This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Net income, as measured under U.S. generally accepted accounting principles ("GAAP"), was $4.1 million, or $0.14 per diluted share, for the six months ended June 30, 2010 compared to $2.1 million, or $0.07 per diluted share, for the same period in 2009, which represented a 94% year-to-year increase. GAAP income from continuing operations for the six months ended June 30, 2010 included a $0.4 million gain from adjustment of the contingent consideration related to our Denville Scientific acquisition.

Non-GAAP adjusted net income was $5.0 million, or $0.17 per diluted share, for the six months ended June 30, 2010 compared to $3.5 million, or $0.12 per diluted share, for the first six months of 2009, which represented a 40% year-to-year increase.

The Company ended the second quarter of 2010 with net cash (cash and cash equivalents, net of debt) totaling $4.6 million compared to $3.3 million at December 31, 2009. As of June 30, 2010 and December 31, 2009, we had $11.2 million and $13.3 million, respectively, of borrowings under our credit facility related to our purchase of Denville Scientific and our stock repurchase program.

Commenting on the Company's performance, Chane Graziano, CEO, stated, "Harvard Bioscience's financial performance for the second quarter of 2010 was very strong, despite some weakness in our Harvard Apparatus southern Europe subsidiaries. Our overall organic revenue growth increased by 11% compared with the second quarter of 2009. This growth was primarily driven by increased market demand compared to the second quarter of 2009, the introduction of new products and expansion of our field sales organization. The acquisition of Denville Scientific continues to meet our expectations and to be a significant contributor to our overall growth."   

Mr. Graziano continued, "For the third quarter of 2010, at current currency exchange rates, we expect revenue to be in the range of $25 to $27 million and non-GAAP diluted earnings per share to be approximately $0.08.

2 of 9

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs