Harvard Bioscience, Inc. (HBIO) saw its loss narrow to $1.32 million, or $0.04 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $17.14 million, or $0.51 a share. On the other hand, adjusted net income for the quarter stood at $1.32 million, or $0.04 a share compared with $1.17 million or $0.03 a share, a year ago.
Revenue during the quarter dropped 6.89 percent to $26.42 million from $28.37 million in the previous year period. Gross margin for the quarter expanded 27 basis points over the previous year period to 45.83 percent. Operating margin for the quarter stood at negative 4.25 percent as compared to a positive 0.40 percent for the previous year period.
Operating loss for the quarter was $1.12 million, compared with an operating income of $0.11 million in the previous year period.
However, the adjusted operating income for the quarter stood at $1.63 million compared to $1.83 million in the prior year period. At the same time, adjusted operating margin contracted 30 basis points in the quarter to 6.16 percent from 6.46 percent in the last year period.
"We improved our operational results in 2016 as we execute on our plans to increase profitability. Throughout the year, double digit revenue growth in China was offset by currency translation, softness in the European funding environment, and slower than expected NIH funding outlays," said Jeffrey Duchemin, President and chief executive officer of Harvard Bioscience.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $0.15 to $0.17. The company expects diluted earnings per share to be in the range of $0.03 to $0.05 on adjusted basis.
Operating cash flow improves significantly
Harvard Bioscience, Inc. has generated cash of $5.38 million from operating activities during the year, up 663.55 percent or $4.68 million, when compared with the last year.
The company has spent $0.06 million cash to meet investing activities during the year as against cash outgo of $7.52 million in the last year.
The company has spent $4.87 million cash to carry out financing activities during the year as against cash outgo of $0.54 million in the last year period.
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