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Harvard Bioscience
(NASDAQ:HBIO)
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Rating:47Neutral
Price Target:
$6.50
▲(8.33% Upside)
Action:Reiterated
Date:08/11/26
HBIO scores below average primarily due to weak underlying financial performance—ongoing losses, high leverage, and recently negative TTM free cash flow. Partially offsetting this, technicals are modestly positive (price above key moving averages with positive MACD) and the latest earnings call showed improving commercial momentum with raised revenue guidance, though margin and cash/leverage headwinds remain.
Positive Factors
Recurring revenue mix
A rising recurring revenue base (consumables, service, software at 55% of H1 sales) materially improves revenue visibility and cash conversion over time. Hitting a 60% target would reduce capital-equipment cyclicality, support steadier margins, and increase lifetime customer value.
Negative Factors
High leverage
Elevated net debt and a very high debt-to-equity ratio reduce financial flexibility and increase vulnerability to interest-cost swings. Persistent leverage constrains the company’s ability to invest in R&D, complete strategic M&A, or absorb operational setbacks without using cash or issuing dilutive equity.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue mix
A rising recurring revenue base (consumables, service, software at 55% of H1 sales) materially improves revenue visibility and cash conversion over time. Hitting a 60% target would reduce capital-equipment cyclicality, support steadier margins, and increase lifetime customer value.
Read all positive factors
Harvard Bioscience (HBIO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$28.09M
Dividend YieldN/A
Average Volume (3M)27.29K
Price to Earnings (P/E)―
Beta (1Y)2.17
Revenue Growth-1.06%
EPS Growth82.17%
CountryUS
Employees328
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-2.33
Shares Outstanding4,552,305
10 Day Avg. Volume21,999
30 Day Avg. Volume27,292
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.7
Revenue Forecast (FY)$88.60M
Harvard Bioscience Business Overview & Revenue Model
Company Description
Harvard Bioscience, Inc. develops, manufactures, and sells technologies, products, and services for life science applications in the Americas, Europe, the Middle East, Africa, Asia, and internationally. The company offers cellular and molecular te...
How the Company Makes Money
Harvard Bioscience primarily makes money by selling laboratory research instruments and related consumables and accessories to research and preclinical customers. Revenue is generated through product sales across its portfolio (capital equipment s...
Harvard Bioscience Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The call showed clear commercial momentum and execution progress — revenue beat, double-digit growth in key product lines, rising NPI contribution, stronger recurring revenue mix, geographic tailwinds in APAC/China, and on‑track cost-saving plans (Project Viking) — which supported a raised revenue outlook. However, material headwinds remain: continued GAAP and adjusted EPS dilution, first-half cash usage versus prior-year cash generation, increased net debt and interest costs, margin pressure from product/geographic mix, and near-term OpEx normalization. These positives and negatives are roughly balanced, implying cautious optimism but not yet a decisive shift to sustained profitability.Positive Updates
Revenue Growth and Guidance Raise
Q2 revenue of $22.7 million, up 11% year-over-year (10% constant currency) and above guidance. Company raised full-year revenue growth guidance to 3%–5% (from 2%–4%).
Negative Updates
Profitability and EPS Deterioration
GAAP diluted EPS was negative $0.64 in Q2 versus negative $0.52 in Q2 2025; adjusted EPS was negative $0.14 versus negative $0.05 a year ago, reflecting ongoing net loss and per-share deterioration.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Guidance Raise
Q2 revenue of $22.7 million, up 11% year-over-year (10% constant currency) and above guidance. Company raised full-year revenue growth guidance to 3%–5% (from 2%–4%).
Read all positive updates
Company Guidance
Management raised full‑year 2026 revenue growth guidance to 3%–5% (up from 2%–4%) after a strong Q2 (revenue $22.7M, +11% YoY; adjusted EBITDA $1.7M, +11%), and set Q3 revenue guidance of $21.0M–$22.6M (midpoint $21.8M, mid‑single‑digit/~6% YoY growth), Q3 adjusted gross margin of 56%–58%, and Q3 adjusted EBITDA of $1.5M–$2.5M. They revised full‑year adjusted gross margin down 100 bps to 57%–59% (from 58%–60%) to reflect CMT and China mix, reaffirmed full‑year adjusted EBITDA growth of 6%–10%, and expect EBITDA expansion in H2 with a strong Q4. Strategic metrics highlighted include recurring revenue at 55% of H1 sales (long‑term target 60%), NPI contribution at 11% of revenue (vs. 3% last year), and Project Viking cost savings of $3M in 2027 ($4M annually thereafter).Harvard Bioscience Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
32
Negative
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 87.81M | 86.55M | 94.14M | 112.25M | 113.33M | 118.90M |
| Gross Profit | 51.07M | 45.88M | 54.77M | 66.07M | 60.82M | 67.65M |
| EBITDA | -939.00K | -46.52M | -1.47M | 8.03M | 944.00K | 9.02M |
| Net Income | -10.41M | -56.70M | -12.40M | -3.42M | -9.52M | -288.00K |
Balance Sheet | ||||||
| Total Assets | 76.29M | 80.07M | 126.64M | 137.37M | 145.36M | 162.34M |
| Cash, Cash Equivalents and Short-Term Investments | 6.50M | 8.61M | 4.11M | 4.28M | 4.51M | 7.82M |
| Total Debt | 36.68M | 44.28M | 44.49M | 42.77M | 54.24M | 56.96M |
| Total Liabilities | 68.87M | 66.34M | 63.30M | 64.29M | 73.14M | 78.94M |
| Stockholders Equity | 7.42M | 13.73M | 63.34M | 73.07M | 72.22M | 83.40M |
Cash Flow | ||||||
| Free Cash Flow | -1.41M | 5.62M | -1.82M | 11.72M | -438.00K | -83.00K |
| Operating Cash Flow | 651.00K | 6.73M | 1.44M | 14.03M | 1.15M | 1.26M |
| Investing Cash Flow | -2.48M | -1.86M | -1.34M | -1.80M | -1.59M | -1.34M |
| Financing Cash Flow | 1.12M | -1.29M | -131.00K | -12.13M | -2.84M | -252.00K |
Harvard Bioscience Technical Analysis
Neutral
6.00
Price Trends
6.16
Positive
5.97
Positive
6.03
Positive
Market Momentum
0.04
Negative
49.81
Neutral
36.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HBIO, the sentiment is Neutral. The current price of 6 is below the 20-day moving average (MA) of 6.16, below the 50-day MA of 6.16, and below the 200-day MA of 6.03, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 49.81 is Neutral, neither overbought nor oversold. The STOCH value of 36.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
52 Neutral | $46.81M | -11.59 | -166.28% | ― | 3.37% | 15.78% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $20.19M | -3.15 | -8.45% | ― | 10.08% | 71.71% | |
47 Neutral | $28.09M | -2.87 | -73.04% | ― | -1.06% | 82.17% | |
47 Neutral | $4.85M | -1.23 | -70.23% | ― | 10.14% | 12.18% |
* Healthcare Sector Average
HBIO
Harvard Bioscience
6.67
1.78
36.29%
RVP
Retractable Technologies
0.68
-0.10
-12.52%
MLSS
Milestone Scientific
0.55
-0.03
-4.49%
NXGL
NexGel Inc
0.49
-1.74
-78.12%
Harvard Bioscience Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Harvard Bioscience Advances Transformation with Project Viking Launch
Positive
Aug 11, 2026
Harvard Bioscience has outlined a strategic transformation focused on translational science tools, supported by new leadership appointments in 2025 and 2026, an expanded board, and a refined product focus, while guiding for mid-single-digit revenu...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Harvard Bioscience Shareholders Expand Equity Plans, Elect Directors
Positive
Jun 2, 2026
On June 2, 2026, Harvard Bioscience stockholders approved an amendment to the 2021 Incentive Plan, increasing the pool of common shares reserved for equity awards by 400,000 from the 646,520 shares available as of December 31, 2025, and also appro...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresPrivate Placements and Financing
Harvard Bioscience Unveils Strategic Transformation Toward Translational Tools
Positive
May 12, 2026
Harvard Bioscience has outlined a strategic transformation toward translational science tools in an investor presentation dated May 2026, highlighting FY25 revenue of about $87 million, 54% recurring revenue with a path to 60% or more, and guidanc...
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.