Harvard Bioscience lowers quarterly losses to $200K
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Harvard Bioscience's Holliston headquarters on October Hill Road
Holliston biotechnology firm Harvard Bioscience continued its fourth quarter momentum with revenue up 14% in the first quarter of 2021 when compared to the first quarter of 2020.
The company reported first quarter revenue of $27 million resulting in a decline in losses to $200,000, or $0.02 per share, down from a loss of $3.3 million, or $40.12 per share, in the first quarter of 2020. The company’s adjusted operating margin increased to 12% for the quarter, up from 2% in the first quarter of 2020.
“Revenue growth coupled with cost management and reduction in sales of lower value products delivered strong operating margin expansion, all while significantly bringing down our leverage ratio,” Jim Green, chairman and CEO of the company, said in the release.
Green said that momentum and increasing confidence in the business has prompted the company to expect revenue growth of 10% to 12% for fiscal 2021 compared to 2020 and the increase of adjusted operating margins to the mid-to-upper teens.
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