HBIO Posts Mixed Results For Q4, 2012
Harvard Bioscience Inc., the Holliston maker of tools used in life science research, posted mixed results for its fourth quarter and fiscal year ending Dec. 31.
The firm said its fourth-quarter revenues dipped 2.7 percent, to $28.2 million, but was within its expectations. It noted currency exchange rates and the February 2012 acquisition of AHN Biotechnologie GmbH and CMA Microdialysis in July 2011 as having a positive effect on revenue.
Meanwhile net income was up to $1.2 million, or 4 cents per share, compared with $736,000, or 2 cents per share, in 2011. While continuing operations were down, net income got a boost of about $800,000 stemming from an earn-out based on revenue generated from HBIO's Union Biometrica division, which it sold in 2008.
Revenues for the year were up to $111 million, compared to $108 million in 2011. Net income dropped to $2.4 million, or 8 cents per share, compared with $3.8 million, or 13 cents per share in 2011.
Commenting on Harvard Bioscience's performance, Chane Graziano, CEO said the company made progress despite going up against a “difficult economic environment and political uncertainty.” He noted several milestones achieved with regard to the firm's Harvard Apparatus Regenerative Technology (HART) business which included beginning a clinical trial in Russia with two trachea transplant patients treated using HBIO's bioreactors, establishing its own trachea scaffold production facility at the firm's Holliston site and filing registration statement with the Securities and Exchange Commission in December to begin an initial public offering and separate HART from HBIO.
Graziano declined to offer expectations for 2013 citing the filing of the HART IPO.
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