August 22, 2018 1 COMMENTS

Harvard Bioscience CFO resigns

Photo | Google
Harvard Bioscience's Holliston headquarters on October Hill Road.

The chief financial officer of Holliston-based Harvard Bioscience has resigned shortly after the company reported record second quarter revenue.

Robert Gagnon will resign effective Aug. 31, the company announced Wednesday morning. He began at the company in November 2013, according to his profile on the company's website.

Prior to joining Harvard Bioscience, Gagnon was executive vice president and chief financial officer at environmental and energy firm Clean Harbors, in addition to a litany of other roles in financial leadership.

"Harvard Bioscience has an excellent management team, strong business model, outstanding employees and has been executing on all of its objectives in the first half of 2018. This decision was a very difficult one for me to make," Gagnon said in a statement. "I wish the best for my Harvard Bioscience colleagues."

The news comes less than a month after the company reported $31.5 million in second quarter revenue, a 66-percent increase from the same period last year.

For the year, the company's revenue was up 57 percent to $58.3 million, but profitability has eluded the company, which lost $5.5 million over the first six months of 2018.

The company reported a net loss in each of the last three years, but has made improvements in reducing that loss. In 2015, the company reported losing $19 million and lost just $865,000 in 2017.

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WhistleGust

09/12/18 AT 01:27 PM
Harvard Bioscience is a company with potential, though not without some issues of concern. Outgoing CFO states in part, "excellent management," however, I would beg to differ regarding one individual, let's just refer to by code as "Junior Starr." That individual is actually a corporate liability and this needs to be addressed tout de suite. As for business, the DSI integration looks like a great more for the company, as the physiology side has the most gleam.
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