard Apparatus LB2 lung bioreactor. The work was done at

Massachusetts General Hospital in collaboration with Dr. Harald Ott*.

The regenerated transplanted lungs showed near normal lung function, exchanging carbon dioxide

and oxygen and showing near normal pressure/volume loops. The rats lived for 14 days off the

ventilator before they were sacrificed for research.

Natural lung

Regenerated lung

Pre-clinical Success with Regenerated Lungs

Tools to Advance Life Science Research and

Regenerative Medicine

Medicine,

July13th 2010

* Regeneration and orthotopic transplantation of a bioartificial lung. Ott et al, Nature

Product Stage by Clinical Indication

Development

Pre-Clinical

First-in-man

Tracheal Cancer

Kidney Transplant

Liver Transplant

Heart Transplant

Lung Transplant

Esophageal Cancer

Clinical Trial

Tools to Advance Life Science Research and

Regenerative Medicine

Revenue Opportunity

Clinical

Patients

Market

Indication:

per year:

Potential:

Trachea (cancer/trauma)

3,000

$150m

Esophagus (cancer)

40,000

$2,000m

Heart and lung (transplant)

12,000*

$600m

*The

12,000

procedures

does

not

account

for

patients

currently

the

waiting

list

due

lack

donor organs.

Tools to Advance Life Science Research and

Regenerative Medicine

Harvard Apparatus research

syringe pump being used to

inject stem cells into a heart

infarct –

the inspiration for our

clinical stem cell injector.

Prototype of the clinical version which we expect to

submit to the regulatory agencies in 2012. The market

for high end clinical syringe pumps is approx. $80m per

year

Stem Cell Therapy Injector

Tools to Advance Life Science Research and

Regenerative Medicine

Photo courtesy Brigham and Womens’ Hospital, Boston

Commitment To Stockholder Value

•

Management holds approximately 14% of shares + 16% in options

•

We believe tuck-under growth strategy can be financed with cash, cash

flow and credit line, therefore no dilution

•

Modest debt leverage helps drive EPS without undue financial risk

•

$10m stock repurchase completed. 3.1m shares (approx. 10% of shares

outstanding) bought at an average price of $3.24 per share

•

Pursuing strategic alternatives to fund the Regenerative Medicine

Devices business

Accelerates maximizing revenue potential

Provides clarity on profitability of core LSRT business

Tools to Advance Life Science Research and

Regenerative Medicine

Investment Highlights

•

2011 revenue of $109m and 35c non-GAAP EPS in Core Life Science Research Tools (LSRT)

Business:

•

Profitable, mature steady growth business.

•

$115m-$120m revenue and 39-42c EPS guidance for 2012

•

17% 14-year average revenue growth

•

12% 14-year average non-GAAP adjusted EPS growth

•

Regenerative Medicine Device (RMD) Business

•

Five patients already treated with regenerated tracheal transplants, clinical trial begun

•

Heart,

lung,

kidney

and

liver

transplant

bioreactors

research

stage

•

Clinical stem cell injector syringe pump will be submitted for regulatory review this year

•

Investment stage business: 13c EPS investment in 2012. Exploring strategic alternatives for funding this at a

higher level

•

We believe this nascent market could potentially grow to hundreds of millions of dollars annually

•

Commitment to Stockholder Value Creation

•

Management holds 14% of shares and beneficially owns 16% in options

•

$10m stock repurchase completed in 2010 at $3.24 per share

Tools to Advance Life Science Research and

Regenerative Medicine

NASDAQ HBIO

Tools to Advance Life Science Research

and Regenerative Medicine

Additional Information

Appendix A

Tools to Advance Life Science Research and

Regenerative Medicine

1997

1998

1999

2000 (IPO)

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Revenues

11,464

12,154

26,178

30,575

38,088

47,009

52,024

64,745

67,431

76,181

83,407

88,049

85,772

108,179

108,864

Revenue fourteen -year compound annual growth rate from 1997 to 2011: 17.0%

Reconciliation of US GAAP to Non-GAAP Adjusted:

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

US GAAP operating income (loss)

2,119

2,412

1,196

(10,438)

3,112

5,425

7,173

8,384

7,924

8,690

9,533

8,479

8,055

10,218

6,077

Restructuring and severance related expenses

474

302

1,771

516

498

640

Inventory write-down due to restructuring

252

159

Stock-based compensation expense

3,284

14,676

2,656

1,269

519

1,934

2,335

2,003

2,514

2,756

2,863

In-process research and development expense

159

Amortization of intangible assets

368

604

956

595

891

1,582

1,664

1,697

1,824

1,966

1,844

2,364

2,746

Fair value adjustments to costs of product sales

336

258

Accounts receivable reserve adjustment related to acquistion

(237)

Non-GAAP adjusted operating income

2,119

2,439

4,848

4,842

6,883

7,763

8,919

10,293

9,890

12,371

13,753

14,471

13,088

15,768

12,402

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

US GAAP earnings (loss) per diluted share from continuing operations

0.06

0.01

(5.25)

(6.23)

0.07

0.11

0.12

0.15

0.20

0.21

0.24

0.17

0.24

0.65

0.13

Restructuring and severance related expenses

0.02

0.01

0.06

0.02

0.03

Inventory write-down due to restructuring

0.01

Stock-based compensation expense

0.19

0.80

0.10

0.05

0.02

0.06

0.07

0.06

0.08

0.09

0.10

In-process research and development expense

0.01

Amortization of intangible assets

0.02

0.03

0.04

0.02

0.03

0.05

0.06

0.08

0.09

Fair value adjustments to costs of product sales

0.01

Asset write-down

0.02

Direct acquisition cots

0.01

0.02

Gain from adjustment of acquisition contingencies

(0.09)

(0.01)

Common stock warrant interest expense

0.01

0.09

1.74

2.00

Income taxes

(0.08)

0.01

(0.03)

(0.01)

(0.02)

(0.07)

(0.06)

(0.07)

(0.03)

(0.47)

(0.09)

Conversion of convertible preferred stock and exercise of

common stock warrants on January 1

3.55

3.54

Accounts receivable reserve adjustment related to acquistion

(0.01)

Non-GAAP adjusted earnings per diluted share from continuing

operations

0.07

0.10

0.17

0.15

0.19

0.17

0.19

0.26

0.30

0.32

0.30

0.36

0.28

For the years ended December 31,

Non-GAAP fourteen -year operating income from continuing operations compound annual growth rate from 1997 to 2011: 14.0%

Appendix B

US GAAP operating income

8,479

8,055

2,976

2,372

1,943

2,927

1,950

2,519

220

1,387

1,229

1,299

Restructuring and severance related expenses

1,771

516

283

215

(28)

477

167

150

(13)

Inventory write-down due to restructuring

252

159

Stock-based compensation expense

2,003

2,514

558

675

759

764

552

658

853

800

697

718

Amortization of intangible assets

1,966

1,844

531

578

593

662

621

689

706

730

678

712

Fair value adjustments to costs of product sales

Accounts receivable reserve adjustment related to acquistion

(237)

Non-GAAP adjusted operating income from continuing operations

14,471

13,088

4,065

3,625

3,605

4,473

3,123

3,838

2,313

3,103

2,790

2,755

US GAAP earnings per diluted share from continuing operations

0.17

0.24

0.07

0.06

0.44

0.08

0.06

0.05

0.02

0.03

Restructuring and severance related expenses

0.06

0.02

0.01

0.02

0.01

Inventory write-down due to restructuring

0.01

Stock-based compensation expense

0.06

0.08

0.02

0.03

0.02

0.03

0.02

Amortization of goodwill & intangibles*

0.06

0.02

Inventory amortization on acquisition

0.01

Asset write-down

0.02

Direct acquisition cots

0.01

Gain from adjustment of acquisition contingencies

(0.09)

(0.01)

Income taxes (1)

(0.07)

(0.03)

(0.02)

(0.44)

(0.02)

(0.03)

(0.02)

(0.01)

(0.02)

(0.01)

Accounts receivable reserve adjustment related to acquistion

(0.01)

Non-GAAP adjusted earnings per diluted share from continuing

operations

0.32

0.30

0.09

0.08

0.11

0.07

0.08

0.05

0.07

0.06

* Due to rounding, quarterly numbers do not add to total year

(1) Income taxes includes the tax effect of adjusting for the reconciling items, utilization of certain deferred tax assets that had a full valuation allowance and in the third quarter of 2010 it included the effect

of reversing valuation allowances on certain deferred tax assets as a reconciling item. It also includes the tax effect from the reversal of the liability related to the uncertain tax positions and the

corresponding accrued interest.

March 31,

June 30,

Sept 30,

Dec 31,

March 31,

June 30,

Sept 30,

Dec 31,

March 31,

June 30,

2008

2009

2010

2011

2012

Revenues

88,049

85,772

26,300

25,905

26,453

29,521

26,312

27,143

26,381

29,027

28,322

28,496

For the years ended

For the quarters ended

Reconciliation of US GAAP to Non-GAAP Adjusted:

Tools to Advance Life Science Research and

Regenerative Medicine

Appendix C

Low

Estimate

High

Estimate

Low

Estimate

High

Estimate

Non-GAAP adjusted diluted earnings per common share

from continuing operations (A)

0.05

(a)

0.07

(b)

0.26

(c)

0.29

(d)

Less the impact of:

Amortization of intangible assets

(0.02)

(e)

(0.02)

(e)

(0.09)

(e)

(0.09)

(e)

Stock-based compensation (FASB ASC Topic 718)

(0.03)

(e)

(0.03)

(e)

(0.10)

(f)

(0.10)

(f)

Tax

(B)

0.02

(e)

0.02

(e)

0.06

(e)

0.06

(e)

GAAP diluted earnings per common share from

continuing operations (A)

0.02

0.04

0.13

0.16

Reconciliation of Guidance for Non-GAAP Adjusted Diluted Earnings per Common Share From Continuing Operations to

US GAAP Diluted Earnings per Common Share

(unaudited)

Three Months Ending

September 30, 2012

Year Ending

December 31, 2012

(e)-

Represents amounts related to Life Science Research Tools business

(f) -

Includes expense of $0.09 from Life Science Research Tools business and $0.01 from Regenerative Medicine Device business.

Includes the tax impact of above mentioned items.

(b) -

Includes income of $0.10 from Life Science Research Tools business and loss of $0.03 from Regenerative Medicine Device

business.

Includes income of $0.39 from Life Science Research Tools business and loss of $0.13 from Regenerative Medicine Device

business.

(d) -

Includes income of $0.42 from Life Science Research Tools business and loss of $0.13 from Regenerative Medicine Device

business.

(a) -

Includes income of $0.09 from Life Science Research Tools business and loss of $0.04 from Regenerative Medicine Device

business.

Assumes no additional acquisitions.

Tools to Advance Life Science Research and

Regenerative Medicine

Appendix D

For

the

Year

For

the

Year

Six

Months

Ended

March

31,

June

30,

Sept.

30,

Dec.

31,

Dec.

31,

March

31,

June

30,

Sept.

30,

Dec. 31,

Dec.

31,

March

31,

June

30,

June 30,

2010

2011

2012

Organic growth

4.3%

11.0%

4.6%

6.8%

6.1%

-2.1%

-1.6%

-6.3%

-4.4%

-3.8%

4.2%

2.2%

3.2%

Acquisitions

29.9%

36.1%

24.7%

2.3%

21.5%

1.3%

2.8%

4.2%

2.9%

4.4%

4.9%

4.7%

Foreign

exchange effect

3.7%

-3.6%

-3.3%

-2.3%

-1.5%

0.9%

3.6%

1.8%

-0.2%

1.5%

-1.0%

-2.1%

-1.6%

Total revenue

growth

37.9%

43.5%

26.0%

6.8%

26.1%

0.1%

4.8%

-0.3%

-1.7%

0.6%

7.6%

5.0%

6.3%

Three Months

Ended

Reconciliation of Changes In Total Revenue Compared to the Same Period of the Prior Year (Continuing Operations)

(unaudited)

Three Months Ended

Tools to Advance Life Science Research and

Regenerative Medicine

Attached files

Stock widget

Investing forum

HARVARD BIOSCIENCE INC Reports

Also read