Here are the 10-K annual reports from Harvard Bioscience Inc (HBIO) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow HBIO and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full HBIO filings page.
Harvard Bioscience, Inc. reports 2025 revenues of $86.6 million, down from $94.1 million in 2024, as demand softened from distributors, CROs and academic research customers. Gross margin slipped slightly to 57.7%.
The company recorded a non-cash goodwill impairment of $48.0 million, driving a large operating loss. Operating expenses were reduced across sales, G&A and R&D, and a UK pension plan was fully settled, triggering a $1.2 million non-cash charge.
In January 2026, Harvard Bioscience launched Project Viking, a manufacturing consolidation that will close the Holliston, MA plant and shift production to Minneapolis and European sites. The plan is expected to generate about $3 million in cost savings in 2027 and $4 million annually from 2028, with estimated pre-tax restructuring charges of $3.4–$4.4 million.
Debt remains significant with $40.0 million outstanding and cash of $8.6 million at year-end 2025. A new 2025 Loan Agreement refinanced prior facilities and removed prior going-concern doubt, but covenants require minimum liquidity and adjusted EBITDA.
The company also faces listing pressure: after failing Nasdaq’s $1.00 minimum bid price on the Global Market, shares were transferred to the Nasdaq Capital Market and a 1-for-10 reverse stock split was approved, effective March 13, 2026, to help regain compliance.