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Harvard Bioscience Announces Third Quarter 2025 Financial Results

1. Q3 2025 revenue at $20.6M, down from $22M last year. 2. Gross margin improved to 58.4% from 58.1% year-over-year. 3. Net loss narrowed to $1.2M this Q3 from $4.8M in Q3 2024. 4. Positive cash flow from operations at $1.1M, reversing last year's loss. 5. Company expects Q4 revenue guidance of $22.5M to $24.5M.

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The reduction in net loss and positive cash flow are strong signals for future profitability.

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The shift towards improved financial performance indicates potential for stock price increase.

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Immediate positive cash flow and strong fourth-quarter guidance can boost sentiment quickly.

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BIOABIOCRL
Reports Q3 2025 Revenues of $20.6M, Gross Margin of 58.4%, and Positive Cash Provided by OperationsCompany Expects to Refinance or Repay the Debt in the Fourth QuarterFourth Quarter 2025 Guidance Reflects Increased Demand and Backlog, Improved Operations and Strong Financial Discipline HOLLISTON, Mass., Nov. 06, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company”) today announced financial results for the third quarter and nine months ended September 30, 2025. “Our third-quarter performance highlights our growth opportunity while we advance efforts to fortify our capital structure. We saw another uptick in our performance on a sequential basis as our focus on executing, accelerating our growth platform, and financial and operational discipline drove improved results,” said John Duke, CEO of Harvard Bioscience. “Customer engagement across our platforms in the quarter helped to build the highest level of backlog that we have seen in nearly two years as well as our fourth consecutive month of order growth. This improved demand gives us the confidence to project continued sequential improvement in the fourth quarter.” Third Quarter 2025 Results For the third quarter of 2025, the Company reported revenues of $20.6 million compared to $22.0 million in the third quarter of 2024. Gross margin for the third quarter of 2025 was 58.4%, compared to 58.1% in the third quarter of 2024. Net loss for the third quarter of 2025 was ($1.2) million compared to a net loss of ($4.8) million in the third quarter of 2024, which included a non-cash charge of $1.2 million resulting from the settlement of the Company’s obligations under a defined benefit plan. Adjusted EBITDA for the third quarter of 2025 was $2.0 million compared to $1.3 million in the third quarter of 2024. Cash provided by operations was $1.1 million during the three months ended September 30, 2025, compared to ($0.8) million in the same period in 2024. Credit Agreement Update The Company continues to make constructive progress and is in active discussions with its lenders and advisors regarding the assessment and negotiation of its potential options, including proposals that have been received. The Company is executing to accomplish the refinancing or repayment of the existing credit agreement in the fourth quarter. Nine Months Ended September 30, 2025 Results For the nine months ended September 30, 2025, the Company reported revenues of $62.8 million, compared to $69.6 million in the same period of the prior year. Gross margin for the nine months ended September 30, 2025 was 56.9% compared with 58.6% in the same period of the prior year. Gross profit was $35.7 million for the first nine months of 2025 compared to $40.8 million in the same period of the prior year. Net loss for the nine months ended September 30, 2025 was ($53.8) million compared to a net loss of ($12.4) million in the same period of the prior year, primarily due to goodwill impairment in the first quarter of 2025 of $48.0 million. Adjusted EBITDA for the nine months ended September 30, 2025 was $4.3 million, compared to adjusted EBITDA of $4.2 million for the same period of the prior year. Cash provided by operations was $6.8 million during the nine months ended September 30, 2025 compared to ($0.3) million in the same period of the prior year. Fourth Quarter 2025 Guidance The Company expects fourth quarter 2025 revenues of $22.5 million to $24.5 million and gross margin in the 58% to 60% range. Webcast and Conference Call Details In conjunction with this announcement, the Company will be hosting a conference call and webcast today at 8:00 a.m. Eastern Time. A presentation that will be referenced during the webcast will be posted to the Company’s Investor Relations website shortly before the webcast begins. Analysts who would like to join the call and ask a question must register here. Once registered, you will receive the dial-in numbers and a unique PIN number. Participants who would like to join the audio-only webcast should go to our events and presentations on the Investor Relations section of our website here. Use of Non-GAAP Financial Information In this press release we have included non-GAAP financial information, including one or more of adjusted operating income (loss), adjusted operating margin, adjusted net income (loss), adjusted EBITDA, adjusted EBITDA margin, diluted adjusted earnings (loss) per share, and net debt. We believe that this non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of our business. For the periods presented, these non-GAAP financial measures have excluded certain expenses and income resulting from items that we do not believe are reflective of the underlying operations of the business. Items excluded include stock-based compensation, amortization of intangibles related to acquisitions, other operating expenses, loss on equity securities, income taxes, and the tax impact of reconciling items. Management believes that this non-GAAP financial information is important in comparing current results with prior period results and is useful to investors and financial analysts in assessing the Company’s operating performance. Historical non-GAAP financial information included herein is accompanied by a reconciliation to the nearest corresponding GAAP measure, which is included below. The non-GAAP financial information provided in this press release should be considered in addition to, not as a substitute for, the financial information provided and presented in accordance with GAAP and may be different from other companies’ non-GAAP financial information. About Harvard Bioscience Harvard Bioscience, Inc. is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bio-production and preclinical testing for pharmaceutical and therapy development. Our customers range from renowned academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States, Europe, and China, we sell through a combination of direct and distribution channels to customers around the world. For more information, please visit our website at www.harvardbioscience.com. Forward-Looking Statements This document contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend,” “believe” and similar expressions or statements that do not relate to historical matters. Forward-looking statements include, but are not limited to, information concerning expected future financial and operational performance including revenues, gross margin, cash and debt position, balance sheet, growth and the introduction of new products, the strength of the Company’s market position, business model and anticipated macroeconomic conditions, and matters relating to our ability to continue as a going concern, fund our operations, comply with the terms of our credit agreement, as amended, or refinance or repay our outstanding indebtedness. Forward-looking statements do not guarantee future performance and involve known and unknown uncertainties, risks, assumptions, and contingencies, many of which are outside the Company’s control. Risks and other factors that could cause the Company’s actual results to differ materially from those described in its forward-looking statements include those described in the “Risk Factors” section of the Company’s most recently filed Annual Report on Form 10-K and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 to be filed with the Securities and Exchange Commission (“SEC”), as well as in the Company’s other filings with the SEC. Forward-looking statements are based on the Company’s expectations and assumptions as of the date of this document. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect any change in expectations, even as new information becomes available. Investor Inquiries:Mark FrostInterim Chief Financial Officer(508) 893-3120investors@harvardbioscience.com HARVARD BIOSCIENCE, INC.Condensed Consolidated Statements Of Operations(Unaudited, in thousands, except per share data)                Three Months Ended September 30, Nine Months Ended September 30,  2025 2024 2025 2024             Revenues$20,591  $21,970  $62,815  $69,579 Cost of revenues 8,570   9,205   27,077   28,824  Gross profit 12,021   12,765   35,738   40,755                 Sales and marketing expenses 4,613   5,518   14,123   16,817    General and administrative expenses 4,176   5,041   13,623   16,690    Research and development expenses 2,132   2,567   6,642   8,078    Amortization of intangible assets 855   1,334   3,177   3,998 Goodwill impairment -   -   47,951   -    Other operating expenses 48   179   512   1,394 Total operating expenses 11,824   14,639   86,028   46,977              Operating income (loss) 197   (1,874)  (50,290)  (6,222)             Other expense:              Interest expense (966)  (856)  (2,559)  (2,356)   Loss on pension settlement -   (1,243)  -   (1,243)   Loss on equity securities -   -   -   (1,593)   Other expense, net (365)  (518)  (1,333)  (841)Total other expense (1,331)  (2,617)  (3,892)  (6,033)             Loss before income taxes (1,134)  (4,491)  (54,182)  (12,255)Income tax expense (benefit) 97   311   (329)  168 Net loss$(1,231) $(4,802) $(53,853) $(12,423)             Loss per share:            Basic and diluted loss per share$(0.03) $(0.11) $(1.22) $(0.29)             Weighted-average common shares:            Basic and diluted 44,556   43,614   44,320   43,499               HARVARD BIOSCIENCE, INC.Condensed Consolidated Balance Sheets(Unaudited, in thousands, except share and per share data)          September 30, 2025 December 31, 2024Assets       Cash and cash equivalents$6,817 $4,108  Accounts receivable, net 12,109  14,866  Inventories 21,604  23,245  Other current assets 3,275  2,898          Total current assets 48,805  45,117  Property, plant and equipment 4,990  5,106  Goodwill and other intangibles 17,904  67,456  Other long-term assets 11,293  8,965     Total assets$77,992 $126,644      Liabilities and Stockholders' Equity       Debt$33,967 $36,956  Other current liabilities 20,429  18,002          Total current liabilities 54,396  54,958  Other long-term liabilities 9,528  8,346  Stockholders’ equity 14,068  63,340     Total liabilities and stockholders’ equity$77,992 $126,644       HARVARD BIOSCIENCE, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited, in thousands)          Nine Months Ended    September 30, 2025  September 30, 2024Cash flows from operating activities:      Net loss $(53,853) $(12,423)Adjustments to operating cash flows  54,087   11,480 Changes in operating assets and liabilities  6,591   658 Net cash provided by (used in) operating activities  6,825   (258)       Cash flows from investing activities:      Additions to property, plant and equipment  (809)  (2,343)Acquisition of intangible assets  (455)  (454)Proceeds from sale of marketable equity securities  -   1,919 Net cash used in investing activities  (1,264)  (878)       Cash flows from financing activities:      Borrowing from revolving line of credit  -   8,800 Repayment of revolving line of credit  -   (2,550)Repayment of term debt  (3,000)  (5,023)Payment of debt issuance costs  (687)  (161)Proceeds from exercise of employee stock options and purchases  46   219 Taxes paid related to net share settlement of equity awards  (99)  (59)Net cash (used in) provided by financing activities  (3,740)  1,226        Effect of exchange rate changes on cash and cash equivalents  888   223 Increase in cash and cash equivalents  2,709   286 Cash and cash equivalents at the beginning of period  4,108   4,283 Cash and cash equivalents at the end of period $6,817  $4,569         HARVARD BIOSCIENCE, INC.Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)(in thousands, except per share data and percentages)              Three Months Ended Nine Months Ended    September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024                       GAAP operating income (loss)$ 197  $ (1,874) $ (50,290) $ (6,222)  Stock-based compensation 324   1,053   1,396   3,379   Acquired asset amortization 855   1,334   3,177   3,998   Goodwill impairment -   -   47,951   -   Other operating expenses (1) 48   179   512   1,394   Other adjustments 93   137   135   256  Adjusted operating income$ 1,517  $ 829  $ 2,881  $ 2,805             Operating margin 1.0%  (8.5%)  (80.1%)  (8.9%) Adjusted operating margin 7.4%  3.8%  4.6%  4.0%            GAAP net loss$ (1,231) $ (4,802) $ (53,853) $ (12,423)  Stock-based compensation 324   1,053   1,396   3,379   Acquired asset amortization 855   1,334   3,177   3,998   Goodwill impairment -   -   47,951   -   Other operating expenses (1) 48   179   512   1,394   Pension settlement expense -   1,243   -   1,243   Other adjustments 93   137   135   256   Loss on equity securities -   -   -   1,593   Income taxes (250)  (214)  (266)  377  Adjusted net loss (161)  (1,070)  (948)  (183)  Depreciation & amortization 468   484   1,417   1,400   Interest and other expense, net 1,331   1,374   3,892   3,197   Adjusted income taxes (2) 347   525   (63)  (209) Adjusted EBITDA$ 1,985  $ 1,313  $ 4,298  $ 4,205  Adjusted EBITDA margin 9.6%  6.0%  6.8%  6.0%            Diluted loss per share (GAAP)$ (0.03) $ (0.11) $(1.22) $ (0.29)            Diluted adjusted loss per share$(0.00) $ (0.02) $ (0.02) $(0.00) Weighted-average common shares:         Diluted GAAP 44,556   43,614   44,320   43,499              Diluted Adjusted 44,841   43,614   44,320   43,499                               September 30,         2025   2024   Debt, including unamortized deferred financing costs     $ 33,967  $ 37,858   Unamortized deferred financing costs     383   492   Cash and cash equivalents     (6,817)  (4,569)  Net debt     $ 27,533  $ 33,781              (1) Other operating expenses for the three months ended September 30, 2025 includes $48 thousand of restructuring-related charges compared to $179 thousand of restructuring expenses for the three months ended September 30, 2024. Other operating expenses for the nine months ended September 30, 2025 includes $171 thousand of restructuring-related charges and $341 thousand related to ERTC Fees, compared to $472 thousand commission fee paid in connection with the receipt of employee retention credits, a loss of $347 thousand related to an unclaimed property audit, and $575 thousand of restructuring-related charges for the nine months ended September 30, 2024.     (2) Adjusted income taxes includes the tax effect of adjusting for the reconciling items using the tax rates in the jurisdictions in which the reconciling items arise.            

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