Harvard Bioscience (HBIO) saw its loss widen to $1.07 million, or $0.03 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $0.64 million, or $0.02 a share. On the other hand, adjusted net income for the quarter stood at $0.62 million, or $0.02 a share compared with $1.57 million or $0.05 a share, a year ago.

Revenue during the quarter dropped 10.41 percent to $24.16 million from $26.96 million in the previous year period. Gross margin for the quarter contracted 41 basis points over the previous year period to 47.60 percent. Operating margin for the quarter stood at negative 2.65 percent as compared to a negative 0.82 percent for the previous year period.

Operating loss for the quarter was $0.64 million, compared with an operating loss of $0.22 million in the previous year period.

However, the adjusted operating income for the quarter stood at $1.18 million compared to $2.39 million in the prior year period. At the same time, adjusted operating margin contracted 398 basis points in the quarter to 4.88 percent from 8.86 percent in the last year period.

For financial year 2017, the company projects diluted earnings per share to be in the range of $0.02 to $0.04. The company projects diluted earnings per share to be in the range of $0.15 to $0.17 on adjusted basis.

Harvard Bioscience has spent $0.61 million cash to meet operating activities during the quarter as against cash outgo of $0.73 million in the last year period.

The company has spent $0.23 million cash to meet investing activities during the quarter as against cash outgo of $0.20 million in the last year period.

The company has spent $0.27 million cash to carry out financing activities during the quarter as against cash outgo of $1.73 million in the last year period.

Cash and cash equivalents stood at $4.60 million as on Mar. 31, 2017, up 10.16 percent or $0.42 million from $4.18 million on Mar. 31, 2016.