Harvard Bioscience (HBIO) Q4 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with comprehensive refinancing, operational reorganization, and leadership enhancements, including the appointment of a new CEO and permanent CFO.

• Manufacturing consolidation and governance improvements aimed at simplifying operations and supporting future growth.

• Strategic focus shifted toward translational science, platform-based innovation, and recurring revenue streams.

• Exited FY25 as a leaner, more efficient business with a strengthened balance sheet.

• Net loss for 2025 was ($56.7M), primarily due to a $48M goodwill impairment.

Financial highlights

• Q4 2025 revenue was $23.7M, above midpoint of guidance but down from $24.6M in Q4 2024; gross margin reached 59.77%, up 260 bps year-over-year.

• Q4 adjusted EBITDA grew 27% year-over-year to $3.8M; operating income improved to $1.7M from flat last year.

• Full year 2025 revenue was $86.6M, down from $94.1M, mainly due to tariffs and delayed NIH funding; adjusted EBITDA rose 12.5% to $8.1M.

• GAAP net loss increased due to a $48M goodwill impairment; adjusted operating income and EPS were impacted by non-cash items.

• Cash flow from operations improved to $6.7M from $1.4M in 2024.

Outlook and guidance

• 2026 guidance: revenue growth of 2%-4%, gross margin of 58%-60%, adjusted EBITDA growth of 6%-10%.

• Q1 2026 expected revenue: $20M-$22M; adjusted gross margin: 57%-59%; adjusted EBITDA: $1M-$2.2M.

• Revenue expected to ramp through 2026, driven by new product innovation and improved market conditions.