Shares in Harvard Biosciences (NSDQ:HBIO) fell today after the medtech company met expectations on Wall Street with its third quarter earnings results, but dropped its guidance for the full year.
The Holliston, Mass.-based company posted losses of $256,000, or 1¢ per share, on sales of $28.6 million for the three months ended September 30, seeing losses shrink 38.6% while sales grew 53% compared with the same period during the previous fiscal year.
After adjusting to exclude one-time items, earnings per share were 4¢, just in line with the 4¢ consensus on Wall Street.
“Our financial performance this quarter was within our expectations and reflects our focus on growth, profitability and new product development. With this quarter’s improvements in reported and adjusted revenue, as well as improved adjusted gross profit, adjusted operating income, and adjusted net income, we remain on track to meet our full-year financial projections,” prez & CEO Jeffrey Duchemin said in a press release.
Harvard Bioscience dropped its guidance for the full year, now expecting to see revenue of between $120 million and $121.5 million, down from an earlier estimate of between $120 million and $123 million.
The company said it expects to post GAAP full year losses per share of between 12¢ and 14¢ and non-GAAP diluted earnings per share of between 20¢ and 22¢, down from earlier estimates of between 20¢ and 23¢.
Shares in Harvard Bioscience have fallen approximately 6.6% so far today, at $4.22 as of 10:53 a.m. EDT.
