Harvard Bioscience Announces Fourth Quarter and Full-Year 2025 Financial Results
Rhea-AI Summary
Harvard Bioscience (Nasdaq: HBIO) reported Q4 2025 revenue $23.7M and full-year 2025 revenue $86.6M with gross margins of 59.7% (Q4) and 57.7% (FY). The company posted a $56.7M net loss in 2025, driven largely by a $48.0M goodwill impairment, and reported Adjusted EBITDA $8.1M for 2025. Mark Frost was named permanent CFO. Management issued 2026 guidance: Q1 revenue $20.0M–$22.0M and full-year revenue growth of 2%–4%, with adjusted gross margin 58%–60% and adjusted EBITDA growth 6%–10%.
Positive
- Adjusted EBITDA increased to $8.1M in 2025 (from $7.2M)
- Operating cash provided rose to $6.7M for 2025 (from $1.4M)
- Management set FY2026 guidance for 2%–4% revenue growth
- Mark Frost appointed permanent CFO
Negative
- $48.0M goodwill impairment drove a $56.7M net loss in 2025
- Full-year revenue declined to $86.6M from $94.1M (2024)
Key Figures
Market Reality Check
Peers on Argus
Pre-earnings setup looked stock-specific. Among key peers, NXGL was up while BNGO was down, and broader peer moves were mixed, not mirroring HBIO’s weakness.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 10 | Prelim Q4 earnings | Positive | +13.4% | Strong Q4 prelims, higher margins and positive 2026 outlook drove gains. |
| Nov 06 | Q3 2025 earnings | Negative | -7.3% | Revenue decline and ongoing losses despite guidance weighed on shares. |
| Aug 11 | Q2 2025 earnings | Positive | -9.3% | Guidance beat and better EBITDA but stock sold off post‑results. |
| May 12 | Q1 2025 earnings | Negative | +11.8% | Large goodwill impairment and revenue decline contrasted with positive reaction. |
| Mar 12 | Q4 & FY 2024 | Negative | -10.1% | Full‑year revenue drop and continued losses prompted a double‑digit decline. |
Earnings have often produced volatile, mixed reactions, with both sharp gains and notable selloffs despite recurring themes of margin focus and restructuring.
Across the last five earnings releases from Mar 2025 through Feb 2026, Harvard Bioscience reported declining revenues but generally improving gross margins and adjusted EBITDA, alongside a major $48.0M goodwill impairment in Q1 2025. Management repeatedly emphasized cost reductions, refinancing efforts, and a shift toward higher‑margin translational science tools. The current Q4/FY 2025 report confirms the previously released preliminary Q4 figures and extends that narrative with formal 2026 growth and margin guidance.
Historical Comparison
Over the past five earnings releases, HBIO’s average next‑day move was about -0.3%, with both sharp rallies and selloffs around similar margin‑focused updates.
Earnings from Q1 to Q4 2025 show pressured revenues, a one‑time $48.0M goodwill impairment, but gradually improving gross margins, EBITDA, and a clearer 2026 growth and translational science strategy.
Regulatory & Risk Context
An effective S-3 resale registration dated Jan 30, 2026 covers up to 9,500,000 shares for selling securityholders, tied to warrants at $0.50 and conversion of a $7.5M Term C loan at $1.00 per share. The company itself is not selling shares and would only receive up to $1.0M if warrants are exercised for cash.
Market Pulse Summary
This announcement details Q4 and full-year 2025 results showing revenue declines but better gross margins and higher adjusted EBITDA, alongside a sizeable $56.7M net loss driven by a $48.0M goodwill impairment. Management emphasizes a pivot toward higher‑margin translational science offerings and guides to 2%–4% revenue growth and 6%–10% adjusted EBITDA growth in 2026. Investors may watch execution on new products, margin sustainability, and operational cash flow against this guidance.
Key Terms
new approach methodologies (NAMs) medical
translational science medical
adjusted EBITDA financial
non-GAAP financial
goodwill impairment financial
AI-generated analysis. Not financial advice.
- Fourth Quarter 2025 Revenues of
$23.7M and Gross Margin of59.7% - Full Year 2025 Revenues of
$86.6M and Gross Margin of57.7% - Interim CFO Mark Frost Appointed CFO on Permanent Basis
- Introduces Full Year 2026 Guidance which Reflects Anticipated Revenue Growth Driven by New Products for Translational Science
HOLLISTON, Mass., March 12, 2026 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company” or “Harvard Bioscience”) today announced financial results for the fourth quarter and full year ended December 31, 2025.
“2025 was a pivotal year for Harvard Bioscience as we strengthened our balance sheet and streamlined our operating model. This culminated in fourth quarter results that reflect disciplined execution, an improved product mix, and the cost reductions implemented throughout the year,” said John Duke, President and Chief Executive Officer. “As we look ahead, we are evolving from a traditional life science tools provider into a leading enabler of translational science. By embracing the ongoing shift to New Approach Methodologies (NAMs) and focusing on new products for translational science, we’ll help our customers generate more predictive, human-relevant data earlier in the drug development process. We believe we are well-positioned for a new phase of growth and are confident in our outlook and our ability to drive sustainable shareholder value in 2026 and beyond.”
“I’m pleased to have been appointed on a permanent basis and to continue working with the Harvard Bioscience team,” said Mark Frost, Chief Financial Officer. “We’ve made significant progress over the past year. I’m excited by the opportunity ahead, and I look forward to further engagement with our team, customers, and shareholders.”
Fourth Quarter 2025 Results
For the fourth quarter of fiscal 2025, the Company reported revenues of
Net (loss) income for the fourth quarter of 2025 was (
Results for Year Ended December 31, 2025
For the year ended December 31, 2025, revenues were
Net loss for the year ended December 31, 2025 was (
This press release includes certain financial information presented on an adjusted, or non-GAAP, basis. For additional information on the non-GAAP financial measures included in this press release, see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
First Quarter 2026 Guidance
The Company expects:
- Revenue between
$20.0 million and$22.0 million - Adjusted gross margin between
57% and59% - Adjusted EBITDA between
$1.0 million and$2.2 million .
Note that the prior-year comparable first quarter period did not include tariff impacts and was minimally affected by NIH funding headwinds.
Full Year 2026 Guidance
Guidance for the full year 2026 is expected to be driven by higher margin New Product Innovation (NPI) revenue as the Company focuses on Translational Science. Growth is expected to be supported by a stabilized NIH funding environment and a reduction in tariff disruptions. The Company expects:
- Revenue growth between
2% and4% - Adjusted gross margin between
58% and60% - Adjusted EBITDA growth between
6% and10% .
Webcast and Conference Call Details
In conjunction with this announcement, the Company will be hosting a conference call and webcast today at 8:00 a.m. Eastern Time. A presentation that will be referenced during the webcast will be posted to the Company’s Investor Relations website shortly before the webcast begins.
Analysts who would like to join the call and ask a question must register here. Once registered, you will receive the dial-in numbers and a unique PIN number.
Participants who would like to join the audio-only webcast should go to our events and presentations on the investor website here.
Use of Non-GAAP Financial Information
In this press release we have included non-GAAP financial information, including one or more of adjusted operating income (loss), adjusted operating margin, adjusted net income (loss), adjusted EBITDA, adjusted EBITDA margin, diluted adjusted earnings (loss) per share, and net debt. We believe that this non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of our business. For the periods presented, these non-GAAP financial measures have excluded certain expenses and income resulting from items that we do not believe are reflective of the underlying operations of the business. Items excluded include stock-based compensation, amortization of intangibles related to acquisitions, other operating expenses, goodwill impairment, interest and other expense, net, loss on pension settlement, loss on equity securities, income taxes, and the tax impact of reconciling items. Management believes that this non-GAAP financial information is important in comparing current results with prior period results and is useful to investors and financial analysts in assessing the Company’s operating performance.
Historical non-GAAP financial information included herein is accompanied by a reconciliation to the nearest corresponding GAAP measure, which is included below.
The non-GAAP financial information provided in this press release should be considered in addition to, not as a substitute for, the financial information provided and presented in accordance with GAAP and may be different from other companies’ non-GAAP financial information.
About Harvard Bioscience
Harvard Bioscience, Inc. is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bio-production and preclinical testing for pharmaceutical and therapy development. Our customers range from renowned academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe, and China, we sell through a combination of direct and distribution channels to customers around the world.
For more information, please visit our website at www.harvardbioscience.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend,” “believe” and similar expressions or statements that do not relate to historical matters. Forward-looking statements include, but are not limited to, information concerning expected future financial and operational performance including revenues, adjusted gross margin, adjusted EBITDA, gross margin, cash and debt position, balance sheet, growth and the introduction of new products, the strength of the Company’s market position, business model and anticipated macroeconomic conditions. Forward-looking statements do not guarantee future performance and involve known and unknown uncertainties, risks, assumptions, and contingencies, many of which are outside the Company’s control. Risks and other factors that could cause the Company’s actual results to differ materially from those described in its forward-looking statements include those described in the “Risk Factors” section of the Company’s most recently filed Annual Report on Form 10-K and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as well as in the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements are based on the Company’s expectations and assumptions as of the date of this document. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect any change in expectations, even as new information becomes available.
Investor Inquiries:
Mark Frost
Chief Financial Officer
(508) 893-3120
investors@harvardbioscience.com
| HARVARD BIOSCIENCE, INC. | ||||||||||||||||
| Consolidated Statements Of Operations | ||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 23,735 | $ | 24,556 | $ | 86,550 | $ | 94,135 | ||||||||
| Cost of revenues | 9,563 | 10,545 | 36,640 | 39,369 | ||||||||||||
| Gross profit | 14,172 | 14,011 | 49,910 | 54,766 | ||||||||||||
| Sales and marketing expenses | 5,093 | 5,395 | 19,216 | 22,212 | ||||||||||||
| General and administrative expenses | 4,119 | 4,803 | 17,742 | 21,493 | ||||||||||||
| Research and development expenses | 2,183 | 2,328 | 8,825 | 10,406 | ||||||||||||
| Amortization of intangible assets | 850 | 1,257 | 4,027 | 5,255 | ||||||||||||
| Goodwill impairment | - | - | 47,951 | - | ||||||||||||
| Other operating expenses | 217 | 217 | 729 | 1,611 | ||||||||||||
| Total operating expenses | 12,462 | 14,000 | 98,490 | 60,977 | ||||||||||||
| Operating income (loss) | 1,710 | 11 | (48,580 | ) | (6,211 | ) | ||||||||||
| Other expense: | ||||||||||||||||
| Interest expense | (1,660 | ) | (1,180 | ) | (4,917 | ) | (3,536 | ) | ||||||||
| Loss on pension settlement | (1,233 | ) | - | (1,233 | ) | - | ||||||||||
| Loss on equity securities | - | - | - | (1,593 | ) | |||||||||||
| Other (expense) income, net | (2,021 | ) | 1,759 | (2,656 | ) | (325 | ) | |||||||||
| Total other expense | (4,914 | ) | 579 | (8,806 | ) | (5,454 | ) | |||||||||
| (Loss) income before income taxes | (3,204 | ) | 590 | (57,386 | ) | (11,665 | ) | |||||||||
| Income tax (benefit) expense | (357 | ) | 572 | (686 | ) | 740 | ||||||||||
| Net (loss) income | $ | (2,847 | ) | $ | 18 | $ | (56,700 | ) | $ | (12,405 | ) | |||||
| (Loss) earnings per share: | ||||||||||||||||
| Basic (loss) earnings per share | $ | (0.06 | ) | $ | 0.00 | $ | (1.28 | ) | $ | (0.28 | ) | |||||
| Diluted (loss) earnings per share | $ | (0.06 | ) | $ | 0.00 | $ | (1.28 | ) | $ | (0.28 | ) | |||||
| Weighted-average common shares: | ||||||||||||||||
| Basic | 44,602 | 43,659 | 44,391 | 43,538 | ||||||||||||
| Diluted | 44,602 | 44,454 | 44,391 | 43,538 | ||||||||||||
| HARVARD BIOSCIENCE, INC. | |||||||
| Condensed Consolidated Balance Sheets | |||||||
| (In thousands) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Cash and cash equivalents | $ | 8,614 | $ | 4,108 | |||
| Accounts receivable, net | 16,043 | 14,866 | |||||
| Inventories | 20,805 | 23,245 | |||||
| Other current assets | 2,763 | 2,898 | |||||
| Total current assets | 48,225 | 45,117 | |||||
| Property, plant and equipment | 4,787 | 5,106 | |||||
| Goodwill and other intangibles | 17,198 | 67,456 | |||||
| Other long-term assets | 9,861 | 8,965 | |||||
| Total assets | $ | 80,071 | $ | 126,644 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current portion of long-term debt | $ | - | $ | 36,956 | |||
| Other current liabilities | 21,960 | 18,002 | |||||
| Total current liabilities | 21,960 | 54,958 | |||||
| Long-term debt, net | 35,870 | - | |||||
| Other long-term liabilities | 8,507 | 8,346 | |||||
| Stockholders’ equity | 13,734 | 63,340 | |||||
| Total liabilities and stockholders’ equity | $ | 80,071 | $ | 126,644 | |||
| HARVARD BIOSCIENCE, INC. | |||||||||||||||||
| Condensed Consolidated Statements Of Cash Flows | |||||||||||||||||
| (In thousands) | |||||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net (loss) income | $ | (2,847 | ) | $ | 18 | $ | (56,700 | ) | $ | (12,405 | ) | ||||||
| Adjustments to operating cash flows | 3,669 | 2,300 | 57,756 | 13,780 | |||||||||||||
| Changes in operating assets and liabilities | (918 | ) | (593 | ) | 5,673 | 65 | |||||||||||
| Net cash (used in) provided by operating activities | (96 | ) | 1,725 | 6,729 | 1,440 | ||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Additions to property, plant and equipment | (449 | ) | (301 | ) | (1,258 | ) | (2,644 | ) | |||||||||
| Acquisition of intangible assets | (150 | ) | (165 | ) | (605 | ) | (619 | ) | |||||||||
| Proceeds from sale of marketable equity securities | - | - | - | 1,919 | |||||||||||||
| Net cash used in investing activities | (599 | ) | (466 | ) | (1,863 | ) | (1,344 | ) | |||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Borrowing from revolving line of credit | - | - | - | 8,800 | |||||||||||||
| Borrowing from term loans | 40,000 | - | 40,000 | - | |||||||||||||
| Repayment of revolving line of credit | (12,650 | ) | - | (12,650 | ) | (2,550 | ) | ||||||||||
| Repayment of term debt | (21,700 | ) | (1,000 | ) | (24,700 | ) | (6,023 | ) | |||||||||
| Payment of debt issuance costs | (3,145 | ) | - | (3,832 | ) | (161 | ) | ||||||||||
| Proceeds from exercise of employee stock options and purchases | 1 | 161 | 47 | 380 | |||||||||||||
| Taxes paid related to net share settlement of equity awards | (57 | ) | (518 | ) | (156 | ) | (577 | ) | |||||||||
| Net cash provided by (used in) financing activities | 2,449 | (1,357 | ) | (1,291 | ) | (131 | ) | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 43 | (363 | ) | 931 | (140 | ) | |||||||||||
| Increase (decrease) in cash and cash equivalents | 1,797 | (461 | ) | 4,506 | (175 | ) | |||||||||||
| Cash and cash equivalents at the beginning of period | 6,817 | 4,569 | 4,108 | 4,283 | |||||||||||||
| Cash and cash equivalents at the end of period | $ | 8,614 | $ | 4,108 | $ | 8,614 | $ | 4,108 | |||||||||
| HARVARD BIOSCIENCE, INC. | ||||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) | ||||||||||||||||||
| (In thousands, except per share data and percentages) | ||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||
| GAAP operating income (loss) | $ | 1,710 | $ | 11 | $ | (48,580 | ) | $ | (6,211 | ) | ||||||||
| Stock-based compensation | 459 | 961 | 1,855 | 4,340 | ||||||||||||||
| Acquired asset amortization | 850 | 1,257 | 4,027 | 5,255 | ||||||||||||||
| Goodwill impairment | - | - | 47,951 | - | ||||||||||||||
| Other operating expenses (1) | 217 | 217 | 729 | 1,611 | ||||||||||||||
| Other adjustments | 46 | 42 | 181 | 299 | ||||||||||||||
| Adjusted operating income | $ | 3,282 | $ | 2,488 | $ | 6,163 | $ | 5,294 | ||||||||||
| Operating margin | 7.2 | % | 0.0 | % | (56.1 | %) | (6.6 | %) | ||||||||||
| Adjusted operating margin | 13.8 | % | 10.1 | % | 7.1 | % | 5.6 | % | ||||||||||
| GAAP net (loss) income | $ | (2,847 | ) | $ | 18 | $ | (56,700 | ) | $ | (12,405 | ) | |||||||
| Stock-based compensation | 459 | 961 | 1,855 | 4,340 | ||||||||||||||
| Acquired asset amortization | 850 | 1,257 | 4,027 | 5,255 | ||||||||||||||
| Goodwill impairment | - | - | 47,951 | - | ||||||||||||||
| Other operating expenses (1) | 217 | 217 | 729 | 1,611 | ||||||||||||||
| Loss on pension settlement | 1,233 | - | 1,233 | - | ||||||||||||||
| Other adjustments | 46 | 42 | 181 | 299 | ||||||||||||||
| Loss on equity securities | - | - | - | 1,593 | ||||||||||||||
| Income taxes | (11 | ) | 191 | (277 | ) | 568 | ||||||||||||
| Adjusted net (loss) income | (53 | ) | 2,686 | (1,001 | ) | 1,261 | ||||||||||||
| Depreciation & amortization | 501 | 503 | 1,918 | 1,902 | ||||||||||||||
| Interest and other expense, net | 3,681 | (579 | ) | 7,573 | 3,861 | |||||||||||||
| Adjusted income taxes (2) | (346 | ) | 381 | (409 | ) | 172 | ||||||||||||
| Adjusted EBITDA | $ | 3,783 | $ | 2,991 | $ | 8,081 | $ | 7,196 | ||||||||||
| Adjusted EBITDA margin | 15.9 | % | 12.2 | % | 9.3 | % | 7.6 | % | ||||||||||
| Diluted (loss) earnings per share (GAAP) | $ | (0.06 | ) | $ | 0.00 | $ | (1.28 | ) | $ | (0.28 | ) | |||||||
| Diluted adjusted (loss) earnings per share | $ | (0.00 | ) | $ | 0.06 | $ | (0.02 | ) | $ | 0.03 | ||||||||
| Weighted-average common shares: | ||||||||||||||||||
| Diluted GAAP | 44,602 | 43,659 | 44,391 | 43,538 | ||||||||||||||
| Diluted Adjusted | 45,220 | 44,454 | 44,674 | 44,391 | ||||||||||||||
| December 31, | ||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||
| Debt, including unamortized deferred financing costs | $ | 35,870 | $ | 36,956 | ||||||||||||||
| Unamortized deferred financing costs | 4,130 | 394 | ||||||||||||||||
| Cash and cash equivalents | (8,614 | ) | (4,108 | ) | ||||||||||||||
| Net debt | $ | 31,386 | $ | 33,242 | ||||||||||||||
| (1) Other operating expenses for the year ended December 31, 2025, were | ||||||||||||||||||
| (2) Adjusted income taxes includes the tax effect of adjusting for the reconciling items using the tax rates in the jurisdictions in which the reconciling items arise. | ||||||||||||||||||
FAQ
What were Harvard Bioscience (HBIO) Q4 2025 revenues and margins?
Why did Harvard Bioscience (HBIO) report a $56.7M net loss in 2025?
What is Harvard Bioscience's (HBIO) guidance for full-year 2026 revenue and margins?
How did Harvard Bioscience's (HBIO) adjusted EBITDA and cash flow perform in 2025?
What guidance did Harvard Bioscience (HBIO) give for Q1 2026 results?
