Harvard Bioscience Announces Third Quarter 2025 Financial Results
Harvard Bioscience (Nasdaq: HBIO) reported Q3 2025 revenue of $20.6M, gross margin of 58.4%, and a net loss of $1.2M. Adjusted EBITDA for Q3 was $2.0M and cash provided by operations was $1.1M. For the nine months ended Sept 30, 2025, revenue was $62.8M and net loss was $53.8M, driven primarily by a $48.0M goodwill impairment in Q1. The company says it expects to refinance or repay its credit agreement in Q4 2025 and provided Q4 2025 guidance of $22.5M–$24.5M revenue with gross margin of 58%–60%.
The company also reported the highest backlog in nearly two years and four consecutive months of order growth, and will host a webcast and conference call on Nov 6, 2025.
Harvard Bioscience (Nasdaq: HBIO) ha riportato entrate del terzo trimestre 2025 di 20,6 milioni di dollari, un margine lordo del 58,4% e una perdita netta di 1,2 milioni di dollari. L'EBITDA rettificato per il Q3 è stato di 2,0 milioni di dollari e il flusso di cassa operativo è stato di 1,1 milioni di dollari. Nei primi nove mesi al 30 settembre 2025, le entrate sono state di 62,8 milioni di dollari e la perdita netta di 53,8 milioni di dollari, principalmente a causa di una svalutazione del goodwill di 48,0 milioni di dollari nel primo trimestre. L'azienda afferma di prevedere di rifinanziare o rimborsare il suo accordo di credito nel Q4 2025 e ha fornito una previsione per il Q4 2025 di 22,5–24,5 milioni di dollari di entrate con un margine lordo di 58%–60%.
L'azienda ha inoltre riportato il backlog più alto degli ultimi quasi due anni e quattro mesi consecutivi di crescita degli ordini, e terrà una webcast e una conference call il 6 novembre 2025.
Harvard Bioscience (Nasdaq: HBIO) reportó ingresos del 3T 2025 de $20.6M, un margen bruto de 58.4% y una pérdida neta de $1.2M. El EBITDA ajustado para el 3T fue de $2.0M y el efectivo generado por operaciones fue de $1.1M. Para los nueve meses terminados el 30 de septiembre de 2025, los ingresos fueron de $62.8M y la pérdida neta fue de $53.8M, impulsados principalmente por una depreciación por deterioro de fondo de comercio de $48.0M en el 1T. La compañía indica que espera refinanciar o pagar su acuerdo de crédito en 4T 2025 y proporcionó una guía para el 4T 2025 de $22.5M–$24.5M de ingresos con un margen bruto de 58%–60%.
La compañía también reportó el backlog más alto en casi dos años y cuatro meses consecutivos de crecimiento de pedidos, y realizará una webcast y llamada de conferencia el 6 de noviembre de 2025.
Harvard Bioscience (나스닥: HBIO)가 2025년 3분기 매출 2060만 달러, 총이익률 58.4% 및 순손실 120만 달러를 보고했습니다. 3분기 조정 EBITDA는 200만 달러, 영업활동으로 인한 현금흐름은 110만 달러였습니다. 2025년 9월 30일로 끝난 9개월 동안 매출은 6280만 달러, 순손실은 5380만 달러로, 주로 1분기에 4800만 달러의 영업권 손상으로 인해 발생했습니다. 회사는 2025년 4분기에 신용계약을 재융자하거나 상환할 것으로 기대하고 있으며 4분기 매출 가이드를 2250만~2450만 달러, 총이익률은 58%~60%로 제시했습니다.
또한 회사는 거의 2년 만에 가장 높은 백로그와 연속 4개월의 주문 증가를 보고했고, 2025년 11월 6일 웹캐스트와 컨퍼런스 콜을 개최할 예정입니다.
Harvard Bioscience (Nasdaq: HBIO) a publié un chiffre d'affaires du T3 2025 de 20,6 M$, une marge brute de 58,4% et une perte nette de 1,2 M$. L'EBITDA ajusté pour le T3 était de 2,0 M$ et la trésorerie fournie par les activités opérationnelles était de 1,1 M$. Pour les neuf mois clos le 30 septembre 2025, le chiffre d'affaires était de 62,8 M$ et la perte nette de 53,8 M$, principalement due à une dépréciation du goodwill de 48,0 M$ au 1er trimestre. L'entreprise prévoit de financer ou rembourser son accord de crédit au 4e trimestre 2025 et a fourni une prévision pour le 4e trimestre 2025 de 22,5–24,5 M$ de revenus avec une marge brute de 58%–60%.
L'entreprise a également signalé le backlog le plus élevé en près de deux ans et quatre mois consécutifs de croissance des commandes, et organisera une webcast et une conférence téléphonique le 6 novembre 2025.
Harvard Bioscience (Nasdaq: HBIO) meldete Umsatz im Q3 2025 von 20,6 Mio. USD, eine Bruttomarge von 58,4% und einen Nettogewinn von −1,2 Mio. USD. Das bereinigte EBITDA für Q3 betrug 2,0 Mio. USD und der Zahlungsmittelzufluss aus dem operativen Geschäft betrug 1,1 Mio. USD. Für die neun Monate bis zum 30. September 2025 betrug der Umsatz 62,8 Mio. USD und der Nettogewinn −53,8 Mio. USD, hauptsächlich bedingt durch eine Wertminderungsabschreibung auf den Goodwill in Höhe von 48,0 Mio. USD im Q1. Das Unternehmen erwartet, sein Kreditabkommen im Q4 2025 zu finanzieren oder begleichen und gab eine Prognose für Q4 2025 von 22,5–24,5 Mio. USD Umsatz mit einer Bruttomarge von 58%–60% an.
Das Unternehmen meldete zudem den höchsten Auftragsbestand seit fast zwei Jahren und vier aufeinanderfolgende Monate mit Auftragswachstum, und wird am 6. November 2025 einen Webcast und eine Telefonkonferenz abhalten.
Harvard Bioscience (ناسداك: HBIO) أبلغت عن إيرادات الربع الثالث 2025 قدرها 20.6 مليون دولار، وهوامش إجمالى قدرها 58.4% وخسارة صافية قدرها $1.2M. كان EBITDA المعدل للربع الثالث $2.0M وتدفق النقد من التشغيل كان $1.1M. بالنسبة للمدة التسعة أشهر المنتهية في 30 سبتمبر 2025، بلغت الإيرادات $62.8M والخسارة الصافية $53.8M، ويرجع ذلك بشكل رئيسي إلى إطفاء بقيمة 48.0 مليون دولار على goodwill في الربع الأول. تقول الشركة إنها تتوقع إعادة تمويل أو سداد اتفاقها الائتماني في الربع الرابع 2025 وقدمت توجيهات للربع الرابع 2025 بنطاق $22.5M–$24.5M إيرادات وهوامش إجمالية قدرها 58%–60%.
كما أبلغت الشركة عن أعلى رصيد تأخير خلال ما يقرب من عامين وأربعة أشهر من النمو في الطلبات، وسيعقدون بثاً مباشراً عبر الويب ومكالمة مؤتمر في 6 نوفمبر 2025.
- Q3 adjusted EBITDA of $2.0M
- Q3 gross margin improved to 58.4%
- Q3 cash provided by operations of $1.1M
- Highest backlog in nearly two years with four months order growth
- Q4 2025 revenue guidance of $22.5M–$24.5M
- Nine‑month net loss of $53.8M due to impairment
- $48.0M goodwill impairment recorded in Q1 2025
- Revenue down YTD: $62.8M vs prior year $69.6M
- Ongoing need to refinance or repay credit agreement in Q4 2025
Insights
Q3 shows operational improvement and positive cash flow but year‑to‑date impairments and the pending refinancing keep the story mixed.
The company reported third‑quarter revenue of
Material dependencies and risks are explicit: the large year‑to‑date net loss of
Concrete items to watch over the near term include whether the company accomplishes the stated refinancing or repayment in
- Reports Q3 2025 Revenues of
$20.6M , Gross Margin of58.4% , and Positive Cash Provided by Operations - Company Expects to Refinance or Repay the Debt in the Fourth Quarter
- Fourth Quarter 2025 Guidance Reflects Increased Demand and Backlog, Improved Operations and Strong Financial Discipline
HOLLISTON, Mass., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the third quarter and nine months ended September 30, 2025.
“Our third-quarter performance highlights our growth opportunity while we advance efforts to fortify our capital structure. We saw another uptick in our performance on a sequential basis as our focus on executing, accelerating our growth platform, and financial and operational discipline drove improved results,” said John Duke, CEO of Harvard Bioscience. “Customer engagement across our platforms in the quarter helped to build the highest level of backlog that we have seen in nearly two years as well as our fourth consecutive month of order growth. This improved demand gives us the confidence to project continued sequential improvement in the fourth quarter.”
Third Quarter 2025 Results
For the third quarter of 2025, the Company reported revenues of
Net loss for the third quarter of 2025 was (
Credit Agreement Update
The Company continues to make constructive progress and is in active discussions with its lenders and advisors regarding the assessment and negotiation of its potential options, including proposals that have been received. The Company is executing to accomplish the refinancing or repayment of the existing credit agreement in the fourth quarter.
Nine Months Ended September 30, 2025 Results
For the nine months ended September 30, 2025, the Company reported revenues of
Net loss for the nine months ended September 30, 2025 was (
Fourth Quarter 2025 Guidance
The Company expects fourth 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 or repay 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 September 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues | $ | 20,591 | $ | 21,970 | $ | 62,815 | $ | 69,579 | ||||||||
| Cost of revenues | 8,570 | 9,205 | 27,077 | 28,824 | ||||||||||||
| Gross profit | 12,021 | 12,765 | 35,738 | 40,755 | ||||||||||||
| Sales and marketing expenses | 4,613 | 5,518 | 14,123 | 16,817 | ||||||||||||
| General and administrative expenses | 4,176 | 5,041 | 13,623 | 16,690 | ||||||||||||
| Research and development expenses | 2,132 | 2,567 | 6,642 | 8,078 | ||||||||||||
| Amortization of intangible assets | 855 | 1,334 | 3,177 | 3,998 | ||||||||||||
| Goodwill impairment | - | - | 47,951 | - | ||||||||||||
| Other operating expenses | 48 | 179 | 512 | 1,394 | ||||||||||||
| Total operating expenses | 11,824 | 14,639 | 86,028 | 46,977 | ||||||||||||
| Operating income (loss) | 197 | (1,874 | ) | (50,290 | ) | (6,222 | ) | |||||||||
| Other expense: | ||||||||||||||||
| Interest expense | (966 | ) | (856 | ) | (2,559 | ) | (2,356 | ) | ||||||||
| Loss on pension settlement | - | (1,243 | ) | - | (1,243 | ) | ||||||||||
| Loss on equity securities | - | - | - | (1,593 | ) | |||||||||||
| Other expense, net | (365 | ) | (518 | ) | (1,333 | ) | (841 | ) | ||||||||
| Total other expense | (1,331 | ) | (2,617 | ) | (3,892 | ) | (6,033 | ) | ||||||||
| Loss before income taxes | (1,134 | ) | (4,491 | ) | (54,182 | ) | (12,255 | ) | ||||||||
| Income tax expense (benefit) | 97 | 311 | (329 | ) | 168 | |||||||||||
| Net loss | $ | (1,231 | ) | $ | (4,802 | ) | $ | (53,853 | ) | $ | (12,423 | ) | ||||
| Loss per share: | ||||||||||||||||
| Basic and diluted loss per share | $ | (0.03 | ) | $ | (0.11 | ) | $ | (1.22 | ) | $ | (0.29 | ) | ||||
| Weighted-average common shares: | ||||||||||||||||
| Basic and diluted | 44,556 | 43,614 | 44,320 | 43,499 | ||||||||||||
| HARVARD BIOSCIENCE, INC. | |||||
| Condensed Consolidated Balance Sheets | |||||
| (Unaudited, in thousands, except share and per share data) | |||||
| September 30, 2025 | December 31, 2024 | ||||
| Assets | |||||
| Cash and cash equivalents | $ | 6,817 | $ | 4,108 | |
| Accounts receivable, net | 12,109 | 14,866 | |||
| Inventories | 21,604 | 23,245 | |||
| Other current assets | 3,275 | 2,898 | |||
| Total current assets | 48,805 | 45,117 | |||
| Property, plant and equipment | 4,990 | 5,106 | |||
| Goodwill and other intangibles | 17,904 | 67,456 | |||
| Other long-term assets | 11,293 | 8,965 | |||
| Total assets | $ | 77,992 | $ | 126,644 | |
| Liabilities and Stockholders' Equity | |||||
| Debt | $ | 33,967 | $ | 36,956 | |
| Other current liabilities | 20,429 | 18,002 | |||
| Total current liabilities | 54,396 | 54,958 | |||
| Other long-term liabilities | 9,528 | 8,346 | |||
| Stockholders’ equity | 14,068 | 63,340 | |||
| Total liabilities and stockholders’ equity | $ | 77,992 | $ | 126,644 | |
| HARVARD BIOSCIENCE, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited, in thousands) | ||||||||
| Nine Months Ended | ||||||||
| September 30, 2025 | September 30, 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (53,853 | ) | $ | (12,423 | ) | ||
| Adjustments to operating cash flows | 54,087 | 11,480 | ||||||
| Changes in operating assets and liabilities | 6,591 | 658 | ||||||
| Net cash provided by (used in) operating activities | 6,825 | (258 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Additions to property, plant and equipment | (809 | ) | (2,343 | ) | ||||
| Acquisition of intangible assets | (455 | ) | (454 | ) | ||||
| Proceeds from sale of marketable equity securities | - | 1,919 | ||||||
| Net cash used in investing activities | (1,264 | ) | (878 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Borrowing from revolving line of credit | - | 8,800 | ||||||
| Repayment of revolving line of credit | - | (2,550 | ) | |||||
| Repayment of term debt | (3,000 | ) | (5,023 | ) | ||||
| Payment of debt issuance costs | (687 | ) | (161 | ) | ||||
| Proceeds from exercise of employee stock options and purchases | 46 | 219 | ||||||
| Taxes paid related to net share settlement of equity awards | (99 | ) | (59 | ) | ||||
| Net cash (used in) provided by financing activities | (3,740 | ) | 1,226 | |||||
| Effect of exchange rate changes on cash and cash equivalents | 888 | 223 | ||||||
| Increase in cash and cash equivalents | 2,709 | 286 | ||||||
| Cash and cash equivalents at the beginning of period | 4,108 | 4,283 | ||||||
| Cash and cash equivalents at the end of period | $ | 6,817 | $ | 4,569 | ||||
| HARVARD BIOSCIENCE, INC. | ||||||||||||||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) | ||||||||||||||||||
| (in thousands, except per share data and percentages) | ||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |||||||||||||||
| GAAP operating income (loss) | $ | 197 | $ | (1,874 | ) | $ | (50,290 | ) | $ | (6,222 | ) | |||||||
| Stock-based compensation | 324 | 1,053 | 1,396 | 3,379 | ||||||||||||||
| Acquired asset amortization | 855 | 1,334 | 3,177 | 3,998 | ||||||||||||||
| Goodwill impairment | - | - | 47,951 | - | ||||||||||||||
| Other operating expenses (1) | 48 | 179 | 512 | 1,394 | ||||||||||||||
| Other adjustments | 93 | 137 | 135 | 256 | ||||||||||||||
| Adjusted operating income | $ | 1,517 | $ | 829 | $ | 2,881 | $ | 2,805 | ||||||||||
| Operating margin | 1.0 | % | (8.5 | %) | (80.1 | %) | (8.9 | %) | ||||||||||
| Adjusted operating margin | 7.4 | % | 3.8 | % | 4.6 | % | 4.0 | % | ||||||||||
| GAAP net loss | $ | (1,231 | ) | $ | (4,802 | ) | $ | (53,853 | ) | $ | (12,423 | ) | ||||||
| Stock-based compensation | 324 | 1,053 | 1,396 | 3,379 | ||||||||||||||
| Acquired asset amortization | 855 | 1,334 | 3,177 | 3,998 | ||||||||||||||
| Goodwill impairment | - | - | 47,951 | - | ||||||||||||||
| Other operating expenses (1) | 48 | 179 | 512 | 1,394 | ||||||||||||||
| Pension settlement expense | - | 1,243 | - | 1,243 | ||||||||||||||
| Other adjustments | 93 | 137 | 135 | 256 | ||||||||||||||
| Loss on equity securities | - | - | - | 1,593 | ||||||||||||||
| Income taxes | (250 | ) | (214 | ) | (266 | ) | 377 | |||||||||||
| Adjusted net loss | (161 | ) | (1,070 | ) | (948 | ) | (183 | ) | ||||||||||
| Depreciation & amortization | 468 | 484 | 1,417 | 1,400 | ||||||||||||||
| Interest and other expense, net | 1,331 | 1,374 | 3,892 | 3,197 | ||||||||||||||
| Adjusted income taxes (2) | 347 | 525 | (63 | ) | (209 | ) | ||||||||||||
| Adjusted EBITDA | $ | 1,985 | $ | 1,313 | $ | 4,298 | $ | 4,205 | ||||||||||
| Adjusted EBITDA margin | 9.6 | % | 6.0 | % | 6.8 | % | 6.0 | % | ||||||||||
| Diluted loss per share (GAAP) | $ | (0.03 | ) | $ | (0.11 | ) | $ | (1.22 | ) | $ | (0.29 | ) | ||||||
| Diluted adjusted loss per share | $ | (0.00 | ) | $ | (0.02 | ) | $ | (0.02 | ) | $ | (0.00 | ) | ||||||
| Weighted-average common shares: | ||||||||||||||||||
| Diluted GAAP | 44,556 | 43,614 | 44,320 | 43,499 | ||||||||||||||
| Diluted Adjusted | 44,841 | 43,614 | 44,320 | 43,499 | ||||||||||||||
| September 30, | ||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||
| Debt, including unamortized deferred financing costs | $ | 33,967 | $ | 37,858 | ||||||||||||||
| Unamortized deferred financing costs | 383 | 492 | ||||||||||||||||
| Cash and cash equivalents | (6,817 | ) | (4,569 | ) | ||||||||||||||
| Net debt | $ | 27,533 | $ | 33,781 | ||||||||||||||
| (1) Other operating expenses for the three months ended September 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 (HBIO) Q3 2025 results on Nov 6, 2025?
Why did HBIO report a large nine‑month net loss in 2025?
What guidance did Harvard Bioscience give for Q4 2025 (HBIO)?
Is Harvard Bioscience generating positive operating cash flow in 2025?
What is HBIO’s plan for its credit agreement as of Nov 6, 2025?
