HOLLISTON, Mass., March 1, 2012 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq:HBIO - News), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research and regenerative medicine, today reported unaudited financial highlights for the fourth quarter and full year ended December 31, 2011.

Fourth Quarter Reported Results

Revenues were $29.0 million for the three months ended December 31, 2011 which was above the guidance range of $27.5-$28.5 million provided by management. Fourth quarter revenues were down approximately 1.7% compared to the same period in 2010. Currency exchange rates had a negative 0.2% effect on revenues in the fourth quarter of 2011 compared with the fourth quarter of 2010. The Company's acquisition of CMA Microdialysis in July 2011 had a positive 2.9% effect on revenues in the fourth quarter of 2011 compared to the fourth quarter of 2010. Excluding the effects of currency exchange rates and acquisitions, the Company's fourth quarter revenues were down 4.4% compared to the same period in the previous year.

Net income, as measured under U.S. generally accepted accounting principles ("GAAP"), was $0.7 million, or $0.02 per diluted share, for the three months ended December 31, 2011 compared to $2.2 million, or $0.08 per diluted share, for the same period in 2010. The unfavorable year-to-year quarterly GAAP earnings comparison was primarily due to increased spending in the Company's development-stage Regenerative Medicine Device ("RMD") business, and in the Company's Life Science Research Tools ("LSRT") business, a less favorable sales mix and lower year-to-year shipments of our nanovue microvolume spectrophotometer ("Nanovue") product.

Core Life Science Research Tools Results

Non-GAAP adjusted earnings per share for our core LSRT business for the fourth quarter of 2011 was $0.10 per diluted share, within management's guidance of $0.09-$0.10 per diluted share, compared with $0.12 per diluted share for the fourth quarter of 2010.

Regenerative Medicine Device Results

Non-GAAP adjusted earnings per share for our developmental RMD business for the fourth quarter of 2011 was a loss of $0.03 per diluted share, compared with a loss of $0.01 per diluted share for the fourth quarter of 2010, and reflected greater activities in developing this new initiative.

Year to Date Reported Results

Revenues for the year ended December 31, 2011 were $108.9 million, an increase of $0.7 million, or 0.6%, compared to revenues of $108.2 million for the year ended December 31, 2010. Currency exchange rates had a positive 1.5% effect on revenues for 2011 compared with the same period in 2010. The Company's acquisition of Coulbourn Instruments in August 2010 and CMA Microdialysis in July 2011 had a positive 2.9% effect on revenues. Excluding the effects of currency exchange rates and acquisitions, the Company's revenues were down 3.8% from the previous year.

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HBIO Reports Fourth Quarter 2011 Results

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