HBIO Reports Second Quarter 2013 Results

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HOLLISTON, Mass., Aug. 1, (GLOBE NEWSWIRE) — Harvard Bioscience, Inc. (Nasdaq:), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research and regenerative medicine, today reported unaudited financial for the three and six months ended June 30, 2013.
Commenting on the Company’s performance, David Green, President and Interim CEO, stated,
“In the , revenues and non-GAAP adjusted earnings per share in our core life science research tools business, excluding expenses related to the regenerative medicine device business spin-off and search costs for a new CEO, were flat with the first . These one-off costs totaled approximately 1¢ per share. Compared to last year’s quarter, both revenue and profits in the quarter were disappointing, primarily because we saw a sharp decline in shipments to General Electric Healthcare. Revenues were down 8% in the quarter compared with the quarter of 2012, with GE accounting for almost half the decline in revenue. Part of the decline was also due to reporting against an exceptionally strong quarter last year. We reported a record quarter last year for both revenue and non-GAAP adjusted EPS and it was the last quarter before we saw substantial impact from the threat of sequestration in the U.S.”
Mr. Green continued, “GE’s impact on the quarter in both revenue and operating profit was significant. However, GE now only accounts for approximately 4% of our total revenue. We expect that revenue from GE will likely remain at this lower level throughout the second half of the year. Because of this we expect this year’s revenue to be down approximately 4% versus last year. We have implemented cost cutting initiatives to partly mitigate the impact of the decline in GE revenue on operating profit during the second half of the year.”
He added, “Outside the decline at GE we saw growth in both…Read more

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