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Harvard Bio Q3 Revenues Rise

NEW YORK, Oct. 29 (GenomeWeb News) - Harvard Bioscience, the parent company of Genomic Solutions, late yesterday reported increased revenues for the third quarter.


The company's revenues for the quarter came to $21.1 million, up from $12.8 million for the third quarter of 2002. Net income was $986,000, compared to an $82,000 loss for the same period last year.


"[I]t is primarily the impact of the new products we have added through the acquisitions of Genomic Solutions, BTX, GeneMachines and most recently, BioRobotics that were the major contributors to our success for the quarter," Harvard Bioscience CEO Chane Graziano said in a statement.


R&D expenses totaled $1.6 million, up from $1 million for the same period last year.


At the end of the quarter the company had $7.6 million in cash and cash equivalents, compared with $15.3 million as of December 31, 2002.