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

Harvard Bioscience (NASDAQ:HBIO) released its earnings results on Tuesday. The medical instruments supplier reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates 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 company 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 Trading Up 2.6%

Harvard Bioscience stock traded up $0.16 during mid-day trading on Wednesday, reaching $6.29. 11,508 shares of the company traded hands, compared to its average volume of 38,308. The company has a debt-to-equity ratio of 3.60, a current ratio of 1.99 and a quick ratio of 1.06. Harvard Bioscience has a 52-week low of $3.75 and a 52-week high of $9.40. The firm has a market capitalization of $28.37 million, a price-to-earnings ratio of -2.90 and a beta of 1.49. The firm’s 50 day moving average price is $6.15 and its 200 day moving average price is $5.82.

Trending Headlines about Harvard Bioscience

Here are the key news stories impacting Harvard Bioscience this week:

• Positive Sentiment: Q2 results exceeded expectations: Revenue increased 11% year over year to $22.7 million, above the $21.45 million consensus estimate. Adjusted EBITDA rose to $1.7 million from $1.5 million, while adjusted EPS of negative $0.14 was better than the expected negative $0.21. Harvard Bioscience Announces Second Quarter 2026 Financial Results
• Positive Sentiment: 2026 outlook was raised: Harvard Bioscience now expects full-year revenue of $89.1 million to $90.9 million, compared with the prior consensus of $88.6 million, representing 3% to 5% year-over-year growth. Management also projects adjusted EBITDA growth of 6% to 10%. Harvard Bioscience 2026 Revenue Guidance
• Positive Sentiment: Analyst support increased: Benchmark raised its price target from $6.00 to $7.50 and assigned a “speculative buy” rating, implying approximately 21% upside from the referenced share price. Benchmark Price Target Update
• Neutral Sentiment: Transformation efforts continue: The company launched Project Viking, a strategic initiative focused on translational science and operational transformation. Its financial benefits remain to be demonstrated. Project Viking Launch
• Negative Sentiment: Profitability remains a concern: Harvard Bioscience reported a $2.9 million GAAP net loss, wider than the $2.3 million loss a year earlier. The company continues to operate with negative margins and substantial leverage, making the “speculative buy” designation particularly relevant.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Harvard Bioscience

A number of large investors have recently modified their holdings of HBIO. XTX Topco Ltd purchased a new stake in Harvard Bioscience in the fourth quarter worth about $26,000. Jane Street Group LLC grew its holdings in shares of Harvard Bioscience by 491.9% during the 2nd quarter. Jane Street Group LLC now owns 70,736 shares of the medical instruments supplier’s stock worth $31,000 after acquiring an additional 58,785 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Harvard Bioscience by 291.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 49,751 shares of the medical instruments supplier’s stock worth $33,000 after acquiring an additional 37,057 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Harvard Bioscience in the 4th quarter worth approximately $40,000. Finally, Marshall Wace LLP purchased a new position in shares of Harvard Bioscience in the 2nd quarter valued at approximately $61,000. Institutional investors own 80.87% of the company’s stock.

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.