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HBIO

Harvard Bioscience, Inc.

HBIO

Harvard Bioscience, Inc. • NASDAQ
$0.76 ▲ 1.55% (+0.01)
Market Cap $33.91 M
52w High $2.38
52w Low $0.28
Dividend Yield 0%
P/E -0.63
Volume 385.37K
Outstanding Shares 44.56M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $20.591M ▲ $11.824M ▲ $-1.231M ▲ -5.978% ▲ $-0.03 ▲ $1.156M ▲
Q2-2025 $20.45M ▼ $11.19M ▼ $-2.282M ▲ -11.159% ▲ $-0.051 ▲ $155K ▲
Q1-2025 $21.774M ▼ $61.852M ▲ $-50.34M ▼ -231.193% ▼ $-1.14 ▼ $-48.337M ▼
Q4-2024 $24.556M ▲ $14M ▼ $18K ▲ 0.073% ▲ $0 ▲ $3.203M ▲
Q3-2024 $21.97M $14.639M $-4.802M -21.857% $-0.11 $-1.82M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $6.817M ▼ $77.992M ▼ $63.924M ▼ $14.068M ▼
Q2-2025 $7.442M ▲ $80.093M ▲ $64.36M ▼ $15.733M ▲
Q1-2025 $5.546M ▲ $79.801M ▼ $64.966M ▲ $14.835M ▼
Q4-2024 $4.108M ▼ $126.644M ▼ $63.304M ▼ $63.34M ▼
Q3-2024 $4.569M $131.239M $65.917M $65.322M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.231M ▲ $830K ▼ $-348K ▼ $-1.024M ▲ $-625K ▼ $623K ▼
Q2-2025 $-2.282M ▲ $2.755M ▼ $-233K ▲ $-1.258M ▼ $1.896M ▲ $2.522M ▲
Q1-2025 $-50.34M ▼ $2.986M ▲ $-683K ▼ $-1.204M ▲ $1.438M ▲ $2.473M ▲
Q4-2024 $18K ▲ $1.725M ▲ $-466K ▲ $-1.357M ▼ $-461K ▼ $1.259M ▲
Q3-2024 $-4.802M $-842K $-1.111M $2.104M $521K $-1.953M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Instruments Equipment Software and Accessories
Instruments Equipment Software and Accessories
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Service Maintenance and Warranty Contracts
Service Maintenance and Warranty Contracts
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the past few years, without clear, sustained growth. Margins are reasonable for a specialized instruments business, but the company has struggled to turn that into consistent profits. Operating income tends to hover around break-even, and net results are often slightly negative, with only occasional years close to flat. This points to a business that can sell product and generate solid gross profit, but is still working to get its cost structure, scale, or pricing to a level where earnings are reliably positive.

Balance Sheet

Balance Sheet The balance sheet looks compact and relatively simple. Total assets have edged down a bit over time, suggesting limited recent expansion. Debt is present but not excessive relative to the size of the business, though it does add some financial pressure given the lack of steady profits. Equity has been fairly stable, which is a mild positive, but the cash balance is low, leaving a thinner cushion against shocks. Overall, the company appears reasonably balanced but with limited financial flexibility and not much room for prolonged setbacks.

Cash Flow

Cash Flow Cash generation is mixed but not alarming. Operating cash flow tends to swing around break-even, with some years modestly positive and others close to flat. Because capital spending is quite light, free cash flow generally moves in tandem with operating cash flow and is also modest. This pattern suggests the business is not a heavy cash burner, yet it is also not producing strong, dependable cash surpluses that could easily fund growth or debt reduction. Stability is acceptable, but the margin for error is narrow.

Competitive Edge

Competitive Edge Harvard Bioscience operates in a specialized corner of life science tools, focused on preclinical research, physiological monitoring, behavioral analysis, and cell-based systems. Its long history and well-known brands give it credibility and trust in academic and pharma research labs. Integrated hardware–software platforms, like telemetry and behavioral systems tied to their analysis software, create some switching costs and workflow stickiness. At the same time, the company is small relative to the largest life science equipment providers, and it faces budget cycles in pharma, CROs, and academia that can pressure revenue. Its moat looks niche and technology-driven rather than scale-driven, which can be valuable but also vulnerable if competitors innovate quickly or customers consolidate vendors.

Innovation and R&D

Innovation and R&D Innovation is clearly a central part of the strategy. Recent platforms such as implantable telemetry systems, high-throughput activity monitoring, organoid-focused Mesh MEA technology, and electroporation tools for cell and gene therapy target areas with meaningful scientific and commercial momentum. The emphasis on integrated systems and proprietary designs can support differentiation and longer product lifecycles. The opportunity is that successful adoption of these newer platforms could gradually shift the revenue mix toward higher-value, more defensible offerings. The risk is execution: if adoption is slower than expected or larger competitors introduce similar solutions, the payoff on this R&D and product investment could be limited. Outcomes here are uncertain but potentially important for the company’s long-term trajectory.

Summary

Overall, Harvard Bioscience looks like a specialized, innovation-led tools company with stable but not rapidly growing revenue, thin profitability, and modest but not distressed finances. Its strengths lie in a long-established reputation, deep niche expertise, and a focused portfolio aimed at high-growth research areas such as organoids, telemetry, and cell and gene therapy workflows. Its main challenges are converting this technical edge into consistent earnings and stronger cash generation, especially with a relatively small cash cushion and ongoing market and competitive pressures. The company’s future performance will likely hinge on how effectively it scales adoption of its newer integrated platforms while keeping costs and capital needs under tight control.

NEWS

November 6, 2025 · 7:00 AM UTC

Harvard Bioscience Announces Third Quarter 2025 Financial Results

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October 30, 2025 · 8:00 AM UTC

Harvard Bioscience Schedules Third Quarter 2025 Earnings Conference Call for November 6, 2025 at 8:00 AM ET

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September 16, 2025 · 7:00 AM UTC

Harvard Bioscience Expands Distribution Agreement with Fisher Scientific to Include United States

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September 9, 2025 · 7:00 AM UTC

Harvard Bioscience Announces Appointment of Stephen DeNelsky to Board of Directors

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