Harvard Bioscience reported third‑quarter 2025 revenue of $20.6 million, a 6.5 % year‑over‑year decline from $22.0 million in Q3 2024. The figure beat consensus estimates of $19 million to $20.4 million, driven by stronger demand in the company’s telemetry and organoid platforms, which offset weaker performance in legacy product lines. EPS for the quarter was –$0.03, missing the consensus estimate of $0.01 by 400 %. The miss reflects a combination of higher operating expenses and a one‑time goodwill impairment that reduced earnings before interest, taxes, depreciation and amortization.
Gross margin held steady at 58.4 %, slightly above the 58.1 % margin reported a year earlier. The stability in margin is attributable to a higher mix of high‑margin telemetry revenue and improved absorption of fixed manufacturing overhead. Net loss narrowed to $1.2 million from a $4.8 million loss in the same quarter last year, largely because the company reduced discretionary spending and avoided additional one‑time charges.
Cash provided by operations rose to $1.1 million, a turnaround from the negative $0.8 million reported in Q3 2024. The improvement is driven by better working‑capital management and a reduction in inventory build‑ups, which freed cash that had previously been tied up in production cycles.
Over the first nine months of 2025, revenue fell 10.8 % to $62.8 million, and the company recorded a net loss of $53.8 million, compared with a $12.4 million loss a year earlier. The larger loss is largely attributable to a $48 million goodwill impairment. Despite the loss, adjusted EBITDA for the nine‑month period was $4.3 million, up from $4.2 million, and cash from operations reached $6.8 million versus a negative $0.3 million in 2024, underscoring the company’s improving liquidity.
Management guided fourth‑quarter 2025 revenue to $22.5 million–$24.5 million and gross margin to 58 %–60 %. The guidance signals confidence in a rebound in demand, especially in the telemetry segment, and a continued focus on cost discipline. The company also confirmed ongoing discussions with lenders and advisors to refinance or repay its credit agreement by the December 5, 2025 deadline, and it remains in compliance with Nasdaq’s minimum bid‑price requirement following a recent extension. The refinancing is critical to avoid default and maintain its listing.
CEO John Duke emphasized that the quarter “showed the company’s growth opportunity while advancing efforts to fortify its capital structure.” He highlighted “four consecutive months of order growth” and the “highest level of backlog in nearly two years,” indicating that demand is strengthening even as the company navigates liquidity challenges. Investors are focusing on the company’s improving cash flow and order pipeline, while the EPS miss and debt‑refinancing deadline remain key risks.
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