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February 26, 2020

Harvard Bioscience laying off 10% of its workforce, closing Conn. operations

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

In its fourth-quarter earnings report released Wednesday, Holliston biotech Harvard Bioscience announced it has started a restructuring program expected to save about $4 million, including laying off workers and closing its facilities.

The reductions started in 2019 and will include reducing its workforce by more than 10%, according to the earnings report. According to Worcester Business Journal's Research Department, Harvard Bioscience last reported in 2019 it had 550 employees globally and 150 in Central Massachusetts.

In addition to the layoffs, Harvard Bioscience plans to consolidate its Connecticut manufacturing operations into Massachusetts. The company didn't specify where in Connecticut it would close facilities, but the only Connecticut facility listed on its website is its Warner Instruments subsidiary in Hamden.

The $4-million savings program also includes downsizing its United Kingdom operations. The program is expected to be complete in 2020, the company said.

The company's stock prices rose on the news Wednesday morning, climbing more than 10% by 11 a.m. Wednesday to $2.91 per share on the Nasdaq.

In the earnings report, the company reported a decline in revenue for the fourth quarter, down 9% year-over-year to $31 million. However, the company reported operating income, including the costs of restructuring of $1.6 million, down $100,000 from the previous year’s fourth quarter. Adjusted operating income was $5.6 million for the fourth quarter of 2019, an increase of 17%.

Revenue for 2019 was $116.2 million with an adjusted earnings per share of 18 cents.

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