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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV