Healthcare · Medical - Instruments & Supplies
Price
$6.04
Market Cap
$27.2M
Employees
331
Beta
1.51
Avg Volume
43,369
CEO
John D. Duke
Business 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 technology products, such as syringe and peristaltic infusion pump products; electroporation and electrofusion instruments, amino acid analyzers, spectrophotometers, and other equipment for molecular level testing and research; and precision scientific measuring instrumentation and equipment, including data acquisition systems for cellular analysis, complete micro electrode array solutions for in vivo recordings, and in vitro systems for extracellular recordings. It provides preclinical products that includes platform to assess physiological data from organisms for research, drug discovery, and drug development services comprising implantable and externally worn telemetry systems for use in research to collect cardiovascular, central nervous system, respiratory, and metabolic data; behavioral products; isolated organ and surgical products, instruments and accessories for tissue, and organ-based lab research, including surgical products, infusion systems, and behavior research systems; turn-key respiratory system solutions, including plethysmograph chambers, data acquisition hardware, physiological signal analysis software, and final report generation; inhalation and exposure systems; and GLP-capable data acquisition and analysis systems. The company markets its products through websites and distributors to research scientists in pharmaceutical and biotechnology companies, universities, hospitals, and government laboratories; and contract research organizations and academic laboratories. It primarily sells its products under the Harvard Apparatus, Biochrom, BTX, HEKA, KD Scientific, MCS, Warner, DSI, Panlab, Hugo Sachs, and Buxco brands. Harvard Bioscience, Inc. was founded in 1901 and is based in Holliston, Massachusetts.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
-0.47
Stock Price: $6.04
EPS (Diluted): -12.80
EPS (Diluted): -12.80
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.16
Stock Price: $6.04
Total Equity: $13.73M
Shares: 4,439,100
Total Equity: $13.73M
Shares: 4,439,100
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-34.37
Market Cap: $27.24M
Total Debt: $35.87M
Cash: $8.61M
EBITDA: -$46.52M
Total Debt: $35.87M
Cash: $8.61M
EBITDA: -$46.52M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$65.4M
Market Cap: $27.24M
Total Debt: $35.87M
Cash: $8.61M
Total Debt: $35.87M
Cash: $8.61M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
0.34
Stock Price: $6.04
Revenue: $86.55M
Shares: 4,439,100
Revenue: $86.55M
Shares: 4,439,100
EV/Sales (Total value vs revenue — works when P/E can't)
API0.76
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
53.0%
Gross Profit: $45.88M
Revenue: $86.55M
Revenue: $86.55M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-0.7%
Operating Income: -$629,000
Revenue: $86.55M
Revenue: $86.55M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-65.5%
Net Income: -$56.70M
Revenue: $86.55M
Revenue: $86.55M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
-73.0%
Net Income: -$56.70M
Total Equity: $13.73M
Total Equity: $13.73M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
2.1%
Operating Income: -$629,000
Tax Rate: 1.2%
Equity: $13.73M
Total Debt: $35.87M
Cash: $8.61M
Tax Rate: 1.2%
Equity: $13.73M
Total Debt: $35.87M
Cash: $8.61M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
2.20
Current Assets: $48.23M
Current Liabilities: $21.96M
Current Liabilities: $21.96M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
2.61
Short-Term Debt: $0.00
Long-Term Debt: $35.87M
Total Debt: $35.87M
Total Equity: $13.73M
Long-Term Debt: $35.87M
Total Debt: $35.87M
Total Equity: $13.73M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$19.50
Revenue: $86.55M
Shares: 4,439,100
Shares: 4,439,100
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$3.09
Total Equity: $13.73M
Shares: 4,439,100
Shares: 4,439,100
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$1.26
Operating CF: $6.73M
CapEx: -$1.11M
Shares: 4,439,100
CapEx: -$1.11M
Shares: 4,439,100
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $6.04
Stock Price: $6.04
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$56.70M
Net Income: -$56.70M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares HBIO against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 24, 2026 9:16am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $118.9M | $113.3M | $112.3M | $94.1M | $86.6M |
| Cost of Revenue | $51.3M | $52.5M | $46.2M | $39.4M | $40.7M |
| Gross Profit | $67.7M | $60.8M | $66.1M | $54.8M | $45.9M |
| Operating Expenses | $65.6M | $67.8M | $64.2M | $61.0M | $46.5M |
| Operating Income | $2.1M | -$6.9M | $1.9M | -$6.2M | $-629,000 |
| Net Income | $-288,000 | -$9.5M | -$3.4M | -$12.4M | -$56.7M |
| EBITDA | $9.0M | $944,000 | $8.0M | -$1.5M | -$46.5M |
| EPS | $-0.07 | $-2.30 | $-0.81 | $-2.80 | $-12.80 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 24, 2026 9:16am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $7.8M | $4.5M | $4.3M | $4.1M | $8.6M |
| Total Current Assets | $61.6M | $51.1M | $49.0M | $45.1M | $48.2M |
| Total Assets | $162.3M | $145.4M | $137.4M | $126.6M | $80.1M |
| Current Liabilities | $25.3M | $23.2M | $26.5M | $55.0M | $22.0M |
| Long-Term Debt | $45.1M | $43.0M | $30.7M | $0 | $35.9M |
| Total Liabilities | $78.9M | $73.1M | $64.3M | $63.3M | $66.3M |
| Total Equity | $83.4M | $72.2M | $73.1M | $63.3M | $13.7M |
| Retained Earnings | -$132.7M | -$142.2M | -$145.6M | -$158.0M | -$214.7M |
Cash Flow (Annual)
Last updated: Jun 24, 2026 9:16am (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.3M | $1.2M | $14.0M | $1.4M | $6.7M |
| Capital Expenditure | -$1.3M | -$1.6M | -$2.3M | -$3.3M | -$1.1M |
| Free Cash Flow | $-83,000 | $-438,000 | $11.7M | -$1.8M | $5.6M |
| Acquisitions (net) | $0 | $0 | $512,000 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | -$1.6M | $0 | $0 | $0 |
| Net Change in Cash | $-496,000 | -$3.3M | $-225,000 | $-175,000 | $4.5M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 8:29am (33m ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$85.9M $85.3M – $86.5M
|
$88.6M $87.9M – $89.3M
|
$94.2M $92.4M – $96.0M
|
$86.5M $85.9M – $87.1M
|
| EBITDA |
-$6.8M -$6.9M – -$6.8M
|
-$7.0M -$7.1M – -$7.0M
|
-$7.5M -$7.6M – -$7.3M
|
-$6.9M -$6.9M – -$6.8M
|
| Net Income |
$1.3M $1.3M – $1.3M
|
-$3.1M -$3.1M – -$3.1M
|
$2.0M $1.3M – $2.6M
|
$0 |
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 24, 2026 9:16am (2d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | -4.7% | -1.0% | -16.1% | -8.1% |
| Gross Profit Growth | -10.1% | +8.6% | -17.1% | -16.2% |
| Operating Income Growth | -435.6% | +127.3% | -427.9% | +89.9% |
| Net Income Growth | -3,204.2% | +64.1% | -263.3% | -357.1% |
| EBITDA Growth | -89.5% | +751.0% | -118.3% | -3,056.3% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 8:29am (33m ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-09 | Eade Katherine A. | A-Award | 16,556.00 | $0.00 | $0 |
| 2026-06-09 | Snider William | A-Award | 16,556.00 | $0.00 | $0 |
| 2026-06-09 | DENELSKY STEPHEN J | A-Award | 16,556.00 | $0.00 | $0 |
| 2026-06-09 | Gagnon Robert E. | A-Award | 16,556.00 | $0.00 | $0 |
| 2026-06-09 | Benson Seth Benjamin | A-Award | 16,556.00 | $0.00 | $0 |
| 2026-03-20 | Frost Mark T | A-Award | 30,000.00 | $0.00 | $0 |
| 2026-03-16 | Frost Mark T | P-Purchase | 5,000.00 | $5.00 | $25,000 |
| 2026-03-20 | Duke John D | A-Award | 75,000.00 | $0.00 | $0 |
| 2026-03-17 | DENELSKY STEPHEN J | P-Purchase | 10,000.00 | $4.87 | $48,700 |
| 2026-03-17 | Snider William | P-Purchase | 8,475.00 | $4.85 | $41,104 |
| 2026-03-16 | Snider William | P-Purchase | 12,525.00 | $4.99 | $62,500 |
| 2026-03-16 | Duke John D | P-Purchase | 5,000.00 | $5.01 | $25,050 |
| 2025-12-17 | Snider William | A-Award | 110,000.00 | $0.00 | $0 |
| 2025-12-17 | Snider William | 600,000.00 | $0.50 | $300,000 | |
| 2025-09-05 | DENELSKY STEPHEN J | A-Award | 110,000.00 | $0.00 | $0 |
| 2025-09-05 | DENELSKY STEPHEN J | 0.00 | $0.00 | $0 | |
| 2025-08-15 | Green James W | D-Return | 49,048.00 | $0.00 | $0 |
| 2025-08-15 | Green James W | F-InKind | 33,200.00 | $0.53 | $17,563 |
| 2025-08-15 | Green James W | D-Return | 119,332.00 | $0.00 | $0 |
| 2025-08-15 | Green James W | F-InKind | 11,540.00 | $0.53 | $6,105 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for HBIO — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30