Harvard Bioscience, Inc. (HBIO) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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HBIO Revenue Growth
Revenue Breakdown (FY 2025)
HBIO's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
HBIO Revenue Analysis (2014–2025)
As of May 8, 2026, Harvard Bioscience, Inc. (HBIO) generated trailing twelve-month (TTM) revenue of $86.5 million, reflecting slight decline in growth of -3.3% year-over-year. The most recent quarter (Q4 2025) recorded $23.7 million in revenue, up 15.3% sequentially.
Looking at the longer-term picture, HBIO's 5-year compound annual growth rate (CAGR) stands at -3.3%, indicating revenue contraction over this period. The company achieved its highest annual revenue of $120.8 million in 2018.
Revenue diversification analysis shows HBIO's business is primarily driven by Instruments, Equipment, Software, and Accessories (90%), and Service, Maintenance, and Warranty Contracts (10%). With over half of revenue concentrated in Instruments, Equipment, Software, and Accessories, the company maintains significant focus in this area while developing other growth vectors.
When compared to Healthcare sector peers including ITRN (+6.8% YoY), MLAB (+4.1% YoY), and XPER (-10.2% YoY), HBIO has underperformed the peer group in terms of revenue growth. Compare HBIO vs ITRN →
HBIO Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| HBIOCurrent | $87M | -3.3% | -3.3% | -0.7% | |
 ITRN | $359M | +6.8% | +7.9% | 21.4% | |
 MLAB | $241M | +4.1% | +15.4% | 6.8% | |
 XPER | $448M | -10.2% | +3.6% | -9.8% | |
 LMAT | $250M | +13.3% | +14.0% | 27.2% |
HBIO Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $86.5M | -8.1% | $45.9M | 53.0% | $-629,000 | -0.7% |
| 2024 | $94.1M | -16.1% | $54.8M | 58.2% | $-6,211,000 | -6.6% |
| 2023 | $112.3M | -1.0% | $66.1M | 58.9% | $1.9M | 1.7% |
| 2022 | $113.3M | -4.7% | $60.8M | 53.7% | $-6,933,000 | -6.1% |
| 2021 | $118.9M | +16.5% | $67.7M | 56.9% | $2.1M | 1.7% |
| 2020 | $102.1M | -12.1% | $58.0M | 56.8% | $221K | 0.2% |
| 2019 | $116.2M | -3.8% | $64.3M | 55.4% | $377K | 0.3% |
| 2018 | $120.8M | +18.5% | $63.2M | 52.3% | $984K | 0.8% |
| 2017 | $101.9M | -2.5% | $47.6M | 46.7% | $-101,000 | -0.1% |
| 2016 | $104.5M | -3.8% | $48.4M | 46.3% | $-2,997,000 | -2.9% |
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Start ComparisonHBIO — Frequently Asked Questions
Quick answers to the most common questions about buying HBIO stock.
Is HBIO's revenue growth accelerating or slowing?
HBIO revenue growth slowed to -3.3%, below the 5-year CAGR of -3.3%. TTM revenue is $87M. The deceleration marks a shift from historical growth rates.
What is HBIO's long-term revenue growth rate?
Harvard Bioscience, Inc.'s 5-year revenue CAGR of -3.3% reflects the variable expansion pattern. Current YoY growth of -3.3% is near this long-term average.
How is HBIO's revenue distributed by segment?
HBIO reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.