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Harvard Bioscience Shares Sink on Weak Genomic Solutions Results

This article has been updated to include share prices and details.

NEW YORK, Oct. 29 (GenomeWeb News) - Shares in Harvard Bioscience were down more that 8 percent to $3.74 in late-afternoon trade today after the company said poor performance from its Genomic Solutions unit acted as ballast on third-quarter revenue.

The company also lowered by $2.2 million its revenue outlook for the fourth quarter. However, Harvard said that increased product sales in its core product lines helped it report a modest gain in total revenue.

Receipts for the quarter ended Sept. 30 totaled $23.2 million, up from $21.1 million during the same period a year ago. HBIO said it is seeing strong growth in some its core product lines, such as animal physiology products, cell-biology products, and plate readers.

"However, the revenue trend at Genomic Solutions continues to track lower than we expected," CEO Chane Graziano said in a statement. Revenue for that business segment fell 29 percent year over year, and accounted for around 25 percent of total revenue for Harvard Bio.

 

R&D costs increased to $1.9 million in the quarter from $1.6 million during the year-ago quarter.

 

Harvard Bioscience had a net income of $957,000, or $.03 per share, compared to $986,000, or $.03 per share, during the same quarter last year.

 

As of Sept. 30, Harvard Bioscience had cash and cash equivalents of $11.6 million.

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