February 28, 2011
Harvard Bioscience Profits Down, Revenues Up
Holliston life sciences tools company Harvard Bioscience saw its profits fall 42 percent to $2.2 million for the fourth quarter of 2010, compared to the same period in 2009, while revenues rose 6.8 percent.
The Q4 2009 profit benefited from a one-time $2.6-million adjustment of acquisition contingencies.
For the full year, profits rose 26.1 percent to $108,179, and revenues grew 164 percent to $19.1 million. Much of the increase in annual profits came from a shift in tax payments. The company paid $2.7 million in taxes in 2009 but received a tax benefit of $9.5 million in 2010. It attributed the benefit to changes in its valuation allowance, foreign tax-rate differential and increased research and development tax credits.
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