Harvard Bioscience (HBIO) AI Stock Analysis

• Market Cap: $23.00M
• Dividend Yield: N/A
• Average Volume (3M): 11.45M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.94
• Revenue Growth: -12.24%
• EPS Growth: -427.45%
• Country: US
• Employees: 330
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Instruments & Supplies
• EPS (TTM): -0.01
• Shares Outstanding: 44,531,197
• 10 Day Avg. Volume: 33,200,529
• 30 Day Avg. Volume: 11,445,411
• 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: 2.41
• Enterprise Value/Revenue: 0.63
• Enterprise Value/Gross Profit: 1.13
• Enterprise Value/Ebitda: -1.19
• 1Y Price Target: $2.00
• Price Target Upside: 400.00% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 53 Neutral
• Price Target: $0.50 ▲(25.00% Upside)

Harvard Bioscience's overall stock score reflects significant financial challenges, particularly in profitability and leverage, which are partially offset by strong cash flow growth and positive developments from the earnings call. The technical analysis indicates short-term strength, but the valuation remains a concern due to negative earnings. The company's efforts to improve operational efficiency and reduce debt are positive steps towards recovery.

Positive Factors

Cash Flow Growth

Strong cash flow growth enhances financial flexibility, allowing the company to invest in new opportunities and reduce debt, supporting long-term stability.

New Product Launches

Successful new product launches can drive future revenue growth and strengthen market position by meeting evolving customer needs in life sciences.

Debt Reduction

Reducing debt levels improves the company's balance sheet health, lowering financial risk and interest expenses, which supports long-term sustainability.

Negative Factors

Revenue Decline

A decline in revenue year-over-year indicates challenges in maintaining sales momentum, which could impact profitability and market competitiveness.

High Debt Levels

High debt levels can strain cash flow and limit financial flexibility, posing risks to long-term financial health and operational capabilities.

NIH Funding Challenges

Delays in NIH funding affect sales cycles, potentially leading to sustained revenue pressure in key markets, impacting growth and profitability.

Harvard Bioscience Business Overview & Revenue Model

Company Description

Harvard Bioscience (HBIO) is a global provider of innovative tools, instruments, and consumables for life science research. The company operates primarily in the biotechnology and pharmaceutical sectors, offering a wide range of products that facilitate research in areas such as drug discovery, neuroscience, and regenerative medicine. Core products include laboratory instruments, precision measurement devices, and advanced technologies for cellular and molecular biology applications.

How the Company Makes Money

Harvard Bioscience generates revenue through the sale of its scientific instruments, equipment, and consumables used in life science research. The company has multiple key revenue streams, including direct sales of laboratory instruments, recurring revenue from consumables, and revenue from software and service contracts. Additionally, HBIO benefits from partnerships with academic institutions, research organizations, and pharmaceutical companies, which can lead to increased sales opportunities and collaborations that enhance its market presence. The company's strategic focus on innovation and new product development also contributes significantly to its earnings, as it aims to meet the evolving needs of researchers in various scientific fields.

Harvard Bioscience Financial Statement Overview

Summary

Harvard Bioscience faces significant financial challenges, particularly in profitability and leverage. The income statement reflects substantial losses and declining revenues, while the balance sheet shows high debt levels and negative returns on equity. However, the cash flow statement provides a glimmer of hope with strong free cash flow growth, suggesting potential for recovery if operational efficiencies can be improved.

Income Statement

Harvard Bioscience's income statement shows significant challenges with profitability. The TTM data reveals a negative net profit margin of -64.68% and a declining revenue growth rate of -2.90%. The EBIT and EBITDA margins are also negative, indicating operational inefficiencies. Despite a reasonable gross profit margin of 56.89%, the company struggles with high operational costs leading to substantial net losses.

Balance Sheet

The balance sheet reflects a mixed financial position. The debt-to-equity ratio has improved in the TTM period, indicating reduced leverage, but remains a concern with a high total debt level. The return on equity is significantly negative at -160.02%, highlighting poor returns for shareholders. The equity ratio is not provided, but the overall asset base has decreased, suggesting potential liquidity issues.

Cash Flow

Cash flow analysis shows some positive trends. The TTM free cash flow growth rate is exceptionally high at 739.59%, indicating improved cash generation. The operating cash flow to net income ratio is 0.12, suggesting some ability to cover net losses with operating cash. However, the free cash flow to net income ratio of 0.76 indicates that while cash flow is improving, it is not yet sufficient to cover net losses fully.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	88.75M	94.14M	112.25M	113.33M	118.90M	102.10M
Gross Profit	49.33M	54.77M	66.07M	60.82M	67.65M	58.04M
EBITDA	-46.80M	-1.47M	8.03M	944.00K	11.31M	5.49M
Net Income	-57.41M	-12.40M	-3.42M	-9.52M	-288.00K	-7.81M
Balance Sheet
Total Assets	80.09M	126.64M	137.37M	145.36M	162.34M	156.25M
Cash, Cash Equivalents and Short-Term Investments	7.44M	4.11M	4.28M	4.51M	7.82M	8.32M
Total Debt	43.31M	44.49M	42.77M	54.24M	56.96M	57.60M
Total Liabilities	64.36M	63.30M	64.29M	73.14M	78.94M	79.57M
Stockholders Equity	15.73M	63.34M	73.07M	72.22M	83.40M	76.68M
Cash Flow
Free Cash Flow	4.92M	-1.20M	11.72M	-438.00K	-83.00K	8.18M
Operating Cash Flow	6.62M	1.44M	14.03M	1.15M	1.26M	9.33M
Investing Cash Flow	-2.49M	-1.34M	-1.80M	-1.59M	-1.34M	-1.40M
Financing Cash Flow	-1.72M	-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: Negative
• MACD: Negative
• 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 0.44, below the 50-day MA of 0.46, and below the 200-day MA of 0.62, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 64.08 is Neutral, neither overbought nor oversold. The STOCH value of 33.23 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	―	$7.10M	0.72	5.90%	―	-4.99%	-19.11%
HBIO	―	$23.00M	―	-138.36%	―	-12.24%	-427.45%
RVP	―	$26.28M	-2.93	-10.80%	―	-0.24%	50.45%
EKSO	―	$18.29M	-0.97	-85.01%	―	-16.59%	43.20%
Sector *	―	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NXGL	―	$27.70M	―	-66.08%	―	133.00%	29.69%
MLSS	―	$32.96M	-4.83	-123.50%	―	7.84%	-43.00%

Harvard Bioscience Corporate Events

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.

The most recent analyst rating on (HBIO) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.

Harvard Bioscience Appoints Stephen DeNelsky to Board

On September 5, 2025, Harvard Bioscience appointed Stephen DeNelsky to its Board of Directors, effective immediately, and he will also serve on the Nominating & Governance Committee. DeNelsky, a veteran in the life sciences industry with 30 years of experience, is expected to bring valuable expertise in financial strategy to the company, enhancing its governance and long-term value creation.

The most recent analyst rating on (HBIO) stock is a Hold with a $0.50 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.

Harvard Bioscience Offers CFO $100K Retention Bonus

On August 12, 2025, Harvard Bioscience, Inc. announced a retention letter agreement with Mark Frost, its Interim Chief Financial Officer, offering him a $100,000 cash bonus upon successful refinancing of the company’s existing term loan and senior revolving credit facility by March 15, 2026. This agreement replaces a previous $50,000 bonus offer and includes provisions for salary and benefits continuation if Mr. Frost’s employment is terminated without cause before the refinancing date, highlighting the company’s strategic focus on financial stability and leadership retention.

The most recent analyst rating on (HBIO) stock is a Buy with a $4.50 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.

Harvard Bioscience at Risk of Nasdaq Delisting: Implications for Investors and Business Stability

Harvard Bioscience faces a significant business risk as it has received a notification from Nasdaq indicating non-compliance with the minimum bid price requirement, which could lead to delisting. This situation poses a threat to the company’s ability to raise capital, affects the liquidity and market price of its common stock, and could result in a loss of investor confidence. The company has until October 1, 2025, to regain compliance, potentially through a reverse stock split, but there is no guarantee of success. Delisting could also impact employee morale, customer trust, and business development opportunities.

Harvard Bioscience Reports Q2 2025 Financial Results

Harvard Bioscience, Inc. is a prominent developer and manufacturer in the life sciences sector, providing essential technologies for research, drug discovery, and preclinical testing, with a global presence across the United States, Europe, and China.

Harvard Bioscience Surpasses Revenue Guidance Amid Challenges

The recent earnings call for Harvard Bioscience painted a picture of cautious optimism, with the company demonstrating strong financial discipline. Despite challenges such as regional revenue declines in the Americas and APAC regions, the company exceeded its revenue guidance and made significant strides in product pipeline development. The sentiment was one of stabilizing the business while positioning for long-term growth.

Harvard Bioscience Amends Credit Agreement with Lenders

On August 8, 2025, Harvard Bioscience, Inc. entered into a Sixth Amendment to its Credit Agreement with Citizens Bank and other lenders. The amendment waives certain defaults and adjusts financial covenants, but raises concerns about the company’s ability to continue operations past December 2025 without securing additional capital or refinancing its debt.

The most recent analyst rating on (HBIO) stock is a Buy with a $4.50 price target. To see the full list of analyst forecasts on Harvard Bioscience stock, see the HBIO Stock Forecast page.