Harvard Bioscience, Inc. (HBIO) Income Statement
HBIO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHBIO revenue and net income
Where HBIO's revenue goes
2025Each bar shows an amount and its share of revenue. HBIO kept −65.5% of revenue as net income.
HBIO profit margins
HBIO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −8.1% | −8.6% | −3.3% | −2.2% |
| Gross profit | −16.2% | −9.0% | −4.6% | −0.6% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HBIO quarterly EPS vs estimates
Harvard Bioscience beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 5, 2026 (estimate $-0.17).
HBIO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86.5M | $94.1M | $112.2M | $113.3M | $118.9M | $102.1M | $116.2M | $120.8M | $101.9M | $104.5M |
| Cost of revenue | $40.7M | $39.4M | $46.2M | $52.5M | $51.3M | $44.1M | $51.9M | $57.6M | $54.3M | $56.1M |
| Gross profit | $45.9M | $54.8M | $66.1M | $60.8M | $67.7M | $58.0M | $64.3M | $63.2M | $47.6M | $48.4M |
| Research & development | $8.8M | $10.4M | $11.8M | $12.3M | $10.8M | $8.7M | $10.7M | $11.0M | $5.6M | $5.4M |
| Sales, general & admin | $37.0M | $43.7M | $46.9M | $49.5M | $48.9M | $43.4M | $46.0M | $45.8M | $39.6M | $41.4M |
| Total operating expenses | $46.5M | $61.0M | $64.2M | $67.8M | $65.6M | $57.8M | $63.9M | $62.2M | $47.7M | $49.5M |
| Operating income | −$629,000 | −$6.2M | $1.9M | −$6.9M | $2.1M | $221,000 | $377,000 | $984,000 | −$101,000 | −$3.0M |
| Interest income | — | — | — | — | — | — | $5.4M | $5.2M | $1.2M | $3,000 |
| Interest expense | $4.9M | $3.2M | $3.6M | $2.5M | $1.5M | $4.8M | $5.4M | $5.4M | $713,000 | $642,000 |
| Income before taxes | −$57.4M | −$11.7M | −$2.6M | −$9.2M | −$140,000 | −$7.3M | −$5.5M | −$8.5M | −$2.1M | −$3.1M |
| Income taxes | −$686,000 | $740,000 | $859,000 | $337,000 | $148,000 | $518,000 | −$815,000 | −$3.7M | −$1.2M | $1.2M |
| Net income | −$56.7M | −$12.4M | −$3.4M | −$9.5M | −$288,000 | −$7.8M | −$4.7M | −$3.5M | −$865,000 | −$4.3M |
| EBITDA | −$46.5M | −$1.3M | $8.0M | $944,000 | $9.0M | $5.2M | $7.6M | $5.4M | $1.0M | $1.8M |
| EPS (diluted) | −$0.87 | −$0.03 | $1.14 | $0.84 | $1.78 | $0.88 | $1.08 | $1.47 | $0.85 | $1.14 |
| Gross margin | 53.0% | 58.2% | 58.9% | 53.7% | 56.9% | 56.8% | 55.4% | 52.3% | 46.7% | 46.3% |
| Operating margin | −0.7% | −6.6% | 1.7% | −6.1% | 1.7% | 0.2% | 0.3% | 0.8% | −0.1% | −2.9% |
| Net margin | −65.5% | −13.2% | −3.0% | −8.4% | −0.2% | −7.6% | −4.0% | −2.9% | −0.8% | −4.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.7M | $20.8M | $23.7M | $20.6M | $20.4M | $21.8M | $24.6M | $22.0M | $23.1M | $24.5M | $28.2M | $25.4M |
| Cost of revenue | $10.1M | $8.5M | $9.6M | $8.6M | $10.1M | $9.6M | $10.5M | $9.2M | $9.9M | $9.7M | $13.2M | $10.6M |
| Gross profit | $12.6M | $12.2M | $14.2M | $12.0M | $10.4M | $12.2M | $14.0M | $12.8M | $13.2M | $14.8M | $14.9M | $14.7M |
| Research & development | $2.5M | $2.3M | $2.2M | $2.1M | $2.2M | $2.3M | $2.3M | $2.6M | $2.6M | $2.9M | $3.1M | $2.8M |
| Sales, general & admin | $10.0M | $10.0M | $9.2M | $8.8M | $8.8M | $10.2M | $10.2M | $10.6M | $11.1M | $11.9M | $11.5M | $11.5M |
| Total operating expenses | $13.6M | $12.4M | $12.2M | $11.8M | $11.2M | $61.9M | $14.0M | $14.6M | $15.3M | $17.1M | $14.7M | $15.7M |
| Operating income | −$978,000 | −$119,000 | $1.9M | $197,000 | −$819,000 | −$49.7M | $11,000 | −$1.9M | −$2.1M | −$2.3M | $282,000 | −$933,000 |
| Interest expense | $1.8M | $1.7M | $2.4M | $966,000 | $791,000 | $802,000 | $853,000 | $856,000 | $749,000 | $751,000 | $794,000 | $882,000 |
| Income before taxes | −$2.9M | −$3.3M | −$3.2M | −$1.1M | −$2.3M | −$50.8M | $590,000 | −$4.5M | −$3.3M | −$4.5M | −$1.1M | −$562,000 |
| Income taxes | $14,000 | $117,000 | −$357,000 | $97,000 | $28,000 | −$454,000 | $572,000 | $311,000 | −$353,000 | $210,000 | $715,000 | $677,000 |
| Net income | −$2.9M | −$3.4M | −$2.8M | −$1.2M | −$2.3M | −$50.3M | $18,000 | −$4.8M | −$2.9M | −$4.7M | −$1.8M | −$1.2M |
| EBITDA | $272,000 | −$3.7M | $504,000 | $1.2M | $153,000 | −$48.3M | $3.2M | −$1.8M | −$730,000 | −$2.0M | $1.5M | $2.1M |
| EPS (diluted) | −$0.22 | −$0.77 | −$0.64 | −$0.03 | −$0.10 | −$0.10 | $0.04 | −$0.20 | −$0.07 | $0.20 | $0.04 | $0.10 |
| Gross margin | 55.6% | 59.0% | 59.7% | 58.4% | 50.7% | 56.0% | 57.1% | 58.1% | 57.2% | 60.3% | 53.1% | 58.1% |
| Operating margin | −4.3% | −0.6% | 8.1% | 1.0% | −4.0% | −228.1% | 0.0% | −8.5% | −9.0% | −9.3% | 1.0% | −3.7% |
| Net margin | −12.8% | −16.5% | −12.0% | −6.0% | −11.2% | −231.2% | 0.1% | −21.9% | −12.7% | −19.1% | −6.5% | −4.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HBIO's financial statements (latest annual report filed March 13, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HBIO financial results
In fiscal year 2025 (ended December 31, 2025), Harvard Bioscience reported revenue of $86.5 million, down 8.1% from the year before. It had a net loss of $56.7 million, a net profit margin of −65.5%. Diluted earnings per share came to −$0.87. Over five years revenue grew at an average rate of −3.3% a year.
See the HBIO stock overview for the latest quote and news, or the HBIO chart for price history and technical indicators.
HBIO income statement FAQ
What is Harvard Bioscience's annual revenue?
Harvard Bioscience reported total revenue of $86.5 million for fiscal year 2025, which ended on December 31, 2025. That was down 8.1% from $94.1 million the previous year.
Is Harvard Bioscience profitable?
No. Harvard Bioscience reported a net loss of $56.7 million in fiscal 2025, a net profit margin of −65.5%; its operating margin was −0.7%.
What is Harvard Bioscience's gross margin?
Harvard Bioscience's gross margin was 53.0% in fiscal 2025: for every $100 of revenue, Harvard Bioscience kept $53 after the direct cost of its products and services.
How much does Harvard Bioscience spend on research and development?
Harvard Bioscience spent $8.8 million on research and development in fiscal 2025, 10.2% of revenue.
How fast is Harvard Bioscience growing?
Revenue grew −3.3% a year on average over the last five fiscal years, from $102.1 million to $86.5 million.
What are Harvard Bioscience's earnings per share?
Harvard Bioscience earned $-0.87 per diluted share in fiscal 2025, compared with $-0.03 a year earlier.
When will Harvard Bioscience report its next earnings?
Harvard Bioscience is expected to report results for the quarter ending September 30, 2026 on November 5, 2026 before the market opens.
When does Harvard Bioscience's fiscal year end?
Harvard Bioscience's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 13, 2026.