Harvard Bioscience up 20% as firm looks to restructure
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Harvard Bioscience's Holliston headquarters on October Hill Road
Harvard Bioscience opened the stock market on Friday trending up more than 20% after its second-quarter earnings reflected an improved financial condition as the company focuses on improving its underlying performance.
Second-quarter revenue of $29.6 million was a 6% decrease from the prior year quarter, but the Holliston scientific instrument manufacturer slashed its net loss to $200,000 after losing $1.5 million the prior year.
On a per share basis, net loss was $0.01 for the quarter, compared to $0.04 for last year’s quarter.
Shares of the company’s stock were trading on the Nasdaq stock exchange for more than $2.20 a share Friday morning after closing at $1.87 on Thursday.
Jim Green, named Chairman and CEO on July 8, said in a statement the company can do better despite results in line with the company’s guidance.
He said the company is shifting to focus on lowering expenses and improving revenue and gross margin growth. As such, acquisitions in the near term are put on hold while previous acquisitions are integrated.
“In the next couple months, we will outline our updated strategy, including targets for gross margins and operating margins, against which our shareholders can measure our performance,” he said in a statement.
Those actions should lead to increased performance and significantly stronger results in 2020, Green said.
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