Harvard Bioscience 2025 Q2 Earnings Narrows Losses with 22% Drop in Net Loss

Harvard Bioscience reported its fiscal 2025 Q2 earnings on August 11, 2025, with results narrowly missing expectations due to a revenue decline but showing improvement in net losses.

The company's Q2 revenue of $20.45 million fell short of the $23.10 million reported in the same period last year, a 11.5% drop. Despite this, Harvard Bioscience narrowed its net loss to $2.28 million, a 22% reduction from $2.93 million in 2024 Q2. The earnings-per-share loss also improved by 28.6%, decreasing from $0.07 to $0.05. This performance reflects the company’s ongoing efforts to tighten financial discipline and improve operating efficiency.

Revenue

Harvard Bioscience’s revenue was driven primarily by its core instruments and equipment segment, which accounted for $18.18 million, representing the bulk of its total revenue. Service and maintenance contracts contributed $2.27 million to the top line, demonstrating continued demand for post-sale support. The company reported total revenues of $20.45 million for the quarter, though this marked a decline from the previous year.

Earnings/Net Income

The company’s earnings improved as the net loss narrowed to $2.28 million, a 22% reduction compared to the $2.93 million loss in 2024 Q2. This 28.6% improvement in EPS from a loss of $0.07 to $0.05 highlights progress in managing costs and improving profitability.

Price Action

HBIO’s stock saw mixed short-term price action, with a 6.10% decline in the latest trading day but a 10.09% rebound during the most recent full week. Month-to-date, the stock has gained 4.24%, indicating a modest recovery in investor sentiment.

Post-Earnings Price Action Review

A backtested trading strategy of buying HBIO after positive earnings surprises and selling after 30 days generated a significant return of 182.68%, far outperforming the benchmark return of 71.01%. The strategy’s excess return of 111.66% and a Sharpe ratio of 1.08, combined with a zero drawdown, underscore its effectiveness in capturing value from positive earnings momentum.

CEO Commentary

John Duke, President and CEO, noted that the company exceeded Q2 revenue guidance and delivered $1.5 million in adjusted EBITDA. He highlighted the company’s innovation pipeline, including the SoHo Telemetry platform and the adoption of Mesh MEA organoids, as key growth drivers. Despite challenges such as NIH budget delays and tariff uncertainties, Duke expressed cautious optimism for 2026, emphasizing cost control, product adoption, and capital structure optimization.

Guidance

For Q3 2025, Harvard Bioscience expects revenue between $19 million and $21 million, with a gross margin in the 56% to 58% range. This guidance reflects continued financial discipline and improved volume expectations, supported by a strong start to the quarter and ongoing cost management initiatives.

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