What does Harvard Bioscience do and what are its main business segments?

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What is the revenue and EPS growth rate for Harvard Bioscience year over year?

What guidance did Harvard Bioscience's management provide for the next earnings period?

What is Harvard Bioscience's latest dividend and current dividend yield?

What were the key takeaways from Harvard Bioscience's earnings call?

What factors drove the changes in Harvard Bioscience's revenue and profit?

What is the market's earnings forecast for Harvard Bioscience next quarter?

- **2025 Strategic Reset**: Refinanced debt, consolidated manufacturing, and appointed new leadership, driving $3M annual cost savings.
- **Q4 2025 Strong Performance**: $3.8M adjusted EBITDA (27% YoY growth), 60% gross margin, and $23.7M revenue.
- **2026 Growth Outlook**: 2-4% revenue growth, 6-10% EBITDA growth, and >10% expansion of new products (BTX, Mesh MEA).
- **Key Risks**: NIH funding delays, macroeconomic volatility, and tariff impacts in China.
- **Financial Health**: $6.7M cash flow from operations, net debt reduction to $31.4M, and highest backlog in 2 years.

**【CEO Summary Section】**
- **Strategic Reset in 2025**: Completed debt refinancing, manufacturing consolidation, and leadership restructuring to improve financial flexibility and operational efficiency.
- **Q4 2025 Financial Highlights**: Revenue of $23.7M (above guidance), 60% gross margin (high end of range), and $3.8M adjusted EBITDA (27% YoY growth).
- **Strategic Priorities**: 
  1. Leading translational science with high-margin NPIs (e.g., SoSo telemetry, BTX).
  2. Expanding recurring revenue (55% of 2025 sales) through consumables and services.
  3. 2026 Outlook: 2-4% revenue growth, 58-60% gross margin, and 6-10% adjusted EBITDA growth.

**【CFO Financial Commentary】**
- **2025 Results**: Full-year revenue $86.6M (down 8% YoY), gross margin 57.7%, adjusted EBITDA $8.1M (12.5% YoY growth).
- **Key Drivers**: Cost reductions ($3M annual savings from manufacturing consolidation), NIH funding delays impacting Q4 academic sales, and strong cash flow ($6.7M from operations).
- **2026 Guidance**: 
  - Q1 Revenue: $20-22M; Full Year: 2-4% growth.
  - Gross Margin: 58-60%; Adjusted EBITDA: 6-10% growth.
  - Debt Paydown: No amortization in first 2 years; potential equity conversion to deleverage.

**【Q&A Key Highlights】**
- **NIH Funding Impact**: Expected Q2 2026 academic sales recovery; NIH revenue ~20% of U.S. sales.
- **New Product Growth**: BTX and Mesh MEA expected to grow >10% in 2026.
- **Asia-Pacific Turnaround**: Q4 2025 China/Asia-Pacific revenue up 10% YoY; backlog at 2-year high.
- **Pharma/Biotech Demand**: Pharma segment up YoY, driven by translational science adoption.
- **Debt Structure**: Flexible ABL and equity-linked term loan for future deleverage.

Harvard Bioscience, Inc. (HBIO) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: $20.6 million Q3 revenue with 58.4% gross margin, up 200 basis points sequentially, supported by higher-margin products.
- **Backlog Strength**: Highest backlog in two years, driven by broad-based demand across geographies and products.
- **Strategic Progress**: Debt refinancing on track for Q4; expanded distribution with Fisher Scientific enhances market reach.
- **Key Risks**: U.S. government shutdown could impact Q4 NIH funding, with potential delays into 2026.

**【CEO Summary Section】**
- **Revenue Performance**: Q3 revenue of $20.6 million met high-end guidance, with a 58.4% gross margin (up 200 basis points sequentially) driven by higher-margin products and operational efficiency. Adjusted EBITDA improved to $2 million.
- **Customer Engagement**: First year-over-year order growth in 12 months, with backlog at its highest in two years. Strong demand across regions and products, including SoHo Telemetry and Incub8 systems.
- **Strategic Initiatives**: Expanded distribution with Fisher Scientific, launched Incub8 for high-throughput applications, and advanced debt refinancing discussions for Q4 completion.
- **Market Updates**: Flat China orders but optimism post-trade talks; Europe saw a strong uptick. Monitoring NIH funding amid U.S. government shutdown risks.

**【CFO Financial Commentary】**
- **Financial Health**: Year-over-year operating expenses down $1.4 million due to cost-cutting (ERP consolidation, lean SG&A). Cash flow from operations improved to $6.8 million YTD, reducing net debt by $6 million.
- **Q4 Guidance**: Revenue $22.5-24.5 million (reflecting potential government shutdown impact), with gross margin expected to expand to 58-60% on higher volume.
- **Liquidity**: Positive operating cash flow expected to continue, supporting refinancing efforts.

**【Q&A Highlights】**
- **Demand Drivers**: Preclinical growth driven by broad telemetry demand, not CRO-specific. Backlog diversity across products, with no single product dominance.
- **Academic Market**: Improved visibility but dependent on NIH funding timing. Orders may shift to 2026 if shutdown persists.
- **ERP Benefits**: Completed U.S. and European ERP implementations, contributing to cost savings and efficiency gains.


Harvard Bioscience, Inc. (HBIO) Q3 2025 Earnings Call Transcript

- **Revenue Resilience**: Q2 2025 revenue $20.5M (vs. guidance $18M-$20M), driven by China recovery, despite 11.7% YoY decline.
- **Margin Improvement**: Gross margin 56.4%, sequential expansion from cost-cutting.
- **Debt Reduction**: Net debt down to $27.9M, $1M quarterly payments, refinancing by Dec 2025.
- **Strategic Growth**: New products (SoHo Telemetry, VivaMARS) and Mesh MEA organoid platform poised for 2026 growth.
- **Risks**: NIH budget delays, European tariff volatility, China tariff headwinds.

**【CFO Financial Commentary】**
- Q2 2025 revenue: $20.5 million (above guidance of $18M-$20M), driven by Chinese shipments. Year-over-year decline of 11.7% vs. Q2 2024 ($23.1M).
- Gross margin: 56.4% (vs. 57.2% in Q2 2024), sequential improvement due to cost reductions.
- Operating expenses down $2M YoY, driven by ERP system adoption, SG&A lean-up, and NPI reprioritization.
- Adjusted EBITDA: $1.5M (vs. $1.3M in Q2 2024). Operating cash flow: $2.8M.
- Regional performance:
  - Americas: -11.7% YoY due to NIH budget uncertainty.
  - Europe: +9% sequential growth in academic shipments.
  - APAC: -25% YoY due to China tariffs, resuming post-10% tariff agreement.
- Cash flow: $5.7M year-to-date, net debt reduced to $27.9M (from $32M at year-end).
- Credit facility amendment: extended maturity, 700bps SOFR adder, $1M quarterly debt payments.

**【CEO Strategic Priorities】**
- **Financial Discipline**: Q2 EBITDA $1.5M, guiding Q3 revenue $19M-$21M with 56%-58% gross margin.
- **Product Adoption Acceleration**: 
  - SoHo Telemetry platform shipments with cardiac/neuromonitoring capabilities.
  - VivaMARS automation pilot with Labcorp for CRO opportunities.
  - BTX bioproduction $1M in consumables, expanding applications.
  - Mesh MEA organoid platform adoption driven by regulatory support.
- **Capital Structure**: Refinancing by Dec 2025, targeting $33M debt with BB/B terms. Watching European tariff volatility for potential country-of-origin shifts.

**【Q&A Highlights】**
- **Debt Refinancing**: Expect $33M debt by Dec 2025, targeting BB/B terms. Q3 2025 debt: $27.9M (down $4M YoY).
- **NIH Budget**: Academic purchasing delays persist, but 2026 normalization expected. 2025 cost structure resilient to budget uncertainty.
- **China Tariffs**: 10% tariff level stabilizing, APAC revenue at 10% of total.
- **Product Pipeline**: Mesh MEA results expected at Society of Neuroscience in November 2025.

Harvard Bioscience (HBIO)-11 Aug 25-2025 Q2 Earnings call transcript

- **Q1 Financials:** Revenue $21.8M (down 11% YoY), operating loss $49.7M due to $48M goodwill charge, cash flow +$3M.
- **Key Growth Drivers:** Bioproduction BTX system at $1M+ annual runrate, MeshMEA organoid systems seeing early adopters.
- **Risks:** China tariffs ($2M/Q potential impact), academic funding delays, debt refinancing costs >12%.
- **Positive Trends:** Sequential improvement in APAC (2Q19), +6.6% growth;MeshMEA adoption aligns with HHS NAMs policy.
- **Debt Update:** Refinancing in progress; 4-5 year terms expected but higher cost than commercial debt.


**【CFO Financial Commentary】**
- Q1 2025 revenue: $21.8M (down 11% YoY), aligned with guidance range of $18-20M.
- Gross margin: 56% (vs 60.3% YoY), impacted by lower absorption of fixed costs.
- Operating loss: $49.7M (vs $2.3M YoY), driven by $48M non-cash goodwill impairment charge.
- Adjusted EBITDA: $0.8M (vs $1.6M YoY), reflecting cost-cutting efforts.
- Cash flow from operations: $3M (vs $1.4M YoY), supported by improved working capital.
- Net debt: $30.8M (down $2.4M from Q4 2024), with $1M quarterly principal payments.
- Debt refinancing: In progress with multiple providers; terms TBD but expected to be higher cost than commercial debt.

**【CEO Product Updates】**
- **Base Business (76% of FY24 revenue):**
  - SoHo telemetry system: Expanded to cardiac/neuro monitoring, Q3 2025 production shipments.
  - Viva Mars automation system: First customer at Labcorp; discussions for additional sites.
- **Bioproduction (16% of FY24 revenue):**
  - BTX Agile Pulse: $1M+ consumables revenue from first customer; second application in Europe.
  - AAA systems: CGMP-compliant for bioproduction; expanding adoption in pharma.
- **Organoid Systems (8% of FY24 revenue):**
  - MeshMEA: Industry-first long-term organoid monitoring; beta testing with Stanford, Mayo Clinic.
  - Policy tailwind: HHS NAMs initiative driving interest from biopharma and CROs.
- **Regional Performance:**
  - Americas: Sequential decline 5.4%, YoY down 9.4% due to academic funding uncertainty.
  - Europe: Sequential down 29%, YoY down 9% but cell-based testing growth.
  - APAC: Sequential up 6.6%, YoY down 17% (China tariffs impacting Q2 outlook).

**【Q&A Highlights】**
- **Goodwill Impairment:** Triggered by market cap decline; non-cash charge of $48M.
- **Bioproduction Growth:** CAR-T therapy customer in U.S. for bioproduction; BTX system cited in 70% of CAR-T research papers.
- **China Tariffs:** Expected $2M/Q headwind if tariffs remain; recent U.S.-China agreement may mitigate impact.
- **Debt Refinancing:** Seeking 4-5 year terms; rates higher than commercial debt but necessary for liquidity.
- **Academic Demand:** NIH funding delays slowing purchases, but pipeline growing for organoid systems.
- **Animal Testing:** Long-term safety/toxicity testing unlikely to be replaced; implanted telemetry systems remain critical.


Harvard Bioscience (HBIO)-12 May 25-2025 Q1 Earnings call transcript

- **Q4 Revenue Resilience**: $24.6M (-13% YoY) with +12% QoQ growth, stable 57% gross margin.
- **New Product Breakthroughs**: 
  - BTX electroporation achieves $1M annual pharma customer, expanding to CAR-T.
  - MeshMEA systems sell 10 units in Q4, NIH and pharma adoption accelerating.
- **Financial Discipline**: $3M adjusted EBITDA (+$1.7M QoQ), $2M annualized OpEx reduction.
- **Risk Management**: Debt refinancing by June 2025, 10-12%+ interest rate expected.
- **Growth Catalysts**: ERP implementation to drive inventory efficiency, distributor expansion for MeshMEA.

**【CEO Opening Remarks】**
- Q4 2024 revenue: $24.6 million (-13% YoY, +12% QoQ), with positive book-to-bill ratio.
- Gross margin: 57% (unchanged YoY, stable despite lower revenue).
- Operating income: Breakeven (GAAP), $2.5 million adjusted (10% of revenue).
- Adjusted EBITDA: $3 million (12% of revenue).

**【CFO Financial Breakdown】**
- **Regional Performance**: 
  - Americas: +3% QoQ, -11% YoY (preclinical rebound offset by CMT decline).
  - Europe: +28% QoQ, -7% YoY (new product growth).
  - APAC: +8% QoQ, -24% YoY (sequential improvement post-destocking).
- **Gross Margin**: 57.1% (down 1ppt YoY due to USD strength, stable sequentially).
- **Adjusted EBITDA**: $3 million (+$1.7 million QoQ), driven by revenue growth and cost reductions.
- **Cash Flow**: $1.7 million Q4 (vs. $4.3 million YoY), sequential improvement.
- **Debt Position**: Net debt stable, covenant non-compliance waived; refinancing by June 2025.

**【CEO Product Updates】**
- **Base Business**: 
  - SoHo telemetry systems launched, seeing strong quoting from pharma and academia.
  - VivaMARS neurobehavioral system installed at Labcorp, with second unit in discussion.
- **High-Growth Areas**: 
  - BTX electroporation: $1M annual run rate from pharma customer, expanding to CAR-T and bioproduction.
  - MeshMEA organoid systems: 10 units sold in Q4 (NIH, Stanford, Mayo Clinic), targeting 2025 expansion.
- **ERP Implementation**: Boston facility transition complete, initial inefficiencies expected but long-term efficiency gains anticipated.

**【Q&A Highlights】**
- **Debt Refinancing**: Current rate ~8%, new facility likely 10-12%+; seeking growth-oriented lender.
- **New Product Traction**: 
  - BTX: Companion animal vaccine validation, human therapy adoption with Novo Nordisk.
  - MeshMEA: 7% of revenue in 2024, targeting pharma CROs for tox testing.
- **NIH Risk**: Academic research ~50% of revenue, NIH grants ~30% of U.S. academic spend; Q4 CMT decline reflects funding uncertainty.
- **ERP Benefits**: Inventory management, supply chain efficiency, and gross margin improvements expected in 2025.


Actual											-0.1	0.5	0.4	0.8	0.5	0.6	0.6	0.8	0.4	0.5	-0.1	0.4	0.6	0.4	0.1	0.4	0.2	0	-0.2	0.6	-0.1	-0.1	0	0
Forecast											0.3333	-0.1	0.35	0.8	0.3333	0.5	0.5	1	0.45	0.6	0.6667	0.3333	0.5	0.6	0.4	0.5	0.3667	0.5	0.15	0.5	-0.4	-0.25	0.05	0.35
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-130.00%	+600.00%	+14.29%	0.00%	+50.02%	+20.00%	+20.00%	-20.00%	-11.11%	-16.67%	-115.00%	+20.01%	+20.00%	-33.33%	-75.00%	-20.00%	-45.46%	-100.00%	-233.33%	+20.00%	+75.00%	+60.00%	-100.00%	-100.00%

Actual	--	--	--	--	--	--	--	--	--	--	23.77M	23.31M	24.04M	30.98M	26.99M	29.20M	29.66M	33.05M	28.78M	29.21M	26.92M	28.43M	29.98M	28.76M	25.36M	28.15M	24.51M	23.10M	21.97M	24.56M	21.77M	20.45M	20.59M	23.73M
Forecast	--	--	--	--	--	--	--	--	--	--	27.87M	22.20M	24.05M	30.98M	25.73M	27.67M	27.91M	32.96M	28.77M	30.49M	28.87M	30.33M	28.83M	29.50M	28.02M	29.10M	25.80M	26.40M	23.70M	24.15M	19.20M	18.75M	20.00M	23.10M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-14.72%	+5.01%	-0.05%	0.00%	+4.89%	+5.53%	+6.28%	+0.28%	+0.03%	-4.19%	-6.74%	-6.28%	+3.96%	-2.51%	-9.49%	-3.25%	-4.99%	-12.51%	-7.30%	+1.68%	+13.41%	+9.07%	+2.96%	+2.75%

HBIO

HBIO fundamentals

HBIO Q4 2025 Earnings

Earnings Call

You can ask Aime

HBIO

HBIO fundamentals

HBIO Q4 2025 Earnings

Earnings Call

HBIO Earnings Call Summary for Q4/20258:00 AM on Mar 12, 2026

HBIO Earnings Call Summary for Q3/20258:00 AM on Nov 6, 2025

HBIO Earnings Call Summary for Q2/20258:00 AM on Aug 11, 2025

HBIO Earnings Call Summary for Q1/20258:00 AM on May 12, 2025

HBIO Earnings Call Summary for Q4/20248:00 AM on Mar 12, 2025

You can ask Aime