New York, NY / ACCESSWIRE / April 17, 2014 / SeeThruEquity, a leading New York City based independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a company update note on Harvard Bioscience Inc. (NASDAQ: HBIO) regarding financial and operational results for Q4 2013 and FY 2013.
“2013 was a year of significant change for HBIO with numerous senior executive new hires including Jeffrey Duchemin as CEO and Robert Gagnon as CFO,” commented Ajay Tandon, CEO of SeeThruEquity. “The new executive team has considerable experience and will be critical in the company’s strategy of executing on its reinvigorated business plan for the future. This is in line with the completion of the spinoff of its HART unit last year, and the refocus on the core business of HBIO for the future. In light of these developments, we are raising our price target to $6.10 from $5.24.”
Highlights of the quarter and year are as follows:
- Full year 2013 revenues of $105.2mn were down 5.4% compared to 2012.
- HBIO reported a net loss of ($1.8mn), or ($0.06) per share in 2013, compared with net income of $2.4mn, or $0.08 per share, in 2012.
- HBIO completed the spin out of Harvard Apparatus Regenerative Technology, Inc. (“HART”) on November 1, 2013.
- GAAP income from continuing operations was $0.7mn, or $0.02 per diluted share for 2013, compared with $4.5mn, or $0.15 per diluted share in 2012.
- HBIO guided to $0.15 per diluted share from continuing operations in 2014E.
The report is available at: HBIO Company Note. SeeThruEquity is an approved equity research contributor on Thomson First Call, CapitalIQ, FactSet, and Zack’s.
Please review important disclosures on our website at http://www.seethruequity.com/.
About Harvard Bioscience
Harvard Bioscience is a global developer, manufacturer, and marketer of a broad range of specialized products, primarily apparatus and scientific instruments, used to advance life science. Our products are sold to thousands of researchers in over 100 countries primarily through our 850 page catalog (and various other specialty catalogs), our website, through distributors, including GE Healthcare, Thermo Fisher Scientific, and VWR, and via our field sales organization. Harvard Bioscience has sales and manufacturing operations in the United States, the United Kingdom, Germany, Sweden, and Spain with additional facilities in France and Canada. For more information, please visit our website at http://www.harvardbioscience.com/.
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson Reuters One (First Call), CapitalIQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
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