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Genomic Solutions Posts Increased Q2 Revenue, Narrowed Loss as Acquisition Nears

NEW YORK, Aug. 14 - Genomic Solutions, which last month agreed to be bought by Harvard Bioscience, reported a jump in second-quarter revenue, tightened spending and a narrowed net loss.

For the period ended June 30, Genomic Solutions posted $6 million in total revenue, a 35-percent increase over the $4.5 million it recorded in the same time one year ago. The company attributed the jump to a 40-percent spike in sales of its proteomic-instrumentation tools and consumables.


R&D spending in the quarter, which bucked an increase in overall expenses, fell to $1 million from $1.6 million in the second quarter 2001, Genomic Solutions said.


Still, second-quarter net loss attributable to shareholders managed to fall to $2.4 million, or $.08 per share, from $5.7 million, or $.24 per share, year over year.


Genomic Solutions said it had about $5.2 million in cash and cash equivalents as of June 30.


Last month, Harvard Bioscience said it will buy Genomic Solutions for about $26 million in cash and stock. The deal is subject to shareholder approval and is expected to close in the fourth quarter.


According to Genomic Solutions CEO Jeff Williams, who will remain after the acquisition, and be nominated to join Harvard's board, said his company will undergo "major restructuring" that includes a 30-percent reduction in head count. That move, announced during a press conference on July 18, hopes to cut operating expenses by 40 percent.


The CEO stress that certain areas within Genomic Solutions will not be affected by the cost cutting. "We are going to be very careful what we do in the marketing and sales area and very careful what we do in the manufacturing area," Williams said, adding that he intends to leave untouched the firm's main manufacturing sites in Ann Arbor, Mich.; Huntington, UK; and Irvine, Calif.

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