Latest news with #MarkFrost
Time Out
4 days ago
- Entertainment
- Time Out
A replica of the ‘Twins Peaks' diner is popping up in London
It's the 35th anniversary of David Lynch and Mark Frost's landmark TV brain-bender Twin Peaks and MUBI is celebrating in style. For one day only, the streamer will be turning Stoke Newington's New River Café into a pop-up version of Twin Peaks, Washington State's famous Double R Diner – Agent Dale Cooper's morning stop-off of choice. Expect cherry pie, damn fine coffee, and maybe even a glimpse of the Log Lady passing by. The diner will be drop-in only and open from 11am-7pm on June 18. Alongside the coffee and pie, you'll be able to win limited edition Twin Peaks goodies throughout the day. The pop-up diner is the handiwork of the Mam Sham crew and creative agency Hot Sauce Presents. You'll find it at New River Café, 271 Stoke Newington Church Street. Twin Peaks (1990) and 2017's Twin Peaks: The Return are streaming on MUBI from June 13. from September 27-28.
Yahoo
13-05-2025
- Business
- Yahoo
Q1 2025 Harvard Bioscience Inc Earnings Call
Kathryn Flynn; Corporate Controller; Harvard Bioscience Inc Mark Frost; Interim Chief Financial Officer, Treasurer; Harvard Bioscience Inc James Green; Chairman of the Board, President, Chief Executive Officer; Harvard Bioscience Inc Bruce Jackson; Analyst; The Benchmark Company Paul Knight; Analyst; KeyBanc Operator Good day and welcome to the first quarter 2025 Harvard Bioscience Inc earnings conference call. (Operator Instructions)Please note this event is being recorded. I would now like to turn the conference over to Kathryn Flynn, the Corporate Controller. Please go ahead. Kathryn Flynn Thank you, [Betsy], and good morning everyone. Thank you for joining the Harvard Bioscience first quarter 2025 earnings conference call. Leading the call today will be Jim Green, President and Chief Executive Officer, and Mark Frost, the incoming Interim Chief Financial conjunction with today's recorded call, we have provided a presentation that will be referenced during our remarks that is posted to the investors section of our website at note that statements made in today's discussion that are not historical facts, including statements or expectations or 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 1, 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 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 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 Mark. Mark, please go ahead. Mark Frost Thank you, morning, everyone. I'm Mark Frost, the Interim CFO for Harvard Bioscience, effective tomorrow. With us is Jennifer Cote, the current CFO for Harvard Bioscience. We'd like to thank Jen for her support of the company the last three years and her willingness to spend the last month helping me in the for those of you who are not familiar with my background, I spent the first half of my career at General Electric in a wide variety of businesses including G Capital and healthcare. After GE, I transitioned to the healthcare space and have been a public CFO at four companies, including when I worked with Jim at Analogic.I'm excited to be here and look forward to working with the team at Harvard Bioscience. I'll now move to our first quarter, 2005 results on slide 3. Now revenue at $21.8 was below $24.5 million in the prior year. This result was aligned with the higher end of our guidance communicated in March for Q1.I'll go through color on the revenue in the next slide. Gross margin was 56% versus 60.3% in 2024, and I will provide detail later as well. Now excluding a non-cash goodwill impairment charge, which I'll discuss in a expense declined $3.2 million from prior year driven by the operating actions we took in 2024, as well as further actions in the first quarter. The operating loss of $49.7 million versus $2.3 million loss in quarter Q1'24 was caused primarily by the goodwill impairment without the goodwill charge, our adjusted operating income was $0.3 million below prior years, $1.2 million, reflective of the cost actions we executed to offset anticipated lower revenue. Quarter 1 adjusted EBITDA was $0.8 million versus $1.6 million in quarter 1'24, with a major driver being lower revenue partially offset by our cost turning now to the goodwill impairment, we had noted indicators of a possible impairment as we exited 2024. Due primarily to the decrease in our market capitalization at quarter one, we performed additional impairment testing as we exited the a result, our quarter one results include a non-cash goodwill impairment charge of $48 million. Which is reflected in operating expenses. More detail is provided in the 10-Q. Now move next to slide 4 and revenue results for the quarter by product, family, and overall news in the first quarter showed an expected seasonal decline from quarter four, finishing at $21.8 million compared to $24.6 million in the prior quarter four. Year over year revenue was down from $24.5 million last year, quarter one. Now let's now break it down to look at regional starting with the Americas, revenue in the first quarter declined sequentially by 5.4% from quarter four and we're down 9.4% versus revenues in the first quarter of last year. As shown in the light blue, CMT did not see the typical quarter four seasonal bump and continued to stay slow in quarter one, which we attribute to the lack of budget clarity for academics and NIH preclinical sales declined sequentially mid single digits driven by lower CRO sales. Now moving on to Europe, overall revenue in Europe in the first quarter declined 29% sequentially, as we exited 2024 with a strong seasonal end of year bombing. Now, compared to last year Q1, Europe revenues were down 9%.Cellular and molecular sales decline sequentially and year on year, but we continue to see growth in cell-based testing are excited to see the impact of early adopters of our new MEA systems. Now our pre-clinical sales were down sequentially in quarter one, following the quarter four bump with lower CRO and academic sales but stayed relatively consistent with the middle quarters of moving to China and the Asia Pacific, overall in the first quarter, APAC revenue was sequentially up by 6.6%. Over the previous quarter, though APAC revenue was down 17%, compared to the prior year quarter one. The APAC market has been especially difficult this past one was our second sequential quarter of improvement, but we don't see this continuing quarter two given the immediate softening of revenue in China following the tariff announcements in early April. We have considered this in our guidance for quarter two. Now cellular molecular APAC products showed some minor declines in the third quarter sequentially, and year over APE=AC sales in quarter one saw sequential growth over sales in quarter four, but we're down compared to quarter one of the prior year, which is a strong quarter for shipments. I'll now move to slide 5 to discuss further financial metrics. Now looking at gross margin first, gross margin during quarter one, 2025 was 56% compared to 60.3% in quarter one, last year, we had a change in accounting methods that benefited our gross margins by 1.6 points. The gross margin decline compared to last year, quarter one was also impacted by lower absorption of fixed manufacturing overhead and nominally by if you refer to the top right graph, our adjusted EBITDA during quarter one finished at $0.8 million compared to $1.6 million in last year's first quarter. Compared to the prior year quarter one, reduced gross profit of $2.6 million was partially offset by lower operating expenses of $1.8 moving to the bottom left where we show both reported and adjusted loss earnings per share. Now as mentioned in the past, I'll remind you of the typical differences between GAAP EPS and adjusted EPS is the impact of stock compensation, amortization, and as I mentioned earlier, during quarter one, we also recorded an impairment in our goodwill balance. These differences between net income loss and adjusted EBITDA are highlighted in the reconciliation tables on slide 10 and are all non-cash moving to the bottom middle graph, cash flow from operations were $3 million during quarter one, 2025 compared to $1.4 million in quarter one, last year. The primary driver for the improved cash flow from operations was improvements in our work in capital net debt is down $1 million from quarter one, 2024 and $2.4 million from year end '24 from $33.2 million to $30.8 million. This reflects our quarterly principal payment of $1 million and improved operating cash flow. I'll now turn from our liquidity commentary to an update on our efforts to refinance our debt facility. We are making progress and we have received indications of interest from multiple are in the process of evaluating the proposals and are moving forward with the intention to close per our amendment timing. So I'll now turn it back over to Jim to discuss a new product introduction. Jim? James Green Thank you, Mark. Good morning, everybody. Mark, it's good to be back working with you again. Let's go ahead and move to slide 6 and let me update you on progress on our key new product launches in a little more new product introductions are aligned into three categories. The base business, which makes up approximately 76% of total revenue, and this is from FY24 from last year. Also, we break up, we break out and look at electroporation and bio production related systems, which is about 16% of last year's revenue, and EMEA and organoid related systems, which was about 8% of FY24 the top section of the table on this slide highlights the commercial status of two new products we consider part of our base business. We've long been a leader in implantable telemetry for pre-clinical safety and tox in 2024, we began production shipments of our new SoHo family of implanted telemetry devices which allow animal models to live in shared housing environments. Our initial launch was focused on measuring activity and temperature. In 2025, we're expanding the SoHo platform to also now cover cardiac and neuro launched these expanded capabilities at the society for Toxicology show in March, and we see strong pipeline of industrial customers and academics alike. We plan to begin production shipments in Q3. The second row of our base section is the VMR first delivery of this new system which automates it's called VivaMARS and it automates neuro behavioral monitoring systems, and the first system went to Labcorp, one of our large customers. We've been working with Labcorp to tune the system and to support the integration into their testing network. We're now in discussions with Labor to add additional the middle section of the table highlights the commercial status of our products targeted to high growth opportunities of electroporation and bioproduction. Bioproduction applications are especially attractive because consumable usage scales with our customers' production first to our BTX systems, we were pleased to see that we reached approximately $1 million in consumable revenue from our first large file production customer. Looking to 2025, this same customer is in the process of launching a second file production application in we're exploring a new opportunity with a large biotech to adopt our BTX for bio-production of a CAT therapy which they used in development of the therapy. As a result, our BTX, I guess I should say as a side, our BTX Agile Pulse is a leader in peer reviewed literature on Car-T applications in the research and discovery respect to AAA systems, also in 2024, we began shipping our new CGMP compliant amino acid analysis system to pharma companies for bio-production applications. For 2025, we're working to expand adoption of our AAA system for bioproduction the bottom section of the slide highlights our exciting new mesh EMEA organoid platform. This system is the industry's first in vitro data acquisition and analysis system capable of monitoring neuro and cardiac organoids over much longer time periods measured in months, not new system includes both instrumentation and mesh EMEA consumable chips, and it's designed to help identify new drug candidates, more likely to successfully make it through preclinical testing, which can improve yields and reduce time and reduce costs going to 2024 we initiated beta testing and also had numerous early adopters, including sites such as Stanford and the Mayo Clinic. Now recent policy changes in Washington are encouraging a move to new alternative methods called NAMs for improved efficiencies in new drug development, specifically mentioned is advancing the use of human derived new policy is driving increased interest from industrial customers and we believe presents a great opportunity for expanded adoption of our MeshMEA organoid systems for higher volume applications in both drug discovery and in safety toxicology year we see expanding adoption to more leading academic sites plus government labs in the US, the UK, and Europe. We're focusing on potential high growth industrial applications in biopharma, and finally we see growing interest for In-vitro to in In-vivo studies targeted to safety and toxicology with why don't we move to slide 8, take a look at our outlook. With uncertainty around NIH and academic research funding and the China tariff situation, we now expect second quarter revenue in the range of $18 million to $20 million and we expect gross margin to be in the 55% to 57% we're going to focus on expanding adoption of our new products while we continue to lower costs. As such, cost actions already implemented are expected to reduce operating expense by an additional $1 million a quarter starting in the second quarter you. Now I'll turn the call back over to our operator and open for questions. Thank you. Operator (Operator Instructions)Bruce Jackson, The Benchmark Company Bruce Jackson Hi, good morning. Can you tell us a little bit more about the impairment charge? Mark Frost Sure. This is Mark. I'll start and Jim may add in some points. So, it's a normal process of assessing your goodwill. You usually do it annually, but because of our drop, Bruce, in our market cap, we're forced to take further measures to evaluate the valuation of that goodwill, and there's a number of selected a DCF approach and one of the key aspects of doing that is you have to reconcile to your market cap and that in the end led to the $48 million charge, which is non-cash, Bruce but we needed to take that charge unfortunately, and it was recorded this quarter. Bruce Jackson Okay, and then, if I could ask you a little bit more about the the bioproduction business and the Car-T in particular. Is that something that's being considered for a domestic location or is it international? James Green Yeah. Hi Bruce. This is a domestic customer of ours, our BTX system and especially the agilepole system is one of the leading. It's one of the leading technologies that's used for creating a number of these new forms and new types of therapies, and Car-T is one of the leaders. And so, if you look in the peer reviewed literature, you'll see our system referenced many times throughout the industry and in academic this particular customer is an advanced biotech. They've been working on this new technology, this new Car-T related therapy, and they were using our agile pulse to create the new therapy. So, what we've done is we're working with them to to adopting the system for bioproduction of this same again it would be a new expansion for us into, again one of these advanced drugs for here designed and manufactured here in the United States and targeted to human populations and going into. I believe at this point they are they're in various various stages of the testing on humans. So again, I believe it's still in first stage, first stage clinical. Bruce Jackson Okay, and then, last question from me is on the [SNEA] product line. So we've got some cross currents here. HHS, of course, with their name, pronouncement is a positive for the space. NIH funding has been kind of unpredictable. How do you see this all netting out and what's the the inbound interest on the product given this, given that environment? James Green Well, the interest on the product came in very strong, and you even saw it last year with early adopters picking up the system, starting with academic researchers and then researchers in certain biopharma companies. But academics really led the way and with really heavy emphasis on neuro neurodevelopment and then also with as far as you know what we saw happening there was, there has been a slowing just in general with academic research and with NIH funded now it's certainly, the interest has gone up. In fact, we see the funnels growing for opportunities to place this technology into academic research sites, but it's taking longer to get through the met with the with the NIH a couple weeks ago at their facilities. And what we were told by them was that the budgets are there, but that there were a number of, there was quite a large reduction in force, but really targeted to the folks who are involved with purchasing. So it's kind of slowed up the purchasing in academics, the demand is certainly there and growing and growing big and we still see, I would say, if you look at our academic research revenues this quarter, it started late in Q4, but it's slowed down some but it's running consistent. So it's still moving along, and we think that's going to get the other big push, as you suggested with the announcement from the government, is this push toward the use of NAMs and and specifically organoids and neuro organoids in testing and development, and that's causing a lot more interest for us with the biopharma have a lot more inbound calls with even with the CROs that are much more interested in looking at this technology and knowing that the government's expecting them to start to move to some of these newer methods. So, overall you're right, this is going to be a good long term driver for us for adoption of organoids into the development cycle. Bruce Jackson Okay, great, that's it for me thank you. Operator Thanks Knight, KeyBanc Paul Knight Hi, Jim. James Green Hi, Paul. Paul Knight Thanks for the time today. The BTX technology, I think you've been talking about certainly getting traction. When will it ever be, do you think able to compete in the sector that MaxCyte participates in? James Green That's a great question. We figured certainly we could get into that level, but MaxCyte tends to focus really on high volume applications and they use a licensing structure. We felt like for us the value proposition was for us to use the razor blade method, but also to go after these early we don't have such a high cost of entry if we were as some of the biotechs and the pharma companies are exploring these new drugs. So we think that's a good space for us. If it made sense for us to go to a much higher volume, we certainly have to put some real work into the initial real value proposition for us we felt was was time to market and the ability to bridge, especially if somebody used us like in Car-T therapy, if they used us to create the drug, that now we can they can use us for the initial bioproduction and then depending on the volume needs that determines whether or not we could be the long term solution for bioproduction or either way it's a great place for us to start, and many of the biotechs, they really just need to know, can they produce the product in a GMP environment so that they can get through their preclinical phases and get through at least their early to late stages of human and then it comes down to what's the volume needs, but you've also noticed with the release of the product that's already now reaching a million dollars a year on the application that we have already up and says that we can certainly get into some reasonable reasonable size of the volume and it really just depends on the number of doses and the amount of in each dose whether or not it's required to go through a transpection and the use of electroporation or electrofusion. Paul Knight And then regarding the MeshMEA product line, the announcement seems like the NIH wants to focus on it. Would you not agree that there's no way animal testing really slows down for a long time. It'll be just a co development process. Wouldn't you agree with that? James Green Yeah, I do. I think, and if you look at where where our technology is used, we're used in the later stages, the formal stages of safety and talks, and that's when you, that's when the animals are really used for verification that it's safe and effective, and that nobody believes that's going to we do know with the new therapies for monoclonal antibodies and by the way, our BTX system is used by, one of the leaders there, Regeneron, in creating those monoclonal antibodies. So for us that's a positive thing. Now you could argue whether or not long term testing should be necessary on a drug that's like this, that is really primarily targeted late stage it makes sense that they may want to not have to take on the cost of long term effects of something of a drug that really is only used in palliative care in late stages. So, that we don't see as an issue, but for the vast majority of new drugs, they're going to be used on children and people chronically for years and do have to do, we believe you have to do the full testing, and we just can't see any real pharma company introducing a drug that where they haven't done that level of safety and to be able to correlate that back to data for for years and our systems have been used for safety and tox telemetry for many years with most of the main drugs that have come just can't see, a major pharma company saying we're now going to stop that level of testing. But we do think the move toward things like organoids might help in the use of getting the early testing so that you don't maybe have to go through large volumes of large populations of small animals to filter out in a very inefficient way and a costly once you get through that phase, there's no question we believe you have to do the safety and tox testing with implant inflammatory, and that really means using our technology. Paul Knight Mark, I just missed the first question. I think you were talking about the refinance or if you didn't, my question is, what kind of rate are you looking at somewhere around what, 12%? Mark Frost Yeah, it's going to be higher than a commercial rate. We are still in the negotiation process to finalize that, but yeah, it will be more expensive than commercial debt to answer your question. Paul Knight Okay. And what is it what kind of term is it five year out or is it payments as you go through it or what are you what what what's the structure of that? Mark Frost Yeah, we're still in the process of negotiating all that. So that kind of detail I can't really share at this point in time. We will obviously as we get closer to finalizing deals, but not at this point in time. James Green I think we do, I think it's fair to say we're going to be looking at multiple years. Mark Frost Yeah, yes. It will be four or five years out for sure. Paul Knight Okay. Alright. Thank you. Operator This concludes our question and answer session. I would like to turn the conference back over to Jim Green, CEO, for any closing remarks. James Green Well, thank you everybody for joining us today. We're certainly glad to hear the news that just came out this morning about the US and hopefully reaching some kind of an agreement with China. As China for us is, it's probably somewhere around 10% of our were coming into this thinking that we might be, we might not, we might be looking at a $2 million a quarter kind of headwind, hopefully that's not the case now. So again, this is good news for us because, we were assuming that that with the tariffs as they are, that it will certainly expected to be a real problem for us this I do think there's some good news there. But again, thank you for your time today. This ends today's presentation. I hope you'll join us again in August when we discuss the fiscal 2025 second quarter results. Thank you, and this ends the call for today. Thank you. Operator The conference is now concluded. Thank you for attending today's presentation. You may now disconnect. Sign in to access your portfolio
Daily Record
27-04-2025
- Entertainment
- Daily Record
'Best show ever made' to start streaming in the UK - and you can watch it for free
One of the most revolutionary TV shows ever produced has secured a new streaming platform in the UK - and for a limited period, you'll be able to watch it absolutely free. First aired in the 1990s, the initial two seasons of this adored and bizarre drama, crafted by one of Hollywood's most inventive filmmakers, is set to launch on Mubi. In honour of the show's 35th anniversary, the cult favourite mystery drama Twin Peaks will be arriving on the service on Friday, 13th June. All 30 episodes of the iconic series will be available for streaming, along with the critically acclaimed 2017 sequel, Twin Peaks: The Return. Mubi subscriptions can be added as a Prime Video channel for £11.99 per month, but there's also the option to sign up for a seven-day free trial - just enough time to binge-watch the series at no additional cost. The series was created by the late legendary filmmaker David Lynch and Mark Frost, and stars Kyle MacLachlan as FBI Agent Dale Cooper who is investigating the peculiar death of Laura Palmer (portrayed by Sheryl Lee) in a small town filled with enormous secrets, reports the Mirror . It's widely considered as one of the greatest shows ever produced, with Sight and Sound even naming The Return as one of the best 'films' of all time. Empire ranked it at number 15 on their list of the greatest shows of all time, while Variety placed it at number 27. Over the years, Twin Peaks has maintained a devoted cult following, with enthusiasts continuing to sing its praises. On the social platform X (formerly Twitter) one ardent fan proclaimed: "Twin Peaks is the best show ever made. By a large margin. Nothing will change my mind." Meanwhile, a new viewer to the series boldly stated after just one episode: "Watched 1 episode of twin peaks and i'm already convinced it's the best show ever made." Another fan lauded the show's visuals, saying: "twin peaks is the most beautiful television show ever made." A fourth viewer suggested: "If you could only watch one TV show in your whole life I'd say you should watch twin peaks and the movie. It's the greatest thing ever made." And a fifth fan mourned: "it actually f***ing blows knowing that i've already watched the best tv show of all time and nothing will ever live up to it. "I have a giant twin peaks shaped hole in my heart that no other show could possibly ever fill." Following the acquisition of rights to the classic mystery series, Katharina Feistauer, Mubi's VP, Global Head of Programming, expressed her delight, stating: "Launching Twin Peaks is a dream for Mubi, bringing one of the most loved and discussed series in TV history to the platform. "Whilst this launch has been months in the making, the sad news of David Lynch's death only a few weeks ago makes this opportunity to show his iconic work even more special. "We are excited for the Lynch fans in our membership to revisit the episodes comprehensively, as well creating an opportunity for new audiences to discover it for the first time." Twin Peaks and Twin Peaks: The Return will be released Friday, 13th June on Mubi.
Daily Mirror
27-04-2025
- Entertainment
- Daily Mirror
'The best show ever made' will stream in the UK - and there's time to watch it for free
An influential series often dubbed the best show ever made has found a new streaming home in the UK One of the most groundbreaking television shows ever made has found a new streaming home in the UK - and you'll be able to watch it for free for a limited time. Originally released in the 1990s, the first two seasons of this beloved and surreal drama created by one of Hollywood's most innovative filmmakers is going to be released on Mubi. To celebrate the show's 35 year anniversary, cult classic mystery drama Twin Peaks will be coming to the service on Friday, 13th June. All 30 episodes of the classic series will be available to stream, as well as the critically acclaimed 2017 follow-up, Twin Peaks: The Return. Mubi subscriptions can be added as a Prime Video channel for £11.99 per month, but you can also sign up for a seven-day free trial - just enough time to binge the series at no extra cost. Created by the late iconic filmmaker David Lynch and Mark Frost, the series stars Kyle MacLachlan as FBI Agent Dale Cooper investigating the strange death of Laura Palmer (played by Sheryl Lee) in a small town with huge secrets. It's widely regarded as one of the best shows ever made, with Sight and Sound even naming The Return one of the best 'films' of all time. Empire put it at number 15 on their list of the best shows of all time, while Variety has it at number 27. Twin Peaks' passionate cult following has continued to sing its praises over the decades, with one die-hard fan on X (formerly Twitter) writing: 'Twin Peaks is the best show ever made. By a large margin. Nothing will change my mind.' One newcomer to the series made a bold claim: 'Watched 1 episode of twin peaks and i'm already convinced it's the best show ever made.' Another viewer posted: 'twin peaks is the most beautiful television show ever made.' Someone else maintained: 'If you could only watch one TV show in your whole life I'd say you should watch twin peaks and the movie. It's the greatest thing ever made.' And a final fan lamented: 'it actually f***ing blows knowing that i've already watched the best tv show of all time and nothing will ever live up to it. 'I have a giant twin peaks shaped hole in my heart that no other show could possibly ever fill.' After acquiring the rights to the iconic mystery series, Mubi's VP Global Head of Programming Katharina Feistauer said in a statement: 'Launching Twin Peaks is a dream for Mubi, bringing one of the most loved and discussed series in TV history to the platform. "Whilst this launch has been months in the making, the sad news of David Lynch's death only a few weeks ago makes this opportunity to show his iconic work even more special. "We are excited for the Lynch fans in our membership to revisit the episodes comprehensively, as well creating an opportunity for new audiences to discover it for the first time." Twin Peaks and Twin Peaks: The Return will be released Friday, 13th June on Mubi.
