Harvard Bioscience CFO to resign, interim replacement named
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Harvard Bioscience's Holliston headquarters on October Hill Road
The CFO of Harvard Bioscience in Holliston is set to step down from her role after a three-year stint with the company.
Harvard Bioscience CFO and Treasurer Jennifer Cote will resign from her role with the company effective upon the filing of the firm’s quarterly financial report, which is expected to be filed on or before May 12, according to a Thursday press release from Harvard Bioscience.
“Jen has been a trusted and valuable partner to our senior leadership team,” Jim Green, chairman and CEO of the company, said in the press release. “She has also been instrumental in leading our finance team and in driving numerous initiatives, such as sponsoring our recent ERP system consolidation project to drive operational efficiency. I would like to wish Jen the best of luck in the next phase of her career.”
Cote first joined Harvard Bioscience in 2022 as vice president of global finance before taking on the role of CFO and treasurer in 2023, according to her LinkedIn profile.
The CFO and treasurer role will be filled by Mark Frost in an interim capacity. Frost has more than 30 years of financial experience, having most recently served as CFO for Fathom, a Wisconsin-based digital manufacturing firm.
“Mark is a proven financial executive with extensive experience in corporate finance and as a public company CFO,” Green said. “I am confident in Mark’s financial and business acumen as well as his ability to lead our finance team in a challenging market environment.”
Harvard Bioscience released its 2024 financial results in March, revealing a revenue of $94.1 million, down from $112.3 million in 2023. Its gross margin was 58.2%, compared to 58.9% in the prior year. It ended 2024 with a net loss of $12.4 million, compared to a loss of $3.4 million for 2023.
The firm blamed a challenging global market and reduced spending by contract research organizations, distributors, and academic researchers as the reason for the revenue decrease.
Harvard Bioscience implemented $4 million in layoffs in April 2024 in an attempt to shore up its financial footing.
The firm’s shares were trading at around $0.38 on the NASDAQ on Friday morning, down from a 52-week high of $4.45.
Harvard Bioscience sells products and services used by life science firms in research, drug, and therapy discovery, among other uses, according to its website.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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