Harvard Bioscience reduces 2019 guidance due to global trade issues
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Harvard Bioscience's Holliston headquarters on October Hill Road
Holliston lab equipment manufacturer Harvard Bioscience is expecting a weaker 2019 after a slow start to the year, which saw weaker demand from customers in Europe.
The company said its first-quarter revenues of $28.2 million were a 5% increase over last year’s start, but its net loss was still $2.4 million.
The international uncertainty, said President and CEO Jeffrey Duchemin, was due to Brexit, Chinese tariffs and the funding impact of the U.S. government shutdown in the first quarter.
Now, the company is expecting a weaker 2019 than expected, with revenues estimated to be between $119 million and $122 million compared to previous guidance of $124 million to $126.5 million issued in February.
“Despite a slower start, we remain optimistic about our prospects of achieving additional synergies and cross-selling opportunities in the future," Duchemin said in a press release.
The company’s stock, traded on the Nasdaq, dropped more than 16% to an open of $3.16 after the company released the earnings report on Thursday. On Tuesday, shares were trading for just under $3.
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