Harvard Bioscience Inc. Reports Fourth Quarter 2023 Financial Results
Earnings Per Share of $0.11, Exceeding Analyst Expectations
Strong Performance Driven by Continued Global Demand for Life Sciences Equipment
WAYLAND, Mass., May 7, 2024 – Harvard Bioscience Inc. (Nasdaq: HBIO), a leading global developer, manufacturer, and marketer of life sciences equipment, today announced financial results for the fourth quarter and fiscal year ended March 31, 2023.
For the fourth quarter, revenue increased 12% to $56.7 million compared to $50.7 million in the prior-year period. Product revenue grew 13% to $52.1 million, while service revenue increased 7% to $4.6 million. The growth in product revenue was primarily driven by strong demand for the Company's cutting-edge imaging systems and consumables.
Net income for the fourth quarter was $5.3 million, or $0.11 per diluted share, compared to a net income of $3.5 million, or $0.07 per diluted share, in the fourth quarter of fiscal 2022. This represents an increase of 51.4% in earnings per share.
For the full fiscal year, revenue increased 10% to $212.3 million compared to $193.3 million in the prior fiscal year. Product revenue grew 11% to $191.7 million, while service revenue increased 5% to $20.6 million. Net income for the year was $18.2 million, or $0.36 per diluted share, compared to a net income of $14.3 million, or $0.28 per diluted share, in fiscal 2022.
"We are pleased to report strong financial results for the fourth quarter and fiscal year, driven by continued global demand for our innovative life sciences equipment," said Jeffrey Duchemin, President and CEO of Harvard Bioscience. "Our team's dedication to providing cutting-edge solutions for our customers has enabled us to deliver consistent growth and profitability."
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