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HBIO Reports Net Loss, Higher Revenues for Q1; Works on Action Plan for Ailing Genomics, Proteomics Products

NEW YORK, May 7 (GenomeWeb News) - Harvard Bioscience yesterday reported increased revenues but a net loss for the first quarter of the year.

 

Revenues totaled $22.2 million, up from $19.5 million during the first quarter last year. Most product lines did well, according to the company. "However, our genomics, proteomics and high-throughput screening products delivered far less operating margin than we expected," said HBIO CEO Chane Graziano in a statement. "We are in the process of defining the actions necessary to enable these product lines to meet our growth and profitability objectives going forward. We expect to implement this action plan in the second quarter."

 

R&D expenses increased slightly, to $1.7 million, from $1.4 million during the same quarter in 2003.

 

HBIO's net loss for the quarter was $51,000, or $0 per share, down from a net income of $776,000, or $.03 per share, during the same period last year.

 

As of March 31, HBIO had $9.8 million in cash and cash equivalents. This is more than at the end of 2003, due to a positive operating cash flow.

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