Q2 Revenue Down At Harvard Bioscience
Holliston-based Harvard Bioscience reported an 8.4-percent drop in revenue for its second quarter, as well as a net loss of $186,000. That marked a $962,000-turnaround after the life sciences manufacturer turned a $774,000 profit in the same quarter last year.
The company reported quarterly revenue of $26.1 million, a drop from $28.5 million in the second quarter of 2012. For the first half of 2013, Harvard Bioscience’s revenue is down 8.2 percent, to $52.2 million, while its net loss is $92,000, down from a net profit of $1.3 million in the first half of last year.
The company cited a sharp decline in shipments to General Electric Healthcare, which accounted for about half of the roughly $2.4-million drop in revenue. Harvard’s interim president and CEO, David Green, said the company expects revenue from General Electric Healthcare to remain at its current level for the rest of the year, and expects revenue to be down about 4 percent over 2012. Green said the company has begun cutting costs to help ease the impact of that revenue drop on its operating profits over the rest of the year.
In May, the company’s CEO, Chane Graziano, resigned for personal reasons. In the company statement on its second-quarter financials, Green said it has “made progress” in its search for a permanent replacement.
“We have interviewed several promising candidates and we are moving the process forward,” he said.
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