Harvard Bioscience (NASDAQ:HBIO) Posts Earnings Results

Harvard Bioscience (NASDAQ:HBIO) announced its earnings results on Tuesday. The medical instruments supplier reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.07, FiscalAI reports. Harvard Bioscience had a negative net margin of 11.44% and a negative return on equity of 25.78%. The firm had revenue of $22.73 million for the quarter, compared to analyst estimates of $21.45 million.

Here are the key takeaways from Harvard Bioscience’s conference call:

• Second-quarter revenue rose 11% year over year to $22.7 million, exceeding guidance, driven by CRO demand, distributor performance, telemetry, electroporation, and other CMT products. Management raised full-year 2026 revenue growth guidance to 3%-5% from 2%-4%.
• Adjusted gross margin declined to 57% in the quarter due to a less favorable mix, including stronger CMT and China sales. The company lowered its full-year adjusted gross margin outlook by one percentage point to 57%-59%.
• Recurring revenue increased to 55% of first-half revenue, supported by consumables, software, and service contracts, while new product innovation revenue contributed 11% versus 3% a year ago. Management is targeting 60% recurring revenue over the long term.
• Project Viking remains on schedule, with two product lines transitioned in the second quarter and two more planned for the third quarter. The manufacturing consolidation is expected to generate $3 million in annual cost savings in 2027 and $4 million thereafter.
• Operating cash flow turned negative at $0.3 million for the first six months, compared with $5.7 million generated in the prior-year period, largely due to inventory builds and higher interest costs. The company ended the quarter with $6.5 million in cash and $33.5 million of net debt.

Harvard Bioscience Price Performance

HBIO traded up $0.17 on Wednesday, hitting $6.30. 16,857 shares of the stock were exchanged, compared to its average volume of 38,339. The firm has a market capitalization of $28.41 million, a price-to-earnings ratio of -2.90 and a beta of 1.49. The company has a debt-to-equity ratio of 3.60, a current ratio of 1.99 and a quick ratio of 1.06. Harvard Bioscience has a 12 month low of $3.75 and a 12 month high of $9.40. The business has a 50-day moving average of $6.15 and a two-hundred day moving average of $5.82.

Hedge Funds Weigh In On Harvard Bioscience

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its position in shares of Harvard Bioscience by 44.4% during the 4th quarter. Bank of America Corp DE now owns 38,883 shares of the medical instruments supplier’s stock worth $82,000 after acquiring an additional 11,948 shares in the last quarter. Acadian Asset Management LLC lifted its stake in Harvard Bioscience by 7.8% during the first quarter. Acadian Asset Management LLC now owns 1,077,069 shares of the medical instruments supplier’s stock worth $606,000 after purchasing an additional 78,276 shares during the last quarter. Strs Ohio bought a new stake in Harvard Bioscience during the first quarter worth $117,000. Marshall Wace LLP acquired a new stake in shares of Harvard Bioscience in the 2nd quarter valued at $61,000. Finally, Jane Street Group LLC increased its stake in shares of Harvard Bioscience by 491.9% in the 2nd quarter. Jane Street Group LLC now owns 70,736 shares of the medical instruments supplier’s stock valued at $31,000 after purchasing an additional 58,785 shares during the last quarter. 80.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

HBIO has been the subject of several recent research reports. Benchmark boosted their price target on Harvard Bioscience from $6.00 to $7.50 and gave the company a “speculative buy” rating in a research note on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Harvard Bioscience in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Harvard Bioscience currently has an average rating of “Hold” and an average price target of $6.75.

Trending Headlines about Harvard Bioscience

Here are the key news stories impacting Harvard Bioscience this week:

• Positive Sentiment: Benchmark raised its price target to $7.50 from $6.00 and initiated a “speculative buy” rating, implying approximately 19% upside from the referenced share price. The upgrade provides a near-term catalyst, although the speculative designation highlights the stock’s risk. Benzinga
• Positive Sentiment: Second-quarter results exceeded consensus estimates. Revenue rose 11% year over year to $22.73 million versus the $21.45 million estimate, while adjusted EPS was a loss of $0.14 compared with the expected loss of $0.21. Adjusted EBITDA increased to $1.7 million from $1.5 million. Second-quarter financial results
• Positive Sentiment: Harvard Bioscience raised its full-year 2026 revenue-growth outlook to 3%–5%, translating to revenue guidance of $89.1 million–$90.9 million versus the $88.6 million consensus estimate. It also expects adjusted EBITDA growth of 6%–10%, supporting expectations for continued operational improvement. Guidance update
• Positive Sentiment: The company launched Project Viking, a strategic transformation focused on translational science. Management is targeting full-year gross margins of 57%–59%, though product mix changes involving CMT and China will influence profitability. Project Viking announcement
• Neutral Sentiment: Third-quarter revenue guidance of $21.0 million–$22.6 million brackets the $21.9 million consensus estimate, suggesting a relatively cautious near-term outlook despite the improved full-year forecast. Revenue and margin outlook
• Negative Sentiment: Harvard Bioscience reported a $2.9 million GAAP net loss, compared with a $2.3 million loss a year earlier. Negative margins, substantial leverage, and the company’s speculative profile remain important risks for investors.

About Harvard Bioscience

Harvard Bioscience, Inc develops, manufactures and distributes life science research instruments and consumables used by academic, biopharmaceutical and government laboratories worldwide. The company’s product portfolio spans cellular physiology, microfluidics, electrophysiology and lab automation, providing tools that enable researchers to study everything from cell behavior and organ function to drug delivery and tissue mechanics.

Through its operating units—most notably Harvard Apparatus, BTX, Radnoti and Warner Instruments—Harvard Bioscience offers a diverse range of scientific equipment including precision pumps, stereotaxic instruments, electroporation and gene delivery systems, perfusion systems and microinjection tools.