Skip to main content
Premium Trial:

Request an Annual Quote

Harvard Bioscience Posts 63 Percent Revenue Growth for Q2

NEW YORK, July 28 - Harvard Bioscience today reported year-over-year revenue growth of 63 percent for the second quarter of 2003, after favorable foreign exchange effects, accompanied by a 25 percent decline in net income.

 

The company posted $22.4 million in revenues for the quarter ended June 30, 2003, up from $13.7 million for the year-ago period. Excluding favorable foreign exchange effects of approximately $865,000, revenue for the second quarter grew 57 percent.

 

Net income for the second quarter of 2003 was $743,000 on a GAAP basis, compared with $1.0 million for the second quarter of 2002. Second-quarter net income included charges for non-cash stock compensation expense of $134,000 and $331,000 and amortization of intangibles of $729,000 and $307,000 for 2003 and 2002, respectively, before tax, as well as charges of $205,000 related to the acquisitions of Genomic Solutions, BTX, and GeneMachines.

 

Net income for the second quarter also included a one-time charge of $815,000 for an arbitration award in favor of the former shareholders of Union Biometrica. The charge contributed a $0.01 per-share impact for the quarter, bringing basic and diluted per-share net income for the quarter to $0.02, compared to $0.04 for the second quarter of 2002.

 

Excluding stock compensation expense and amortization of intangibles, pro forma net income totaled $1.9 million for the second quarter of 2003 compared to $1.5 million for the second quarter of 2002.

 

Harvard Bioscience incurred $1.7 million in R&D expenses for the second quarter of 2002, up slightly from last year's $1.0 million. The company said that approximately $800,000 of its second-quarter R&D expenses were related to acquisitions completed since the second quarter of 2002.

 

The company ended the quarter with cash and cash equivalents of $9.2 million, a decrease of approximately $6.1 million since December 31, 2002. $1.3 million in cash was used during the quarter in settlement of a dispute between the company's Genomic Solutions subsidiary and Affymetrix.

 

Harvard Biosciences is currently negotiating a $25 million revolving credit facility.

 

Full details of the company's second-quarter earnings, including information on a conference call scheduled for 1:00 EDT tomorrow, are available here.

The Scan

Not Immediately Told

The US National Institutes of Health tells lawmakers that one of its grantees did not immediately report that it had developed a more infectious coronavirus, Science says.

Seems Effective in Kids

The Associated Press reports that the Pfizer-BioNTech SARS-CoV-2 vaccine for children appears to be highly effective at preventing symptomatic disease.

Intelligence Warning on Bioeconomy Threats

US intelligence warns over China's focus on technologies and data related to the bioeconomy, the New York Times reports.

PLOS Papers on Campylobacteriosis Sources, Inherited Retinal Dystrophies, Liver Cancer Prognosis

In PLOS this week: approach to uncover source of Campylobacteriosis, genetic risk factors for inherited retinal dystrophies, and more.