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Harvard Bioscience
(NASDAQ:HBIO)
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Rating:49Neutral
Price Target:
$6.50
▲(1525.00% Upside)
Action:Reiterated
Date:06/03/26
HBIO scores below average primarily due to weak financial performance (persistent net losses and declining multi-year revenue despite recent operating and debt improvements). Technicals are somewhat supportive with price above key moving averages, while valuation remains constrained by negative earnings. The earnings call was balanced: reaffirmed modest growth guidance and improving margins, but cash-flow pressure and ongoing GAAP losses temper the outlook.
Positive Factors
High recurring revenue mix
A majority recurring revenue base (54%) with a clear path to 60%+ increases revenue predictability and resilience to cyclical capital spending. Higher recurring sales (consumables, software, services) support steadier cash flow, improve lifetime customer value, and enhance sustainable margin expansion over multiple years.
Negative Factors
Multi-year revenue decline
Persistent top-line erosion over multiple years weakens operating leverage and makes it harder to cover fixed costs. Continued revenue declines constrain investment in R&D and commercial expansion, hinder margin recovery, and raise execution risk around returning to sustained, higher growth trajectories.
Read all positive and negative factors
Positive Factors
Negative Factors
High recurring revenue mix
A majority recurring revenue base (54%) with a clear path to 60%+ increases revenue predictability and resilience to cyclical capital spending. Higher recurring sales (consumables, software, services) support steadier cash flow, improve lifetime customer value, and enhance sustainable margin expansion over multiple years.
Read all positive factors
Harvard Bioscience (HBIO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.74M
Dividend YieldN/A
Average Volume (3M)27.29K
Price to Earnings (P/E)―
Beta (1Y)2.19
Revenue Growth-6.42%
EPS Growth83.35%
CountryUS
Employees331
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-2.20
Shares Outstanding4,510,182
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 Cap2.31
Enterprise Value/Revenue0.75
Enterprise Value/Gross Profit1.31
Enterprise Value/Ebitda-34.27
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-1.38
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
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:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Neutral
The call presented a mixed but balanced picture: meaningful operational progress and product-led margin improvement (strong NPI momentum, gross margin expansion, pharma sales growth and on-track cost-savings initiatives) were contrasted with near-term revenue pressure, regional softness (Americas and APAC), flat adjusted EBITDA and cash-flow headwinds from inventory builds and financing costs. Management reaffirmed guidance and highlighted multi-year strategic drivers, but near-term financials remain modest.Positive Updates
Revenue in Line with Guidance
Reported Q1 revenue of $20.8M, within guidance of $20.0M–$22.0M. Q2 guidance ($20.5M–$22.5M) midpoint implies ~5% year-over-year growth; company reaffirmed full-year 2026 revenue guidance of +2% to +4%.
Negative Updates
Year-over-Year Revenue Decline and Regional Softness
Total revenue declined from $21.8M in Q1 2025 to $20.8M in Q1 2026 (~-4.6% YoY). Regional weakness included Americas down 9% YoY and APAC down 9% YoY, partially offset by Europe +7% and China +3%.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue in Line with Guidance
Reported Q1 revenue of $20.8M, within guidance of $20.0M–$22.0M. Q2 guidance ($20.5M–$22.5M) midpoint implies ~5% year-over-year growth; company reaffirmed full-year 2026 revenue guidance of +2% to +4%.
Read all positive updates
Company Guidance
Management reaffirmed full-year 2026 guidance and gave Q2 ranges: revenue $20.5–$22.5M (midpoint implying ~5% y/y growth), adjusted gross margin 57%–59% (midpoint implying ~160 bps expansion vs prior period) and adjusted EBITDA $1–$2M (midpoint roughly flat y/y); for the full year they reiterated revenue growth of 2%–4%, gross margin of 58%–60% and adjusted EBITDA growth of 6%–10%. For context, Q1 revenue was $20.8M with adjusted gross margin of 59% (≈+300 bps y/y) and adjusted EBITDA of $0.8M (flat y/y), NPI revenue topped >12% of sales (vs ~4% prior year), pharma/biotech sales rose >20% y/y, the Mesh/BTX/SoHo platforms (≈15–20% of revenue) are expected to deliver double‑digit growth, and Project Viking is expected to generate $3M in savings in 2027 and $4M annually thereafter.Harvard Bioscience Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
46
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 85.53M | 86.55M | 94.14M | 112.25M | 113.33M | 118.90M |
| Gross Profit | 48.81M | 45.88M | 54.77M | 66.07M | 60.82M | 67.65M |
| EBITDA | -1.87M | -46.52M | -1.47M | 8.03M | 944.00K | 9.02M |
| Net Income | -9.78M | -56.70M | -12.40M | -3.42M | -9.52M | -288.00K |
Balance Sheet | ||||||
| Total Assets | 77.94M | 80.07M | 126.64M | 137.37M | 145.36M | 162.34M |
| Cash, Cash Equivalents and Short-Term Investments | 7.10M | 8.61M | 4.11M | 4.28M | 4.51M | 7.82M |
| Total Debt | 44.12M | 44.28M | 44.49M | 42.77M | 54.24M | 56.96M |
| Total Liabilities | 67.89M | 66.34M | 63.30M | 64.29M | 73.14M | 78.94M |
| Stockholders Equity | 10.05M | 13.73M | 63.34M | 73.07M | 72.22M | 83.40M |
Cash Flow | ||||||
| Free Cash Flow | 1.48M | 5.62M | -1.82M | 11.72M | -438.00K | -83.00K |
| Operating Cash Flow | 3.08M | 6.73M | 1.44M | 14.03M | 1.15M | 1.26M |
| Investing Cash Flow | -1.80M | -1.86M | -1.34M | -1.80M | -1.59M | -1.34M |
| Financing Cash Flow | -96.00K | -1.29M | -131.00K | -12.13M | -2.84M | -252.00K |
Harvard Bioscience Technical Analysis
Positive
0.40
Price Trends
6.15
Negative
5.76
Positive
5.76
Positive
Market Momentum
<0.01
Positive
50.12
Neutral
31.79
Neutral
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 6.14, below the 50-day MA of 6.15, and below the 200-day MA of 5.76, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 50.12 is Neutral, neither overbought nor oversold. The STOCH value of 31.79 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $27.74M | -2.79 | -73.04% | ― | -6.42% | 83.35% | |
49 Neutral | $21.55M | -3.37 | -8.13% | ― | 10.08% | 71.71% | |
45 Neutral | $28.39M | -5.88 | -166.28% | ― | 3.37% | 15.78% | |
45 Neutral | $5.92M | -1.27 | -55.33% | ― | 10.14% | 12.18% |
* Healthcare Sector Average
HBIO
Harvard Bioscience
6.15
1.46
30.99%
RVP
Retractable Technologies
0.72
0.08
12.15%
MLSS
Milestone Scientific
0.32
-0.31
-48.72%
NXGL
NexGel Inc
0.50
-2.12
-80.88%
Harvard Bioscience Corporate Events
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...
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...
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.