Revenue growth remains in a contractionary phase, with the most recent quarter reporting a 4.7% year-over-year decline to $20.8M alongside an operating loss of $119K.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 85.53M | 86.55M | 94.14M | 112.25M | 113.33M | 118.9M | 102.1M | 116.18M | 120.77M | 101.88M | 104.52M | 108.66M | 108.66M | 105.17M | 111.17M | 108.86M | 108.18M | 85.77M | 88.05M | 83.41M | 76.18M | 67.43M | 92.6M | 87.14M | 57.38M | 40.87M | 30.57M | 26.18M | 12.15M |
| Revenue Growth % | -6.42% | -8.06% | -16.14% | -0.96% | -4.68% | 16.46% | -12.12% | -3.81% | 18.54% | -2.52% | -3.81% | 0% | 3.32% | -5.4% | 2.12% | 0.63% | 26.12% | -2.59% | 5.57% | 9.49% | 12.98% | -27.18% | 6.26% | 51.87% | 40.4% | 33.67% | 16.8% | 115.38% | - |
| Cost of Goods Sold | 36.72M | 40.67M | 39.37M | 46.18M | 52.52M | 51.25M | 44.06M | 51.85M | 57.59M | 54.28M | 56.11M | 59.94M | 59.32M | 57.48M | 58.75M | 58.6M | 56.4M | 44.09M | 45.89M | 43.16M | 38.09M | 34.16M | 46.52M | 43.73M | 28.82M | 20.64M | 15.1M | 12.72M | 5.35M |
| COGS % of Revenue | - | 46.99% | 41.82% | 41.14% | 46.34% | 43.1% | 43.15% | 44.63% | 47.69% | 53.28% | 53.68% | 55.16% | 54.59% | 54.65% | 52.85% | 53.83% | 52.14% | 51.4% | 52.12% | 51.75% | 50% | 50.65% | 50.24% | 50.18% | 50.23% | 50.5% | 49.39% | 48.6% | 44.03% |
| Gross Profit | 48.81M | 45.88M | 54.77M | 66.07M | 60.82M | 67.65M | 58.04M | 64.32M | 63.18M | 47.6M | 48.41M | 48.72M | 49.34M | 47.7M | 52.42M | 50.26M | 51.78M | 41.68M | 42.16M | 40.25M | 38.09M | 33.27M | 46.07M | 43.41M | 28.56M | 20.23M | 15.47M | 13.46M | 6.8M |
| Gross Margin % | 57.06% | 53.01% | 58.18% | 58.86% | 53.66% | 56.9% | 56.85% | 55.37% | 52.31% | 46.72% | 46.32% | 44.84% | 45.41% | 45.35% | 47.15% | 46.17% | 47.86% | 48.6% | 47.88% | 48.25% | 50% | 49.35% | 49.76% | 49.82% | 49.77% | 49.5% | 50.61% | 51.4% | 55.97% |
| Gross Profit Growth % | - | -16.22% | -17.11% | 8.64% | -10.1% | 16.56% | -9.76% | 1.81% | 32.74% | -1.69% | -0.63% | -1.26% | 3.46% | -9.01% | 4.29% | -2.93% | 24.22% | -1.12% | 4.75% | 5.67% | 14.46% | -27.78% | 6.14% | 52.01% | 41.17% | 30.72% | 15% | 97.8% | - |
| Operating Expenses | 47.62M | 46.51M | 60.98M | 64.18M | 67.75M | 65.59M | 57.82M | 63.95M | 62.2M | 47.7M | 49.55M | 49.65M | 42.51M | 44.01M | 48.94M | 43.72M | 41.06M | 33.11M | 32.12M | 30.71M | 29.4M | 25.35M | 41.69M | 35.75M | 24.58M | 19.44M | 25.8M | 12.32M | 4.39M |
| OpEx % of Revenue | - | 53.74% | 64.78% | 57.17% | 59.78% | 55.16% | 56.63% | 55.04% | 51.5% | 46.82% | 47.41% | 45.69% | 39.12% | 41.85% | 44.02% | 40.16% | 37.96% | 38.6% | 36.48% | 36.82% | 38.59% | 37.6% | 45.03% | 41.02% | 42.84% | 47.57% | 84.39% | 47.07% | 36.13% |
| Selling, General & Admin | 36.84M | 36.96M | 43.7M | 46.89M | 49.53M | 48.95M | 43.42M | 46.02M | 45.83M | 39.61M | 41.44M | 40.41M | 35.05M | 37.27M | 38.87M | 35.54M | 33.99M | 26.87M | 26.1M | 25.18M | 24.55M | 20.74M | 31.05M | 26.78M | 18.89M | 14.52M | 22.78M | 9.88M | 4.04M |
| SG&A % of Revenue | - | 42.7% | 46.43% | 41.77% | 43.71% | 41.17% | 42.53% | 39.62% | 37.94% | 38.88% | 39.64% | 37.19% | 32.26% | 35.43% | 34.96% | 32.64% | 31.42% | 31.33% | 29.65% | 30.19% | 32.22% | 30.75% | 33.54% | 30.73% | 32.92% | 35.53% | 74.5% | 37.74% | 33.23% |
| Research & Development | 8.83M | 8.82M | 10.41M | 11.76M | 12.33M | 10.8M | 8.69M | 10.71M | 10.99M | 5.64M | 5.39M | 6.42M | 4.88M | 4.15M | 7.32M | 5.43M | 4.71M | 4.4M | 4.05M | 3.71M | 3.15M | 2.95M | 7.19M | 6.26M | 4.15M | 3.18M | 1.53M | 1.19M | 325K |
| R&D % of Revenue | - | 10.2% | 11.05% | 10.48% | 10.88% | 9.08% | 8.51% | 9.22% | 9.1% | 5.54% | 5.16% | 5.91% | 4.49% | 3.95% | 6.59% | 4.99% | 4.35% | 5.13% | 4.6% | 4.45% | 4.14% | 4.37% | 7.77% | 7.19% | 7.23% | 7.78% | 5.01% | 4.54% | 2.67% |
| Other Operating Expenses | 1.95M | 729K | 6.87M | 5.53M | 5.89M | 5.84M | 5.71M | 7.21M | -4.28M | -740K | -179K | -1.26M | -1.14M | -51K | -287K | 2.75M | 2.36M | 1.84M | 1.97M | 1.82M | 1.7M | 1.67M | 3.45M | 2.7M | 1.54M | 1.74M | 1.49M | 1.26M | 27K |
| Operating Income | 1.19M | -629K | -6.21M | 1.89M | -6.93M | 2.07M | 221K | 377K | 984K | -101K | -3M | -1.71M | 6.62M | 1.54M | 3.17M | 6.08M | 10.22M | 8.05M | 8.48M | 9.53M | 8.69M | 7.92M | 4.38M | 7.67M | 1.64M | -4.66M | -10.33M | 1.13M | 2.41M |
| Operating Margin % | 1.39% | -0.73% | -6.6% | 1.69% | -6.12% | 1.74% | 0.22% | 0.32% | 0.81% | -0.1% | -2.87% | -1.58% | 6.09% | 1.46% | 2.85% | 5.58% | 9.45% | 9.39% | 9.63% | 11.43% | 11.41% | 11.75% | 4.73% | 8.8% | 2.86% | -11.4% | -33.77% | 4.33% | 19.85% |
| Operating Income Growth % | - | 89.87% | -427.93% | 127.32% | -435.58% | 834.84% | -41.38% | -61.69% | 1074.26% | 96.63% | -74.96% | -125.88% | 330.58% | -51.45% | -47.9% | -40.53% | 26.85% | -5% | -11.06% | 9.7% | 9.67% | 80.91% | -42.86% | 367.1% | 135.21% | 54.87% | -1011.09% | -53.01% | - |
| EBITDA | 5.48M | 5.32M | 771K | 8.89M | 642K | 9.69M | 7.85M | 8.11M | 8.82M | 2.81M | 1.28M | 1.11M | 9.2M | 5.53M | 7.37M | 8.82M | 12.58M | 9.9M | 11.57M | 13.01M | 12.03M | 12.96M | 10.73M | 12.95M | 4.65M | -1.69M | -8.84M | 2.39M | 2.44M |
| EBITDA Margin % | 6.4% | 6.14% | 0.82% | 7.92% | 0.57% | 8.15% | 7.69% | 6.98% | 7.3% | 2.76% | 1.22% | 1.02% | 8.46% | 5.25% | 6.63% | 8.1% | 11.63% | 11.54% | 13.15% | 15.59% | 15.79% | 19.22% | 11.58% | 14.87% | 8.1% | -4.13% | -28.9% | 9.13% | 20.07% |
| EBITDA Growth % | 111.76% | 589.49% | -91.33% | 1285.05% | -93.37% | 23.35% | -3.17% | -8.04% | 213.73% | 120.13% | 15.46% | -87.97% | 66.41% | -25.04% | -16.45% | -29.88% | 27.1% | -14.48% | -11.01% | 8.15% | -7.21% | 20.84% | -17.2% | 178.57% | 375.25% | 80.88% | -469.66% | -2% | - |
| D&A (Non-Cash Add-back) | 4.29M | 5.95M | 6.98M | 7M | 7.58M | 7.62M | 7.63M | 7.73M | 7.83M | 2.91M | 4.27M | 2.82M | 2.58M | 3.99M | 4.21M | 2.75M | 2.36M | 1.84M | 3.1M | 3.47M | 3.34M | 5.04M | 6.35M | 5.29M | 3.01M | 2.97M | 1.49M | 1.26M | 27K |
| EBIT | -2.6M | -629K | -8.46M | 1.03M | -6.63M | 1.4M | -2.46M | -92K | -2.47M | -1.91M | -2.44M | -2.85M | 5.41M | 1.39M | 2.81M | 7.62M | 10.24M | 10.09M | 8.04M | 9.93M | 8.82M | 7.92M | 8.38M | 7.67M | 3.98M | 786.44K | -10.33M | 1.13M | 2.41M |
| Net Interest Income | -2.39M | -4.92M | -3.21M | -3.59M | -2.55M | -1.54M | -4.83M | -5.41M | -5.37M | -713K | -639K | -846K | -916K | -912K | -538K | -687K | -612K | -248K | -17K | -48K | -213K | -683K | -658K | -151.24K | 341.5K | 1.35M | -756.36K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 8K | 74K | 43K | 46K | 65K | 65K | 29K | 372K | 317K | 216K | 234K | 136K | 175.99K | 445.67K | 1.36M | 159.85K | 0 | 0 |
| Interest Expense | 2.39M | 4.92M | 3.21M | 3.59M | 2.55M | 1.54M | 4.83M | 5.41M | 5.37M | 713K | 642K | 854K | 990K | 955K | 584K | 752K | 677K | 277K | 389K | 365K | 429K | 917K | 794K | 327.23K | 104.17K | 6.87K | 916.21K | 0 | 0 |
| Other Income/Expense | -11.09M | -56.76M | -5.45M | -4.45M | -2.25M | -2.21M | -7.51M | -5.88M | -8.96M | -1.99M | -81K | -1.9M | -2.2M | -1.1M | -5.6M | -1.53M | -655K | 1.76M | -829K | 35K | -294K | -784K | 3.25M | -428K | 707K | 1.24M | -38.18M | -30.42M | -1.56M |
| Pretax Income | -9.9M | -57.39M | -11.66M | -2.56M | -9.18M | -140K | -7.29M | -5.5M | -8.52M | -2.09M | -3.08M | -3.61M | 4.42M | 435K | 2.23M | 4.54M | 9.56M | 9.81M | 7.65M | 9.57M | 8.4M | 7.14M | 3.8M | 7.24M | 2.35M | -3.42M | -48.51M | -29.28M | 854K |
| Pretax Margin % | -11.57% | -66.3% | -12.39% | -2.28% | -8.1% | -0.12% | -7.14% | -4.74% | -7.05% | -2.05% | -2.94% | -3.32% | 4.06% | 0.41% | 2% | 4.17% | 8.84% | 11.44% | 8.69% | 11.47% | 11.02% | 10.59% | 4.1% | 8.3% | 4.09% | -8.36% | -158.66% | -111.86% | 7.03% |
| Income Tax | -115K | -686K | 740K | 859K | 337K | 148K | 518K | -815K | -3.68M | -1.22M | 1.23M | 15.43M | 2.06M | -288K | 696K | 730K | -9.45M | 2.67M | 2.24M | 1.97M | 1.77M | 899K | 1.47M | 2.98M | 1.61M | 1.79M | 1.36M | 137.48K | 783K |
| Effective Tax Rate % | 1.16% | 1.2% | -6.34% | -33.61% | -3.67% | -105.71% | -7.1% | 14.81% | 43.17% | 58.57% | -39.93% | -427.69% | 46.68% | -66.21% | 31.24% | 16.07% | -98.84% | 27.24% | 29.28% | 20.59% | 21.14% | 12.59% | 38.65% | 41.14% | 68.6% | -52.36% | -2.8% | -0.47% | 91.69% |
| Net Income | -9.78M | -56.7M | -12.4M | -3.42M | -9.52M | -288K | -7.81M | -4.69M | -3.46M | -865K | -4.31M | -19.04M | 2.35M | -1.83M | 2.37M | 3.81M | 19.02M | 7.23M | 1.67M | -1.35M | -2.34M | -31.88M | 2.33M | 4.26M | 737.33K | -5.21M | -49.87M | -29.42M | 71K |
| Net Margin % | -11.44% | -65.51% | -13.18% | -3.04% | -8.4% | -0.24% | -7.65% | -4.03% | -2.87% | -0.85% | -4.12% | -17.52% | 2.17% | -1.74% | 2.13% | 3.5% | 17.58% | 8.43% | 1.9% | -1.62% | -3.07% | -47.27% | 2.52% | 4.89% | 1.29% | -12.74% | -163.11% | -112.38% | 0.58% |
| Net Income Growth % | 83.15% | -357.07% | -263.25% | 64.11% | -3204.17% | 96.31% | -66.63% | -35.38% | -300.23% | 79.92% | 77.38% | -908.45% | 228.69% | -177.22% | -37.83% | -79.95% | 162.89% | 332.34% | 223.56% | 42.16% | 92.66% | -1468.7% | -45.32% | 477.71% | 114.16% | 89.56% | -69.51% | -41536.5% | - |
| Net Income (Continuing) | -9.78M | -56.7M | -12.4M | -3.42M | -9.52M | -288K | -7.81M | -4.69M | -4.3M | -2.02M | -4.31M | -19.04M | 2.35M | 723K | 1.53M | 3.81M | 19.02M | 7.14M | 5.41M | 7.6M | 6.62M | 6.24M | 4.52M | 4.26M | 737K | -5.21M | -49.87M | -29.42M | 71K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.38M | 1.15M | 0 | 0 | 0 | 0 | 838K | 0 | 0 | 94K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.19 | -12.80 | -2.80 | -0.81 | -2.30 | -0.07 | -2.00 | -1.20 | -0.95 | -0.25 | -1.30 | -5.70 | 0.70 | -0.57 | 0.80 | 1.30 | 6.50 | 2.40 | 0.50 | -0.43 | -0.75 | -10.40 | 0.70 | 1.40 | 0.30 | -2.00 | -62.30 | -52.50 | -0.10 |
| EPS Growth % | 83.29% | -357.14% | -247.83% | 65% | -3139.44% | 96.45% | -66.67% | -26.32% | -281.53% | 80.85% | 77.19% | -914.29% | 222.16% | -171.63% | -38.46% | -80% | 170.83% | 380% | 216.01% | 42.69% | 92.77% | -1585.71% | -50% | 366.67% | 115% | 96.79% | -18.67% | -52400% | - |
| EPS (Basic) | - | -12.80 | -2.80 | -0.81 | -2.30 | -0.07 | -2.00 | -1.20 | -0.97 | -0.26 | -1.30 | -5.70 | 0.70 | -0.60 | 0.90 | 1.30 | 6.60 | 2.40 | 0.50 | -0.44 | -0.77 | -10.50 | 0.80 | 1.40 | 0.30 | -2.00 | -62.30 | -52.50 | -0.10 |
| Diluted Shares Outstanding | 4.47M | 4.44M | 4.35M | 4.24M | 4.14M | 4.03M | 3.86M | 3.78M | 3.65M | 3.48M | 3.42M | 3.36M | 3.32M | 3.19M | 2.98M | 2.98M | 2.94M | 2.99M | 3.14M | 3.14M | 3.11M | 3.08M | 3.11M | 3.07M | 2.76M | 2.58M | 800.54K | 559.86K | 559.86K |
| Basic Shares Outstanding | 4.47M | 4.44M | 4.35M | 4.24M | 4.14M | 4.03M | 3.86M | 3.78M | 3.58M | 3.36M | 3.42M | 3.36M | 3.22M | 3.04M | 2.88M | 2.85M | 2.9M | 2.96M | 3.09M | 3.06M | 3.05M | 3.04M | 3.03M | 2.99M | 2.71M | 2.58M | 800.54K | 559.86K | 559.86K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Revenue Contraction
As reported in recent financial filings, HBIO's revenue has experienced a sustained decline, with the most recent quarter showing a 4.7% year-over-year contraction to $20.8M, reflecting ongoing challenges in stabilizing the top line amidst a difficult biotech funding environment and portfolio rationalization efforts.
The consistent negative growth trajectory suggests that the company's core preclinical and cellular technology segments are struggling to find a demand floor. Investors should monitor whether this trend is a result of intentional divestitures or a broader loss of market share in the specialized instrumentation space.
Based on the provided income statement data, HBIO's gross margins have fluctuated between 50.7% and 60.3% over the last ten quarters, indicating that the company's product mix remains sensitive to shifts in high-margin telemetry sales versus lower-margin commodity lab equipment.
While the 59.0% gross margin in 2026Q1 appears relatively healthy, the historical variance suggests limited pricing power in the face of supply chain pressures. The inability to maintain a consistent margin profile may imply that the company's niche market position is insufficient to fully offset rising input costs.
According to the income statement, HBIO has failed to demonstrate positive operating leverage, as evidenced by the 2026Q1 operating loss of $119K despite a gross profit of $12.2M, highlighting the difficulty of scaling the current fragmented brand portfolio efficiently.
The persistent reliance on high SG&A relative to gross profit suggests that the company's overhead structure is misaligned with its current revenue scale. This lack of operating efficiency warrants further investigation into whether management can successfully right-size the organization without compromising essential R&D capabilities.
Based on the reported figures, HBIO's net income has remained consistently negative, with a significant net margin collapse to -65.51% in 2025Q1, suggesting that non-operating charges and restructuring costs are heavily weighing on the company's bottom-line performance.
The wide gap between gross profit and net income indicates that the company is absorbing substantial non-cash impairments or restructuring expenses. Investors should be cautious, as these recurring losses may necessitate future dilutive capital raises given the limited cash position.
As indicated by the financial data, the company's inability to generate consistent net income over the last ten quarters raises significant questions regarding the long-term viability of its current operating model in the absence of a clear growth catalyst.
Short-sellers would likely focus on the combination of declining revenue and persistent cash burn, which may signal that the company's turnaround strategy is failing to gain traction. The reliance on legacy hardware in a shifting regulatory landscape for animal testing presents a fundamental risk to terminal value.
Quick answers to the most common questions about buying HBIO stock.
For fiscal year 2025, Harvard Bioscience, Inc. (HBIO) reported total revenue of $86.5M. This represents a 612.1% increase compared to $12.2M in 1998.
Harvard Bioscience, Inc. (HBIO) reported a net loss of $56.7M for the fiscal year ending 2025.
Harvard Bioscience, Inc. (HBIO) reported an operating income of $-0.6M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Harvard Bioscience, Inc. (HBIO) generated $45.9M in gross profit for the year, representing a gross profit margin of 53.0%. This demonstrates the company's core pricing power and production efficiency.