HOLLISTON, Mass., Oct. 31, 2013 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq:HBIO), a global developer, manufacturer and marketer of a broad range of tools to advance life science research and regenerative medicine, today reported unaudited financial results for the three and nine months ended September 30, 2013.
Jeffrey A. Duchemin, CEO of Harvard Bioscience, said, "Third quarter revenues for our Life Science Research Tools business, which will be the primary focus of Harvard Bioscience going forward, were down 3.7 percent from last year's third quarter, largely because of a decline in business from GE Healthcare. In addition, we experienced softer sales in Europe, along with some weakness in the U.S. due to sequestration. These declines were partially offset by growth in both our Denville Scientific business and our new BioDrop microvolume spectrophotometer product line."
Mr. Duchemin continued, "In my first 10 weeks here, I have visited most of our facilities, met many of our employees and have reviewed the operations with the senior management team. My takeaway is that we are fortunate to have skilled employees, a strong culture and great brands. With organic growth as a top priority for the company, our new team will be focused on accelerating growth in China and other emerging markets, building stronger channel capabilities, and operational improvements. In addition, we will be seeking strategic acquisitions to enhance our business. I believe we have a great team in place to achieve our goals."
"This has been an exciting quarter for Harvard Bioscience as we have been busy preparing for the next stage of corporate growth, with the pending spinoff of our Harvard Apparatus Regenerative Technology subsidiary, or HART, that will become effective tomorrow, November 1," said David Green, President of Harvard Bioscience and CEO of HART.
Mr. Green added, "We achieved important clinical and regulatory progress for our HART business as well since last quarter. The ninth and tenth successful regenerated trachea transplant surgeries have taken place, and were both performed at the Krasnodar hospital in Russia by Dr. Macchiarini. On the regulatory side, we have received written notice from the FDA that the Inbreath™ Airway Transplant System will be regulated by the Center for Biologics Evaluation and Research, as a combination product biologic under the BLA Pathway. This removes any uncertainty about the regulatory pathway in the U.S., and also confirms that the Inbreath System is eligible for designation as an orphan biologic product."
"We look forward to the independence of both HBIO and HART, providing shareholders with what we believe will be increased shareholder value as each company pursues its own growth strategy. HBIO intends to pursue a strategy based upon organic growth, expansion in international markets and strategic acquisitions. HART will initially focus on bringing our trachea transplant system to market, as well as developing new products for regenerating other organs," concluded Mr. Green.