HARVARD BIOSCIENCE INC
For the period ended Dec 31, 2023. Filed Mar 7, 2024.
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FY2023 · Filed Mar 7, 2024
HBIO$9.26+1.9%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
| HARVARD BIOSCIENCE, INC. | ||
|---|---|---|
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
| (In thousands) | ||
| Year Ended December 31, | ||
| 2023 | 2022 | |
| Cash flows from operating activities: | ||
| Net loss | $(3,415) | $(9,516) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation | 1,473 | 1,453 |
| Amortization of intangible assets | 5,525 | 6,122 |
| Amortization of deferred financing costs | 280 | 280 |
| Stock-based compensation expense | 5,000 | 4,411 |
| Deferred income taxes and other | 336 | (414) |
| Unrealized loss on equity securities - Note 16 | 632 | - |
| Convertible preferred stock received in litigation settlement - Note 16 | - | (3,900) |
| Gain on sale of product line | (403) | - |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 810 | 4,780 |
| Inventories | 1,524 | 252 |
| Other assets | 1,651 | 474 |
| Accounts payable and other current liabilities | 555 | (1,399) |
| Contract liabilities | 1,138 | (896) |
| Other liabilities | (1,078) | (495) |
| Net cash provided by operating activities | 14,028 | 1,152 |
| Cash flows from investing activities: | ||
| Additions to property, plant and equipment | (1,788) | (1,590) |
| Capitalized software development costs | (523) | - |
| Proceeds from sale of product line | 512 | - |
| Net cash used in investing activities | (1,799) | (1,590) |
| Cash flows from financing activities: | ||
| Borrowing from revolving line of credit | 4,500 | 7,800 |
| Repayment of revolving line of credit | (10,950) | (6,400) |
| Repayment of term debt | (4,091) | (3,186) |
| Proceeds from exercise of stock options and employee stock purchase plan | 930 | 577 |
| Taxes paid related to net share settlement of equity awards | (2,523) | (1,628) |
| Net cash used in financing activities | (12,134) | (2,837) |
| Effect of exchange rate changes on cash | (320) | (38) |
| Decrease in cash and cash equivalents | (225) | (3,313) |
| Cash and cash equivalents at beginning of period | 4,508 | 7,821 |
| Cash and cash equivalents at end of period | $4,283 | $4,508 |
| Supplemental disclosures of cash flow information: | ||
| Cash paid for interest | $3,795 | $2,314 |
| Cash paid for income taxes, net of refunds | $207 | $534 |
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