Harvard Bioscience Inc. (NSDQ:HBIO) is seeing some returns from its $24 million acquisition of Denville Scientific Inc.
The Holliston, Mass.-based lab instruments maker said revenues from its new Denville subsidiary contributed $5.7 million in sales during the three months ended Dec. 31, 2009. In all, revenues from Denville made up about 20 percent of the $27.6 million in sales the company reported during the quarter; during the same period last year the company posted $23 million in sales.
The increased Q4 sales helped Harvard Biosciences post an 82 percent increase in its bottom line during the quarter. The company reported net income of $3.7 million, compared to the $1.7 million for the same period last year.
For the year, the company reported net income of $7.2 million on $86 million in sales, compared to a $1.6 million profit on $88 million in sales in 2008.
Harvard Bioscience announced that it was acquiring Metuchen, N.J.-based Denville in September 2009.
