Harvard Bioscience Announces Preliminary Fourth Quarter Financial Results, Positive Outlook for 2026 & Outlines Long-Term Strategic Focus Areas
Rhea-AI Summary
Harvard Bioscience (NASDAQ: HBIO) reported preliminary Q4 2025 results and outlined a long-term translational science strategy. Q4 revenue $23.7M (above midpoint), gross margin 60% (high end) and adjusted EBITDA $3.8M (+27% YoY). The company targets year‑over‑year revenue growth and mid‑to‑high single‑digit EBITDA growth in 2026 while prioritizing new high‑margin platforms, consumables expansion (55% recurring mix) and operational consolidation, supported by recent debt refinancing and U.S. manufacturing consolidation. Full FY2025 results and a conference call are scheduled for March 12, 2026.
Positive
- Revenue of $23.7M in Q4 2025, above guidance midpoint
- Gross margin at 60%, at the high end of guidance
- Adjusted EBITDA $3.8M, +27% YoY
- Consumables/recurring revenue currently 55% of total
- Stronger balance sheet following debt refinancing
Negative
- 2026 targets lack a specific revenue figure, only growth guidance
- Projected 2026 adjusted EBITDA growth limited to mid‑to high‑single digits
- Growth plan relies on bolt‑on acquisitions and successful NPI execution
Key Figures
Market Reality Check
Peers on Argus
HBIO gained 7.05% while peers were mixed: NXGL +2.38%, RVP +1.34%, BNGO was nearly flat and MHUA/POCI declined. No momentum scanner peers appeared, pointing to a company-specific move tied to HBIO’s preliminary results and strategy update.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Negative | -7.3% | Revenue declined year over year with net loss and large goodwill impairment. |
| Aug 11 | Q2 2025 earnings | Positive | -9.3% | Revenues exceeded guidance, cash flow positive, and credit agreement amended. |
| May 12 | Q1 2025 earnings | Negative | +11.8% | Revenues fell and a large goodwill impairment drove a substantial net loss. |
| Mar 12 | Q4 2024 earnings | Negative | -10.1% | Full-year 2024 revenue declined with a larger net loss despite better Q4 profit. |
| Nov 07 | Q3 2024 earnings | Negative | -15.3% | Quarter showed lower revenue and wider net loss, with weaker adjusted EBITDA. |
Earnings releases have often been followed by negative price reactions, even when operational metrics or guidance improved, indicating a tendency toward cautious or skeptical responses to HBIO’s quarterly updates.
Over recent quarters, HBIO’s earnings reports have featured revenue declines versus prior-year periods, net losses, and margin pressure, alongside cost-reduction programs and balance sheet work. Q1–Q3 2025 earnings highlighted goodwill impairment, restructuring actions, and refinancing plans, while Q4 2024 showed lower revenues but improving profitability metrics. Against this backdrop, the latest preliminary Q4 2025 figures—revenue within prior guidance, gross margin at the high end, and stronger adjusted EBITDA—fit a narrative of gradual operational improvement following refinancing and cost initiatives.
Historical Comparison
In the last five earnings releases, HBIO’s average move was -6.02%. Today’s pre-earnings news reaction of +7.05% is stronger and opposite in direction to that pattern.
Successive 2024–2025 earnings have featured revenue pressure, cost actions, and refinancing steps, with the latest preliminary Q4 2025 update emphasizing margin improvement and EBITDA growth within prior guidance.
Regulatory & Risk Context
An effective S-3 resale registration covers up to 9,500,000 shares tied to warrants and a $7.5 million Term C convertible loan. The company itself is not selling shares under this registration and would only receive up to $1.0 million if all warrants are exercised for cash.
Market Pulse Summary
This announcement details preliminary Q4 2025 results with revenue of $23.7M, gross margin of 60%, and adjusted EBITDA of $3.8M, alongside a strategy focused on translational science tools and consumables expansion. Compared with prior earnings, it emphasizes improving margins and EBITDA growth following refinancing and cost actions. Investors may track upcoming full results on March 12, 2026, execution on the four strategic pillars, and any impact from the registered resale of 9.5M shares.
Key Terms
new approach methodologies (NAMs) medical
translational science medical
organoid medical
AI-generated analysis. Not financial advice.
- Reports preliminary fourth quarter revenue in line with guidance, gross margin at high end of guidance, and strong year over year adjusted EBITDA performance
- Expects year over year revenue growth and mid-to high-single-digit EBITDA growth in 2026
- Outlines strategy focused on positioning the company as a leader in the growing translational science tools market while expanding consumables revenue and improving operational performance
HOLLISTON, Mass., Feb. 10, 2026 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company” or “Harvard Bioscience”), a global leader in life science research tools, today announced preliminary financial results for the fourth quarter ended December 31, 2025. In conjunction with these results, the Company outlined a cohesive long-term strategy designed to leverage its market-leading portfolio to drive sustainable growth and increase shareholder value.
Preliminary Fourth Quarter 2025 Financial Highlights
Based on preliminary unaudited information, the Company expects to report:
- Revenue of
$23.7 million , above the midpoint of the$22.5 million to$24.5 million guidance range. - Gross Margin of
60% , at the high end of the58% to60% guidance range, driven by an improved mix to higher margin product lines, as well as the benefit of prior cost reductions. - Adjusted EBITDA of
$3.8 million , which reflects27% growth year over year, driven by cost reduction, improved expense management and solid execution.
A Strategy for Growth: Bridging the Gap to Human Health
As the life sciences industry accelerates toward New Approach Methodologies (NAMs), Harvard Bioscience is evolving from a traditional tools provider into a leading enabler of Translational Science – uniquely positioned to bridge the gap between laboratory research and human clinical success. Building on its gold-standard preclinical foundation, the Company plans to align its portfolio, innovation pipeline, and operating model around four strategic pillars:
- Leading the Translational Bridge: bridging in vivo and in vitro research by leveraging the Company’s strong preclinical position to facilitate the industry’s transition into the organoid and 3D biology markets, improving the translational relevance of early-stage research, and offering customers an integrated solution across critical stages of discovery and development.
- New Product Introduction (NPI) Pipeline: modernizing preclinical and translational workflows through differentiated and innovative high-margin platforms such as SoHo™ telemetry, and proprietary MeshMEA and Incub8 platforms, both of which are designed for organoid and tissue recording.
- Consumables Revenue Expansion: focusing resources and investments on higher-margin consumables and software with a clear path to increasing mix of recurring revenue from
55% of total revenues currently. - Operational Excellence and Disciplined Growth: driving operational excellence and disciplined growth across our global footprint by strengthening our leadership position in the preclinical business. This foundation provides the capital necessary to fuel R&D and strategic bolt-on acquisitions. The Company will also focus on driving consistent profitability by maintaining cost discipline and operational efficiency, supported by its recently announced U.S. manufacturing consolidation and the stronger balance sheet created by last year’s debt refinancing.
Management Commentary
"We’re pleased with our fourth quarter performance and excited to share an overview of our go-forward strategy," said John Duke, Chief Executive Officer. “With a stronger foundation provided by our refinancing and strategic consolidation, we’re scaling our business model by focusing our priorities on the evolving needs of the life sciences industry. We are excited for what’s ahead and are confident we will drive year over year revenue growth and mid-to high-single digit adjusted EBITDA growth in 2026.”
CEO Letter to Shareholders
The Company has published a Letter to Shareholders from Chief Executive Officer, John Duke, which provides additional context on the long-term strategy. The letter can be accessed on the Investor Relations website at https://investor.harvardbioscience.com/.
Fourth Quarter Earnings Release and Conference Call
The Company will release full fourth quarter and fiscal year 2025 results on March 12, 2026, and host a conference call to discuss those results at 8:00 am ET. During the call, management will provide a comprehensive overview and additional details on the strategy pillars that were outlined today as well as updated financial targets.
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, statements concerning the sustainability of the Company’s capital structure, its lower near-term refinancing risk and path toward long-term deleveraging, expected future financial and operational performance, the strength of the Company’s market position, business model and anticipated macroeconomic conditions, and matters relating to our ability to continue as a going concern, fund our operations, or comply with the terms of our credit agreement. 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 filed with the Securities and Exchange Commission (“SEC”), as well as in the Company’s other filings with the SEC. 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.
Harvard Bioscience Investor Inquiries:
Mark Frost
Interim Chief Financial Officer
(508) 893-3120
investors@harvardbioscience.com
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