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 11. If your question has been answered and you would like to remove yourself from the queue, please press star 11 again. Please note this event is being recorded. I'm now going to turn the conference over to Taylor Krawczyk, 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, Harvard Bioscience Form 10-Q, 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. 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 MultiWell 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 research 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, organoid 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 continued 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. With that, I'll turn it over to Mark, who will go into more detail on the financials. Mark. Thank you, John. I'll start my remarks with our third quarte,r 2025, financial results, the details of which can be found on slide four of the earnings presentation that we posted to our IR, site. Revenue, was $20.6 million, at the high end of our $19-$21 million, guidance and below the $22 million, we reported in the prior year's third quarter. Gross margin, was 58.4%, versus 58.1%, in the third quarter, of 2024, and exceeded our guidance of 56-58%. Operating expenses, declined $1.4 million, from prior year, driven by actions taken in 2024, and the first quarter of 2025 to: one, move to one U.S. ERP, system, two, lean out our SG&A, organization, and three, reprioritize NPI, projects. These actions led to an improvement in adjusted operating income of $1.5 million, versus $0.8 million, in quarter three, 2024. Adjusted EBITDA, was $2 million, versus $1.3 million, in quarter three 2024, with a major driver being the reduction in operating expenses, which more than offset the volume impact from the lower year-over-year revenue. Now, looking at slide five, I will outline the revenue results for the quarter by product family and region. Overall revenues, in the third quarter, showed a slight increase from quarter two, finishing at $20.6 million, compared to $20.5 million, in the prior quarter. Notably, this is a positive trend as we historically see a decline from quarter two, to quarter three. Now, turning to the geographical results, starting with the Americas, revenue, in the third quarter, increased sequentially by 3.6%, and was down 4.4%, versus the third quarter, of last year. As shown in the light blue on the slide, CMT, saw a sequential and year-over-year decline. Our preclinical sales increased sequentially and year-over-year due to increases in telemetry and respiratory product lines. Now, moving on to Europe, overall revenue in Europe, in the third quarter, increased 0.3%, sequentially, reflecting stronger preclinical academic shipments. Compared to quarter three, last year, European revenues, were essentially flat. Cellular and molecular sales, decreased sequentially 0.7%, and year-over-year 13%. Now, our quarter three, preclinical sales, increased sequentially and year-over-year. Now, moving to China and the Asia-Pacific, in the third quarter, we saw improvement in APAC, excluding China. With China, revenue, was down sequentially 6.3%, and year-over-year 19.6%. With last week's news, we expect tariff headwinds to subside going forward. Now, cellular and molecular APAC, products were flat sequentially and decreased year-over-year. Preclinical APAC, products also declined sequentially and year-over-year. Now, I'll move to slide six to discuss further financial metrics. Looking at gross margin first, gross margin during quarter three 2025 was 58.4%, compared to 58.1%, in quarter three 2024, and up 200 basis points, sequentially from 56.4%, in quarter two 2025, despite the flat revenue. The gross margin, expansion compared to last year quarter three, was mainly due to better absorption of fixed manufacturing overhead costs, and the leaning out of our manufacturing cost structure. The sequential margin, increase was due to improved mix of higher margin revenue, in particular telemetry, as well as better absorption of fixed manufacturing overhead costs. Now, if you refer to the top right graph, our adjusted EBITDA, during quarter three, increased to $2 million, versus $1.3 million, last year's third quarter. Compared to the prior year, lower gross profit of $0.7 million, was fully offset by the $1.4 million, reduction in operating expense. Now, moving to the bottom left, where we show both reported and adjusted loss earnings per share, as I've mentioned in the past, typically the difference between GAAP EPS, and adjusted EPS, are the impact of stock compensation, amortization, and depreciation. These differences between net loss and adjusted EBITDA, are highlighted in the reconciliation tables on slide 10, and are all non-cash items. Now, moving to the bottom middle graph, year-to-date cash flow from operations was strong at $6.8 million, compared to negative $0.3 million, in the same period, with $1.1 million, of operating cash, generated in the third quarter. The primary drivers for the improved cash flow from operations were working capital management, and operating expense, reductions. We expect to see positive operating cash again in the fourth quarter. Now, net debt was down over $6 million, from year-end 2024, to $27.5 million, from $33.8 million. This reflects our quarterly principal payment, of $1 million, and improved operating cash flow. Now, with respect to our credit facility, as John noted, we have made progress. We are in the process of reviewing the multiple proposals we have received. We are negotiating towards the most favorable deal for our company and our shareholders, and we expect to have resolution within the fourth quarter. We will provide more information when we are able to. Now, I'll move to slide eight to discuss our outlook for quarter four. A key factor supporting our guidance is mid-single-digit order growth in the third quarter, year-over-year and four consecutive months of year-on-year growth. This result has positioned the company with our strongest backlog since the first quarter, of 2023. We are guiding to a range of $22.5 million-$24.5 million, revenue, resulting in potentially flat revenue for the fourth quarter, at the high end of the range. The lower end of the range reflects the potential risk of a prolonged U.S. government shutdown lasting through year-end. Now, we expect a corresponding improvement in gross margi,n quarter four, from the higher volume and are guiding to a gross margin, range of 58%-60%. Improved demand and a strong backlog support our confidence to project continued sequential improvement in the fourth quarter. Now, I'll turn the call back to our operator to take questions. Thank you. Our first question comes from Lucas Baranowski, with KeyBanc Capital Markets. Your line is open. Hi, this is Lucas. For Paul Knight, at KeyBanc. First off, when we look at the uptick that was seen in preclinical systems during the quarter, was that primarily driven by CROs, gearing up to run more studies, or was it some other factor that was driving the uptick? Thank you for the question. We benefited from broad uptick in demand for our telemetry products, and it was not just in one region. It was across regions as well as across different customer groups. Excellent. In the press release, you had a comment about backlog being the highest in two years. When you look at that backlog, would you say the mix is similar to your existing product mix, or is there a product like, say, Mesh MEA, that's a disproportionate percentage of it? Yeah, Lucas. As John, indicated, we had broad-based increase in orders across geographies and products, and we did see an improved benefit from all the NPIs, we've launched in this year, but it wasn't one specific product or region that drove the backlog. It was just uniform increase across our geographies and products. Excellent. Maybe just one final question. Some of the larger tools companies have noted that they're seeing early signs of improvement in the academic and government market. What are you seeing on that front? Yes, we have seen improvement, which is reflected in our Q3, results as well as in our strong backlog going into Q4. Now, as Mark, has stated regarding our guidance for the fourth quarter, some academic institutions are dependent upon NIH funding, and we have planned in our guidance depending upon how long the government shutdown goes and how that will flow through to our Q4,results. Excellent. That's all I had. Thank you. Thanks, Lucas. Thank you. Our next question comes from Bruce Jackson, with The Benchmark Company. Your line is open. Hi, thank you for taking my questions. If we could just dive into the NIH funding, a little bit more. The guidance, are you contemplating an end-of-the-government shutdown during the fourth quarter? Yeah, Bruce, this is Mark. We have built into the lower range that if it does go to the year-end, that would be the potential. Benchmark, no pun intended, benchmark we would get to in the quarter. We have assumed some impact from that in our guidance, Bruce. Okay. If the funds don't get released in the fourth quarter, would you anticipate getting those funds flowing through sales in the first quarter of next year? Yeah, Bruce. Yeah, as you probably well know, the funds are not lost. It's a timing impact that it just moves out of quarter four into 2026. So we would expect the orders, and depending when the orders come in, it would come in in first quarter or second quarter next year. Last question on NIH. Do the customers have visibility on the funding? Do you feel like you've got good line of sight on the projects and that the customers also have line of sight on the funding? It's customer-dependent. I mean, some customers have shared with us that there's no one even to talk to at the NIH, right now, and so they're still trying to get visibility, whereas others do have visibility, and they're just waiting for their funds to be released. Okay, great. If I may, just one question on the ERP, project. Where are you in that project right now? How should we be thinking about either the spending for additional ERP, work or the flow through from the benefits? Yeah, we actually finished the project in quarter four. We moved to one U.S. platform. We actually did the same thing in Europe, which I did not mention, and that was completed in quarter four. The benefits have started to roll through. Both our manufacturing side and our G&A, side in 2025, and it is contributing to why we have been able to reduce the expenses this year, Bruce. Okay. That's it for me. Thank you. Thanks for the questions. Thank you. There are no further questions at this time. This concludes our question-and-answer session. You may now disconnect. Everyone, have a great day.