Harvard Bioscience, Inc. (NASDAQ:HBIO) Q1 2023 Earnings Call Transcript

Unidentified Analyst: Great. So as the new product momentum is building up and you continue to get new orders and further in the pipeline, there are even more new products. In like midterm, like in the next couple of years, how do you see the end customers, the mix of end customers changing like OEM distributors, government, academics, CRO, pharma? How do you see that mix changing from maybe what it was in 2022?

James Green: Yes. That’s a great question. Strategically, we still see academic research as a great opportunity for us that will continue to grow nicely there, with the funding being very strong with NIH and such. But very much of the new growth that we see is taking those technologies and designing them for applicability into the more industrial spaces. So, I think what you’ll — what I expect to see is you’ll see growth in both academic research and in industrial segments, but you’ll see expanded growth on the industrial segments, and that’s where you’ll see the growth of recurring revenue streams, too. So, I expect that we’ll continue to report a migration to much — more and more of our business will be on the commercial side with pharma, CROs and industrial segments.

But still not discounting what’s happening in academic research. We need to still be at the leading edge there and to continue to be at the edge with our technologies, especially in areas like electroporation for transfection and the development of new drugs. So, I think that’s — again, to answer your question, we’re going to see more growth on the industrial side along with this.

Operator: Thank you. And I’m showing no further questions at this time. I would now like to turn the call back over to Jim Green for closing remarks.

James Green: Okay. Well, thank you for joining us. This ends today’s presentation. We hope you’ll join us in the summer for our second quarter results for fiscal 2023. Thank you. And this ends the presentation.

Operator: And this concludes today’s conference call. Thank you for participating. You may now disconnect.