Harvard Bioscience (HBIO) AI Stock Analysis

• Market Cap: $19.58M
• Dividend Yield: N/A
• Average Volume (3M): 870.54K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.80
• Revenue Growth: -12.24%
• EPS Growth: -427.45%
• Country: US
• Employees: 330
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): -0.01
• Shares Outstanding: 44,531,197
• 10 Day Avg. Volume: 1,653,733
• 30 Day Avg. Volume: 870,540
• PEG Ratio: -0.03
• Price to Book (P/B): 1.45
• Price to Sales (P/S): 0.98
• P/FCF Ratio: -76.30
• Enterprise Value/Market Cap: 2.84
• Enterprise Value/Revenue: 0.63
• Enterprise Value/Gross Profit: 1.13
• Enterprise Value/Ebitda: -1.19
• 1Y Price Target: $2.00
• Price Target Upside: 354.55% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 49 Neutral
• Price Target: $0.50 ▲(13.64% Upside)

Harvard Bioscience's overall stock score reflects significant financial and valuation challenges, with profitability and leverage being major concerns. Technical analysis indicates bearish momentum, further weighing on the score. However, the earnings call highlights some positive aspects, such as exceeding revenue guidance and strong cash flow, offering potential for recovery if operational efficiencies are improved.

Positive Factors

Strong Cash Flow and Debt Reduction

The significant increase in cash flow and reduction in net debt enhances financial flexibility, allowing Harvard Bioscience to invest in growth opportunities and manage obligations more effectively, supporting long-term stability.

Successful New Product Launches

New product launches, like the SoHo Telemetry platform, expand the company's product offerings and market reach, driving future revenue growth and strengthening its competitive position in the life sciences research market.

Revenue Guidance Exceeded

Exceeding revenue guidance indicates effective execution and demand for products, suggesting potential for continued growth and improved financial performance, enhancing investor confidence in the company's strategic direction.

Negative Factors

Decline in Revenue Compared to Previous Year

The year-over-year revenue decline highlights challenges in maintaining sales momentum, which could impact long-term growth prospects and necessitates strategic adjustments to regain market share.

Challenges with NIH Funding

Delays in NIH funding can lead to prolonged sales cycles and reduced revenue from academic institutions, affecting the company's ability to capitalize on opportunities in the preclinical research market.

Revenue Decline in Americas and China

Revenue declines in key markets like the Americas and China suggest competitive pressures and external challenges, potentially hindering the company's ability to achieve consistent growth across its geographic footprint.

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, equipment, and consumables used in life science research. The company has multiple key revenue streams, including direct sales of laboratory instruments, recurring revenue from consumables, and revenue from software and service contracts. Additionally, HBIO benefits from partnerships with academic institutions, research organizations, and pharmaceutical companies, which can lead to increased sales opportunities and collaborations that enhance its market presence. The company's strategic focus on innovation and new product development also contributes significantly to its earnings, as it aims to meet the evolving needs of researchers in various scientific fields.

Harvard Bioscience Financial Statement Overview

Summary

Harvard Bioscience faces significant financial challenges, particularly in profitability and leverage. The income statement reflects substantial losses and declining revenues, while the balance sheet shows high debt levels and negative returns on equity. However, the cash flow statement provides a glimmer of hope with strong free cash flow growth, suggesting potential for recovery if operational efficiencies can be improved.

Income Statement

Harvard Bioscience's income statement shows significant challenges with profitability. The TTM data reveals a negative net profit margin of -64.68% and a declining revenue growth rate of -2.90%. The EBIT and EBITDA margins are also negative, indicating operational inefficiencies. Despite a reasonable gross profit margin of 56.89%, the company struggles with high operational costs leading to substantial net losses.

Balance Sheet

The balance sheet reflects a mixed financial position. The debt-to-equity ratio has improved in the TTM period, indicating reduced leverage, but remains a concern with a high total debt level. The return on equity is significantly negative at -160.02%, highlighting poor returns for shareholders. The equity ratio is not provided, but the overall asset base has decreased, suggesting potential liquidity issues.

Cash Flow

Cash flow analysis shows some positive trends. The TTM free cash flow growth rate is exceptionally high at 739.59%, indicating improved cash generation. The operating cash flow to net income ratio is 0.12, suggesting some ability to cover net losses with operating cash. However, the free cash flow to net income ratio of 0.76 indicates that while cash flow is improving, it is not yet sufficient to cover net losses fully.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	88.75M	94.14M	112.25M	113.33M	118.90M	102.10M
Gross Profit	49.33M	54.77M	66.07M	60.82M	67.65M	58.04M
EBITDA	-46.80M	-1.47M	8.03M	944.00K	11.31M	5.49M
Net Income	-57.41M	-12.40M	-3.42M	-9.52M	-288.00K	-7.81M
Balance Sheet
Total Assets	80.09M	126.64M	137.37M	145.36M	162.34M	156.25M
Cash, Cash Equivalents and Short-Term Investments	7.44M	4.11M	4.28M	4.51M	7.82M	8.32M
Total Debt	43.31M	44.49M	42.77M	54.24M	56.96M	57.60M
Total Liabilities	64.36M	63.30M	64.29M	73.14M	78.94M	79.57M
Stockholders Equity	15.73M	63.34M	73.07M	72.22M	83.40M	76.68M
Cash Flow
Free Cash Flow	4.92M	-1.20M	11.72M	-438.00K	-83.00K	8.18M
Operating Cash Flow	6.62M	1.44M	14.03M	1.15M	1.26M	9.33M
Investing Cash Flow	-2.49M	-1.34M	-1.80M	-1.59M	-1.34M	-1.40M
Financing Cash Flow	-1.72M	-131.00K	-12.13M	-2.84M	-252.00K	-7.97M

Harvard Bioscience Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.44
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 0.44 is below the 20-day moving average (MA) of 0.46, below the 50-day MA of 0.48, and below the 200-day MA of 0.82, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.03 is Neutral, neither overbought nor oversold. The STOCH value of 12.70 is Positive, 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	70 Outperform	$211.20M	43.59	9.30%	―	8.13%	1293.06%
HBIO	49 Neutral	$19.58M	―	-138.36%	―	-12.24%	-427.45%
MLSS	46 Neutral	$35.83M	-5.25	-208.80%	―	7.84%	-43.00%
FEMY	44 Neutral	$15.47M	-0.42	-816.54%	―	98.61%	-1.98%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Harvard Bioscience Corporate Events

Harvard Bioscience Appoints Stephen DeNelsky to Board

On September 5, 2025, Harvard Bioscience appointed Stephen DeNelsky to its Board of Directors, effective immediately, and he will also serve on the Nominating & Governance Committee. DeNelsky, a veteran in the life sciences industry with 30 years of experience, is expected to bring valuable expertise in financial strategy to the company, enhancing its governance and long-term value creation.

The most recent analyst rating on (HBIO) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.

Harvard Bioscience Offers CFO $100K Retention Bonus

On August 12, 2025, Harvard Bioscience, Inc. announced a retention letter agreement with Mark Frost, its Interim Chief Financial Officer, offering him a $100,000 cash bonus upon successful refinancing of the company’s existing term loan and senior revolving credit facility by March 15, 2026. This agreement replaces a previous $50,000 bonus offer and includes provisions for salary and benefits continuation if Mr. Frost’s employment is terminated without cause before the refinancing date, highlighting the company’s strategic focus on financial stability and leadership retention.

The most recent analyst rating on (HBIO) stock is a Buy with a $4.50 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.

Harvard Bioscience Amends Credit Agreement with Lenders

On August 8, 2025, Harvard Bioscience, Inc. entered into a Sixth Amendment to its Credit Agreement with Citizens Bank and other lenders. The amendment waives certain defaults and adjusts financial covenants, but raises concerns about the company’s ability to continue operations past December 2025 without securing additional capital or refinancing its debt.

The most recent analyst rating on (HBIO) stock is a Buy with a $4.50 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.