HBIO Revenue Drops Slightly In Q3
Harvard Bioscience Inc., the Holliston-based maker of tools used in life science research, reported a slight decline in revenue for its third quarter, which ended Sept. 30.
Revenue dropped 1 percent, to $26.1 million for the quarter, compared to the same period last year. The company said currency exchange rates had a negative effect on revenue, while its acquisition of AHN Biotechnologie GmbH in February had a positive effect.
The company saw a net loss of $133,000, compared to a $28,000 profit during the same time in 2011 and said the decline was primarily due to increased spending of $700,000 in the company's development-stage regenerative medicine device business.
For the first nine months of the year, revenues were $82.9 million, up $3.1 million, or 3.9 percent over last year. HBIO posted a profit of $1.2 million, or 4 cents per diluted share, compared to a $3.1-million profit last year.
CEO Chane Graziano said the firm saw a decrease in demand for its products, mostly in the university/government research market, in September.
"It is apparent the researchers were conserving their current budgets due to the uncertainty of the level of future funding in this political/economic environment. This had an impact on our third quarter performance," he said. "Despite the current situation, we are optimistic that once budgets are approved and grants funded, spending for non- capital items will be back to near normal levels."
Graziano said revenues for the business are expected to be in the range of $111 million to $113 million for the year and $28 million to $30 million for the fourth quarter.
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