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August 6, 2020

Following layoffs & closures, Harvard Bioscience improves financials

A brick office building Image | Courtesy of Google Maps Harvard Bioscience's Holliston headquarters on October Hill Road

Holliston’s Harvard Bioscience has returned on course in the second quarter after a rocky start to the year, where it had a $4.5-million loss in the first quarter, according to its earnings report from Wednesday.

Net losses for the second quarter came in at $1.6 million, which was worse than the $247,000 it lost in the second quarter of 2019, although a significant improvement over the first three months of 2020.

The improved financials came after the company announced in February it would lay off more than 10% of its 550-employee workforce and close down facilities, including its manufacturing operations in Connecticut. The company’s Chairman and CEO Jim Green credited cost-cutting actions and in-progress restructuring programs for the improved second quarter performance.

The company’s stock was trading up 8% by the early afternoon on the news, at $3.87 per share on the Nasdaq.

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