HOLLISTON, Mass., May 3, 2012 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (HBIO - News), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research and regenerative medicine, today reported unaudited financial results for the three months ended March 31, 2012.
First Quarter Reported Results
Revenues for the three months ended March 31, 2012 were $28.3 million, an increase of $2.0 million, or 7.6%, compared to revenues of $26.3 million for the three months ended March 31, 2011. Currency exchange rates had a negative 1.0% effect on revenues in the first quarter of 2012 compared with the first quarter of 2011. The Company's acquisitions of CMA Microdialysis AB ("CMA") in July 2011 and AHN Biotechnologie GmbH ("AHN") in February 2012 had a positive 4.4% effect on revenues. Excluding the effects of currency changes and acquisitions, the Company's organic revenue growth for the first quarter of 2012 was 4.2% over the same period in the previous year.
Net income, as measured under U.S. generally accepted accounting principles ("GAAP"), was $0.5 million, or $0.02 per diluted share for the three months ended March 31, 2012 compared to $1.7 million, or $0.06 per diluted share, for the same period in 2011. The unfavorable year-to-year quarterly GAAP earnings comparison was primarily due to increased spending in the Company's development-stage Regenerative Medicine Device ("RMD") business.
On a non-GAAP adjusted basis, earnings per share for our core Life Science Research Tools ("LSRT") business for the first quarter of 2012 were $0.09 per diluted share compared with $0.08 per diluted share for the first quarter of 2011. Non-GAAP adjusted earnings per share for our RMD business for the first quarter of 2012 was a loss of $0.03 per diluted share, compared with a loss of $0.01 per diluted share for the first quarter of 2011, and reflected greater activities in developing this new initiative. The Company's total non-GAAP adjusted earnings per share, reflecting LSRT and RMD combined, were $0.06 per diluted share for the first quarter of 2012 compared with $0.07 per diluted share for the first quarter of 2011.
Commenting on the Company's performance Chane Graziano, CEO, stated, "We are pleased with our first quarter 2012 performance. Overall our organic growth in orders was 6% and for revenues was 4% versus the first quarter of 2011, fueled by demand in each of our four major product groups. During the first quarter of 2012 we hired a new general manager at our Denville Scientific subsidiary and introduced an exciting new nano spectrophotometer product at our Biochrom subsidiary. We expect each to have a significant impact in the second half of 2012."
Mr. Graziano continued "In the second quarter of 2012, we expect revenues to be in the $28-$29 million range and we expect non-GAAP diluted earnings per share for our core LSRT business to be in the 9-10 cents per share range. In RMD, we expect second quarter operating expenses to be about 4 cents per diluted share. For the year, we are maintaining our guidance at $115-$120 million range for revenues and 39-42 cents non-GAAP diluted earnings per share range for our core LSRT business. We also continue to expect our RMD operating expenses to be about 13 cents per diluted share this year."
Our second quarter 2012 revenue and earnings guidance was calculated using exchange rates (USD 1.62/GBP and USD 1.32/Euro) approximating April 27, 2012 rates and assumes a continuation of the business conditions as we see them at this time. The non-GAAP adjusted earnings per diluted share guidance excludes amortization of intangible assets, impact of future acquisitions, acquisition costs, any future restructuring actions, and stock-based compensation expense recognized under the provisions of FASB ASC Topic 718, "Compensation -- Stock Compensation." See the table below for a reconciliation of our estimated non-GAAP adjusted earnings per diluted share to our estimated GAAP earnings per diluted share. See Exhibits 4, 5 and 6 for reconciliations of GAAP to non-GAAP adjusted operating income, GAAP to non-GAAP adjusted net income and GAAP diluted earnings per common share to non-GAAP adjusted diluted earnings per common share for the three months ended March 31, 2012 and 2011, respectively.
Operating Results for Continuing Operations
Three months ended March 31, 2012 compared to three months ended March 31, 2011:
Go here to read the rest:
HBIO Reports First Quarter 2012 Revenue Growth of 8% Over First Quarter 2011
- Is there an alternative to radiation - November 8th, 2009 [November 8th, 2009]
- Taiwan exploring how nanotech affects health - November 8th, 2009 [November 8th, 2009]
- A new way of treating cancer on the way? - November 8th, 2009 [November 8th, 2009]
- Lasers can destroy cancer cells - November 8th, 2009 [November 8th, 2009]
- Fluorescent molecules can be biomarkers - November 8th, 2009 [November 8th, 2009]
- Quick blood tests by using a nanodevice - November 8th, 2009 [November 8th, 2009]
- Where will medicine be 20 years from now - November 8th, 2009 [November 8th, 2009]
- History of nanotechnology - November 8th, 2009 [November 8th, 2009]
- Nanotech and Cancer - November 8th, 2009 [November 8th, 2009]
- Nanotechnology in medicine - November 8th, 2009 [November 8th, 2009]
- How does cancer start - January 25th, 2010 [January 25th, 2010]
- Lung cancer symptoms - January 26th, 2010 [January 26th, 2010]
- Signs of breast cancer - January 27th, 2010 [January 27th, 2010]
- Famous people with cancer - January 29th, 2010 [January 29th, 2010]
- Metastatic renal cancer - January 30th, 2010 [January 30th, 2010]
- What causes skin cancer - January 31st, 2010 [January 31st, 2010]
- How many people die from cancer each year - February 1st, 2010 [February 1st, 2010]
- How much money is spent on cancer research - February 2nd, 2010 [February 2nd, 2010]
- Colon cancer warning signs - February 4th, 2010 [February 4th, 2010]
- Prostate cancer symptoms - February 4th, 2010 [February 4th, 2010]
- Nano-devices that cross blood-brain barrier open door to treatment of cerebral palsy - April 25th, 2012 [April 25th, 2012]
- Nano-devices that cross blood-brain barrier open door to treatment of cerebral palsy, other neurologic disorders - April 25th, 2012 [April 25th, 2012]
- Nanomaterial properties in complement activation: lessons from nanomedicine - Video - May 4th, 2012 [May 4th, 2012]
- OMICS Group :: International Conference and Exhibition on Nanotechnology - May 4th, 2012 [May 4th, 2012]
- Use of Nanotechnology in Medicine [FOX 11-27-2011] - Video - May 4th, 2012 [May 4th, 2012]
- Cancer Nanomedicine - Detection - Video - May 4th, 2012 [May 4th, 2012]
- Cancer Nanomedicine - Video - May 4th, 2012 [May 4th, 2012]
- Nano science, focus of Education Ministry - May 7th, 2012 [May 7th, 2012]
- Drug-resistant Bacteria - Designing Nanoparticles For High Antibiotic Doses - May 7th, 2012 [May 7th, 2012]
- Research and Markets: Global Market for Nano Silver - May 10th, 2012 [May 10th, 2012]
- Cracking study makes nanotech breakthrough - May 10th, 2012 [May 10th, 2012]
- Nanoparticles may pose environmental threat - May 16th, 2012 [May 16th, 2012]
- Global Nanobiotechnology Industry - May 17th, 2012 [May 17th, 2012]
- 'Inability to give back Singur land my biggest regret' - May 20th, 2012 [May 20th, 2012]
- 'KOREA PACK 2012' for Packing process industry to be held at KINTEX - May 23rd, 2012 [May 23rd, 2012]
- New ISO Technical Report Guides Characterization of Nanomaterials in Toxicology - May 29th, 2012 [May 29th, 2012]
- DNA strands create tiniest Smileys - May 30th, 2012 [May 30th, 2012]
- Health and fitness agenda: Evolution Asia Yoga Conference - June 2nd, 2012 [June 2nd, 2012]
- UC Davis work in humanities receives $150,000 in UC-wide grants - June 2nd, 2012 [June 2nd, 2012]
- Computer-designed proteins 'may help fight variety of flu viruses' - June 3rd, 2012 [June 3rd, 2012]
- 'Nano technology' [program can pay off big for IRSC students - June 3rd, 2012 [June 3rd, 2012]
- Computer-designed proteins programmed to disarm variety of flu viruses - June 3rd, 2012 [June 3rd, 2012]
- Jugaad innovators don't plan - they improvise - June 6th, 2012 [June 6th, 2012]
- Health and fitness agenda: World Blood Donor Day - June 9th, 2012 [June 9th, 2012]
- OMICS Group :: Journal of Nanomedicine - June 9th, 2012 [June 9th, 2012]
- Researchers develop a 'time bomb' to fight cardiovascular disease - June 10th, 2012 [June 10th, 2012]
- Nanotechnologists develop a 'time bomb' to fight cardiovascular disease - June 10th, 2012 [June 10th, 2012]
- 'Time bomb' to fight cardiovascular disease developed - June 11th, 2012 [June 11th, 2012]
- Asia's First Graphene Nano-Tech Facility Opens In Singapore - June 13th, 2012 [June 13th, 2012]
- How worms are pioneering remote control medicine - June 13th, 2012 [June 13th, 2012]
- Golden Helix Establishes Direct Presence in Japan - June 13th, 2012 [June 13th, 2012]
- STDs Blocked by Nano Gel, Study Suggests - June 15th, 2012 [June 15th, 2012]
- Real Products, Different Results - June 15th, 2012 [June 15th, 2012]
- The Puridone Program - A Breakthrough for Painkiller Addiction - June 15th, 2012 [June 15th, 2012]
- Six startup medical device firms compete in Memphis for fame and fortune - June 19th, 2012 [June 19th, 2012]
- International Nanomedicine Conference bound for Sydney: July 2-4, 2012 - June 19th, 2012 [June 19th, 2012]
- Taming light with graphene - June 21st, 2012 [June 21st, 2012]
- Today on New Scientist: 25 June 2012 - June 26th, 2012 [June 26th, 2012]
- A step towards the future - July 1st, 2012 [July 1st, 2012]
- Genia Technologies Collaborates with Professors Jingyue Ju at Columbia and George Church at Harvard to Develop a ... - October 4th, 2012 [October 4th, 2012]
- Scientists Invited To Submit Proposals For Biological Research In Space - October 4th, 2012 [October 4th, 2012]
- Research and Markets: Micro-Nano Technology XIII from the 13th Annual Conference of Chinese Society of Micro-Nano ... - October 6th, 2012 [October 6th, 2012]
- $80M research facility to open at UMass Lowell - October 6th, 2012 [October 6th, 2012]
- Nano-revolution in drugs delivery - October 8th, 2012 [October 8th, 2012]
- SENAI/SESI of Sao Paulo Selects NanoProfessor as Foundation for "Nanomundo" Nanotechnology Education Initiative - October 8th, 2012 [October 8th, 2012]
- Delivering an integral approach to emotional and mental health - October 9th, 2012 [October 9th, 2012]
- NanoGuardian's On-Dose NanoEncryption Brand Protection Technology to Be Presented at AAPS Annual Meeting - October 11th, 2012 [October 11th, 2012]
- Il Nano Mondo del professor Ennio Tasciotti - Video - October 30th, 2012 [October 30th, 2012]
- Deakin University - Practical Science - Nano medicine - Video - October 30th, 2012 [October 30th, 2012]
- 2012 Deakin University 3 Minute Thesis Finalist - Jarrad Altimari - Video - October 30th, 2012 [October 30th, 2012]
- Nano Medicine from "Development of Nanotechnology in Hong Kong" - Video - October 30th, 2012 [October 30th, 2012]
- NANO Medicine 1 3 xvid - Video - October 30th, 2012 [October 30th, 2012]
- Nanolääke // Nano medicine - Video - October 30th, 2012 [October 30th, 2012]
- NANO Medicine (1-3) - Video - October 30th, 2012 [October 30th, 2012]
- Jefferson County, Colorado's Bioscience Industry - Video - October 30th, 2012 [October 30th, 2012]
- NanoMission - Nanomedicine NanoBot - Video - October 30th, 2012 [October 30th, 2012]
- Study aims to unlock mysteries of autism - November 20th, 2012 [November 20th, 2012]
- Catherine Griwkowsky - November 22nd, 2012 [November 22nd, 2012]
- Kulkarni to be feted at Bangalore Nano 2012 - November 26th, 2012 [November 26th, 2012]
- Science Spectrum from Lubbock spreads science to area students - December 5th, 2012 [December 5th, 2012]