Harvard Bioscience Reports 11.5% Revenue Decline and $52.6 Million Net Loss in Q2 2025

Harvard Bioscience, Inc. reported a decline in financial performance for the second quarter of 2025, with revenues totaling $20.5 million, down 11.5% from $23.1 million in the same period last year. For the first half of 2025, revenues decreased by 11.3% to $42.2 million compared to $47.6 million in the first half of 2024. The company attributed this decline primarily to reduced demand from academic research institutions and contract research organizations (CROs), as well as the impact of reciprocal tariffs affecting international trade.

The company's gross profit for the second quarter was $11.5 million, reflecting a gross margin of 56.4%, down from 57.2% in the prior year. The decrease in gross profit was largely due to lower revenues and the associated under-absorption of fixed manufacturing costs. Operating expenses also saw a reduction, with sales and marketing expenses decreasing by 15.9% to $4.5 million, and general and administrative expenses dropping by 25% to $4.3 million. However, the company recorded a significant goodwill impairment charge of $48 million during the first half of 2025, which contributed to a net loss of $52.6 million for the six months ended June 30, 2025, compared to a loss of $7.6 million in the same period last year.

In terms of operational developments, Harvard Bioscience's total assets decreased to $80.1 million as of June 30, 2025, down from $126.6 million at the end of 2024. The company reported a cash and cash equivalents balance of $7.4 million, an increase from $4.1 million at the end of the previous fiscal year. The company’s debt stood at $34.9 million, slightly down from $37 million at the end of 2024. The company has been actively exploring alternative sources of capital to refinance its outstanding debt, as it was not in compliance with certain financial covenants and refinancing milestones as of June 30, 2025.

Looking ahead, Harvard Bioscience faces significant challenges, including the need to address its liquidity issues and comply with the terms of its amended credit agreement. The company has until December 5, 2025, to complete steps toward refinancing or repaying its debt. The management expressed uncertainty regarding its ability to access additional capital, which raises substantial doubt about the company's ability to continue as a going concern. The company continues to monitor market conditions and customer demand closely, as these factors will significantly influence its operational and financial strategies moving forward.