Harvard Bioscience continues to improve financials following layoffs and closures
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Harvard Bioscience's Holliston headquarters on October Hill Road
Holliston’s Harvard Bioscience has continued to correct course in the third quarter of the year after a rocky start to the year saw the company lose $4.5-million loss in the first quarter, according to its earnings report from Wednesday.
Net losses for the third quarter came in at $1.1 million, which is $1.5 million better than the same quarter in 2019 and $400,000 better than the second quarter of 2020. This figure amounted to a loss per diluted share of $0.03.
The company reported $24 million in revenue with an adjusted operating income of $3.6 million.
Jim Green, chairman and CEO of the company, credited the success with actions taken earlier in the year that included layoffs of more than 10% of the company’s 550-person workforce, restructuring and cost-cutting in response to the coronavirus pandemic.
The company’s stock was trading up by the early afternoon, with shares at $3.73.
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