NEW YORK, July 30 (GenomeWeb News) - Harvard Bioscience yesterday reported flat revenues and dwindling earnings for the second quarter.
The company's revenues for the quarter totaled $22.5 million, compared to $22.4 million during the same period last year.
"In the first half of this year our Genomic Solutions product lines produced disappointing results that have dragged down our overall growth and profitability so far this year," said CEO Chane Granziano in a company statement. "We have made significant changes in managing this business that we believe...will return this business to profitability and growth."
R&D expenses for the quarter remained flat at $1.7 million, similar to last year's costs.
HBIO's net income was $0.3 million, or $.01 per share, down from $0.74 million, or $.02 per share, for last year's quarter.
As of June 30, HBIO had $10.5 million in cash and cash equivalents.