Harvard Bioscience (HBIO) AI Stock Analysis

• Market Cap: $20.76M
• Dividend Yield: N/A
• Average Volume (3M): 24.08M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.47
• Revenue Growth: -14.41%
• EPS Growth: -549.88%
• Country: US
• Employees: 330
• Sector: Healthcare
• Sector Strength: 40
• Industry: Medical - Instruments & Supplies
• EPS (TTM): -0.01
• Shares Outstanding: 44,213,745
• 10 Day Avg. Volume: 1,468,703
• 30 Day Avg. Volume: 24,080,801
• PEG Ratio: <0.01
• Price to Book (P/B): 1.66
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 42.12
• Enterprise Value/Market Cap: 1.27
• Enterprise Value/Revenue: 0.07
• Enterprise Value/Gross Profit: 0.52
• Enterprise Value/Ebitda: -0.58
• 1Y Price Target: $3.00
• Price Target Upside: 538.30% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 48 Neutral
• Price Target: $0.50 ▲(6.38%Upside)

Harvard Bioscience's financial challenges, especially declining revenues and profitability issues, significantly impact its stock score. The bearish technical indicators and unattractive valuation further weigh on the score. Despite some optimism from the earnings call about product innovations and market recovery, corporate events such as management changes and delisting risks add to the concerns.

Positive Factors

Cost Management

Cost cutting is expected to reduce operating expenses by $1 million a quarter, overcoming cautious revenue expectations.

Product Innovation

Management remains optimistic about the prospects for newly launched products such as cellular organ models and large-scale electroporation, which offer higher margins and a proportionately higher recurring revenue stream.

Regulatory Support

New FDA policy supports the use of organoids and AI models for drug testing, benefiting Harvard Bioscience's MEA system.

Negative Factors

Financial Risk

HBIO recently violated the consolidated net leverage ratio covenant and is now operating under a waiver from its lenders.

Leadership Changes

Harvard Bioscience's CFO Jennifer Cote is leaving for a new opportunity, though it is not due to any disagreements with the company.

Market Uncertainty

The outlook for end-user markets in biomedical research continues to be challenging due to uncertainty around China tariffs, NIH funding, and biopharmaceutical research activity.

Harvard Bioscience Business Overview & Revenue Model

Company Description

Harvard Bioscience, Inc. develops, manufactures, and sells technologies, products, and services that enables fundamental research, discovery, and pre-clinical testing for drug development in the United States and internationally. The company offers cellular and molecular technology instruments, such as syringe and peristaltic pump products, as well as a range of instruments and accessories for tissue and organ-based lab research, including surgical products, infusion systems, and behavior research systems; and spectrophotometers, microplate readers, amino acid analyzers, gel electrophoresis equipment, and electroporation and electrofusion instruments. It also engages in the development and manufacture of precision scientific measuring instrumentation and equipment, which cover data acquisition systems with custom amplifier configurations for cellular analysis, micro electrode array solutions for in vivo recordings, and vitro-systems for extracellular recordings; and offers preclinical products. The company markets its products through sales organizations, websites, catalogs, and distributors to research scientists in pharmaceutical and biotechnology companies, universities, hospitals, and government laboratories, as well as to contract research organizations, academic labs, and government researchers. It primarily sells its products under Harvard Apparatus, DSI, Ponemah, Buxco, Biochrom, BTX, and MCS brand names. The company was founded in 1901 and is headquartered in Holliston, Massachusetts.

How the Company Makes Money

Harvard Bioscience generates revenue through the sale of its scientific instruments and equipment to research institutions, pharmaceutical companies, and academic laboratories. The company's revenue streams are primarily driven by product sales, which include a wide array of laboratory and research equipment tailored for specific scientific applications. Harvard Bioscience also benefits from strategic partnerships with research organizations and universities, which enhance its product development and market reach. Additionally, the company may engage in service contracts and maintenance agreements, providing ongoing support and upgrades for its equipment, thereby ensuring long-term customer relationships and steady income.

Harvard Bioscience Financial Statement Overview

Summary

Harvard Bioscience faces significant financial challenges, particularly on the income statement with declining revenues and profitability issues. The balance sheet shows moderate financial stability with manageable debt levels, and cash flow improvements highlight positive cash management efforts. However, the company needs to enhance revenue generation and cost management for sustainable growth.

Income Statement

The income statement shows a challenging picture for Harvard Bioscience. Over the TTM, the company experienced a decline in revenue and significant losses with a negative EBIT and EBITDA, indicating operational struggles. The net profit margin is negative, reflecting profitability issues. However, there is potential for improvement if operational efficiencies are enhanced.

Balance Sheet

The balance sheet indicates a moderate financial position with a debt-to-equity ratio improving to 0.49, suggesting effective debt management compared to past periods. However, the equity ratio has decreased, which may indicate a potential risk if liabilities continue to grow. The company's liquidity appears constrained, as evidenced by the relatively low cash and equivalents.

Cash Flow

Cash flow from operations has improved in the TTM, showing positive free cash flow despite prior periods of negative free cash flow. This improvement suggests better cash management, although capital expenditures continue to weigh on cash flow. The operating cash flow to net income ratio is positive, indicating cash generation from operations despite losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	91.40M	94.14M	112.25M	113.33M	118.90M	102.10M
Gross Profit	50.85M	54.77M	66.07M	60.82M	67.65M	58.04M
EBITDA	-39.57M	-1.47M	8.03M	944.00K	11.31M	5.49M
Net Income	-58.05M	-12.40M	-3.42M	-9.52M	-288.00K	-7.81M
Balance Sheet
Total Assets	137.37M	126.64M	137.37M	145.36M	162.34M	156.25M
Cash, Cash Equivalents and Short-Term Investments	4.28M	4.11M	4.28M	4.51M	7.82M	8.32M
Total Debt	42.77M	44.49M	42.77M	46.82M	48.33M	48.01M
Total Liabilities	64.29M	63.30M	64.29M	73.14M	78.94M	79.57M
Stockholders Equity	73.07M	63.34M	73.07M	72.22M	83.40M	76.68M
Cash Flow
Free Cash Flow	586.00K	-1.20M	11.72M	-438.00K	-83.00K	8.18M
Operating Cash Flow	3.02M	1.44M	14.03M	1.15M	1.26M	9.33M
Investing Cash Flow	-1.80M	-1.34M	-1.80M	-1.59M	-1.34M	-1.40M
Financing Cash Flow	-280.00K	-131.00K	-12.13M	-2.84M	-252.00K	-7.97M

Harvard Bioscience Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.47
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HBIO, the sentiment is Negative. The current price of 0.47 is below the 20-day moving average (MA) of 0.49, above the 50-day MA of 0.42, and below the 200-day MA of 1.42, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 50.08 is Neutral, neither overbought nor oversold. The STOCH value of 21.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HBIO.

Harvard Bioscience Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INFU	76 Outperform	$129.42M	42.03	5.94%	―	7.98%	3304.55%
Sector *	64 Neutral	¥343.76B	10.59	-2.88%	2.57%	11.81%	-7.17%
AKYA	54 Neutral	$65.94M	―	-354.27%	―	-14.55%	34.87%
HBIO	48 Neutral	$20.76M	―	-138.80%	―	-14.41%	-549.88%
MLSS	44 Neutral	$50.12M	―	-88.36%	―	-9.13%	30.04%
MBOT		$90.94M	―	-66.48%	―	―	―
FEMY	44 Neutral	$27.33M	―	-239.87%	―	61.97%	-6.89%

Harvard Bioscience Corporate Events

Harvard Bioscience Faces Nasdaq Compliance Challenge

On June 18, 2025, Harvard Bioscience, Inc. informed Nasdaq that it is not in compliance with the audit committee requirements due to having only two members following Alan Edrick’s resignation on June 10, 2025. The company plans to appoint a new independent board member to regain compliance and intends to utilize the Nasdaq cure period, which extends until the next annual stockholders’ meeting or June 10, 2026, whichever comes first.

The most recent analyst rating on (HBIO) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.

Harvard Bioscience Approves Incentive Plan Amendment

On May 30, 2025, Thomas Loewald resigned from the board of directors of Harvard Bioscience, Inc., with no disagreements related to company operations. On June 2, 2025, the company’s stockholders approved an amendment to the 2021 Incentive Plan, increasing the number of authorized shares by 3,923,000. John D. Duke was appointed to the board and as a member of the Audit and Nominating and Governance Committees, while Katherine Eade was named Lead Independent Director. The company held its 2025 Annual Meeting of Stockholders, where several proposals were voted on, including the election of a director and the ratification of Grant Thornton LLP as the independent accounting firm.

The most recent analyst rating on (HBIO) stock is a Buy with a $5.50 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.

Harvard Bioscience’s Bertrand Loy to Step Down

On April 10, 2025, Bertrand Loy announced he will not seek re-election at Harvard Bioscience‘s 2025 Annual Meeting, ending his tenure that began in 2014. His departure is not due to any disagreements with the company, and he will continue his roles until the meeting, with the Board expressing gratitude for his service.

Harvard Bioscience CFO Resignation and Interim Appointment

On April 4, 2025, Harvard Bioscience received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement, as its stock price fell below $1.00 per share for 30 consecutive business days. The company has until October 1, 2025, to regain compliance, failing which it may transfer to the Nasdaq Capital Market for an additional compliance period. Additionally, on April 7, 2025, Jennifer Cote announced her resignation as CFO, effective upon the filing of the company’s quarterly report. Mark Frost, with over 30 years of financial experience, has been appointed as the Interim CFO, effective after Ms. Cote’s departure.