Harvard Bioscience (HBIO) AI Stock Analysis

• Market Cap: $33.59M
• Dividend Yield: N/A
• Average Volume (3M): 1.04M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.12
• Revenue Growth: -10.60%
• EPS Growth: -271.93%
• Country: US
• Employees: 330
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): 0.00
• Shares Outstanding: 44,579,666
• 10 Day Avg. Volume: 748,703
• 30 Day Avg. Volume: 1,038,303
• 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: 1.65
• Enterprise Value/Revenue: 0.64
• Enterprise Value/Gross Profit: 1.14
• Enterprise Value/Ebitda: -1.27
• 1Y Price Target: $2.00
• Price Target Upside: 400.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.03
• Revenue Forecast (FY): $85.30M

• Rating: 54 Neutral
• Price Target: $0.78 ▲(95.75% Upside)

Harvard Bioscience's overall stock score reflects significant financial challenges, mitigated by positive technical indicators and strategic corporate events. The company's valuation remains poor, but operational improvements and enhanced liquidity provide a more optimistic outlook.

Positive Factors

Operational Improvements

Improved operational efficiency and cost management enhance profitability, supporting long-term financial health and competitive positioning.

Cash Flow Management

Positive cash flow generation indicates strong cash management, providing the company with flexibility to invest in growth and reduce debt.

Strategic Loan Agreement

The loan agreement enhances liquidity and financial stability, allowing for strategic investments and debt restructuring, improving long-term growth prospects.

Negative Factors

Revenue Decline

Declining revenue indicates challenges in market demand or competitive pressures, potentially impacting future profitability and market share.

High Leverage

High leverage increases financial risk and limits flexibility, potentially affecting the company's ability to invest in growth and weather downturns.

Challenges in China

Weak performance in China, a key growth market, could hinder expansion efforts and revenue diversification, impacting long-term growth potential.

Harvard Bioscience Business Overview & Revenue Model

Company Description

Harvard Bioscience (HBIO) is a global developer and manufacturer of a broad range of tools and instruments for life science research and drug development. The company operates in the biotechnology sector, focusing on providing innovative solutions for researchers in academic, pharmaceutical, and biotechnology environments. Its core products include advanced laboratory instruments, such as microinjection systems, electrophysiology equipment, and various assays and consumables that facilitate biological research and development.

How the Company Makes Money

Harvard Bioscience generates revenue primarily through the sale of its laboratory instruments and related consumables. The company has a diverse revenue model that includes direct sales, distribution partnerships, and service agreements related to its equipment. Key revenue streams come from the sale of proprietary products, such as its microinjection systems and electrophysiology products, as well as recurring revenue from consumables used alongside its instruments. Additionally, HBIO benefits from strategic partnerships with universities and research institutions, which often leads to bulk purchases and long-term contracts that enhance its earnings stability. The company's focus on innovation and expanding its product offerings also contributes to its revenue growth, allowing it to tap into emerging markets and meet the evolving needs of the scientific community.

Harvard Bioscience Financial Statement Overview

Summary

Harvard Bioscience faces significant financial challenges with declining revenues, negative profitability, and high leverage. While there are some positive signs in cash flow generation, the overall financial health remains weak, requiring strategic improvements.

Income Statement

Harvard Bioscience's income statement reveals significant challenges. The company has experienced declining revenues, with a negative revenue growth rate in the TTM period. Profitability metrics are concerning, with negative net profit and EBIT margins indicating operational inefficiencies. The gross profit margin has decreased slightly over time, suggesting pressure on cost management. Overall, the income statement reflects a struggling financial performance with limited profitability.

Balance Sheet

The balance sheet shows a high debt-to-equity ratio in the TTM period, indicating increased leverage and potential financial risk. Return on equity is negative, reflecting ongoing losses and inefficiencies in generating shareholder value. The equity ratio has decreased, suggesting a weakening financial position. While the company has managed to reduce debt over time, the current leverage level remains a concern.

Cash Flow

Cash flow analysis presents a mixed picture. The company has achieved positive free cash flow growth in the TTM period, a positive sign of cash generation. However, the operating cash flow to net income ratio is low, indicating challenges in converting earnings into cash. The free cash flow to net income ratio is positive, suggesting some ability to generate cash despite net losses. Overall, cash flow management shows some improvement but remains constrained by operational challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	87.37M	94.14M	112.25M	113.33M	118.90M	102.10M
Gross Profit	48.59M	54.77M	66.07M	60.82M	67.65M	58.04M
EBITDA	-43.82M	-1.47M	8.03M	944.00K	9.02M	5.17M
Net Income	-53.84M	-12.40M	-3.42M	-9.52M	-288.00K	-7.81M
Balance Sheet
Total Assets	77.99M	126.64M	137.37M	145.36M	162.34M	156.25M
Cash, Cash Equivalents and Short-Term Investments	6.82M	4.11M	4.28M	4.51M	7.82M	8.32M
Total Debt	42.78M	44.49M	42.77M	54.24M	56.96M	57.60M
Total Liabilities	63.92M	63.30M	64.29M	73.14M	78.94M	79.57M
Stockholders Equity	14.07M	63.34M	73.07M	72.22M	83.40M	76.68M
Cash Flow
Free Cash Flow	6.88M	-1.82M	11.72M	-438.00K	-83.00K	8.18M
Operating Cash Flow	8.30M	1.44M	14.03M	1.15M	1.26M	9.33M
Investing Cash Flow	-1.73M	-1.34M	-1.80M	-1.59M	-1.34M	-1.40M
Financing Cash Flow	-4.84M	-131.00K	-12.13M	-2.84M	-252.00K	-7.97M

Harvard Bioscience Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• 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 Positive. The current price of 0.4 is below the 20-day moving average (MA) of 0.73, below the 50-day MA of 0.60, and below the 200-day MA of 0.50, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 57.21 is Neutral, neither overbought nor oversold. The STOCH value of 56.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HBIO.

Harvard Bioscience Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MHUA	58 Neutral	$7.02M	40.95	5.90%	―	-4.99%	-19.10%
HBIO	54 Neutral	$33.59M	-0.62	-135.62%	―	-10.60%	-271.93%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
RVP	46 Neutral	$24.61M	-3.69	-8.05%	―	-0.95%	58.17%
EKSO	44 Neutral	$16.49M	-0.87	-85.01%	―	-16.59%	43.20%
NXGL	43 Neutral	$17.38M	-4.28	-58.34%	―	73.38%	34.87%
MLSS	41 Neutral	$25.18M	-3.87	-136.47%	―	0.59%	-39.76%

Harvard Bioscience Corporate Events

Harvard Bioscience Secures $40M Loan Agreement

On December 17, 2025, Harvard Bioscience finalized a $40 million loan agreement with BroadOak Capital Partners to refinance its existing debt, improve liquidity, and strengthen its financial structure. The financing package includes three term loans with varying repayment and conversion terms, aimed at enhancing the company’s operational flexibility and stability. This agreement also grants BroadOak board representation, with Partner Bill Snider joining Harvard Bioscience’s board, alongside the establishment of a scientific advisory board to guide strategic opportunities. These developments mark a significant step in the company’s long-term growth and operational positioning within the life sciences sector.

Harvard Bioscience Engages in Credit Agreement Discussions

Harvard Bioscience is engaged in ongoing discussions to address its credit agreement with Citizens Bank, Wells Fargo Bank, and First-Citizens Bank & Trust Company. The company aims to complete the refinancing or repayment of this agreement by the fourth quarter of 2025, which could impact its financial operations and stakeholder interests.

Harvard Bioscience Granted Nasdaq Compliance Extension

On October 2, 2025, Harvard Bioscience received a notification from Nasdaq granting an additional 180 days, until March 30, 2026, to comply with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Capital Market. The company’s stock will be transferred from the Nasdaq Global Market to the Nasdaq Capital Market, effective October 3, 2025, as part of this compliance effort. Failure to meet the requirement by the deadline could result in delisting, but the company plans to monitor its stock price and consider options like a reverse stock split to regain compliance.