NEW YORK (GenomeWeb News) – Harvard Bioscience today reported that improved sales in the second quarter helped recude net loss by more than 98 percent.
Receipts for the three months ended June 30 increased 12 percent to $18 million from $16 million year over year as a result of improved product mix and higher margins on new product introductions, Harvard Bio said.
R&D costs increased 10 percent to $773,000 from $704,000 from the comparable quarter a year ago.
The company said net loss shrank to $324,000 from $23.7 million during the comparable period last year. The company said approximately $300,000 in restructuring charges was recorded during the second quarter of 2005.
Harvard Bioscience said it had around $8.2 million in cash and cash equivalents as of June 30.
The company raised its revenue guidance for the full year 2006 and now expects to generate between $72 million and $73 million instead of between $70 million and $72 million.
Strong market demand and the acquisition of the Anthos product line is expected to drive the increase, said Chane Graziano, chief executive officer, in a statement.