Harvard Bioscience reported preliminary results for the fourth quarter ended December 31, 2025, showing total revenue of $23.7 million, a figure that sits at the high end of the company’s $22.5 million to $24.5 million guidance range and slightly below the $24.6 million recorded in the same quarter a year earlier. The company’s gross margin reached 60%, the upper bound of its 58%‑to‑60% guidance, driven by a shift toward higher‑margin consumable products and the benefits of cost reductions implemented in the previous year.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed to $3.8 million, a 27% year‑over‑year increase that exceeds the company’s own guidance for the quarter. The growth reflects both a stronger product mix and disciplined cost management, allowing the firm to maintain profitability even as revenue slipped modestly from the prior year’s level.
Chief Executive Officer John Duke expressed confidence in the company’s trajectory, noting that the quarter’s performance “paves the way for a robust go‑forward strategy.” He highlighted the firm’s focus on translational science, higher‑margin consumables, and recurring revenue, which now accounts for 55% of total sales, as key drivers of future growth.
The company confirmed that full fourth‑quarter and fiscal‑year 2025 results will be released on March 12, 2026, followed by a conference call at 8:00 a.m. Eastern Time. No changes to the company’s guidance were announced, but the management reiterated its commitment to sustaining margin expansion and leveraging its debt refinancing and U.S. manufacturing consolidation to support long‑term financial health.
Business implications of the results are significant. The margin expansion signals operational leverage and a successful shift to higher‑margin product lines. The 55% recurring revenue mix provides stability amid market volatility. The recent debt refinancing and consolidation of manufacturing operations reduce financial risk and lower operating costs, positioning the company to invest in translational science initiatives that could unlock new revenue streams in the coming years. Overall, the preliminary results reinforce confidence in Harvard Bioscience’s strategy and its ability to deliver sustained profitability.
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