Harvard Bioscience stock leaps on strong Q4 performance
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Harvard Bioscience's Holliston headquarters on October Hill Road
Holliston biotechnology firm Harvard Bioscience returned to pre-COVID-19 revenue levels in the fourth quarter, but the company’s financial performance was still down overall for the year when compared to 2019.
Overall losses for 2020 were up 66.6% to $7.8 million for a $0.20 loss per share in 2020, compared to a $0.12 loss per share in 2019.
However, the fourth quarter was a return to form for the company, with numbers that only slightly outperformed 2019’s fourth quarter. Gross profit was up to $17.7 million, compared to $17.2 million for the fourth quarter of 2019, however expenses including debt refinancing drove the company to a net loss in income of $615,000 for a $0.02 diluted loss per share.
However, Jim Green, chairman and CEO said in the release, the debt refinancing was expected to save the company approximately $3 million per year and he was bullish on the outlook for 2021.
“With strong CRO/Pharma growth and recovering academic lab sales, we expect revenue to grow 8 to 12% compared to 2020,” he said in the release. “We believe the strong 2020 ending and our focus on growth and new exciting products puts 2021 on plan to create the growth-oriented profitable platform we envisioned.”
Since the earnings announcement on Wednesday morning, the company’s stock is up over 30% to just under $6 a share on the Nasdaq.
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