NEW YORK (GenomeWeb News) - Harvard Bioscience yesterday said first-quarter revenue rose 10 percent as R&D spending increased 12 percent, and net income slipped 8 percent.
Total receipts for the three months ended March 31, 2007, increased to $19.1 million from $17.4 million year over year.
Harvard Bio said new sales stemming from the acquisition of Anthos' washer and microplate reader assets last June contributed 8 percent of revenue growth.
Fluctuations in foreign exchange rates contributed an additional 5 percent of revenue growth, but this was offset by a 3 percent decrease in organic revenue.
R&D spending increased to $844,000 from $751,000 in the year-ago period.
Harvard Bio reported net income of $496,000 in the quarter compared to $540,000 in the same period last year.
The company said it had around $8.6 million in cash and equivalents as of March 31.
Looking forward, Harvard Bioscience projected second-quarter revenue to be between $19.5 million and $20.5 million, and reaffirmed its expectation for revenue between $80 million and $83.0 million for full-year 2007.