The medical instruments company posted quarterly revenue of $29.6 million, a 6% year-on-year dip from the $31.6 million reported a year earlier but narrowly ahead of Street expectations for $29.3 million.
Earnings came in at $0.04 per share, down from $0.07 in the year-ago quarter and right in line with consensus estimates.
Drawing investors ,ain attention, however, was the Holliston, Massachusetts company’s full-year guidance. Harvard Bioscience reiterated its projection for earnings of between $0.19 and $0.20 per share on revenue of between $119 and $122 million.
Analysts were looking toward the lower end of that range, projecting $0.19 per share on revenue of $119.5 million.
The company’s stock rocketed nearly 40% higher Friday afternoon.
The quarterly results for the three months ended June marked the last period under the leadership of former CEO Jeff Duchemin. On July 8, Chairman James Green was named president and CEO of the company.
“Although our performance for the quarter was in the range expected, we can do better,” Green said in a statement on thecompany's website.
“Our focus is to improve the underlying performance of our business, including revenue and gross margin growth, lowering operating expenses and reducing interest expense. We are putting acquisitions on hold for the near-term while we finish consolidating and integrating our previous acquisitions and demonstrate we can efficiently operate our business on an organic basis,” he added.
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