Harvard Bioscience Announces Second Quarter 2025 Financial Results
Rhea-AI Summary
Harvard Bioscience (NASDAQ:HBIO) reported Q2 2025 financial results with revenues of $20.5 million, exceeding guidance but down from $23.1 million in Q2 2024. The company achieved a gross margin of 56.4% and positive cash flow from operations of $2.8 million.
Key developments include a credit agreement amendment extending the refinancing deadline to December 5, 2025, with lenders waiving previous defaults. The company reported a net loss of ($2.3) million, improving from ($2.9) million in Q2 2024, while Adjusted EBITDA increased to $1.5 million from $1.3 million.
For Q3 2025, HBIO projects revenues between $19-21 million with gross margins of 56-58%. The company's priorities focus on core business growth and balance sheet restructuring, aiming for revenue growth and margin expansion in 2026.
[ "Positive cash flow from operations of $2.8M in Q2 2025, compared to -$0.8M in Q2 2024", "Credit agreement amendment secured, extending refinancing deadline to December 5, 2025", "Q2 2025 net loss improved to -$2.3M from -$2.9M year-over-year", "Adjusted EBITDA increased to $1.5M from $1.3M in Q2 2024" ]Positive
- None.
Negative
- Revenue declined 11.3% to $20.5M in Q2 2025 from $23.1M in Q2 2024
- Gross margin decreased to 56.4% from 57.2% year-over-year
- Significant goodwill impairment of $48.0M recorded in Q1 2025
- Company failed to meet previous financial covenants, requiring waiver from lenders
News Market Reaction 5 Alerts
On the day this news was published, HBIO gained 4.25%, reflecting a moderate positive market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. The stock closed at $0.50 on that trading session. This price movement added approximately $951K to the company's valuation, bringing the market cap to $23M at that time.
Data tracked by StockTitan Argus on the day of publication.
- Reports Q2 2025 Revenues of
$20.5M , Gross Margin of56.4% , and Positive Cash Provided by Operations - Third Quarter 2025 Guidance Reflects Improved Operations and Strong Financial Discipline
- New Credit Amendment Signed, Extending Refinance Deadline to December 5th
HOLLISTON, Mass., Aug. 11, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the second quarter and six months ended June 30, 2025.
“We made solid progress in the second quarter exceeding our revenue guidance. In my short time as CEO, I have already seen first-hand the dedication of our team. The fundamentals of the business remain intact with attractive margins and promising technologies serving high-growth markets,” said John Duke, President and CEO. “Our priorities are to grow our core business and re-structure our balance sheet. We are taking immediate actions on both fronts and expect these actions to position us well for revenue growth and margin expansion in 2026 and beyond.”
Second Quarter 2025 Results
For the second quarter of 2025, the Company reported revenues of
Net loss for the second quarter of 2025 was (
Credit Agreement Update
The Company entered into an amendment to its credit agreement. Pursuant to the amendment, the lenders have agreed to waive the events of default due to the Company’s failure to achieve prior refinancing milestones and failure to comply with certain financial covenants as of the June 30, 2025 test date. Additionally, the lenders agreed not to test the financial covenants for the fiscal quarter ended September 30, 2025, provided that the Company continues to comply with its payment obligations and minimum liquidity requirements included in the credit agreement.
In connection with the amendment, the Company also agreed to accomplish steps towards the refinancing or repayment of the credit agreement by no later than December 5, 2025.
Six Months Ended June 30, 2025 Results
For the six months ended June 30, 2025, the Company reported revenues of
Net loss for the six months ended June 30, 2025 was (
Third Quarter 2025 Guidance
The Company expects third quarter 2025 revenues of
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 Relations section of our 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, 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, 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, and matters relating to our ability to continue as a going concern, fund our operations, comply with the terms of our credit agreement, as amended, or refinance our outstanding indebtedness. 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 June 30, 2025 to be 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.
Investor Inquiries:
Mark Frost
Interim Chief Financial Officer
(508) 893-3120
investors@harvardbioscience.com
| HARVARD BIOSCIENCE, INC. | ||||||||||||||||
| Condensed Consolidated Statements Of Operations | ||||||||||||||||
| (Unaudited, in thousands, except per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 20,450 | $ | 23,097 | $ | 42,224 | $ | 47,609 | ||||||||
| Cost of revenues | 8,917 | 9,879 | 18,507 | 19,619 | ||||||||||||
| Gross profit | 11,533 | 13,218 | 23,717 | 27,990 | ||||||||||||
| Sales and marketing expenses | 4,539 | 5,395 | 9,510 | 11,299 | ||||||||||||
| General and administrative expenses | 4,262 | 5,686 | 9,447 | 11,649 | ||||||||||||
| Research and development expenses | 2,189 | 2,626 | 4,510 | 5,511 | ||||||||||||
| Amortization of intangible assets | 1,162 | 1,331 | 2,322 | 2,664 | ||||||||||||
| Goodwill impairment | - | - | 47,951 | - | ||||||||||||
| Other operating expenses | 200 | 249 | 464 | 1,215 | ||||||||||||
| Total operating expenses | 12,352 | 15,287 | 74,204 | 32,338 | ||||||||||||
| Operating loss | (819 | ) | (2,069 | ) | (50,487 | ) | (4,348 | ) | ||||||||
| Other expense: | ||||||||||||||||
| Interest expense | (791 | ) | (749 | ) | (1,593 | ) | (1,500 | ) | ||||||||
| Loss on equity securities | - | (281 | ) | - | (1,593 | ) | ||||||||||
| Other expense, net | (644 | ) | (181 | ) | (968 | ) | (323 | ) | ||||||||
| Total other expense | (1,435 | ) | (1,211 | ) | (2,561 | ) | (3,416 | ) | ||||||||
| Loss before income taxes | (2,254 | ) | (3,280 | ) | (53,048 | ) | (7,764 | ) | ||||||||
| Income tax expense (benefit) | 28 | (353 | ) | (426 | ) | (143 | ) | |||||||||
| Net loss | $ | (2,282 | ) | $ | (2,927 | ) | $ | (52,622 | ) | $ | (7,621 | ) | ||||
| Loss per share: | ||||||||||||||||
| Basic and diluted loss per share | $ | (0.05 | ) | $ | (0.07 | ) | $ | (1.19 | ) | $ | (0.18 | ) | ||||
| Weighted-average common shares: | ||||||||||||||||
| Basic and diluted | 44,303 | 43,486 | 44,200 | 43,443 | ||||||||||||
| HARVARD BIOSCIENCE, INC. | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (Unaudited, in thousands, except share and per share data) | ||||||||
| June 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 7,442 | $ | 4,108 | ||||
| Accounts receivable, net | 11,937 | 14,866 | ||||||
| Inventories | 22,255 | 23,245 | ||||||
| Other current assets | 3,335 | 2,898 | ||||||
| Total current assets | 44,969 | 45,117 | ||||||
| Property, plant and equipment | 4,913 | 5,106 | ||||||
| Goodwill and other intangibles | 19,291 | 67,456 | ||||||
| Other long-term assets | 10,920 | 8,965 | ||||||
| Total assets | $ | 80,093 | $ | 126,644 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Debt | $ | 34,864 | $ | 36,956 | ||||
| Other current liabilities | 20,338 | 18,002 | ||||||
| Total current liabilities | 55,202 | 54,958 | ||||||
| Other long-term liabilities | 9,158 | 8,346 | ||||||
| Stockholders’ equity | 15,733 | 63,340 | ||||||
| Total liabilities and stockholders’ equity | $ | 80,093 | $ | 126,644 | ||||
| HARVARD BIOSCIENCE, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited, in thousands) | ||||||||
| Six Months Ended | ||||||||
| June 30, 2025 | June 30, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (52,622 | ) | $ | (7,621 | ) | ||
| Adjustments to operating cash flows | 52,062 | 8,048 | ||||||
| Changes in operating assets and liabilities | 6,301 | 130 | ||||||
| Net cash provided by operating activities | 5,741 | 557 | ||||||
| Cash flows from investing activities: | ||||||||
| Additions to property, plant and equipment | (602 | ) | (1,463 | ) | ||||
| Acquisition of intangible assets | (314 | ) | (223 | ) | ||||
| Proceeds from sale of marketable equity securities | - | 1,919 | ||||||
| Net cash (used in) provided by investing activities | (916 | ) | 233 | |||||
| Cash flows from financing activities: | ||||||||
| Borrowing from revolving line of credit | - | 5,550 | ||||||
| Repayment of revolving line of credit | - | (2,550 | ) | |||||
| Repayment of term debt | (2,000 | ) | (4,023 | ) | ||||
| Payment of debt issuance costs | (433 | ) | - | |||||
| Proceeds from exercise of employee stock options and purchases | 46 | 204 | ||||||
| Taxes paid related to net share settlement of equity awards | (75 | ) | (59 | ) | ||||
| Net cash used in financing activities | (2,462 | ) | (878 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 971 | (147 | ) | |||||
| Increase (decrease) in cash and cash equivalents | 3,334 | (235 | ) | |||||
| Cash and cash equivalents at the beginning of period | 4,108 | 4,283 | ||||||
| Cash and cash equivalents at the end of period | $ | 7,442 | $ | 4,048 | ||||
| HARVARD BIOSCIENCE, INC. | |||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) | |||||||||||||||||
| (in thousands, except per share data and percentages) | |||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||
| GAAP operating loss | $ | (819 | ) | $ | (2,069 | ) | $ | (50,487 | ) | $ | (4,348 | ) | |||||
| Stock-based compensation | 472 | 1,278 | 1,072 | 2,326 | |||||||||||||
| Acquired asset amortization | 1,162 | 1,331 | 2,322 | 2,664 | |||||||||||||
| Goodwill impairment | - | - | 47,951 | - | |||||||||||||
| Other operating expenses (1) | 200 | 249 | 464 | 1,215 | |||||||||||||
| Other adjustments | 30 | - | 42 | - | |||||||||||||
| Adjusted operating income | $ | 1,045 | $ | 789 | $ | 1,364 | $ | 1,857 | |||||||||
| Operating margin | (4.0 | %) | (9.0 | %) | (119.6 | %) | (9.1 | %) | |||||||||
| Adjusted operating margin | 5.1 | % | 3.5 | % | 3.2 | % | 4.2 | % | |||||||||
| GAAP net loss | $ | (2,282 | ) | $ | (2,927 | ) | $ | (52,622 | ) | $ | (7,621 | ) | |||||
| Stock-based compensation | 472 | 1,278 | 1,072 | 2,326 | |||||||||||||
| Acquired asset amortization | 1,162 | 1,331 | 2,322 | 2,664 | |||||||||||||
| Goodwill impairment | - | - | 47,951 | - | |||||||||||||
| Other operating expenses (1) | 200 | 249 | 464 | 1,215 | |||||||||||||
| Other adjustments | 30 | - | 42 | - | |||||||||||||
| Loss on equity securities | - | 280 | - | 1,593 | |||||||||||||
| Income taxes | 183 | (36 | ) | (16 | ) | 591 | |||||||||||
| Adjusted net (loss) income | (235 | ) | 175 | (787 | ) | 768 | |||||||||||
| Depreciation & amortization | 456 | 464 | 950 | 907 | |||||||||||||
| Interest and other expense, net | 1,435 | 929 | 2,561 | 1,822 | |||||||||||||
| Adjusted income taxes (2) | (156 | ) | (317 | ) | (410 | ) | (734 | ) | |||||||||
| Adjusted EBITDA | $ | 1,500 | $ | 1,251 | $ | 2,314 | $ | 2,763 | |||||||||
| Adjusted EBITDA margin | 7.3 | % | 5.5 | % | 5.5 | % | 6.1 | % | |||||||||
| Diluted loss per share (GAAP) | $ | (0.05 | ) | $ | (0.07 | ) | $ | (1.19 | ) | $ | (0.18 | ) | |||||
| Diluted adjusted (loss) earnings per share | $ | (0.01 | ) | $ | 0.00 | $ | (0.02 | ) | $ | 0.02 | |||||||
| Weighted-average common shares: | |||||||||||||||||
| Diluted GAAP | 44,303 | 43,486 | 44,200 | 43,443 | |||||||||||||
| Diluted Adjusted | 44,303 | 44,450 | 44,200 | 44,516 | |||||||||||||
| June 30, | |||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| Debt, including unamortized deferred financing costs | $ | 34,864 | $ | 35,680 | |||||||||||||
| Unamortized deferred financing costs | 486 | 420 | |||||||||||||||
| Cash and cash equivalents | (7,442 | ) | (4,108 | ) | |||||||||||||
| Net debt | $ | 27,908 | $ | 31,992 | |||||||||||||
| (1) Other operating expenses for the three months ended June 30, 2025 includes | |||||||||||||||||
| (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's (HBIO) Q2 2025 earnings results?
What is Harvard Bioscience's revenue guidance for Q3 2025?
How did Harvard Bioscience's credit agreement change in Q2 2025?
What was Harvard Bioscience's cash flow from operations in Q2 2025?
What caused Harvard Bioscience's significant net loss in the first half of 2025?
