HBIO Reports 5% Revenue Growth In Q2
Holliston-based Harvard Bioscience Inc. (HBIO) said its revenues were up 5 percent in the second quarter, to $28.5 million, compared the same period last year.
The maker of life science research tools company said its acquisitions of CMA Microdialysis AB, AHN Biotechnologie GmbH and Modular SFC Inc. in the past year had a positive effect on revenues of 4.9 percent.
Net income dropped to $800,000, or 3 cents per diluted share (EPS) for quarter, ending June 30. That compares to $1.4 million, or 5 cents EPS, for the same period in 2011. HBIO said the decrease was due to increased spending in its development-stage regenerative medicine device (RMD) business.
HBIO said its acquisitions also helped boost revenues for the six months ending June 30, which were $56.8 million, an increase of $3.4 million, or 6.3 percent, compared to $53.5 million in the same period last year. Net income was $1.3 million, or 4 cents EPS, compared to $3 million, or 10 cents EPS, in 2011, again due to increased spending in the RMD business.
The company also initiated a clinical trial for its regenerated tracheal transplants with a $5 million grant from the Russian government and said two patients have been enrolled and treated.
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