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Shares in Harvard Bio Tumble 6.10 Percent on Q2 Net Loss

NEW YORK, Aug. 9 (GenomeWeb News) - Shares in Harvard Bioscience sank 6.10 percent, or $.20, to 3.08 in mid-afternoon trading after the company reported a 3.3-percent decline in second-quarter revenue atop a net loss.

 

As GenomeWeb News reported, Harvard Bio, which last week put its capital instrument business on the block, this morning said receipts for the three months ended June 30 fell to $21.7 million from $22.5 million year over year.

 

The firm's apparatus and instrumentation unit, which it is retaining, brought in revenue of $16.3 million for the quarter, up 4.2 percent year over year from $15.6 million. Revenue for the capital equipment segment dropped a sharp 20.3 percent to $5.4 million from $6.8 million in last year's second quarter.

 

Harvard Bio posted a net loss of $27.4 million, or $.90 per share, compared with a net profit of $298,000, or $.01 per share, year over year. The loss includes asset abandonment and impairment charges of $17.9 million related to the divestiture of the capital equipment business.

 

The firm also disclosed that it has hired investment banking firm Thomas Weisel Partners to help it find a buyer for the capital equipment segment, which includes the Genomic Solutions business. The company said it would use proceeds from the sale to pay down its $15.2 million debt facility and finance tuck-in acquisitions.

 

As of June 30, Harvard Bio had cash and cash equivalents of $13.2 million.

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