Harvard Apparatus Reports 466% Increase in Product Revenue for Q2 2025

Harvard Apparatus Regenerative Technology, Inc. reported its financial results for the second quarter of 2025, revealing a significant increase in product revenue and a continued focus on its regenerative medicine and consumer health product segments. The company generated $317,000 in product revenue for the three months ended June 30, 2025, compared to $56,000 for the same period in 2024, marking a 466% increase. For the first half of 2025, total product revenue reached $362,000, up from $113,000 in the prior year, driven by new product launches and expanded distribution efforts.

Despite the revenue growth, the company reported an operating loss of $1.8 million for the second quarter, an improvement from the $2.5 million loss in the same quarter of 2024. Total operating expenses decreased by 15% to $2.15 million, down from $2.54 million year-over-year. The reduction in expenses was primarily attributed to a strategic shift in sales and marketing, moving from direct sales to distribution partnerships, which resulted in a 100% decrease in sales and marketing expenses. General and administrative expenses also fell by 32% due to the absence of non-recurring costs that impacted the previous year.

Operationally, Harvard Apparatus has been focusing on its consumer health products segment, which began selling dietary supplements in Asia through eCommerce channels in late 2023. The company’s subsidiary in Hong Kong, Harvard Apparatus Regenerative Technology Limited, is expected to play a crucial role in this segment's growth. As of June 30, 2025, the company had an accumulated deficit of approximately $103.2 million and reported cash and cash equivalents of $786,000, down from $2.5 million at the end of 2024.

Looking ahead, the company faces challenges in funding its operations, as it anticipates continued operating losses and negative cash flows. Harvard Apparatus has indicated that it will need to raise additional capital to sustain its operations, with plans to seek financing through public or private equity offerings, debt financing, and strategic collaborations. The company has raised $2 million in gross proceeds from equity financing after June 30, 2025, which it expects will support its operations into the fourth quarter of 2025. However, the ongoing need for additional funding raises substantial doubt about the company's ability to continue as a going concern if it cannot secure further financing.