Harvard Bio income, revenues up slightly
Harvard Bioscience Inc. said a weaker U.S. dollar compared to the British pound helped bump its third quarter revenues slightly.
Revenues for the three months ended September 30, 2014 were $25.4 million, an increase of approximately $300,000, or 1.2 percent compared to revenues of $25.1 million for the three months ended September 30, 2013. Excluding the currency translation, the company said revenues were flat over the quarter, Harvard Bio said.
With lower operating expenses, income from continuing operations for the third quarter was $600,000 or 2 cents per diluted share, compared to a loss of $48,000 for the third quarter in 2013, the Holliston-based life sciences manufacturer said.
The company also increased its financial guidance from February 27, 2014 to reflect its acquisitions of Multi Channel Systems and Triangle BioSystems earlier this month for a combined $11 million.
Harvard Bio now expects revenues to be approximately $107 to $108 million, or an approximately 2 percent to 3 percent increase compared to 2013's revenues. It also now expects to report full-year 2014 diluted earnings per share of 26 cents to 27 cents, an approximately 20 percent increase compared with 2013.
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