Harvard Bioscience (NASDAQ:HBIO) Posts Earnings Results, Beats Estimates By $0.07 EPS

Harvard Bioscience (NASDAQ:HBIO) released its quarterly earnings results on Tuesday. The medical instruments supplier reported ($0.14) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.07, FiscalAI reports. Harvard Bioscience had a negative return on equity of 25.78% and a negative net margin of 11.44%.The business had revenue of $22.73 million during the quarter, compared to the consensus estimate 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 Stock Performance

Shares of NASDAQ HBIO traded up $0.17 during trading on Wednesday, reaching $6.30. The stock had a trading volume of 17,344 shares, compared to its average volume of 38,345. The company has a debt-to-equity ratio of 3.60, a quick ratio of 1.06 and a current ratio of 1.99. The stock has a market cap of $28.41 million, a PE ratio of -2.90 and a beta of 1.49. Harvard Bioscience has a one year low of $3.75 and a one year high of $9.40. The firm’s 50 day moving average price is $6.15 and its two-hundred day moving average price is $5.82.

Key Stories Impacting 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.

Hedge Funds Weigh In On Harvard Bioscience

Hedge funds and other institutional investors have recently bought and sold shares of the stock. XTX Topco Ltd acquired a new stake in Harvard Bioscience in the fourth quarter worth $26,000. Jane Street Group LLC boosted its holdings in shares of Harvard Bioscience by 491.9% in the second quarter. Jane Street Group LLC now owns 70,736 shares of the medical instruments supplier’s stock valued at $31,000 after acquiring an additional 58,785 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Harvard Bioscience by 291.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 49,751 shares of the medical instruments supplier’s stock valued at $33,000 after purchasing an additional 37,057 shares during the period. Virtu Financial LLC bought a new stake in Harvard Bioscience in the fourth quarter worth about $40,000. Finally, Marshall Wace LLP bought a new stake in shares of Harvard Bioscience in the 2nd quarter worth approximately $61,000. 80.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Harvard Bioscience in a research report on Wednesday, June 24th. Benchmark boosted their price objective on Harvard Bioscience from $6.00 to $7.50 and gave the stock a “speculative buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.75.

Harvard Bioscience Company Profile

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.