- Strategic expansion with trusted partner enhances customer reachHOLLISTON, Mass., Sept. 16, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company” or “Harvard Bioscience”), a leading provider of innovative laboratory equipment, is pleased to announce the expansion of its distribution agreement with Fisher Scientific, a part of Thermo Fisher Scientific, one of the world’s largest and most trusted scientific suppliers. Under this new agreement, Fisher Scientific will now offer Harva ...

Veteran life sciences industry financing leader appointed as new Board memberHOLLISTON, Mass., Sept. 09, 2025 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company” or “Harvard Bioscience”) today announced the appointment of Stephen DeNelsky to its Board of Directors, effective September 5, 2025. Mr. DeNelsky will also serve on the Board’s Nominating and Governance Committee. “We are pleased to announce Steve as the newest member of our Board of Directors at such an important time for Ha ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part presents the unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive loss, stockholders' equity, and cash flows, along with detailed notes explaining significant accounting policies, financial performance, and financial position changes for the periods ended June 30, 2025 and 2024 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific points in time Condensed Consolidated Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | Change | % Change | | :-------------------------- | :------------ | :---------------- | :----- | :------- | | Total assets | $80,093 | $126,644 | $(46,551) | -36.76% | | Total liabilities | $64,360 | $63,304 | $1,056 | 1.67% | | Total stockholders' equity | $15,733 | $63,340 | $(47,607) | -75.16% | | Cash and cash equivalents | $7,442 | $4,108 | $3,334 | 81.16% | | Goodwill | $10,152 | $56,324 | $(46,172) | -82.00% | | Debt | $34,864 | $36,956 | $(2,092) | -5.66% | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) This section outlines the company's financial performance over specific periods, including revenues, expenses, and net loss Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenues | $20,450 | $23,097 | $42,224 | $47,609 | | Gross profit | $11,533 | $13,218 | $23,717 | $27,990 | | Operating loss | $(819) | $(2,069) | $(50,487) | $(4,348) | | Net loss | $(2,282) | $(2,927) | $(52,622) | $(7,621) | | Basic and diluted loss per share | $(0.05) | $(0.07) | $(1.19) | $(0.18) | | Goodwill impairment | $- | $- | $47,951 | $- | [Condensed Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) This section presents the net loss and other comprehensive income or loss components, reflecting changes in equity from non-owner sources Condensed Consolidated Statements of Comprehensive Loss Highlights (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(2,282) | $(2,927) | $(52,622) | $(7,621) | | Foreign currency translation adjustments | $2,622 | $(128) | $3,914 | $(911) | | Other comprehensive income (loss) | $2,659 | $(94) | $3,968 | $(678) | | Comprehensive income (loss) | $377 | $(3,021) | $(48,654) | $(8,299) | [Condensed Consolidated Statements of Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) This section details changes in the company's equity accounts, including common stock, additional paid-in capital, accumulated deficit, and other comprehensive loss Stockholders' Equity Changes (in thousands) | Metric | Balance at Dec 31, 2024 | Net Loss (6 months) | Other Comprehensive Loss (6 months) | Balance at June 30, 2025 | | :---------------------- | :---------------------- | :------------------ | :---------------------------------- | :----------------------- | | Common Stock | $441 | $4 | $- | $445 | | Additional Paid-in Capital | $236,579 | $1,072 | $- | $237,622 | | Accumulated Deficit | $(158,010) | $(52,622) | $- | $(210,632) | | Accumulated Other Comprehensive Loss | $(15,670) | $- | $3,968 | $(11,702) | | Total Stockholders' Equity | $63,340 | $(52,622) | $3,968 | $15,733 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section summarizes the cash inflows and outflows from operating, investing, and financing activities over specific periods Condensed Consolidated Cash Flow Highlights (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | | :------------------------------------ | :----- | :----- | | Net cash provided by operating activities | $5,741 | $557 | | Net cash (used in) provided by investing activities | $(916) | $233 | | Net cash used in financing activities | $(2,462) | $(878) | | Increase (decrease) in cash and cash equivalents | $3,334 | $(235) | | Cash and cash equivalents at end of period | $7,442 | $4,048 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and additional information supporting the condensed consolidated financial statements [1. Basis of Presentation and Summary of Significant Accounting Policies](index=9&type=section&id=1.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) The financial statements are unaudited and prepared in accordance with SEC rules, with certain disclosures condensed or omitted. The Company's ability to continue as a going concern is in substantial doubt due to outstanding debt obligations and the uncertainty of refinancing by December 5, 2025. Estimates are used in financial reporting, and actual results may differ - Substantial doubt exists about the Company's ability to continue as a going concern due to outstanding debt and uncertain refinancing by December 5, 2025[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) Other Operating Expenses (in thousands) | Expense Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Employee retention tax credit fees | $170 | $- | $341 | $472 | | Unclaimed property audits expense | $- | $(147) | $- | $347 | | Restructuring expenses | $30 | $396 | $123 | $396 | | Total other operating expenses | $200 | $249 | $464 | $1,215 | - The Company is assessing the impact of recently issued accounting pronouncements: ASU No. 2023-09 (Income Taxes, effective Dec 2025) and ASU No. 2024-03 (Expense Disaggregation, effective Dec 2026)[24](index=24&type=chunk)[25](index=25&type=chunk) [2. Earnings (Loss) per Share](index=10&type=section&id=2.%20Earnings%20%28Loss%29%20per%20Share) Basic and diluted loss per share calculations are presented, showing a significant increase in loss per share for the six months ended June 30, 2025, compared to the prior year Basic and Diluted Loss Per Share (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net loss | $(2,282) | $(2,927) | $(52,622) | $(7,621) | | Weighted average shares outstanding - basic | 44,303 | 43,486 | 44,200 | 43,443 | | Basic loss per share | $(0.05) | $(0.07) | $(1.19) | $(0.18) | | Diluted loss per share | $(0.05) | $(0.07) | $(1.19) | $(0.18) | [3. Revenues](index=11&type=section&id=3.%20Revenues) Revenue decreased across most categories and geographic regions for both the three and six months ended June 30, 2025, primarily driven by lower sales of instruments, equipment, software, and accessories, and reduced customer advances Revenues by Type (in thousands) | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Instruments, equipment, software and accessories | $18,178 | $21,292 | $38,043 | $44,051 | | Service, maintenance and warranty contracts | $2,272 | $1,805 | $4,181 | $3,558 | | Total revenues | $20,450 | $23,097 | $42,224 | $47,609 | Revenues by Geographic Region (in thousands) | Region | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | United States | $9,656 | $10,805 | $19,483 | $21,788 | | Americas - Other | $422 | $663 | $1,251 | $1,424 | | Europe, Middle East and Africa | $6,588 | $6,599 | $12,618 | $13,222 | | China | $2,451 | $3,249 | $5,185 | $7,631 | | Asia - Other | $1,333 | $1,781 | $3,687 | $3,544 | | Total | $20,450 | $23,097 | $42,224 | $47,609 | Contract Liabilities (in thousands) | Contract Liability Type | June 30, 2025 | December 31, 2024 | Change | Percentage Change | | :------------------------------------ | :------------ | :---------------- | :----- | :---------------- | | Deferred revenue (Service, maintenance, warranty) | $1,434 | $1,560 | $(126) | -8% | | Installation and training | $611 | $806 | $(195) | -24% | | Customer advances | $1,098 | $1,440 | $(342) | -24% | | Total short-term contract liabilities | $3,143 | $3,806 | $(663) | -17% | | Long-term service, maintenance and warranty contracts | $258 | $- | $258 | 100% | | Total contract liabilities | $3,401 | $3,806 | $(405) | -11% | [4. Goodwill and Long-Lived Assets](index=12&type=section&id=4.%20Goodwill%20and%20Long-Lived%20Assets) The Company recorded a significant goodwill impairment charge of $48.0 million for the three months ended March 31, 2025, triggered by a sustained decrease in stock price, recent operating results, liquidity risk, and macroeconomic conditions. No further impairment was required as of June 30, 2025 - A goodwill impairment charge of **$48.0 million** was recorded for the three months ended March 31, 2025, due to a sustained decrease in stock price, operating results, liquidity risk, and macroeconomic conditions[32](index=32&type=chunk)[34](index=34&type=chunk) Goodwill Carrying Amount (in thousands) | Metric | Amount | | :-------------------------- | :------- | | Carrying amount at Dec 31, 2024 | $56,324 | | Goodwill impairment | $(47,951) | | Effect of change in currency translation | $1,779 | | Carrying amount at June 30, 2025 | $10,152 | Intangible Assets, Net (in thousands) | Intangible Asset Type | June 30, 2025 Net | December 31, 2024 Net | | :-------------------------- | :---------------- | :-------------------- | | Customer relationships | $4,749 | $5,153 | | Technology and software development | $3,419 | $4,841 | | Trade names and patents | $753 | $943 | | Total amortizable intangible assets | $8,921 | $10,937 | | Indefinite-lived intangible assets | $218 | $195 | | Total intangible assets | $9,139 | $11,132 | [5. Balance Sheet Information](index=14&type=section&id=5.%20Balance%20Sheet%20Information) This section provides details on inventories and other current liabilities, highlighting the increase in employee retention tax credit funds held as liabilities due to received refunds Inventories (in thousands) | Inventory Type | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Finished goods | $5,935 | $5,222 | | Work in process | $1,556 | $2,754 | | Raw materials | $14,764 | $15,269 | | Total | $22,255 | $23,245 | Other Current Liabilities (in thousands) | Liability Type | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Compensation | $2,124 | $1,714 | | Employee retention tax credit funds | $5,420 | $3,154 | | Total | $12,473 | $9,409 | - The Company received **$2.2 million** in ERTC refunds during the six months ended June 30, 2025, and **$3.2 million** in 2024, which are included in other current liabilities[39](index=39&type=chunk) [6. Marketable Equity Securities](index=15&type=section&id=6.%20Marketable%20Equity%20Securities) The Company sold all its remaining Harvard Apparatus Regenerative Technology, Inc. (HRGN) shares during the six months ended June 30, 2024, resulting in a $1.6 million loss on equity securities. No HRGN stock was held in the current period - The Company sold all remaining HRGN shares during the six months ended June 30, 2024, generating **$1.9 million** in proceeds and recording a **$1.6 million** loss on equity securities. No HRGN shares were held as of June 30, 2025[42](index=42&type=chunk) [7. Leases](index=15&type=section&id=7.%20Leases) The Company's operating lease liabilities increased to $8.45 million as of June 30, 2025, with a weighted average remaining lease term of 4.6 years and a discount rate of 8.0% Operating Lease Information (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------------------ | :------------ | :---------------- | | Operating lease right-of-use assets | $7,131 | $6,132 | | Total operating lease liabilities | $8,450 | $7,539 | | Weighted average remaining lease term (years) | 4.6 | 5.2 | | Weighted average discount rate | 8.0% | 8.9% | Future Minimum Lease Payments for Operating Leases (in thousands) | Year Ending December 31, | Amount | | :----------------------- | :----- | | 2025 (remainder of year) | $997 | | 2026 | $2,216 | | 2027 | $2,200 | | 2028 | $2,138 | | 2029 | $1,899 | | Thereafter | $808 | | Total lease payments | $10,258 | | Less imputed interest | $(1,808) | | Total operating lease liabilities | $8,450 | [8. Debt](index=16&type=section&id=8.%20Debt) The Company's total debt decreased slightly to $34.86 million as of June 30, 2025. The Company was not in compliance with refinancing milestones and financial covenants, leading to the August 2025 Amendment which waived defaults but increased the interest rate to SOFR plus 700 bps and requires refinancing or repayment by December 5, 2025 Debt Breakdown (in thousands) | Debt Type | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Term loan | $22,700 | $24,700 | | Revolving line | $12,650 | $12,650 | | Less: unamortized deferred financing costs | $(486) | $(394) | | Total debt | $34,864 | $36,956 | - The Company was not in compliance with refinancing milestones and quarterly financial covenants as of June 30, 2025. The August 2025 Amendment waived these defaults but increased the interest rate margin to **SOFR plus 700 bps** and requires refinancing or repayment by December 5, 2025[51](index=51&type=chunk)[52](index=52&type=chunk) - The effective interest rate on borrowings increased to **8.8%** for the three months ended June 30, 2025 (from 7.9% in 2024) and **8.7%** for the six months ended June 30, 2025 (from 7.8% in 2024)[48](index=48&type=chunk) [9. Derivatives](index=17&type=section&id=9.%20Derivatives) The Company uses an interest rate swap contract to hedge against variable SOFR-based debt, effectively converting $18.9 million of debt to a fixed annual rate of 4.75%. This swap is treated as an effective cash flow hedge - An interest rate swap contract with a notional amount of **$18.9 million** (as of June 30, 2025) converts SOFR-based variable interest to a fixed annual rate of **4.75%**, maturing on December 22, 2025[54](index=54&type=chunk)[55](index=55&type=chunk) Effect of Cash Flow Hedge on OCI and Earnings (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Gain recognized in OCI on derivatives | $37 | $34 | $54 | $233 | | Amounts reclassified from AOCI to interest expense | $(17) | $44 | $(34) | $91 | [10. Fair Value Measurements](index=19&type=section&id=10.%20Fair%20Value%20Measurements) The Company's interest rate swap agreement is measured at fair value using the market approach technique, classified as Level 2 in the fair value hierarchy Fair Value of Interest Rate Swap Agreement (in thousands) | Asset (Liability) | Fair Value as of June 30, 2025 | Fair Value as of December 31, 2024 | | :------------------------ | :----------------------------- | :--------------------------------- | | Interest rate swap agreement | $(44) | $(99) | [11. Stock-Based Compensation](index=19&type=section&id=11.%20Stock-Based%20Compensation) Stock-based compensation expense decreased for both the three and six months ended June 30, 2025, compared to 2024. As of June 30, 2025, $2.2 million in compensation costs for unvested awards remains unrecognized, expected to be recognized over approximately 1.4 years Stock-Based Compensation Expense Allocation (in thousands) | Expense Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cost of revenues | $31 | $66 | $61 | $118 | | Sales and marketing expenses | $106 | $159 | $224 | $289 | | General and administrative expenses | $240 | $927 | $599 | $1,698 | | Research and development expenses | $95 | $126 | $188 | $221 | | Total stock-based compensation | $472 | $1,278 | $1,072 | $2,326 | - Total unrecognized compensation costs related to unvested awards were **$2.2 million** as of June 30, 2025, with a weighted average recognition period of approximately **1.4 years**[59](index=59&type=chunk) - The aggregate fair value of RSUs that vested during the six months ended June 30, 2025, was **$0.2 million**, down from **$0.5 million** in 2024[60](index=60&type=chunk) [12. Income Tax](index=21&type=section&id=12.%20Income%20Tax) The Company reported an income tax expense for the three months ended June 30, 2025, and a benefit for the six months, with effective tax rates significantly lower than the U.S. statutory rate primarily due to the tax effect of goodwill impairment and changes in valuation allowances Income Tax Expense (Benefit) and Effective Tax Rates | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Income tax expense (benefit) | $28 | $(353) | $(426) | $(143) | | Effective tax rate | 1.2% | 10.8% | 0.8% | 1.8% | - The lower effective tax rate for the six months ended June 30, 2025, was primarily due to the tax effect of goodwill impairment and the release of reserves related to uncertain tax positions[64](index=64&type=chunk)[101](index=101&type=chunk) [13. Commitments and Contingent Liabilities](index=21&type=section&id=13.%20Commitments%20and%20Contingent%20Liabilities) The Company is subject to routine claims and lawsuits, which management does not expect to have a material adverse effect. An unclaimed property audit was completed in Q2 2024, resulting in a credit for the three months ended June 30, 2024 - Management believes that the outcome of current legal matters will not have a material adverse effect on the Company's business, results of operations, financial condition, or cash flows[66](index=66&type=chunk) - A credit of **$(0.1) million** was recorded during the three months ended June 30, 2024, related to the completion of an unclaimed property audit[67](index=67&type=chunk) [14. Restructuring Costs](index=21&type=section&id=14.%20Restructuring%20Costs) The Company initiated additional restructurings during the first half of 2025, expecting to incur $0.1 million in severance costs primarily from headcount reductions in North America and Europe, with completion anticipated by year-end 2025 - Additional restructurings initiated in H1 2025 are expected to incur **$0.1 million** in severance costs due to headcount reductions in North America and Europe, with completion by December 31, 2025[70](index=70&type=chunk) Changes in Accrued Liability for Restructuring (in thousands) | Metric | Severance | | :-------------------------- | :-------- | | Balance at December 31, 2024 | $82 | | Restructuring costs | $123 | | Cash payments | $(176) | | Effect of change in currency translation | $2 | | Balance at June 30, 2025 | $31 | [15. Segment Information](index=23&type=section&id=15.%20Segment%20Information) The Company operates as a single operating segment, with the chief operating decision maker (CODM) allocating resources and assessing performance based on consolidated net income (loss) and available liquidity - The Company conducts business as a single operating segment, with consolidated net income (loss) as the key measure for resource allocation and performance assessment[72](index=72&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the Company's financial performance, condition, and liquidity, highlighting revenue declines due to market conditions and tariffs, significant goodwill impairment, and ongoing challenges with debt compliance and refinancing [Overview](index=24&type=section&id=Overview) This section introduces Harvard Bioscience, Inc. as a global developer and manufacturer of life science technologies, products, and services - Harvard Bioscience, Inc. is a leading global developer, manufacturer, and seller of technologies, products, and services for life science applications, serving academic institutions, government laboratories, and pharmaceutical/biotechnology organizations[74](index=74&type=chunk) [Trends and Developments](index=24&type=section&id=Trends%20and%20Developments) This section discusses key factors impacting the company's performance, including declining demand, government funding uncertainties, tariffs, and debt covenant non-compliance - Revenue has been negatively impacted by softening worldwide demand from academic research institutions and CROs, uncertainties in government funding (e.g., NIH), and increased tariffs on international trade, particularly between the U.S. and China[75](index=75&type=chunk) - As of June 30, 2025, the Company was not in compliance with certain refinancing milestones and financial covenants under its Credit Agreement, though a waiver was obtained via the August 2025 Amendment[77](index=77&type=chunk) [Selected Results of Operations](index=25&type=section&id=Selected%20Results%20of%20Operations) The Company experienced a decline in revenues and gross profit for both the three and six months ended June 30, 2025, primarily due to reduced demand and tariffs. Operating expenses decreased due to compensation reductions, but a significant goodwill impairment charge led to a substantial net loss for the six-month period Selected Results of Operations (Three Months Ended June 30, in thousands) | Metric | 2025 | % of revenue | 2024 | % of revenue | | :-------------------------- | :----- | :----------- | :----- | :----------- | | Revenues | $20,450 | 100.0% | $23,097 | 100.0% | | Gross profit | $11,533 | 56.4% | $13,218 | 57.2% | | Sales and marketing expenses | $4,539 | 22.2% | $5,395 | 23.4% | | General and administrative expenses | $4,262 | 20.8% | $5,686 | 24.6% | | Research and development expenses | $2,189 | 10.7% | $2,626 | 11.4% | | Interest expense | $791 | 3.9% | $749 | 3.2% | | Loss on equity securities | $- | 0.0% | $281 | 1.2% | | Income tax expense (benefit) | $28 | 0.1% | $(353) | -1.5% | Selected Results of Operations (Six Months Ended June 30, in thousands) | Metric | 2025 | % of revenue | 2024 | % of revenue | | :-------------------------- | :----- | :----------- | :----- | :----------- | | Revenues | $42,224 | 100.0% | $47,609 | 100.0% | | Gross profit | $23,717 | 56.2% | $27,990 | 58.8% | | Sales and marketing expenses | $9,510 | 22.5% | $11,299 | 23.7% | | General and administrative expenses | $9,447 | 22.4% | $11,649 | 24.5% | | Research and development expenses | $4,510 | 10.7% | $5,511 | 11.6% | | Goodwill impairment | $47,951 | 113.6% | $- | 0.0% | | Interest expense | $1,593 | 3.8% | $1,500 | 3.2% | | Loss on equity securities | $- | 0.0% | $1,593 | 3.3% | | Income tax benefit | $(426) | -1.0% | $(143) | -0.3% | - Revenues decreased by **11.5%** for the three months and **11.3%** for the six months ended June 30, 2025, primarily due to softening worldwide demand from academic research institutions and CROs, and the impact of reciprocal tariffs[80](index=80&type=chunk)[91](index=91&type=chunk) - Gross profit decreased by **12.7%** for the three months and **15.3%** for the six months ended June 30, 2025, with gross margin declining to **56.4%** and **56.2%** respectively, due to lower revenues, under-absorption of fixed manufacturing costs, and a higher mix of lower-margin products[81](index=81&type=chunk)[92](index=92&type=chunk) - Operating expenses (Sales & Marketing, G&A, R&D) decreased across the board for both periods, primarily due to reduced compensation costs[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - A non-cash goodwill impairment charge of **$48.0 million** was recorded for the six months ended June 30, 2025, triggered by a sustained decrease in stock price, recent operating results, liquidity risk, and macroeconomic conditions[97](index=97&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) The Company's cash and cash equivalents increased, but it faces substantial doubt about its ability to continue as a going concern due to non-compliance with debt covenants. An August 2025 amendment waived defaults but requires refinancing or repayment by December 5, 2025, with increased interest rates. Operating cash flow significantly improved, while investing and financing activities used more cash - Cash and cash equivalents increased to **$7.4 million** as of June 30, 2025, from **$4.1 million** at December 31, 2024[102](index=102&type=chunk) - The Company received **$5.4 million** in Employee Retention Tax Credit (ERTC) refunds as of June 30, 2025, with **$1.1 million** received in Q2 2025[103](index=103&type=chunk) - Substantial doubt exists about the Company's ability to continue as a going concern due to non-compliance with debt covenants and the uncertainty of refinancing or repaying the Credit Agreement by December 5, 2025[106](index=106&type=chunk) - Net cash provided by operating activities significantly increased to **$5.7 million** for the six months ended June 30, 2025, from **$0.6 million** in 2024, driven by inventory reduction and ERTC refunds[108](index=108&type=chunk) - Net cash used in investing activities was **$0.9 million** for the six months ended June 30, 2025, a shift from **$0.2 million** provided in 2024, primarily due to capital expenditures[109](index=109&type=chunk) - Net cash used in financing activities increased to **$2.5 million** for the six months ended June 30, 2025, from **$0.9 million** in 2024, mainly due to debt repayments and issuance costs[110](index=110&type=chunk) [Impact of Foreign Currencies](index=29&type=section&id=Impact%20of%20Foreign%20Currencies) This section analyzes the effects of foreign currency exchange rate fluctuations on the company's revenues, expenses, and comprehensive loss - Changes in foreign currency exchange rates had a favorable effect on revenues (**$0.4 million** for Q2 2025, **$0.2 million** for H1 2025) and an unfavorable effect on expenses (**$0.4 million** for Q2 2025, **$0.3 million** for H1 2025)[112](index=112&type=chunk) - A significant gain of **$2.6 million** (Q2 2025) and **$3.9 million** (H1 2025) was recognized in other comprehensive loss due to foreign equity translation adjustments, compared to losses in the prior year[113](index=113&type=chunk) [Critical Accounting Policies](index=29&type=section&id=Critical%20Accounting%20Policies) This section confirms no material changes to critical accounting policies since the last annual report - There have been no material changes to the critical accounting policies since the Annual Report on Form 10-K for the fiscal year ended December 31, 2024[115](index=115&type=chunk) [Recent Accounting Pronouncements](index=29&type=section&id=Recent%20Accounting%20Pronouncements) This section directs to Note 1 for details on recently issued accounting pronouncements - Information on recent accounting pronouncements is detailed in Note 1 to the Condensed Consolidated Financial Statements[116](index=116&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This item is marked as not applicable for the reporting period - This section is not applicable for the current reporting period[117](index=117&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) The Company's disclosure controls and procedures were deemed ineffective as of June 30, 2025, due to previously reported material weaknesses in controls over the order-to-cash cycle and physical inventory counts. Remediation efforts are ongoing and expected to continue throughout fiscal year 2025 - The Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were not effective as of June 30, 2025[119](index=119&type=chunk) - Material weaknesses were previously identified in internal control over financial reporting related to controls over (i) the order-to-cash cycle and (ii) physical inventory counts[120](index=120&type=chunk) - Remediation efforts for the material weaknesses are ongoing and expected to continue throughout fiscal year 2025, with effectiveness demonstrated after a sufficient period of operation and testing[121](index=121&type=chunk) [PART II - OTHER INFORMATION](index=31&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This part covers legal proceedings, risk factors, equity sales, defaults, mine safety, other information, and exhibits [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note 13 to the Condensed Consolidated Financial Statements, indicating no material adverse effects are expected - Information on legal proceedings is incorporated by reference from Note 13 of the financial statements[125](index=125&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) The Company faces significant risks including substantial debt and non-compliance with credit agreement covenants, which could lead to immediate repayment demands. Additionally, the Company is non-compliant with Nasdaq's minimum bid price requirement, risking delisting and negative impacts on its business and stock liquidity - The Company has substantial debt and was non-compliant with certain covenants as of June 30, 2025. While a waiver was granted, failure to comply with future terms or refinance by December 5, 2025, could result in immediate debt repayment[127](index=127&type=chunk)[128](index=128&type=chunk)[129](index=129&type=chunk) - The Company received a Nasdaq notice for non-compliance with the **$1.00** minimum bid price requirement and has until October 1, 2025, to regain compliance, potentially requiring a reverse stock split[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk) - Delisting from Nasdaq would negatively impact the Company's ability to raise capital, stock liquidity, and could lead to loss of confidence from employees, customers, and investors[133](index=133&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities during the reporting period - No unregistered sales of equity securities occurred during the period covered by this report[134](index=134&type=chunk) [Item 3. Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities during the reporting period - There were no defaults upon senior securities[135](index=135&type=chunk) [Item 4. Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is marked as not applicable - This section is not applicable[135](index=135&type=chunk) [Item 5. Other Information](index=32&type=section&id=Item%205.%20Other%20Information) The Company regained compliance with Nasdaq's Audit Committee composition rule on July 17, 2025, but remains non-compliant with the Minimum Bid Price Requirement - As of July 17, 2025, the Company regained compliance with Nasdaq Listing Rule 5605(c)(2)(A) regarding Audit Committee composition[136](index=136&type=chunk) - The Company has not yet regained compliance with the Nasdaq Minimum Bid Price Requirement[136](index=136&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the 10-Q report, including various agreements, certifications, and XBRL documents - The exhibits include Letter Agreements, Incentive Plans, Employment Agreements, Certifications (302 and 906), and Inline XBRL documents[138](index=138&type=chunk) [SIGNATURES](index=34&type=section&id=SIGNATURES) The report is duly signed on behalf of Harvard Bioscience, Inc. by its Chief Executive Officer, John Duke, and Interim Chief Financial Officer, Mark Frost, as of August 11, 2025 - The report was signed by John Duke, Chief Executive Officer, and Mark Frost, Interim Chief Financial Officer, on August 11, 2025[141](index=141&type=chunk)[142](index=142&type=chunk)

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $20.5 million, down from $23.1 million in the prior year, but above guidance of $18 million to $20 million due to higher shipments to China [6] - Gross margin decreased to 56.4% from 57.2% in Q2 2024, but was at the high end of guidance [6] - Adjusted operating income improved to $1 million from $800,000 in Q2 2024, and adjusted EBITDA increased to $1.5 million from $1.3 million [7][12] - Year-to-date cash flow from operations was strong at $5.7 million compared to $600,000 in the same period last year [13] Business Line Data and Key Metrics Changes - Revenue in The Americas declined 5.4% sequentially and 11.7% year-over-year, primarily due to budget clarity issues for academic institutions [8] - European revenue increased 9% sequentially, driven by stronger academic shipments, while year-over-year revenues were largely flat [10] - APAC revenue decreased over 25% year-over-year due to tariff-related issues, with orders and shipments halting in April but gradually returning to normal [11] Market Data and Key Metrics Changes - The company’s China business accounted for about 10% of revenue, which nearly went to zero in April but has since returned to a more normal run rate [32] - NIH funding delays are extending academic purchasing cycles, but budgets remain in place, with expectations for improvement into 2026 [19] Company Strategy and Development Direction - The company aims to maintain financial discipline, accelerate product adoption, and strengthen its capital structure through refinancing [17][18] - New product pipeline includes the SOHO telemetry platform and the MeSH MEA organoid platform, which are expected to drive future growth [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of the year, believing that the worst of tariff uncertainties is behind them [19] - The company is focused on stabilizing its core business and restructuring its balance sheet to build sustainable sales and profitability [22] Other Important Information - Net debt decreased to $27.9 million from $32 million, reflecting improved operating cash flow and quarterly principal payments [14] - The company has negotiated amendments to its credit facility, providing additional time to refinance and pay down existing debt [15] Q&A Session Summary Question: What do you expect total debt to be by December 5? - The company expects debt to be around $33 million, continuing to pay down $1 million per quarter [26] Question: What are your thoughts on NIH funding and potential budget changes? - Management noted that academic purchasing cycles have been extended, but budgets remain in place, which could benefit the business if conditions improve in 2026 [30] Question: What is your current exposure to China and how did it perform in the quarter? - The China business is about 10% of revenue, which saw a significant decline in April but has returned to normal levels [32]

Financial Performance - Q2 2025 revenue was $20.5 million, compared to $23.1 million in Q2 2024[6] - Gross margin in Q2 2025 was 56.4%, compared to 57.2% in Q2 2024[6] - Adjusted EBITDA for Q2 2025 was $1.5 million, compared to $1.3 million in Q2 2024[6] - Q3 2025 revenue is projected to be in the range of $19 million to $21 million[16] - Q3 2025 gross margin is projected to be in the range of 56% to 58%[16] Regional Performance - APAC region experienced a 25.4% year-over-year decrease in Q2 2025, but with a 1.1% increase from F/X[7] - EMEA region was relatively flat, with a 0.3% year-over-year decrease in Q2 2025, but with a 5.0% increase from F/X[7] - US Pre-Clinical declined 11.7% year-over-year in Q2 2025[7] Strategic Focus - The company is prioritizing stabilizing the core business and restructuring the balance sheet to build sustainable sales and profitability[19] - The company is positioning the business for renewed growth and margin expansion in 2026 and beyond[19] - The company is focused on accelerating product adoption by leveraging a strong and innovative pipeline[19]

Executive Summary Harvard Bioscience exceeded Q2 2025 revenue guidance, achieved positive cash flow, and extended its credit deadline [Q2 2025 Performance Highlights and Strategic Outlook](index=1&type=section&id=Q2%202025%20Performance%20Highlights%20and%20Strategic%20Outlook) Harvard Bioscience exceeded Q2 2025 revenue guidance, achieved positive operating cash flow, and extended its credit refinance deadline Q2 2025 Performance Metrics | Metric | Q2 2025 | Q2 2024 | | :------------- | :------ | :------ | | Revenues | $20.5M | $23.1M | | Gross Margin | 56.4% | 57.2% | | Cash Provided by Operations | $2.8M | ($0.8)M | - Credit Amendment: Refinance deadline extended to **December 5, 2025**[6](index=6&type=chunk)[7](index=7&type=chunk) - CEO's Priorities: Grow core business and restructure balance sheet for revenue growth and margin expansion in 2026 and beyond[2](index=2&type=chunk) Detailed Financial Performance Q2 and H1 2025 saw revenue and gross margin declines, with H1 net loss widening due to goodwill impairment [Second Quarter 2025 Results](index=1&type=section&id=Second%20Quarter%202025%20Results) Q2 2025 saw decreased revenue and gross margin, but improved net loss, positive cash flow, and increased Adjusted EBITDA [Revenue and Gross Margin Analysis](index=1&type=section&id=Revenue%20and%20Gross%20Margin%20Analysis_Q2) Q2 2025 revenues decreased by 11.25% to $20.5 million, with gross margin slightly declining to 56.4% Q2 2025 Revenue and Gross Margin | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :------------- | :------ | :------ | :----------- | | Revenues | $20.5M | $23.1M | -11.25% | | Gross Margin | 56.4% | 57.2% | -0.8 ppts | [Profitability and Cash Flow Metrics](index=1&type=section&id=Profitability%20and%20Cash%20Flow%20Metrics_Q2) Q2 2025 net loss improved to ($2.3 million), Adjusted EBITDA increased, and operating cash flow turned positive Q2 2025 Profitability and Cash Flow | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :----------------------- | :------- | :------- | :----------- | | Net Loss | ($2.3)M | ($2.9)M | +20.69% | | Adjusted EBITDA | $1.5M | $1.3M | +15.38% | | Cash Provided by Operations | $2.8M | ($0.8)M | N/A (significant improvement) | [Six Months Ended June 30, 2025 Results](index=2&type=section&id=Six%20Months%20Ended%20June%2030%2C%202025%20Results) H1 2025 saw declining revenues and gross margin, a widened net loss due to impairment, but improved operating cash flow [Revenue and Gross Margin Analysis](index=2&type=section&id=Revenue%20and%20Gross%20Margin%20Analysis_6M) H1 2025 revenues decreased by 11.34% to $42.2 million, with gross margin declining to 56.2% H1 2025 Revenue and Gross Margin | Metric | 6M 2025 | 6M 2024 | Change (YoY) | | :------------- | :------ | :------ | :----------- | | Revenues | $42.2M | $47.6M | -11.34% | | Gross Margin | 56.2% | 58.8% | -2.6 ppts | [Profitability and Cash Flow Metrics](index=2&type=section&id=Profitability%20and%20Cash%20Flow%20Metrics_6M) H1 2025 net loss significantly widened to ($52.6 million) due to impairment, while operating cash flow substantially improved H1 2025 Profitability and Cash Flow | Metric | 6M 2025 | 6M 2024 | Change (YoY) | | :----------------------- | :-------- | :------- | :----------- | | Net Loss | ($52.6)M | ($7.6)M | -592.11% | | Adjusted EBITDA | $2.3M | $2.8M | -17.86% | | Cash Provided by Operations | $5.7M | $0.6M | +850.00% | - The significant increase in net loss was primarily due to a **$48.0 million goodwill impairment** in the first quarter of 2025[9](index=9&type=chunk)[20](index=20&type=chunk)[26](index=26&type=chunk) [Third Quarter 2025 Financial Guidance](index=2&type=section&id=Third%20Quarter%202025%20Guidance) Q3 2025 revenue guidance is $19-21 million, with an expected gross margin between 56% and 58% Q3 2025 Guidance | Metric | Q3 2025 Guidance | | :------------- | :--------------- | | Revenues | $19M - $21M | | Gross Margin | 56% - 58% | Financial Position and Liquidity Management The company amended its credit agreement, managing debt and liquidity amidst reduced assets and equity [Credit Agreement and Debt Management](index=1&type=section&id=Credit%20Agreement%20Update) Harvard Bioscience amended its credit agreement, waiving defaults and suspending Q3 2025 covenant testing - Lenders waived events of default for failure to achieve prior refinancing milestones and non-compliance with financial covenants as of **June 30, 2025**[5](index=5&type=chunk) - Financial covenants will not be tested for the fiscal quarter ended **September 30, 2025**, provided the company complies with payment obligations and minimum liquidity requirements[5](index=5&type=chunk) - Company agreed to accomplish steps towards the refinancing or repayment of the credit agreement by no later than **December 5, 2025**[6](index=6&type=chunk) [Balance Sheet Overview](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased significantly due to reduced goodwill, while cash increased and stockholders' equity declined Condensed Consolidated Balance Sheets | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :-------------------------- | :--------------------------- | :------------------------------- | :-------------------- | | Cash and cash equivalents | $7,442 | $4,108 | +$3,334 | | Total current assets | $44,969 | $45,117 | -$148 | | Goodwill and other intangibles | $19,291 | $67,456 | -$48,165 | | Total assets | $80,093 | $126,644 | -$46,551 | | Debt | $34,864 | $36,956 | -$2,092 | | Total current liabilities | $55,202 | $54,958 | +$244 | | Stockholders' equity | $15,733 | $63,340 | -$47,607 | [Cash Flow Statement Analysis](index=7&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) H1 2025 saw increased net cash from operations, but outflows from investing and financing due to debt repayment Condensed Consolidated Statements of Cash Flows | Metric | 6 Months Ended June 30, 2025 (in thousands) | 6 Months Ended June 30, 2024 (in thousands) | Change (in thousands) | | :-------------------------------- | :---------------------------------------- | :---------------------------------------- | :-------------------- | | Net cash provided by operating activities | $5,741 | $557 | +$5,184 | | Net cash (used in) provided by investing activities | ($916) | $233 | -$1,149 | | Net cash used in financing activities | ($2,462) | ($878) | -$1,584 | | Increase (decrease) in cash and cash equivalents | $3,334 | ($235) | +$3,569 | - Repayment of term debt amounted to **$2.0 million** during the six months ended June 30, 2025[24](index=24&type=chunk) Non-GAAP Financial Reporting Non-GAAP measures clarify core operations, excluding items like goodwill impairment and stock-based compensation [Understanding Non-GAAP Measures](index=3&type=section&id=Use%20of%20Non-GAAP%20Financial%20Information) Non-GAAP measures clarify core business performance, excluding specific items, as a supplement to GAAP information - Non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of the business[13](index=13&type=chunk) - Excluded items from non-GAAP measures 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[13](index=13&type=chunk) - Non-GAAP financial information should be considered in addition to, not as a substitute for, GAAP financial information[14](index=14&type=chunk) [GAAP to Non-GAAP Reconciliation Tables](index=8&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP measures for Q2 and H1 2025/2024, detailing adjustments GAAP to Non-GAAP Reconciliation (Operating Income, Net Income, EBITDA, EPS) | Metric | Q2 2025 (GAAP, in thousands) | Q2 2025 (Adjusted, in thousands) | 6M 2025 (GAAP, in thousands) | 6M 2025 (Adjusted, in thousands) | | :-------------------------------- | :------------- | :----------------- | :------------- | :----------------- | | Operating loss (income) | ($819) | $1,045 | ($50,487) | $1,364 | | Net loss (income) | ($2,282) | ($235) | ($52,622) | ($787) | | Adjusted EBITDA | N/A | $1,500 | N/A | $2,314 | | Diluted loss (earnings) per share | ($0.05) | ($0.01) | ($1.19) | ($0.02) | Net Debt Reconciliation | Metric | June 30, 2025 (in thousands) | June 30, 2024 (in thousands) | | :------- | :--------------------------- | :--------------------------- | | Net debt | $27,908 | $31,992 | Corporate Information and Disclosures This section covers Harvard Bioscience's overview, forward-looking statements, and investor relations [Company Overview](index=3&type=section&id=About%20Harvard%20Bioscience) Harvard Bioscience develops and sells technologies for life science applications, serving global academic and pharmaceutical clients - Harvard Bioscience is a leading developer, manufacturer, and seller of technologies, products, and services enabling fundamental advances in life science applications[15](index=15&type=chunk) - Applications include research, drug and therapy discovery, bio-production, and preclinical testing for pharmaceutical and therapy development[15](index=15&type=chunk) - Customers range from academic institutions and government laboratories to leading pharmaceutical, biotechnology, and contract research organizations globally, with operations in the US, Europe, and China[15](index=15&type=chunk) [Forward-Looking Statements Disclaimer](index=4&type=section&id=Forward-Looking%20Statements) This section contains forward-looking statements about future performance, subject to uncertainties, with no updates - Forward-looking statements concern expected future financial and operational performance, including revenues, gross margin, cash and debt position, balance sheet, growth, and new product introductions[17](index=17&type=chunk) - Statements also cover matters related to the company's ability to continue as a going concern, fund operations, comply with credit agreement terms, or refinance outstanding indebtedness[17](index=17&type=chunk) - Forward-looking statements do not guarantee future performance and involve known and unknown uncertainties, risks, assumptions, and contingencies, with no obligation for the company to update them[17](index=17&type=chunk) [Investor Relations and Communication](index=2&type=section&id=Investor%20Inquiries) Harvard Bioscience provided investor contact details and announced a Q2 2025 earnings call and webcast - Investor inquiries can be directed to **Mark Frost**, Interim Chief Financial Officer, via investors@harvardbioscience.com or **(508) 893-3120**[18](index=18&type=chunk) - A conference call and webcast were scheduled for **August 11, 2025**, at **8:00 a.m. Eastern Time**, with separate registration processes for analysts and audio-only participants[11](index=11&type=chunk)[12](index=12&type=chunk)

Core Insights - Harvard Bioscience, Inc. reported financial results for Q2 and the first half of 2025, highlighting a revenue decline but improved operational cash flow and a strategic focus on restructuring and growth [1][2][3][4]. Financial Performance - For Q2 2025, revenues were $20.5 million, down from $23.1 million in Q2 2024, with a gross margin of 56.4%, slightly lower than 57.2% in the previous year [3][4]. - The net loss for Q2 2025 was $2.3 million, an improvement from a net loss of $2.9 million in Q2 2024, while adjusted EBITDA increased to $1.5 million from $1.3 million [4][8]. - For the first half of 2025, revenues totaled $42.2 million, down from $47.6 million in the same period of 2024, with a gross margin of 56.2%, compared to 58.8% previously [7][8]. Cash Flow and Operations - Cash provided by operations was $2.8 million in Q2 2025, a significant improvement from a negative cash flow of $0.8 million in Q2 2024 [4]. - For the first half of 2025, cash provided by operations was $5.7 million, compared to $0.6 million in the same period of 2024 [8]. Credit Agreement and Restructuring - The company amended its credit agreement, with lenders waiving certain defaults and agreeing not to test financial covenants for Q3 2025, contingent on compliance with payment obligations [5][6]. - The company is required to take steps towards refinancing or repaying the credit agreement by December 5, 2025 [6]. Future Guidance - The company anticipates Q3 2025 revenues between $19 million and $21 million, with a gross margin expected in the range of 56% to 58% [9].

Core Viewpoint - Harvard Bioscience, Inc. will announce its financial results for Q2 2025 on August 11, 2025, before market opening, followed by a conference call at 8:00 a.m. Eastern Time [1]. Company Overview - Harvard Bioscience, Inc. is a prominent developer, manufacturer, and seller of technologies, products, and services that facilitate advancements in life sciences, including research, drug discovery, bio-production, and preclinical testing for pharmaceutical development [3]. - The company's customer base includes prestigious academic institutions, government laboratories, and leading pharmaceutical, biotechnology, and contract research organizations globally [3]. - Harvard Bioscience operates in the United States, Europe, and China, utilizing both direct and distribution channels to reach customers worldwide [3].

Leadership Transition - Harvard Bioscience announced a CEO succession plan with John Duke set to become President & CEO on July 28, 2025, following Jim Green's retirement after over 8 years as Chairman and 6 years as President & CEO [1][3] - John Duke has a strong background, previously serving as CEO of Plastic Molding Technology with approximately 20% annual revenue growth, and has over 20 years of experience at Corning Incorporated [2][3] Board Appointments - The company appointed Rob Gagnon and Seth Benson to the Board of Directors effective July 16, 2025 [3][6] - Rob Gagnon has over 20 years of experience in global finance operations in the life sciences industry and previously served as CFO of Harvard Bioscience from 2013-2018 [4] - Seth Benson has significant leadership experience in finance and technology, currently serving as CFO of Nuclera Ltd [5] Financial Performance - Harvard Bioscience expects second quarter 2025 revenue to be $20.4 million and has reiterated its gross margin guidance of 55% to 57% for the same period [7][8]

Core Insights - Harvard Bioscience, Inc. has appointed John Duke to its board of directors, effective June 2, 2025, and he will also serve on the audit and nominating and governance committees [1][2] - Katherine Eade has been named Lead Independent Director of the Company's board of directors [1] - Thomas Loewald has retired from the board after serving since October 2017 [3] Company Overview - Harvard Bioscience, Inc. is a leading developer, manufacturer, and seller of technologies, products, and services that enable advances in life science applications, including research, drug and therapy discovery, bio-production, and preclinical testing for pharmaceutical development [4] - The Company serves a diverse customer base, including academic institutions, government laboratories, and leading pharmaceutical and biotechnology organizations, with operations in the United States, Europe, and China [4]