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Harvard Bio s Revenues Increase by 59 Percent, but Losses Double

NEW YORK, March 3 -Harvard Bioscience today reported a 59 percent increase in revenues year-over-year, amid ballooning expenses and net losses.

 

Revenue for the fourth quarter ended December 31, 2002, grew to $18.9 million from $11.9 million in the year-ago period, including favorable foreign exchange effects. Before these effects, the company's revenue increased by 53 percent year-over-year.

 

Total costs and expenses for the company grew to $17.2 million, up from $10.2 million in the fourth quarter of 2001. R&D expenses remained flat, however, at $1.1 million.

 

Harvard Bioscience's net losses more than doubled year-over-year, at $974,000 for the fourth quarter of 2002, compared with $436,000 for the fourth quarter of 2001. Basic and diluted per-share net loss was $0.03 and $0.02 for the fourth quarter of 2002 and 2001, respectively.

 

The company reported $299,000 in charges for non-cash stock compensation for the quarter, compared to $480,000 for the same quarter in 2001; amortization of intangibles of $462,000 for Q4 2002 and $692,000 for Q4 2001, and restructuring charges of $152,000 for Q4 2002 and $460,000 for Q4 2001. Harvard Bioscience reported no goodwill amortization expense in the fourth quarter of 2002, compared to $382,000 in the fourth quarter of 2001.

 

Harvard Bioscience ended the year with cash and cash equivalents of $15.3 million, compared to $29.4 million in the year-ago period.

 

Further details are available here.