Harvard Bioscience attributes $410k loss to global supply costs
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Harvard Bioscience's Holliston headquarters on October Hill Road
Harvard Bioscience, a life science equipment manufacturer based in Holliston, reported a net loss of $410,000 for the company’s second quarter financials in an earnings report released on Thursday.
The net loss still marks an upward trend when compared to the company’s prior-year second quarter, in which the company reported a net loss of $1.581 million.
“Operating income on a GAAP and adjusted basis was negatively impacted by increased material, freight and labor efficiency costs associated with ongoing global supply disruptions. However, adjusted operating margins continue to exceed pre-COVID margin levels,” said Jim Green, chairman and CEO of Harvard Bioscience.
The company’s revenue was 20% over the previous year and was significantly over pre-COVID levels according to the release.
The stock price of the company dropped 1.7% in morning trading Thursday on the Nasdaq, to $8.02 per share. This compares to the rest of the Nasdaq Index, which rose 0.67% on Thursday.
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