Harvard Biosciences reduces loss by $3.4M
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Harvard Bioscience's Holliston headquarters on October Hill Road.
Holliston life sciences firm Harvard Biosciences reported a $900,000 loss in 2017, as revenues declined by $2.6 million for the year.
The loss for the year was despite a revenue increased 4 percent to $27.5 million in the fourth quarter.
Net income for the fourth quarter was $1 million, a dramatic improvement from the $1.3 million loss reported in 2016’s fourth quarter.
For the year, revenues were $101.9 million, a decrease of $2.6 million, or 3 percent, from last year.
The company was, however, able to post better full year results than 2016, when the company posted a $4.3 million loss.
President and CEO Jeffrey Duchemin said in a statement the company was able to post its third consecutive quarter of top line organic growth.
The company last month acquired Minnesota biomedical firm Data Sciences International for $70 million, simultaneous to the company’s $20 million sale of subsidiary Denville Scientific.
Positive momentum and those recent transactions position the company for success in 2018, Duchemin said.
“We are confident that the continuing transformation of Harvard Bioscience into a pure play life science instrumentation company, with a more innovative product portfolio and less reliance on academic research funding, will bode well for our company and generate accelerated top line and bottom line growth,” he said.
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