Harvard Bioscience (NASDAQ:HBIO) Releases Quarterly Earnings Results, Beats Estimates By $0.27 EPS

Harvard Bioscience (NASDAQ:HBIO) posted its quarterly earnings results on Tuesday. The medical instruments supplier reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.27, FiscalAI reports. Harvard Bioscience had a negative return on equity of 33.13% and a negative net margin of 11.86%. The business had revenue of $22.20 million during the quarter, compared to the consensus estimate of $21.80 million.

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

• Q3 revenue rose 8% to $22.2 million, with strength in respiratory, inhalation, organoid and fluidics products, plus continued demand from CROs and biopharma customers. Management said the growth was largely run-rate rather than driven by one-off orders.
• Adjusted gross margin was 57.1% and adjusted EBITDA fell to $1.8 million, as sales mix shifted toward lower-margin legacy products, distribution channels and China. The company cut its full-year adjusted EBITDA growth outlook to -1% to 4%, while maintaining revenue growth guidance of 3%–5% and gross margin guidance of 57%–59%.
• Project Viking remains on schedule for completion in Q1 2027; management expects it to deliver $3 million in savings in 2027 and $4 million annually thereafter. Executives also expect the project, along with a better product mix, to support gross margins around 60% in 2027.
• China revenue grew 31% in Q3, and all three localized BTX electroporation product lines are now available there. Sales through Fisher Scientific North America more than doubled year to date, supporting the company’s efforts to expand its distribution reach.
• Academic demand remains weak, particularly in Europe, where revenue fell 5%; management said academic softness contributed to the regional decline. Cash used in operations was $0.6 million for the first nine months, versus $6.8 million generated a year earlier, while net debt increased about $7.6 million year over year.

Harvard Bioscience Stock Performance

HBIO traded up $0.49 on Wednesday, hitting $9.76. 39,283 shares of the company’s stock were exchanged, compared to its average volume of 33,382. The firm has a market cap of $44.39 million, a PE ratio of -4.22 and a beta of 1.47. Harvard Bioscience has a twelve month low of $4.00 and a twelve month high of $9.70. The stock has a fifty day moving average of $8.26 and a two-hundred day moving average of $6.53. The company has a current ratio of 1.87, a quick ratio of 0.98 and a debt-to-equity ratio of 4.94.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Weiss Ratings upgraded Harvard Bioscience from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday. Benchmark boosted their price target on Harvard Bioscience from $6.00 to $7.50 and gave the company a “speculative buy” rating in a report on Wednesday, August 12th. Finally, Zacks Research initiated coverage on Harvard Bioscience in a research report on Tuesday, November 3rd. They set a “hold” rating on the stock. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $6.75.

Recent Harvard Bioscience Headlines

Investors following HBIO have been watching these headlines:

• Positive Sentiment: Q3 revenue increased 8% year over year to $22.2 million, exceeding the $21.8 million consensus estimate. Reported EPS of -$0.06 also beat the -$0.33 consensus. Quarterly earnings report
• Positive Sentiment: Management reaffirmed full-year 2026 revenue growth guidance of 3%–5%, providing support for the growth outlook. Third-quarter financial results
• Neutral Sentiment: Q4 revenue guidance of $23.7 million–$25.5 million and full-year guidance of $89.1 million–$90.9 million bracket analyst expectations. Project Viking remains on track for completion by the end of Q1 2027. Q3 revenue and outlook

About Harvard Bioscience

Harvard Bioscience, Inc. (NASDAQ: HBIO) develops, manufactures and supplies specialized tools, equipment and consumables used in biomedical research, drug discovery and related life science applications. Its products support work in areas such as cell biology, electrophysiology, gene delivery, organ-on-chip research and preclinical studies. The company’s portfolio includes laboratory instruments, tissue and organ perfusion systems, electrophysiology equipment, cell and molecular biology products, and related consumables.