Harvard Bioscience shares dips on $48M charge despite margin gains

Harvard Bioscience (NASDAQ:HBIO) posted a heavy net loss for fiscal 2025, a result dominated by a one-time accounting charge that overshadowed a year of steady operational progress in its core specialized laboratory equipment business.

The Holliston, Massachusetts-based company reported a net loss of $56.7 million for the full year, compared to a much narrower gap in the prior period.

The deficit was driven almost entirely by a $48 million non-cash goodwill impairment charge, reflecting a write-down in the book value of certain assets.

Despite the bottom-line pressure, full-year revenue reached $86.6 million, with fourth-quarter sales contributing $23.7 million to the total.

On an operational basis, the company showed signs of resilience.

Gross margins remained robust, hitting 59.7% in the fourth quarter and 57.7% for the full year.

This pricing power helped the firm generate $8.1 million in adjusted EBITDA for 2025.

In a move to stabilize its executive ranks amid the restructuring of its balance sheet, the company also announced that interim finance chief Mark Frost has been named permanent Chief Financial Officer.

Looking ahead to 2026, management provided a cautious but growing outlook.

The company expects first-quarter revenue to fall between $20 million and $22 million.

For the full year, Harvard Bioscience is targeting revenue growth of 2% to 4%, underpinned by adjusted gross margins in the 58% to 60% range and adjusted EBITDA growth of 6% to 10%.