Harvard Biosciences grows revenue 48% but lost $4.1M in Q1
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Harvard Bioscience's Holliston headquarters on October Hill Road.
Despite a 48 percent growth in revenue, Hollistion biotech Harvard Biosceince reported a net loss of nearly $4.1 million in the first quarter.
The company’s earnings report, released late Wednesday, shows first quarter revenues of about $26.8 million, a big jump from last year’s mark of $18 million.
Despite the net loss of $4.1 million, CEO Jeffrey Duchemin said the year has started on a positive note.
The company’s growth, he said, was driven by Data Sciences International (DSI), a Minnesota biomedical firm acquired by the company in January for $70 million.
“We have begun realizing revenue and cost synergies between DSI and the legacy Harvard Bioscience business, and are excited about the progress we’ve made to date and the prospects of synergies and cross-selling opportunities in the future,” he said.
The report comes just after the company and DSI launched two telemetry implants designed to study the brain and lead to research in sleep, seizures, affective disorders, movement disorders and neurodegenerative disorders.
Simultaneous with the January acquisition of DSI, Harvard Biosciences sold subsidiary Denville Scientific, a North Carolina life science research consumables distributor, for $20 million.
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