Harvard Bioscience (HBIO) AI Stock Analysis

• Market Cap: $26.18M
• Dividend Yield: N/A
• Average Volume (3M): 463.91K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.08
• 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: 335,765
• 30 Day Avg. Volume: 463,907
• PEG Ratio: -0.03
• Price to Book (P/B): 1.45
• Price to Sales (P/S): 0.98
• P/FCF Ratio: -50.39
• Enterprise Value/Market Cap: 2.37
• Enterprise Value/Revenue: 0.71
• Enterprise Value/Gross Profit: 1.28
• Enterprise Value/Ebitda: -1.42
• 1Y Price Target: $2.00
• Price Target Upside: 400.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): 0.13
• Revenue Forecast (FY): $92.10M

• Rating: 49 Neutral
• Price Target: $0.65 ▲(62.00% Upside)

The score is held back primarily by weak financial performance (declining revenue, losses, and leverage), with only partial support from improving cash flow. The earnings call was a relative positive—showing margin/EBITDA improvement, cost discipline, better cash generation, and debt reduction—but technical indicators remain soft and valuation is not informative due to negative earnings.

Positive Factors

Improving gross margins and cost discipline

Sustained gross margin expansion and structural cost reductions drive durable operating leverage. Higher margins and lower opex improved adjusted EBITDA, strengthening the firm's ability to fund R&D, consumables production and customer support, boosting long-term profitability resilience.

Product innovation and distribution expansion

New product platforms and a major distribution partnership expand market reach and accelerate adoption. Broader channel access plus differentiated instruments increase recurring consumables demand and deepen customer relationships, providing a durable revenue base if adoption continues.

Improved cash generation and strengthened liquidity

A sizable refinancing and board representation materially improves capital structure and governance, extending runway and reducing near-term refinancing risk. Combined with positive operating cash flow, this bolsters financial flexibility to invest in growth and de-lever sustainably.

Negative Factors

Declining revenue trend

A persistent top-line decline reduces scale benefits and limits margin recovery even with cost cuts. Without sustained revenue re-acceleration, investments in product development and channel expansion may be constrained, risking long-term competitiveness and margin sustainability.

Elevated leverage and negative equity returns

Elevated leverage and negative ROE constrain strategic flexibility and increase default or covenant risks. High debt servicing needs can divert cash from growth investments, making sustained recovery vulnerable to economic shocks or slower-than-expected revenue improvement.

Geographic and funding concentration risks

Significant China weakness and exposure to NIH-funded academic demand create concentration risk. Geographic or government funding shocks can depress orders cyclically; durable recovery requires geographic diversification and reduced dependence on government-funded purchasing cycles.

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 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

Weak fundamentals overall: declining revenue and negative profitability (income statement score 35) plus elevated leverage and negative ROE (balance sheet score 40). Partly offset by improved cash generation with positive free cash flow growth and positive operating cash flow (cash flow score 50).

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: Negative
• Last Price: 0.40
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• 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 0.4 is below the 20-day moving average (MA) of 0.67, below the 50-day MA of 0.67, and below the 200-day MA of 0.50, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 38.70 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 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
EKSO	53 Neutral	$30.06M	-1.59	-85.01%	―	-16.59%	43.20%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NXGL	51 Neutral	$17.27M	-4.26	-58.34%	―	73.38%	34.87%
HBIO	49 Neutral	$26.18M	-0.48	-135.62%	―	-10.60%	-271.93%
RVP	48 Neutral	$21.73M	-3.26	-8.05%	―	-0.95%	58.17%
MLSS	42 Neutral	$22.54M	-3.46	-136.47%	―	0.59%	-39.76%

Harvard Bioscience Corporate Events

Harvard Bioscience Issues Strategic Investor Update Presentation

In January 2026, Harvard Bioscience released an investor update presentation outlining its business strategy, operational progress and financial outlook, emphasizing its leading positions in high-demand preclinical telemetry tools, organoid research platforms and translational medicine tools. The company highlighted solid year-to-date performance, including third-quarter 2025 revenue of $20.6 million at the high end of guidance, gross margin expansion to 58.4% and higher adjusted EBITDA driven by lower operating expenses, and set 2025 priorities around maintaining financial discipline and positive cash generation, accelerating adoption of core growth platforms and strengthening its capital structure via debt refinancing, positioning itself for improved profitability and long-term growth for stakeholders.

The most recent analyst rating on (HBIO) stock is a Hold with a $0.78 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.

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.

The most recent analyst rating on (HBIO) stock is a Hold with a $0.79 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.

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.

The most recent analyst rating on (HBIO) stock is a Hold with a $0.76 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.