Holliston instruments firm loses $1M in first quarter
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Harvard Bioscience's Holliston headquarters on October Hill Road.
Harvard Bioscience, a Hollison life science instrument company, lost more than $1 million in the first quarter as revenue fell from the prior year.
The company cut expenses but still saw widening loses as revenue fell by more than 10 percent to $24 million.
Harvard Bioscience attributed the revenue decline in part to having sold off a subsidiary, AHN Biotechnologie GmbH, last fall for $1.7 million. It said it expects 2017 to be flat or slightly down compared to last year, excluding any effect from that sale.
The earnings report was released April 27.
The company had a net loss of more than $4 million in fiscal 2016 and a $19 million loss in 2015.
Harvard Bioscience says it sells its instruments to thousands of researchers in more than 100 countries through distributors such as Waltham-based Thermo Fisher Scientific. The company has sales and manufacturing operations in the United States, the United Kingdom, Germany, Sweden, Spain, France, Canada and China.
Shares of the company were trading in the $2 range Thursday.
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