Harvard Bioscience Reports Q2 2013 Results


Revenues for the three months ended June 30, 2013 were $26.1 million, a decrease of $2.4 million, or 8.4% compared to revenues of $28.5 million for the three months ended June 30, 2012. Currency exchange rates had a negative 0.2% effect on revenues compared with the second quarter of 2012. Excluding the effects of currency changes, our second quarter revenues decreased 8.3% from the same period last year.

Commenting on the Company’s performance, David Green, President and Interim CEO, stated,

“In the second quarter, 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 quarter. These one-off costs totaled approximately 1¢ per share. Compared to last year’s second quarter, both revenue and profits in the second quarter were disappointing, primarily because we saw a sharp decline in shipments to General Electric Healthcare. Revenues were down 8% in the second quarter compared with the second 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 second 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.”

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