Harvard Bioscience, Inc. announced its financial results for the first quarter ended March 31, 2025, reporting revenues of $21.8 million, an 11% decrease compared to $24.5 million in the first quarter of 2024. Gross margin for the quarter was 56.0%, down from 60.3% in the prior year period.
The company reported a net loss of $(50.3) million for Q1 2025, which included a substantial non-cash goodwill impairment charge of $(48.0) million. This compares to a net loss of $(4.7) million in the first quarter of 2024. Adjusted EBITDA for the quarter was $0.8 million, down from $1.6 million in the prior year.
Despite the significant net loss, cash provided by operations improved to $3.0 million during the three months ended March 31, 2025, compared to $1.4 million in the same period in 2024. The company also expects approximately $1 million per quarter in operating cost reductions beginning in the second quarter from recently completed actions. For Q2 2025, the company expects revenues of $18 million to $20 million and a gross margin in the 55% to 57% range.
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