Harvard Bioscience, Inc.

Good day, and welcome to the third quarter 2025 Harvard Bioscience Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. To ask a question, please press star 1-1. If your question hasn't answered and you would like to remove yourself from the queue, please press star 1-1 again. Please note, this event is being recorded. I'd like to turn the conference over to Taylor Krafcik, Senior Vice President at Ellipsis TA. Please go ahead.

Thank you, Operator, and good morning, everyone. Thank you for joining the Harvard Bioscience third quarter 2025 earnings conference call. Leading the call today will be John Duke, President and Chief Executive Officer, and Mark Frost, Interim 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 relations section of our website at investor.harvardbioscience.com. Please note that statements made in today's discussion that are not historical facts, including statements on management's expectations of 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. These forward-looking statements reflect the current views of Harvard Bioscience's management, and Harvard Bioscience assumes no obligation to update or revise any forward-looking statements. Actual results may differ materially from those expressed or implied. Please refer to today's press release, the Harvard Bioscience Forum 10Q, and other filings with the Securities and Exchange Commission for additional disclosures on forward-looking statements and the risks, uncertainties, and contingencies associated therewith. 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 John. John, please go ahead.

Thanks, Taylor, and good morning, everyone. I'm pleased to speak with you again as we report our third quarter results and continue to execute on our 2025 priorities. This quarter reflects operational progress, consistent execution, and tangible improvement in several key areas of our business. After being appointed CEO in late July, I outlined three priorities for 2025. Number one, maintain financial discipline and positive cash generation. Two, accelerate product adoption across our core growth platforms. And three, strengthen our capital structure through a successful debt refinancing. I'm encouraged to report that we've advanced meaningfully on each front. First, the financial results. We delivered revenue of $20.6 million at the high end of our guidance range, and with a slight sequential increase in what historically is a cyclically soft quarter. Gross margin of 58.4% improved sequentially and exceeded our guidance range. This margin expansion reflects disciplined execution, operational efficiency, and an improved mix towards higher margin products. Adjusted EBITDA was also up sequentially to $2 million. Our cost structure remains lean, and we generated another quarter of positive operating cash flow. Customer engagement remains high across our platforms. Q3 marked the first time in more than 12 months that we saw quarterly order growth on a year-over-year basis. Going into the fourth quarter, our backlog has reached its highest level in nearly two years, as demand has picked up considerably heading into the end of the year. Turning to our products. The SOHO telemetry rollout has expanded into additional key accounts. and we've begun to see increased recurring consumable demand. Our biochrome amino acid analyzer for bioproduction continues to perform well, and we remain on pace to exceed last year's consumable revenue. This quarter, we announced the launch of the Incubate Multi-Well System, our new smart microelectrode array platform designed to bring real-time monitoring to organoid and cell culture workflows with precise environmental control. Incubate further strengthens the growth of our existing electrophysiology portfolio by expanding our reach into high-throughput applications including drug screening, safety pharmacology, and disease modeling research. Initial customer response has been positive as we have already received orders and shipped our first system. In addition, we expanded our distribution agreement with Fisher Scientific, significantly broadening access to Harvard Bioscience products across North America. This partnership deepens our commercial reach within academic and pharmaceutical research markets and enhances visibility for our full portfolio, particularly our cellular and molecular technology products through one of the most trusted laboratory distribution channels in the world. Adoption of our MeSH-MEA Organi platform continues to build momentum, supported by regulatory initiatives promoting new approach methodologies. On our capital structure, we continue to make constructive progress and remain in active discussions with our lenders and advisors regarding our assessment of the potential options and proposals that we have received. The process remains on track to complete the refinancing or repayment of the existing credit agreement in the fourth quarter. Our operating performance and consistent cash generation have improved our position as we move toward completion. The management team and the board of directors are aligned and remain committed to strengthening the balance sheet and positioning the business for long-term success. NIH funding for the 2025-2026 budget is taking shape. We're also monitoring the ongoing government shutdown, which may impact the timing of NIH funding distribution. In the coming weeks, we'll have more clarity. In China, orders were flat sequentially. The most recent developments in trade talks late last week give us optimism that the worst of the tariff disruption is behind us and we'll see increased activity moving forward. We also saw a strong uptick in order volume in Europe contributing to our increased backlog heading into the fourth quarter. Looking ahead, we anticipate continual momentum in the fourth quarter as product adoption and the demand uptick support revenues into the end of the year. Our priorities continue to be financial discipline, driving demand in our high-value products, and strengthening our capital structure. Harvard Bioscience is a fundamentally stronger company today than it was to start the year, leaner, more focused, and better aligned with long-term growth opportunities. Our third quarter results demonstrate solid improvement over the first half of the year, and we look forward to continued improvement heading into 2026. I'm proud of our team's progress and grateful for the continued partnership of our customers, shareholders, and employees. We appreciate your support as we continue to execute our plan. And with that, I'll turn it over to Mark, who will go into more detail on the financials. Mark?