Harvard Bioscience (HBIO)
NASDAQ:HBIO
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Harvard Bioscience
(NASDAQ:HBIO)
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Rating:55Neutral
Price Target:
$7.00
▲(1650.00% Upside)
Action:ReiteratedDate:04/21/26
The score is held back primarily by weak financial performance (sharp TTM revenue decline and significant GAAP losses), only partly offset by positive near-term cash generation. Technicals are a meaningful support with strong momentum above key moving averages. Guidance suggests incremental improvement rather than a dramatic turnaround, while valuation metrics are limited by negative earnings and no dividend.
Positive Factors
Gross margin improvement
Sustained improvement in gross margin to ~59.7% signals better product mix and pricing power in core instruments and consumables. Higher gross margins cushion the business versus revenue cyclicality, enabling reinvestment in R&D and supporting path to positive adjusted EBITDA across the fiscal year.
Negative Factors
Revenue decline and regional softness
Sustained revenue declines and geographic weakness indicate demand sensitivity in academic and pharma preclinical segments. Recovery depends on reaccelerating end-market spending and order timing; prolonged softness would compress operating leverage and delay payback on NPI investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross margin improvement
Sustained improvement in gross margin to ~59.7% signals better product mix and pricing power in core instruments and consumables. Higher gross margins cushion the business versus revenue cyclicality, enabling reinvestment in R&D and supporting path to positive adjusted EBITDA across the fiscal year.
Read all positive factors
Harvard Bioscience (HBIO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.53M
Dividend YieldN/A
Average Volume (3M)74.43K
Price to Earnings (P/E)―
Beta (1Y)2.19
Revenue Growth-8.06%
EPS Growth-350.49%
CountryUS
Employees330
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.00
Shares Outstanding4,471,989
10 Day Avg. Volume98,070
30 Day Avg. Volume74,426
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)2.16
Price to Sales (P/S)0.34
P/FCF Ratio5.29
Enterprise Value/Market Cap2.21
Enterprise Value/Revenue0.73
Enterprise Value/Gross Profit1.37
Enterprise Value/Ebitda11.87
Forecast
1Y Price Target
$6.00Price Target Upside1400.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.37
Revenue Forecast (FY)$92.60M
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 offer...
How the Company Makes Money
HBIO primarily makes money by selling life science research tools and instrumentation to laboratories and research organizations. Key revenue streams include: (1) instrument and equipment sales—revenue from the sale of lab devices and systems used...
Harvard Bioscience Earnings Call Summary
Earnings Call Date:Mar 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call conveyed a cautiously optimistic tone: management highlighted meaningful operational and financial improvements (margin expansion, adjusted EBITDA growth, refinancing, manufacturing consolidation, stronger cash flow, remediation of controls, and clear strategic priorities toward translational science and higher-margin NPIs). However, notable headwinds remain — full-year revenue declined 8% YoY, a large goodwill impairment drove a substantial GAAP loss, regional softness (Europe, Americas), dependence on NIH timing and tariff risk, and near-term EBITDA pressure from reinstated compensation. Guidance for modest revenue growth (2%–4%) and mid-single to high-single-digit adjusted EBITDA growth (6%–10%) indicates management expects recovery to continue but not a dramatic turnaround in 2026.Positive Updates
Fourth Quarter Revenue Above Midpoint of Guidance
Q4 revenue of $23.7M was just above the midpoint of guidance ($22.5M–$24.5M) and represented sequential revenue growth of 15%.
Negative Updates
Full-Year Revenue Decline
Full-year 2025 revenue was $86.6M, down 8% from $94.1M in 2024, primarily due to tariffs and delayed NIH funding impacting order timing (notably preclinical telemetry).
Read all updates
Q4-2025 Updates
Positive
Negative
Fourth Quarter Revenue Above Midpoint of Guidance
Q4 revenue of $23.7M was just above the midpoint of guidance ($22.5M–$24.5M) and represented sequential revenue growth of 15%.
Read all positive updates
Company Guidance
Management's guidance for 2026 calls for Q1 revenue of $20.0–$22.0 million, adjusted gross margin of 57%–59% and adjusted EBITDA of $1.0–$2.2 million; for the full year they expect revenue growth of 2%–4% (implying roughly $88.3–$90.1 million on 2025's $86.6M), adjusted gross margin of 58%–60%, and adjusted EBITDA growth of 6%–10% (roughly $8.6–$8.9 million on 2025's $8.1M), with revenue expected to ramp through the year driven by stronger NPI (BTX and Mesh MEA are each expected to grow in double digits), adjusted EBITDA guidance tied to a debt covenant, and management noting that reinstated bonuses and merit increases will depress year‑over‑year adjusted EBITDA comparisons.Harvard Bioscience Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
42
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 86.55M | 94.14M | 112.25M | 113.33M | 118.90M |
| Gross Profit | 45.88M | 54.77M | 66.07M | 60.82M | 67.65M |
| EBITDA | 5.32M | -1.47M | 8.03M | 944.00K | 9.02M |
| Net Income | -56.70M | -12.40M | -3.42M | -9.52M | -288.00K |
Balance Sheet | |||||
| Total Assets | 80.07M | 126.64M | 137.37M | 145.36M | 162.34M |
| Cash, Cash Equivalents and Short-Term Investments | 8.61M | 4.11M | 4.28M | 4.51M | 7.82M |
| Total Debt | 44.28M | 44.49M | 42.77M | 54.24M | 56.96M |
| Total Liabilities | 66.34M | 63.30M | 64.29M | 73.14M | 78.94M |
| Stockholders Equity | 13.73M | 63.34M | 73.07M | 72.22M | 83.40M |
Cash Flow | |||||
| Free Cash Flow | 5.62M | -1.82M | 11.72M | -438.00K | -83.00K |
| Operating Cash Flow | 6.73M | 1.44M | 14.03M | 1.15M | 1.26M |
| Investing Cash Flow | -1.86M | -1.34M | -1.80M | -1.59M | -1.34M |
| Financing Cash Flow | -1.29M | -131.00K | -12.13M | -2.84M | -252.00K |
Harvard Bioscience Technical Analysis
Positive
0.40
Price Trends
5.37
Positive
6.00
Positive
5.42
Positive
Market Momentum
0.08
Negative
60.85
Neutral
94.32
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HBIO, the sentiment is Positive. The current price of 0.4 is below the 20-day moving average (MA) of 5.21, below the 50-day MA of 5.37, and below the 200-day MA of 5.42, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 60.85 is Neutral, neither overbought nor oversold. The STOCH value of 94.32 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HBIO.
Harvard Bioscience Risk Analysis
Harvard Bioscience disclosed 27 risk factors in its most recent earnings report. Harvard Bioscience reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Harvard Bioscience Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $28.53M | -0.52 | -388.56% | ― | -8.06% | -350.49% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $24.94M | -5.14 | -164.78% | ― | 3.99% | -17.45% | |
47 Neutral | $42.80M | -1.38 | -197.81% | ― | -34.08% | 26.18% | |
45 Neutral | $18.91M | -1.84 | -8.13% | ― | 15.78% | -5.58% | |
44 Neutral | $6.53M | -3.26 | -55.33% | ― | 31.46% | 24.70% |
* Healthcare Sector Average
HBIO
Harvard Bioscience
6.36
2.88
82.92%
RVP
Retractable Technologies
0.63
-0.11
-14.59%
EKSO
EKSO BIONICS
11.79
4.55
62.85%
MLSS
Milestone Scientific
0.34
-0.75
-68.99%
NXGL
NexGel Inc
0.58
-2.08
-78.16%
Harvard Bioscience Corporate Events
Business Operations and StrategyExecutive/Board ChangesPrivate Placements and Financing
Harvard Bioscience Highlights CFO Appointment and Strategic Repositioning
Positive
Mar 17, 2026
In its latest investor presentation dated March 2026, Harvard Bioscience outlines recent strategic and financial actions, including the appointment of John Duke as CEO effective July 2025 and Mark Frost as permanent CFO in March 2026, as well as a...
Business Operations and StrategyExecutive/Board ChangesStock Split
Harvard Bioscience Updates Executive Contracts and Finance Leadership
Positive
Mar 10, 2026
On March 6, 2026, Harvard Bioscience, Inc. amended and restated the employment agreement for Chief Executive Officer John Duke, extending his term to July 16, 2027 with automatic two‑year renewals, raising his annual base salary to $515,000 ...
Delistings and Listing ChangesRegulatory Filings and ComplianceShareholder MeetingsStock Split
Harvard Bioscience Approves Reverse Stock Split to Regain Compliance
Neutral
Mar 6, 2026
Harvard Bioscience held a special shareholder meeting on March 6, 2026, at which investors approved a reverse stock split and a potential meeting adjournment to secure that vote. Following the approval, the board set a 1-for-10 split ratio and fil...
Business Operations and Strategy
Harvard Bioscience Announces Major Global Manufacturing Consolidation
Positive
Jan 29, 2026
On January 23, 2026, Harvard Bioscience’s board approved “Project Viking,” a strategic consolidation of manufacturing aimed at improving efficiency and supporting long-term growth, centered on closing the Holliston, Massachusetts...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.