Harvard Bioscience, Inc. reported a decrease in revenue for the fiscal year ending December 31, 2025, with total revenues of $86.6 million, down 8.1% from $94.1 million in 2024. The decline was attributed primarily to a softening demand from distributors, contract research organizations (CROs), and academic medical research institutions. The company also experienced a decrease in gross profit, which fell to $49.9 million from $54.8 million, resulting in a gross margin of 57.7%, slightly lower than the previous year's 58.2%. The company recorded a significant goodwill impairment charge of $48 million, reflecting a reassessment of its asset values amid challenging market conditions.
In terms of operational efficiency, Harvard Bioscience has initiated a strategic consolidation plan known as Project Viking, aimed at enhancing manufacturing efficiency and reducing costs. This plan includes the closure of its Holliston, Massachusetts facility and the transition of U.S. production to Minneapolis, Minnesota, along with relocating certain operations to Germany, Sweden, and the UK. The company anticipates achieving approximately $3 million in cost savings in 2027 and $4 million annually starting in 2028, although it expects to incur restructuring charges between $3.4 million and $4.4 million related to this initiative.
The company’s workforce as of December 31, 2025, consisted of 339 employees, with a notable reduction in headcount in Europe and North America as part of its cost rationalization efforts. Harvard Bioscience's product portfolio is divided into two main families: Cellular and Molecular Technologies (CMT) and Preclinical products, with the latter accounting for 54% of total revenues in 2025, up from 51% in 2024. The company continues to focus on expanding its consumables revenue, which is expected to increase from 55% of total revenues by the end of 2025.
Looking ahead, Harvard Bioscience aims to evolve from a traditional tools provider to a key enabler of Translational Medicine, focusing on bridging laboratory research with clinical success. The company plans to align its innovation pipeline with four strategic pillars, including leading the transition to organoid and 3D biology markets, modernizing workflows through new product introductions, expanding consumables revenue, and maintaining operational excellence. Despite the challenges faced in 2025, the company remains optimistic about its long-term growth prospects, supported by its recent refinancing efforts that have alleviated previous concerns regarding its financial stability.
About HARVARD BIOSCIENCE INC
Harvard Bioscience, Inc. develops and sells life science research tools, including cellular, molecular, and preclinical testing products. Its offerings support drug discovery, bioproduction, and organoid research for academic, government, and pharmaceutical customers worldwide. The company emphasizes innovation, product portfolio expansion, and operational efficiency to maintain competitive advantage in a highly dynamic industry. It operates globally, serving diverse research and biotech markets with proprietary and distributed products.
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