Harvard Bioscience, Inc.

Good day, and welcome to the fourth quarter 2024 Harvard Bioscience Earnings Conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. Instructions will be given at that time. As a reminder, this call may be recorded. I would like to turn the call over to Katherine Flynn, Corporate Controller. Please go ahead.

Thank you, Michelle, and good morning, everyone. Thank you for joining the Harvard Bioscience fourth quarter 2024 earnings conference call. Leading the call today will be Jim Green, president and chief executive officer, and Jennifer Cody, chief financial officer. In conjunction with today's recorded call, we have provided a presentation that will be referenced during our remarks that is posted to the investor section of our website at investor.harvardbioscience.com. Please note that statements made in today's discussion that are not historical facts, including statements or expectations for future events or future financial performance, are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied. please refer to today's press release for other disclosures on forward-looking statements. These factors and other risks and uncertainties are described in the company's filings with the Security and Exchange Commission. Harvard Bioscience assumes no obligation to update or revise any forward-looking statements publicly, and management statements are made as of today. During the call, management will also reference certain non-GAAP financial measures, which can be useful in evaluating the company's operations related to our financial condition and results. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered a substitute. Reconciliations of GAAP to non-GAAP measures are provided in today's earnings press release. I will now turn the call over to Jim. Jim, please go ahead.

Thanks, Katherine. Thank you, and good morning. We'll start at slide three of the presentation and look at our quarterly results. Revenue in the fourth quarter came in at $24.6 million, which is 13% below revenue from Q4 last year. On a sequential basis, revenue were up 12% from the third quarter, and we had a positive book-to-bill ratio. Gross margin for the fourth quarter was $14 million, or 57% of revenue, impacted by lower revenue year over year. Operating income was breakeven on a gap basis. On an adjusted basis, our operating income measured $2.5 million, or 10% of revenue, and adjusted EBITDA came in at $3 million, or 12% of revenue. I'll now turn it over to Jennifer Cody, our CFO, to discuss our financial results in a little more detail. Thank you.