Harvard Bioscience Reports Second Quarter 2017 Financial Results
HOLLISTON, Mass., July 27, 2017 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq:HBIO) (the “Company”), a global developer, manufacturer and marketer of a broad range of solutions to advance life science, reported financial results for the three and six months ended June 30, 2017.
Second Quarter Reported Results
Revenues for the three months ended June 30, 2017 were $25.2 million, a decrease of approximately $0.9 million, or 4% compared to revenues of $26.1 million for the three months ended June 30, 2016. There were two main factors that contributed to the decline. Currency translation and the loss in revenues from the October 2016 AHN disposition both negatively impacted revenues in the quarter by approximately $0.6 million. Excluding currency translation and the impact of the AHN disposition, organic revenues grew approximately 1%, or $0.3 million in the second quarter. This result was primarily due to growth in the U.S. and China, partially offset by the continued softness in Europe. For a reconciliation of changes in revenues, refer to Exhibit 9 below.
Second Quarter Reported Results
Revenues for the three months ended June 30, 2017 were $25.2 million, a decrease of approximately $0.9 million, or 4% compared to revenues of $26.1 million for the three months ended June 30, 2016. There were two main factors that contributed to the decline. Currency translation and the loss in revenues from the October 2016 AHN disposition both negatively impacted revenues in the quarter by approximately $0.6 million. Excluding currency translation and the impact of the AHN disposition, organic revenues grew approximately 1%, or $0.3 million in the second quarter. This result was primarily due to growth in the U.S. and China, partially offset by the continued softness in Europe. For a reconciliation of changes in revenues, refer to Exhibit 9 below.