Harvard Bioscience eyes 13% operating margin in 2021
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Harvard Bioscience's Holliston headquarters on October Hill Road
Harvard Bioscience closed Monday trading up more than 10% after the Holliston biotech released a strategic action plan and financial targets through 2021.
The announcement laid out the company’s vision for the remainder of 2019, 2020 and 2021 as it attempts to remake itself and restructure.
The company is eyeing a 10% operating margin in the second half of 2020 and 13% in 2021. Both figures would be a big improvement over the 2019 guidance of a negative operating margin.
The company hopes to stabilize its business and leadership team this year and refinance debt to reduce interest expense. The company also expects to consolidate operations and reduce expenses both in 2019 and 2020.
The stock closed Monday at $2.75, up more than 10% from Friday’s close.
Harvard Bioscience’s future goals come shortly after the company released its second quarter earnings report, which reflected an improved financial condition.
Revenue of $29.6 million declined 6% from the prior year quarter, but the company slashed its net loss to $200,000 after losing $1.5 million the year prior.
Second-quarter revenue of $29.6 million was a 6% decrease from the prior year quarter, but the Holliston scientific instrument manufacturer slashed its net loss to $200,000 after losing $1.5 million the prior year.
Through six months, net loss is $2.6 million, an improvement from the $5.5 million lost through June last year.
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