NEW YORK (GenomeWeb News) — Harvard Bioscience yesterday said fourth-quarter revenue rose 22 percent as R&D spending increased 17 percent, and losses narrowed by 75 percent.
Total receipts for the three months ended Dec. 30, 2006, increased to $21.7 million from $17.8 million year over year.
The company said revenue grew “across various product lines,” but was mainly due to greater demand for physiology and cell-biology equipment, “particularly in Asia Pacific and in Europe.”
Also contributing to the rise were sales from the plate reader product line it obtained when it acquired washer products from Anthos Labtecin last June.
R&D spending increased to $820,000 from $700,000 in the year-ago period.
Harvard Bio reported $2.4 million in net losses in the quarter compared to a loss of $9 million during the same period last year.
The company said residual losses came from the 2005 divestiture of its Capital Equipment Business. As a discontinued operation, that unit cost Harvard Bio $4.3 million in the fourth quarter of 2006, compared with $11.3 million in the year-ago period.
The company said it had around $9.4 million in cash and equivalents as of Dec. 31.
Looking forward, Harvard Bioscience projected revenues between $18.5 million and $19.5 million.