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Harvard Bioscience Announces First Quarter 2025 Financial Results
HOLLISTON, Mass., May 12, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the first
About this update from Harvard Bioscience, Inc.
[{"type":"text","content":"HOLLISTON, Mass., May 12, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the first quarter ended March 31, 2025. Jim Green, Chairman and CEO, said, “First quarter revenues were in line with our expectations, reflecting typical Q4 to Q1 seasonality as well as uncertainty surrounding NIH funding and the evolving tariff situation, especially in relation to sales to China.” We are excited by the emerging adoption of our breakthrough MeshMEA™ organoid systems by academic and biopharma customers and encouraged by the market reception of our new SoHo™ telemetry systems. In addition, we remain focused on managing costs and expect that recently completed cost reduction actions will result in operating cost reductions of approximately $1 million per quarter beginning in the second quarter.” First Quarter 2025 Results For the first quarter of 2025, the Company reported revenues of $21.8 million compared to $24.5 million in the first quarter of 2024. Gross margin for the first quarter of 2025 was 56.0%, compared to 60.3% in the first quarter of 2024. Net loss for the first quarter of 2025 was $(50.3) million, which included goodwill impairment of $(48.0) million. This is compared to a net loss of $(4.7) million in the first quarter of 2024, which included a loss on marketable securities of ($1.3) million. Adjusted EBITDA for the first quarter of 2025 was $0.8 million compared to $1.6 million in the first quarter of the prior year. Cash provided by operations was $3.0 million during the three months ended March 31, 2025, compared to $1.4 million in the same period in 2024. Second Quarter 2025 Guidance The Company expects second quarter 2025 revenues of $18 million to $20 million and gross margin in the 55% to 57% range. This press release includes certain financial information presented on an adjusted, or non-GAAP, basis. For additional information on the non-GAAP financial measures included in this press release, see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below. Webcast and Conference Call Details In conjunction with this announcement, Harvard Bioscience will be hosting a conference call and webcast today at 8:00 a.m. Eastern Time. A presentation that will be referenced during the webcast will be posted to the...