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Harvard Bio Posts 10-Percent Rise in Q3 Revenue as Divestiture Turns Profit Into Loss

NEW YORK (GenomeWeb News) — Harvard Bioscience today said third-quarter revenue increased 10 percent as a divestiture caused last year’s profit to swing to a loss.
Total receipts for the three months ended Sept. 30 increased to $18.9 million from $17.2 million year over year.
Harvard Bio said its June acquisition of Anthos Labtec’s microplate and washer assets contributed to about one-third of its revenue in the quarter, and said the other gains were from organic growth and fluctuations.
R&D spending increased 20 percent to $810,000

Harvard Bio reported $179,000 in net losses in the quarter compared to earnings of $660,000 during the same period last year. The company blamed the loss on its divestiture of it capital equipment business segment in June.

The company said it had around $7 million in cash and equivalents as of Sept. 30.
Harvard Bio said it expects revenue in the fourth quarter to be between $18.5 and $19.5 million, or between 4 percent and 9.5 percent over the fourth quarter of 2005.
The company also raised its revenue projection for the full year from between $72 million and $73 million to $73 million and $74 million.