‘Disappointing’ quarter for Harvard Bioscience
Harvard Bioscience of Holliston reported a $1.4 million loss amid lower first-quarter revenues of $25.8 million, a slight drop of about 0.5 percent from $25.9 million in the same period of 2014, the life sciences manufacturer said.
Revenue for the three months ending March 31 include sales from recent acquisitions Multi Channel Systems MCS GmbH, Triangle BioSystems, Inc. and HEKA Electronik, the company noted in its report released Thursday. However, the company said, those revenues were offset by the negative impact abroad from a stronger dollar.
Harvard Bioscience, which makes life sciences equipment and instruments, conducts about 35 percent of its business in Europe.
In addition, the company said it experienced softness in the U.S. academic and government markets because of budget delays and weather conditions.
The $1.4 million net loss amounted to 4 cents per share, and was double the $700,000 loss (2 cents per share) in the first quarter of 2014.
The company also lowered its full-year revenue outlook, to a range of $110 million to $112 million from $114 million to $116 million it predicted in February.
“Although the quarter is disappointing,” President and CEO Jeffrey A. Duchemin said, “it does not reflect anything fundamental business-wise other than that we must remain committed to our focus on growing our business globally, staying lean by constantly assessing operational efficiencies, adding complementary new products and assessing acquisitions that enhance our core business.”
WBJ Web Partners
Most Recent
Most Recent
0 Comments