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HBIO Reports Second Quarter 2010 Revenue Growth Of 44% Over Second Quarter 2009

HOLLISTON, Mass., Aug. 5, 2010 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq:HBIO), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research and regenerative medicine, today reported unaudited financial highlights for the three and six months ended June 30, 2010.

Second Quarter Reported Results

Revenues for the three months ended June 30, 2010 were $25.9 million, an increase of $7.9 million, or 43.5%, compared to revenues of $18.0 million for the three months ended June 30, 2009. Currency exchange rate changes had a negative 3.6% effect on revenues in the second quarter of 2010 compared with the second quarter of 2009, and the Company's Denville Scientific business, which we acquired in September 2009, had a positive 36.1% effect on revenues. Excluding the effects of currency exchange rate changes and the Denville acquisition, the Company's organic revenue growth for the second quarter of 2010 was 11.0% over the same period in the previous year.

Net income, as measured under U.S. generally accepted accounting principles ("GAAP"), was $1.9 million, or $0.06 per diluted share, for the three months ended June 30, 2010 compared to $0.3 million, or $0.01 per diluted share, for the same period in 2009. GAAP income from continuing operations for the second quarter of 2010 included a $0.4 million, or $0.01 per diluted share, gain from adjustment of the contingent consideration related to our Denville Scientific acquisition.

Non-GAAP adjusted net income was $2.3 million, or $0.08 per diluted share, for the second quarter of 2010 compared to $1.4 million, or $0.05 per diluted share, for the second quarter of 2009, which represented a 65% year-to-year increase.         

Year to Date Reported Results

Revenues for the six months ended June 30, 2010 were $52.2 million, an increase of $15.1 million, or 40.6%, compared to revenues of $37.1 million for the six months ended June 30, 2009. Currency rate changes had a positive 0.3% effect on revenues for the first six months of 2010 compared with the same period in 2009, and the Company's acquisition of Denville Scientific had a positive 32.9% effect on revenues. Excluding the effects of currency changes and the Denville acquisition, the Company's organic revenue growth for the six months ended June 30, 2010 was 7.4% over the same period in the previous year.

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