Harvard Bioscience announces $3.3M operating loss
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Harvard Bioscience's Holliston headquarters on October Hill Road
Holliston’s Harvard Bioscience announced it had a $3.3-million operating loss in the first quarter of the year and predicted year-over-year losses would continue into the second quarter of the year.
“Our first quarter results were negatively impacted by the COVID-19 pandemic. We took immediate steps to strictly manage cash, stop non-essential spend and ensure continued operations while supporting our customers,” Jim Green, Chairman and CEO said in a release detailing the company’s first quarter performance.
Harvard Bioscience was one of three Central Massachusetts public companies to receive federal bailout loans from the Paycheck Protection Program, which gave the Holliston company a $6.1-million loan through the U.S. Small Business Administration.
The company reported revenue of $23.8 million for the quarter, a decrease of 16% compared to the previous year’s first quarter. Operating loss was also up $3.2 million from the first quarter of 2019, with adjusted operating income plummeting 81% to $500,000 for the quarter. Loss per share was 12 cents for the three months ended March 31, compared to a loss of six cents per share for the same quarter in 2019.
However, Green said the company will weather the COVID-19 pandemic. He cited continued measures such as managing costs and moving to leaner operations. Despite these efforts, second quarter revenue is expected to decrease approximately 20% to 30% year over year, according to the release. The company has also withdrawn the full-year guidance it released in February.
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