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Harvard Bio Posts Double-Digit Q1 Organic Revenue Growth

NEW YORK, May 5 (GenomeWeb News) - Harvard Bioscience yesterday reported a 7.7-percent increase in first-quarter revenues, with organic revenue growth of 11.9 percent.


Revenues for the three months ended March 31, inched up to $17.4 million from $16.1 million in the comparable period of 2005. Excluding the impact of foreign exchange rate changes, however, revenue grew 11.9 percent compared to the same period in 2005, the company said.


The increase in revenues was "across various product lines, and was primarily attributed to an increase in demand for our pre-clinical testing products," Harvard Bio said in a statement.


Net income more than doubled to $540,000 from $202,000 in the first quarter of 2005.


Harvard Bioscience spent $751,000 on R&D in the first quarter, down slightly from $870,000 in the comparable period of 2005.


As of March 31, the company had cash and cash equivalents of $9.8 million, and an additional $2.1 million in discontinued operations.

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