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CORRECTION – Harvard Bioscience Announces Fourth Quarter 2019 Financial Results
Substantially improves adjusted operating margins while taking actions to underpin 2020 profit and growth targets HOLLISTON, Mass., Feb. 26, 2020 (GLOBE
About this update from Harvard Bioscience, Inc.
[{"type":"text","content":"Substantially improves adjusted operating margins while taking actions to underpin 2020 profit and growth targets\nHOLLISTON, Mass., Feb. 26, 2020 (GLOBE NEWSWIRE) -- In a release issued under the same headline issued earlier today by Harvard Bioscience, Inc. (Nasdaq: HBIO), please note that the table titled \"Consolidated Statements of Operations\" had incorrect data in the first data column. The corrected release follows:\n Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the three and twelve months ended December 31, 2019. 4th Quarter 2019FY 2019Revenue$31.0 million$116.2 millionOperating Income (GAAP)$1.6 million$0.4 millionAdjusted Operating Income / Margin$5.6 million, 18.1%$14.9 million, 12.8%Diluted EPS (GAAP)$0.01$(0.12)Adjusted Diluted EPS$0.08$0.18 Jim Green, Chairman and CEO said, “We finished 2019 with the actions underpinning our 2020 targets and creation of a strong growth platform well under way. Adjusted operating margin in the fourth quarter improved from 14% to 18%, with full year operating performance in-line with expectations. We also launched a restructuring program in Q4 which will deliver annualized savings greater than $4.0 million, and importantly create room for reinvestment to drive top-line growth.” Green continued, “Revenue in the fourth quarter was in-line with expectations. Pre-Clinical product sales were down in the quarter due primarily to large, one-time Pharma purchases in the fourth quarter of the prior year, though we are excited to see a return to growth with our CRO customers. Cellular and Molecular (CMT) product revenues were lower, though much was from planned product rationalization which positively impacted our profitability, and sales to European Academic customers improved after experiencing headwinds the first three quarters of 2019.” Green concluded, “The board and the management team are changing the Company to create a strong profitable growth platform designed to unlock significant value for our shareholders. We are excited for 2020 and fully expect to complete the turnaround and deliver the targets we set last September. We expect low single digit revenue growth for the year. Restructuring savings, higher margin product mix and improved operations are anticipated to underpin gross margin expansion by over 2 percentage points. We expe...