Harvard Bioscience last week reported that its Genomic Solutions business was a “major disappointment” in the first quarter of 2004, and that the company may consolidate the business to cut costs — announcements that sent its stock plunging by 50 percent during the week.

Genomic Solutions took in $2 million less than expected, according to the company — pushing Harvard Bioscience out of the profitability zone. The company experienced a net loss of $51,000 for the quarter, compared with a net income of $776,000 in the year-ago period.

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