Harvard Bioscience, Inc. (HBIO) 10-Year Financial Performance & Capital Metrics

HBIO • • Industrial / General

HealthcareMedical InstrumentsDiagnostic & Monitoring EquipmentLaboratory & Research Equipment

AboutHarvard 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.Show more

Revenue $94M -16.1%
EBITDA $771K -91.3%
Net Income -$12M -263.3%
EPS (Diluted) -0.28 -247.8%
Gross Margin 58.18% -1.2%
EBITDA Margin 0.82% -89.7%
Operating Margin -6.6% -491.0%
Net Margin -13.18% -333.2%
ROE -18.19% -286.9%
ROIC -4.33% -455.7%
Debt/Equity 0.70 +20.0%
Interest Coverage -1.94 -467.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 84 (top 16%)
✓Trading at only 0.4x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.42%

5Y-4.12%

3Y-7.49%

TTM-10.6%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-278.03%

EPS CAGR

10Y-

5Y-

3Y-

TTM-270.14%

ROCE

10Y Avg-1.25%

5Y Avg-1.77%

3Y Avg-3.51%

Latest-6.81%

Peer Comparison

Laboratory & Research Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HBIOHarvard Bioscience, Inc.	25.86M	0.58	-2.07	-16.14%	-61.62%	-382.68%		0.70

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	108.66M	104.52M	101.88M	120.77M	116.18M	102.1M	118.9M	113.33M	112.25M	94.14M
Revenue Growth %	0%	-0.04%	-0.03%	0.19%	-0.04%	-0.12%	0.16%	-0.05%	-0.01%	-0.16%
Cost of Goods Sold+	59.94M	56.11M	54.28M	57.59M	51.85M	44.06M	51.25M	52.52M	46.18M	39.37M
COGS % of Revenue	0.55%	0.54%	0.53%	0.48%	0.45%	0.43%	0.43%	0.46%	0.41%	0.42%
Gross Profit+	48.72M	48.41M	47.6M	63.18M	64.32M	58.04M	67.65M	60.82M	66.07M	54.77M
Gross Margin %	0.45%	0.46%	0.47%	0.52%	0.55%	0.57%	0.57%	0.54%	0.59%	0.58%
Gross Profit Growth %	-0.01%	-0.01%	-0.02%	0.33%	0.02%	-0.1%	0.17%	-0.1%	0.09%	-0.17%
Operating Expenses+	49.65M	49.55M	47.7M	62.2M	63.95M	57.82M	65.59M	67.75M	64.18M	60.98M
OpEx % of Revenue	0.46%	0.47%	0.47%	0.51%	0.55%	0.57%	0.55%	0.6%	0.57%	0.65%
Selling, General & Admin	40.41M	41.44M	39.61M	45.83M	46.02M	43.42M	48.95M	49.53M	46.89M	43.7M
SG&A % of Revenue	0.37%	0.4%	0.39%	0.38%	0.4%	0.43%	0.41%	0.44%	0.42%	0.46%
Research & Development	6.42M	5.39M	5.64M	10.99M	10.71M	8.69M	10.8M	12.33M	11.76M	10.41M
R&D % of Revenue	0.06%	0.05%	0.06%	0.09%	0.09%	0.09%	0.09%	0.11%	0.1%	0.11%
Other Operating Expenses	-1.26M	-179K	-740K	-4.28M	7.21M	5.71M	5.84M	5.89M	5.53M	6.87M
Operating Income+	-1.71M	-3M	-101K	984K	377K	221K	2.07M	-6.93M	1.89M	-6.21M
Operating Margin %	-0.02%	-0.03%	-0%	0.01%	0%	0%	0.02%	-0.06%	0.02%	-0.07%
Operating Income Growth %	-1.26%	-0.75%	0.97%	10.74%	-0.62%	-0.41%	8.35%	-4.36%	1.27%	-4.28%
EBITDA+	1.11M	1.28M	2.81M	8.82M	8.11M	7.85M	9.69M	642K	8.89M	771K
EBITDA Margin %	0.01%	0.01%	0.03%	0.07%	0.07%	0.08%	0.08%	0.01%	0.08%	0.01%
EBITDA Growth %	-0.88%	0.15%	1.2%	2.14%	-0.08%	-0.03%	0.23%	-0.93%	12.85%	-0.91%
D&A (Non-Cash Add-back)	2.82M	4.27M	2.91M	7.83M	7.73M	7.63M	7.62M	7.58M	7M	6.98M
EBIT	-2.85M	-2.44M	-1.91M	-2.47M	-92K	-2.46M	1.4M	-6.63M	1.03M	-8.46M
Net Interest Income+	-846K	-639K	-713K	-5.37M	-5.41M	-4.83M	-1.54M	-2.55M	-3.59M	-3.21M
Interest Income	8K	3K	0	0	0	0	0	0	0	0
Interest Expense	854K	642K	713K	5.37M	5.41M	4.83M	1.54M	2.55M	3.59M	3.21M
Other Income/Expense	-1.9M	-81K	-1.99M	-8.96M	-5.88M	-7.51M	-2.21M	-2.25M	-4.45M	-5.45M
Pretax Income+	-3.61M	-3.08M	-2.09M	-8.52M	-5.5M	-7.29M	-140K	-9.18M	-2.56M	-11.66M
Pretax Margin %	-0.03%	-0.03%	-0.02%	-0.07%	-0.05%	-0.07%	-0%	-0.08%	-0.02%	-0.12%
Income Tax+	15.43M	1.23M	-1.22M	-3.68M	-815K	518K	148K	337K	859K	740K
Effective Tax Rate %	5.28%	1.4%	0.41%	0.41%	0.85%	1.07%	2.06%	1.04%	1.34%	1.06%
Net Income+	-19.04M	-4.31M	-865K	-3.46M	-4.69M	-7.81M	-288K	-9.52M	-3.42M	-12.4M
Net Margin %	-0.18%	-0.04%	-0.01%	-0.03%	-0.04%	-0.08%	-0%	-0.08%	-0.03%	-0.13%
Net Income Growth %	-9.08%	0.77%	0.8%	-3%	-0.35%	-0.67%	0.96%	-32.04%	0.64%	-2.63%
Net Income (Continuing)	-19.04M	-4.31M	-2.02M	-4.3M	-4.69M	-7.81M	-288K	-9.52M	-3.42M	-12.4M
Discontinued Operations	0	0	1.15M	1.38M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.57	-0.13	-0.02	-0.10	-0.12	-0.20	-0.01	-0.23	-0.08	-0.28
EPS Growth %	-9.14%	0.77%	0.81%	-2.82%	-0.26%	-0.67%	0.96%	-	0.65%	-2.48%
EPS (Basic)	-0.57	-0.13	-0.03	-0.10	-0.12	-0.20	-0.01	-0.23	-0.08	-0.28
Diluted Shares Outstanding	33.59M	34.21M	34.75M	36.45M	37.81M	38.64M	40.34M	41.41M	42.42M	43.54M
Basic Shares Outstanding	33.59M	34.21M	33.6M	35.83M	37.81M	38.64M	40.34M	41.41M	42.42M	43.54M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	50.55M	45.47M	47.53M	54.72M	53.57M	51.7M	61.58M	51.12M	49.04M	45.12M
Cash & Short-Term Investments	6.74M	5.6M	5.73M	8.17M	8.34M	8.32M	7.82M	4.51M	4.28M	4.11M
Cash Only	6.74M	5.6M	5.73M	8.17M	8.34M	8.32M	7.82M	4.51M	4.28M	4.11M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	21.42M	19.92M	17.09M	21.46M	20.7M	17.77M	21.83M	16.7M	16.1M	14.87M
Days Sales Outstanding	71.95	69.57	61.23	64.86	65.05	63.51	67.02	53.8	52.35	57.64
Inventory	22.34M	19.95M	21.35M	25.09M	22.06M	22.26M	27.59M	26.44M	24.72M	23.25M
Days Inventory Outstanding	136.05	129.82	143.57	158.99	155.29	184.43	196.47	183.76	195.36	215.51
Other Current Assets	42K	0	12.11M	3.11M	2.47M	3.35M	4.34M	3.47M	3.94M	2.9M
Total Non-Current Assets+	69.67M	62.29M	61.82M	113.35M	111.3M	104.55M	100.76M	94.24M	88.33M	81.53M
Property, Plant & Equipment	5.9M	4.3M	4.14M	5.9M	13.24M	11.72M	10.31M	9.18M	8.75M	11.24M
Fixed Asset Turnover	18.41x	24.33x	24.61x	20.48x	8.78x	8.71x	11.53x	12.34x	12.82x	8.38x
Goodwill	40.36M	38.03M	39.97M	57.3M	57.38M	58.59M	57.69M	56.26M	57.06M	56.32M
Intangible Assets	22.09M	18.68M	17.2M	45.76M	38.41M	33.15M	27.39M	21.01M	16.04M	11.13M
Long-Term Investments	0	0	0	-211K	0	0	0	0	3.5M	0
Other Non-Current Assets	319K	128K	324K	4.92M	2.27M	1.09M	5.38M	7.78M	2.97M	2.83M
Total Assets+	120.22M	107.77M	109.35M	168.07M	164.87M	156.25M	162.34M	145.36M	137.37M	126.64M
Asset Turnover	0.90x	0.97x	0.93x	0.72x	0.70x	0.65x	0.73x	0.78x	0.82x	0.74x
Asset Growth %	-0.12%	-0.1%	0.01%	0.54%	-0.02%	-0.05%	0.04%	-0.1%	-0.05%	-0.08%
Total Current Liabilities+	19.41M	14.6M	14.04M	21.51M	25.31M	21.05M	25.32M	23.25M	26.54M	54.96M
Accounts Payable	8.78M	6.2M	4.41M	7.36M	5.34M	5.97M	4.91M	6.45M	5.55M	4.79M
Days Payables Outstanding	53.48	40.31	29.65	46.64	37.58	49.47	34.97	44.81	43.9	44.38
Short-Term Debt	2.36M	2.37M	2.77M	2M	6.9M	1.72M	3.23M	3.81M	5.86M	36.96M
Deferred Revenue (Current)	752K	500K	633K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	3.63M	3.84M	3.61M	4.45M	5.67M	7.15M	10.54M	7.49M	13.71M	8.25M
Current Ratio	2.60x	3.11x	3.39x	2.54x	2.12x	2.46x	2.43x	2.20x	1.85x	0.82x
Quick Ratio	1.45x	1.75x	1.86x	1.38x	1.24x	1.40x	1.34x	1.06x	0.92x	0.40x
Cash Conversion Cycle	154.53	159.08	175.15	177.22	182.75	198.46	228.51	192.75	203.81	228.77
Total Non-Current Liabilities+	23.21M	20.97M	14.41M	64.38M	57.86M	58.52M	53.63M	49.89M	37.75M	8.35M
Long-Term Debt	16.45M	11.37M	8.98M	58.8M	46.92M	46.29M	45.09M	43.01M	30.7M	0
Capital Lease Obligations	0	0	0	0	8.22M	7.48M	6.49M	5.28M	4.79M	6.38M
Deferred Tax Liabilities	3.77M	6.42M	3.96M	2.3M	1.97M	1.9M	1.56M	590K	776K	710K
Other Non-Current Liabilities	2.98M	3.18M	5.43M	3.29M	749K	2.85M	486K	1.01M	1.48M	1.25M
Total Liabilities	42.62M	35.57M	28.45M	85.89M	83.18M	79.57M	78.94M	73.14M	64.29M	63.3M
Total Debt+	18.9M	13.75M	11.75M	60.8M	64.47M	57.6M	56.96M	54.24M	42.77M	44.49M
Net Debt	12.16M	8.15M	6.01M	52.62M	56.13M	49.28M	49.14M	49.73M	38.49M	40.39M
Debt / Equity	0.24x	0.19x	0.15x	0.74x	0.79x	0.75x	0.68x	0.75x	0.59x	0.70x
Debt / EBITDA	17.09x	10.76x	4.18x	6.89x	7.95x	7.33x	5.88x	84.49x	4.81x	57.71x
Net Debt / EBITDA	10.99x	6.38x	2.14x	5.97x	6.92x	6.28x	5.07x	77.47x	4.33x	52.38x
Interest Coverage	-2.01x	-4.67x	-0.14x	0.18x	0.07x	0.05x	1.34x	-2.72x	0.53x	-1.94x
Total Equity+	77.6M	72.2M	80.9M	82.18M	81.69M	76.68M	83.4M	72.22M	73.07M	63.34M
Equity Growth %	-0.19%	-0.07%	0.12%	0.02%	-0.01%	-0.06%	0.09%	-0.13%	0.01%	-0.13%
Book Value per Share	2.31	2.11	2.33	2.25	2.16	1.98	2.07	1.74	1.72	1.45
Total Shareholders' Equity	77.6M	72.2M	80.9M	82.18M	81.69M	76.68M	83.4M	72.22M	73.07M	63.34M
Common Stock	416K	418K	419K	436K	438K	444K	452K	454K	434K	441K
Retained Earnings	-111.72M	-116.03M	-116.97M	-119.89M	-124.58M	-132.39M	-132.67M	-142.19M	-145.6M	-158.01M
Treasury Stock	-10.67M	-10.67M	-10.67M	-10.67M	-10.67M	-10.67M	0	0	0	0
Accumulated OCI	-11.88M	-16.66M	-10.68M	-13.53M	-12.69M	-13.07M	-10.03M	-15.05M	-14.19M	-15.67M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	705K	5.38M	1.06M	2.34M	8.05M	9.33M	1.26M	1.15M	14.03M	1.44M
Operating CF Margin %	0.01%	0.05%	0.01%	0.02%	0.07%	0.09%	0.01%	0.01%	0.12%	0.02%
Operating CF Growth %	-0.84%	6.64%	-0.8%	1.22%	2.43%	0.16%	-0.86%	-0.09%	11.18%	-0.9%
Net Income	-19.04M	-4.31M	-865K	-3.46M	-4.69M	-7.81M	-288K	-9.52M	-3.42M	-12.4M
Depreciation & Amortization	4.57M	4.27M	3.8M	7.88M	7.73M	7.63M	7.62M	7.58M	7M	7.16M
Stock-Based Compensation	2.75M	3.5M	3.5M	3.04M	3.03M	3.65M	4.17M	4.41M	5M	4.34M
Deferred Taxes	15.12M	-279K	-1.58M	-2.86M	-398K	-143K	-330K	-414K	336K	363K
Other Non-Cash Items	19K	2.24M	16K	-584K	2.32M	1.9M	280K	-3.62M	509K	1.92M
Working Capital Changes	-2.72M	-41K	-3.81M	-1.68M	42K	4.11M	-10.19M	2.72M	4.6M	65K
Change in Receivables	-1.34M	566K	196K	-2.79M	468K	3.1M	-4.29M	4.78M	810K	974K
Change in Inventory	-1.22M	1.25M	-548K	2.55M	3.26M	413K	-5.86M	252K	1.52M	-64K
Change in Payables	2.58M	-2.41M	-918K	1.59M	-2.05M	511K	0	-1.4M	-523K	-1.78M
Cash from Investing+	-7.52M	-62K	-917K	-53.26M	-229K	-1.4M	-1.34M	-1.59M	-1.8M	-1.34M
Capital Expenditures	-2.98M	-1.48M	-890K	-986K	-1.22M	-1.15M	-1.2M	-1.59M	-1.79M	-2.64M
CapEx % of Revenue	0.03%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6K	-1.48M	-27K	-16K	-15K	-250K	-150K	0	-523K	-619K
Cash from Financing+	-540K	-4.87M	-1.79M	53.05M	-7.63M	-7.97M	-252K	-2.84M	-12.13M	-131K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.01M	0	0	-2.01M	-2K	70K	-302K	577K	-1.59M	-358K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-2.27M	3.9M	167K	1.36M	6.83M	8.18M	-83K	-438K	11.72M	-1.82M
FCF Margin %	-0.02%	0.04%	0%	0.01%	0.06%	0.08%	-0%	-0%	0.1%	-0.02%
FCF Growth %	-1.97%	2.72%	-0.96%	7.13%	4.03%	0.2%	-1.01%	-4.28%	27.75%	-1.16%
FCF per Share	-0.07	0.11	0.00	0.04	0.18	0.21	-0.00	-0.01	0.28	-0.04
FCF Conversion (FCF/Net Income)	-0.04x	-1.25x	-1.22x	-0.68x	-1.72x	-1.19x	-4.38x	-0.12x	-4.11x	-0.12x
Interest Paid	854K	620K	686K	4.99M	5.5M	4.88M	1.58M	2.31M	3.79M	3.23M
Taxes Paid	963K	928K	-13K	98K	374K	416K	577K	534K	207K	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-22%	-5.75%	-1.13%	-4.25%	-5.72%	-9.86%	-0.36%	-12.23%	-4.7%	-18.19%
Return on Invested Capital (ROIC)	-1.33%	-2.64%	-0.09%	0.67%	0.21%	0.13%	1.2%	-4.09%	1.22%	-4.33%
Gross Margin	44.84%	46.32%	46.72%	52.31%	55.37%	56.85%	56.9%	53.66%	58.86%	58.18%
Net Margin	-17.52%	-4.12%	-0.85%	-2.87%	-4.03%	-7.65%	-0.24%	-8.4%	-3.04%	-13.18%
Debt / Equity	0.24x	0.19x	0.15x	0.74x	0.79x	0.75x	0.68x	0.75x	0.59x	0.70x
Interest Coverage	-2.01x	-4.67x	-0.14x	0.18x	0.07x	0.05x	1.34x	-2.72x	0.53x	-1.94x
FCF Conversion	-0.04x	-1.25x	-1.22x	-0.68x	-1.72x	-1.19x	-4.38x	-0.12x	-4.11x	-0.12x
Revenue Growth	0%	-3.81%	-2.52%	18.54%	-3.81%	-12.12%	16.46%	-4.68%	-0.96%	-16.14%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Instruments, Equipment, Software, and Accessories	-	-	-	-	-	-	114.11M	108.17M	105.72M	86.96M
Instruments, Equipment, Software, and Accessories Growth	-	-	-	-	-	-	-	-5.21%	-2.26%	-17.74%
Service, Maintenance, and Warranty Contracts	-	-	-	-	-	-	4.79M	5.17M	6.53M	7.17M
Service, Maintenance, and Warranty Contracts Growth	-	-	-	-	-	-	-	7.96%	26.38%	9.75%
Service	-	-	-	-	2.23M	11K	-	-	-	-
Service Growth	-	-	-	-	-	-99.51%	-	-	-	-
Customer Advances	-	-	-	-	894K	-	-	-	-	-
Customer Advances Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	4.74M	4.63M	49.83M	49.91M	48.2M	41.74M
UNITED STATES Growth	-	-	-	-	-	-2.43%	976.96%	0.16%	-3.42%	-13.42%
EMEA	-	-	-	-	-	-	-	-	-	28.41M
EMEA Growth	-	-	-	-	-	-	-	-	-	-
China	-	-	-	-	-	-	-	16.39M	18.49M	13.3M
China Growth	-	-	-	-	-	-	-	-	12.78%	-28.08%
Asia, Other	-	-	-	-	-	-	-	-	-	7.1M
Asia, Other Growth	-	-	-	-	-	-	-	-	-	-
Americas, Other	-	-	-	-	-	-	-	-	-	3.6M
Americas, Other Growth	-	-	-	-	-	-	-	-	-	-
Europe	-	-	-	-	-	-	35.77M	30.69M	32.8M	-
Europe Growth	-	-	-	-	-	-	-	-14.20%	6.89%	-
the World	-	-	-	-	82K	-	8.49M	16.34M	12.76M	-
the World Growth	-	-	-	-	-	-	-	92.50%	-21.95%	-
CHINA	-	-	-	-	-	-	24.82M	-	-	-
CHINA Growth	-	-	-	-	-	-	-	-	-	-
GERMANY	-	-	-	-	313K	-	-	-	-	-
GERMANY Growth	-	-	-	-	-	-	-	-	-	-
Segment, Geographical, United States	64.77M	65.18M	66.2M	84.05M	-	-	-	-	-	-
Segment, Geographical, United States Growth	-	0.64%	1.56%	26.97%	-	-	-	-	-	-
Segment, Geographical, United Kingdom	18.05M	16.42M	15.04M	14.52M	-	-	-	-	-	-
Segment, Geographical, United Kingdom Growth	-	-9.03%	-8.40%	-3.46%	-	-	-	-	-	-
Segment, Geographical, Germany	15.76M	13.48M	11.16M	13.56M	-	-	-	-	-	-
Segment, Geographical, Germany Growth	-	-14.46%	-17.18%	21.47%	-	-	-	-	-	-
Rest Of The World	10.09M	9.44M	9.48M	8.64M	-	-	-	-	-	-
Rest Of The World Growth	-	-6.42%	0.38%	-8.85%	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Harvard Bioscience, Inc. (HBIO) reported $87.4M in revenue for fiscal year 2024. This represents a 20% decrease from $108.9M in 2011.

Harvard Bioscience, Inc. (HBIO) saw revenue decline by 16.1% over the past year.

Harvard Bioscience, Inc. (HBIO) reported a net loss of $53.8M for fiscal year 2024.

Dividend & Returns

Harvard Bioscience, Inc. (HBIO) has a return on equity (ROE) of -18.2%. Negative ROE indicates the company is unprofitable.

Harvard Bioscience, Inc. (HBIO) generated $6.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Harvard Bioscience, Inc. (HBIO) 10-Year Financial Performance & Capital Metrics

HBIO • • Industrial / General

HealthcareMedical InstrumentsDiagnostic & Monitoring EquipmentLaboratory & Research Equipment

Revenue $94M -16.1%
EBITDA $771K -91.3%
Net Income -$12M -263.3%
EPS (Diluted) -0.28 -247.8%
Gross Margin 58.18% -1.2%
EBITDA Margin 0.82% -89.7%
Operating Margin -6.6% -491.0%
Net Margin -13.18% -333.2%
ROE -18.19% -286.9%
ROIC -4.33% -455.7%
Debt/Equity 0.70 +20.0%
Interest Coverage -1.94 -467.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 84 (top 16%)
✓Trading at only 0.4x book value

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-1.42%

5Y-4.12%

3Y-7.49%

TTM-10.6%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-278.03%

EPS CAGR

10Y-

5Y-

3Y-

TTM-270.14%

ROCE

10Y Avg-1.25%

5Y Avg-1.77%

3Y Avg-3.51%

Latest-6.81%

Peer Comparison

Laboratory & Research Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
HBIOHarvard Bioscience, Inc.	25.86M	0.58	-2.07	-16.14%	-61.62%	-382.68%		0.70

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	108.66M	104.52M	101.88M	120.77M	116.18M	102.1M	118.9M	113.33M	112.25M	94.14M
Revenue Growth %	0%	-0.04%	-0.03%	0.19%	-0.04%	-0.12%	0.16%	-0.05%	-0.01%	-0.16%
Cost of Goods Sold+	59.94M	56.11M	54.28M	57.59M	51.85M	44.06M	51.25M	52.52M	46.18M	39.37M
COGS % of Revenue	0.55%	0.54%	0.53%	0.48%	0.45%	0.43%	0.43%	0.46%	0.41%	0.42%
Gross Profit+	48.72M	48.41M	47.6M	63.18M	64.32M	58.04M	67.65M	60.82M	66.07M	54.77M
Gross Margin %	0.45%	0.46%	0.47%	0.52%	0.55%	0.57%	0.57%	0.54%	0.59%	0.58%
Gross Profit Growth %	-0.01%	-0.01%	-0.02%	0.33%	0.02%	-0.1%	0.17%	-0.1%	0.09%	-0.17%
Operating Expenses+	49.65M	49.55M	47.7M	62.2M	63.95M	57.82M	65.59M	67.75M	64.18M	60.98M
OpEx % of Revenue	0.46%	0.47%	0.47%	0.51%	0.55%	0.57%	0.55%	0.6%	0.57%	0.65%
Selling, General & Admin	40.41M	41.44M	39.61M	45.83M	46.02M	43.42M	48.95M	49.53M	46.89M	43.7M
SG&A % of Revenue	0.37%	0.4%	0.39%	0.38%	0.4%	0.43%	0.41%	0.44%	0.42%	0.46%
Research & Development	6.42M	5.39M	5.64M	10.99M	10.71M	8.69M	10.8M	12.33M	11.76M	10.41M
R&D % of Revenue	0.06%	0.05%	0.06%	0.09%	0.09%	0.09%	0.09%	0.11%	0.1%	0.11%
Other Operating Expenses	-1.26M	-179K	-740K	-4.28M	7.21M	5.71M	5.84M	5.89M	5.53M	6.87M
Operating Income+	-1.71M	-3M	-101K	984K	377K	221K	2.07M	-6.93M	1.89M	-6.21M
Operating Margin %	-0.02%	-0.03%	-0%	0.01%	0%	0%	0.02%	-0.06%	0.02%	-0.07%
Operating Income Growth %	-1.26%	-0.75%	0.97%	10.74%	-0.62%	-0.41%	8.35%	-4.36%	1.27%	-4.28%
EBITDA+	1.11M	1.28M	2.81M	8.82M	8.11M	7.85M	9.69M	642K	8.89M	771K
EBITDA Margin %	0.01%	0.01%	0.03%	0.07%	0.07%	0.08%	0.08%	0.01%	0.08%	0.01%
EBITDA Growth %	-0.88%	0.15%	1.2%	2.14%	-0.08%	-0.03%	0.23%	-0.93%	12.85%	-0.91%
D&A (Non-Cash Add-back)	2.82M	4.27M	2.91M	7.83M	7.73M	7.63M	7.62M	7.58M	7M	6.98M
EBIT	-2.85M	-2.44M	-1.91M	-2.47M	-92K	-2.46M	1.4M	-6.63M	1.03M	-8.46M
Net Interest Income+	-846K	-639K	-713K	-5.37M	-5.41M	-4.83M	-1.54M	-2.55M	-3.59M	-3.21M
Interest Income	8K	3K	0	0	0	0	0	0	0	0
Interest Expense	854K	642K	713K	5.37M	5.41M	4.83M	1.54M	2.55M	3.59M	3.21M
Other Income/Expense	-1.9M	-81K	-1.99M	-8.96M	-5.88M	-7.51M	-2.21M	-2.25M	-4.45M	-5.45M
Pretax Income+	-3.61M	-3.08M	-2.09M	-8.52M	-5.5M	-7.29M	-140K	-9.18M	-2.56M	-11.66M
Pretax Margin %	-0.03%	-0.03%	-0.02%	-0.07%	-0.05%	-0.07%	-0%	-0.08%	-0.02%	-0.12%
Income Tax+	15.43M	1.23M	-1.22M	-3.68M	-815K	518K	148K	337K	859K	740K
Effective Tax Rate %	5.28%	1.4%	0.41%	0.41%	0.85%	1.07%	2.06%	1.04%	1.34%	1.06%
Net Income+	-19.04M	-4.31M	-865K	-3.46M	-4.69M	-7.81M	-288K	-9.52M	-3.42M	-12.4M
Net Margin %	-0.18%	-0.04%	-0.01%	-0.03%	-0.04%	-0.08%	-0%	-0.08%	-0.03%	-0.13%
Net Income Growth %	-9.08%	0.77%	0.8%	-3%	-0.35%	-0.67%	0.96%	-32.04%	0.64%	-2.63%
Net Income (Continuing)	-19.04M	-4.31M	-2.02M	-4.3M	-4.69M	-7.81M	-288K	-9.52M	-3.42M	-12.4M
Discontinued Operations	0	0	1.15M	1.38M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.57	-0.13	-0.02	-0.10	-0.12	-0.20	-0.01	-0.23	-0.08	-0.28
EPS Growth %	-9.14%	0.77%	0.81%	-2.82%	-0.26%	-0.67%	0.96%	-	0.65%	-2.48%
EPS (Basic)	-0.57	-0.13	-0.03	-0.10	-0.12	-0.20	-0.01	-0.23	-0.08	-0.28
Diluted Shares Outstanding	33.59M	34.21M	34.75M	36.45M	37.81M	38.64M	40.34M	41.41M	42.42M	43.54M
Basic Shares Outstanding	33.59M	34.21M	33.6M	35.83M	37.81M	38.64M	40.34M	41.41M	42.42M	43.54M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	50.55M	45.47M	47.53M	54.72M	53.57M	51.7M	61.58M	51.12M	49.04M	45.12M
Cash & Short-Term Investments	6.74M	5.6M	5.73M	8.17M	8.34M	8.32M	7.82M	4.51M	4.28M	4.11M
Cash Only	6.74M	5.6M	5.73M	8.17M	8.34M	8.32M	7.82M	4.51M	4.28M	4.11M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	21.42M	19.92M	17.09M	21.46M	20.7M	17.77M	21.83M	16.7M	16.1M	14.87M
Days Sales Outstanding	71.95	69.57	61.23	64.86	65.05	63.51	67.02	53.8	52.35	57.64
Inventory	22.34M	19.95M	21.35M	25.09M	22.06M	22.26M	27.59M	26.44M	24.72M	23.25M
Days Inventory Outstanding	136.05	129.82	143.57	158.99	155.29	184.43	196.47	183.76	195.36	215.51
Other Current Assets	42K	0	12.11M	3.11M	2.47M	3.35M	4.34M	3.47M	3.94M	2.9M
Total Non-Current Assets+	69.67M	62.29M	61.82M	113.35M	111.3M	104.55M	100.76M	94.24M	88.33M	81.53M
Property, Plant & Equipment	5.9M	4.3M	4.14M	5.9M	13.24M	11.72M	10.31M	9.18M	8.75M	11.24M
Fixed Asset Turnover	18.41x	24.33x	24.61x	20.48x	8.78x	8.71x	11.53x	12.34x	12.82x	8.38x
Goodwill	40.36M	38.03M	39.97M	57.3M	57.38M	58.59M	57.69M	56.26M	57.06M	56.32M
Intangible Assets	22.09M	18.68M	17.2M	45.76M	38.41M	33.15M	27.39M	21.01M	16.04M	11.13M
Long-Term Investments	0	0	0	-211K	0	0	0	0	3.5M	0
Other Non-Current Assets	319K	128K	324K	4.92M	2.27M	1.09M	5.38M	7.78M	2.97M	2.83M
Total Assets+	120.22M	107.77M	109.35M	168.07M	164.87M	156.25M	162.34M	145.36M	137.37M	126.64M
Asset Turnover	0.90x	0.97x	0.93x	0.72x	0.70x	0.65x	0.73x	0.78x	0.82x	0.74x
Asset Growth %	-0.12%	-0.1%	0.01%	0.54%	-0.02%	-0.05%	0.04%	-0.1%	-0.05%	-0.08%
Total Current Liabilities+	19.41M	14.6M	14.04M	21.51M	25.31M	21.05M	25.32M	23.25M	26.54M	54.96M
Accounts Payable	8.78M	6.2M	4.41M	7.36M	5.34M	5.97M	4.91M	6.45M	5.55M	4.79M
Days Payables Outstanding	53.48	40.31	29.65	46.64	37.58	49.47	34.97	44.81	43.9	44.38
Short-Term Debt	2.36M	2.37M	2.77M	2M	6.9M	1.72M	3.23M	3.81M	5.86M	36.96M
Deferred Revenue (Current)	752K	500K	633K	1000K	1000K	1000K	1000K	1000K	0	1000K
Other Current Liabilities	3.63M	3.84M	3.61M	4.45M	5.67M	7.15M	10.54M	7.49M	13.71M	8.25M
Current Ratio	2.60x	3.11x	3.39x	2.54x	2.12x	2.46x	2.43x	2.20x	1.85x	0.82x
Quick Ratio	1.45x	1.75x	1.86x	1.38x	1.24x	1.40x	1.34x	1.06x	0.92x	0.40x
Cash Conversion Cycle	154.53	159.08	175.15	177.22	182.75	198.46	228.51	192.75	203.81	228.77
Total Non-Current Liabilities+	23.21M	20.97M	14.41M	64.38M	57.86M	58.52M	53.63M	49.89M	37.75M	8.35M
Long-Term Debt	16.45M	11.37M	8.98M	58.8M	46.92M	46.29M	45.09M	43.01M	30.7M	0
Capital Lease Obligations	0	0	0	0	8.22M	7.48M	6.49M	5.28M	4.79M	6.38M
Deferred Tax Liabilities	3.77M	6.42M	3.96M	2.3M	1.97M	1.9M	1.56M	590K	776K	710K
Other Non-Current Liabilities	2.98M	3.18M	5.43M	3.29M	749K	2.85M	486K	1.01M	1.48M	1.25M
Total Liabilities	42.62M	35.57M	28.45M	85.89M	83.18M	79.57M	78.94M	73.14M	64.29M	63.3M
Total Debt+	18.9M	13.75M	11.75M	60.8M	64.47M	57.6M	56.96M	54.24M	42.77M	44.49M
Net Debt	12.16M	8.15M	6.01M	52.62M	56.13M	49.28M	49.14M	49.73M	38.49M	40.39M
Debt / Equity	0.24x	0.19x	0.15x	0.74x	0.79x	0.75x	0.68x	0.75x	0.59x	0.70x
Debt / EBITDA	17.09x	10.76x	4.18x	6.89x	7.95x	7.33x	5.88x	84.49x	4.81x	57.71x
Net Debt / EBITDA	10.99x	6.38x	2.14x	5.97x	6.92x	6.28x	5.07x	77.47x	4.33x	52.38x
Interest Coverage	-2.01x	-4.67x	-0.14x	0.18x	0.07x	0.05x	1.34x	-2.72x	0.53x	-1.94x
Total Equity+	77.6M	72.2M	80.9M	82.18M	81.69M	76.68M	83.4M	72.22M	73.07M	63.34M
Equity Growth %	-0.19%	-0.07%	0.12%	0.02%	-0.01%	-0.06%	0.09%	-0.13%	0.01%	-0.13%
Book Value per Share	2.31	2.11	2.33	2.25	2.16	1.98	2.07	1.74	1.72	1.45
Total Shareholders' Equity	77.6M	72.2M	80.9M	82.18M	81.69M	76.68M	83.4M	72.22M	73.07M	63.34M
Common Stock	416K	418K	419K	436K	438K	444K	452K	454K	434K	441K
Retained Earnings	-111.72M	-116.03M	-116.97M	-119.89M	-124.58M	-132.39M	-132.67M	-142.19M	-145.6M	-158.01M
Treasury Stock	-10.67M	-10.67M	-10.67M	-10.67M	-10.67M	-10.67M	0	0	0	0
Accumulated OCI	-11.88M	-16.66M	-10.68M	-13.53M	-12.69M	-13.07M	-10.03M	-15.05M	-14.19M	-15.67M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	705K	5.38M	1.06M	2.34M	8.05M	9.33M	1.26M	1.15M	14.03M	1.44M
Operating CF Margin %	0.01%	0.05%	0.01%	0.02%	0.07%	0.09%	0.01%	0.01%	0.12%	0.02%
Operating CF Growth %	-0.84%	6.64%	-0.8%	1.22%	2.43%	0.16%	-0.86%	-0.09%	11.18%	-0.9%
Net Income	-19.04M	-4.31M	-865K	-3.46M	-4.69M	-7.81M	-288K	-9.52M	-3.42M	-12.4M
Depreciation & Amortization	4.57M	4.27M	3.8M	7.88M	7.73M	7.63M	7.62M	7.58M	7M	7.16M
Stock-Based Compensation	2.75M	3.5M	3.5M	3.04M	3.03M	3.65M	4.17M	4.41M	5M	4.34M
Deferred Taxes	15.12M	-279K	-1.58M	-2.86M	-398K	-143K	-330K	-414K	336K	363K
Other Non-Cash Items	19K	2.24M	16K	-584K	2.32M	1.9M	280K	-3.62M	509K	1.92M
Working Capital Changes	-2.72M	-41K	-3.81M	-1.68M	42K	4.11M	-10.19M	2.72M	4.6M	65K
Change in Receivables	-1.34M	566K	196K	-2.79M	468K	3.1M	-4.29M	4.78M	810K	974K
Change in Inventory	-1.22M	1.25M	-548K	2.55M	3.26M	413K	-5.86M	252K	1.52M	-64K
Change in Payables	2.58M	-2.41M	-918K	1.59M	-2.05M	511K	0	-1.4M	-523K	-1.78M
Cash from Investing+	-7.52M	-62K	-917K	-53.26M	-229K	-1.4M	-1.34M	-1.59M	-1.8M	-1.34M
Capital Expenditures	-2.98M	-1.48M	-890K	-986K	-1.22M	-1.15M	-1.2M	-1.59M	-1.79M	-2.64M
CapEx % of Revenue	0.03%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6K	-1.48M	-27K	-16K	-15K	-250K	-150K	0	-523K	-619K
Cash from Financing+	-540K	-4.87M	-1.79M	53.05M	-7.63M	-7.97M	-252K	-2.84M	-12.13M	-131K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	2.01M	0	0	-2.01M	-2K	70K	-302K	577K	-1.59M	-358K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-2.27M	3.9M	167K	1.36M	6.83M	8.18M	-83K	-438K	11.72M	-1.82M
FCF Margin %	-0.02%	0.04%	0%	0.01%	0.06%	0.08%	-0%	-0%	0.1%	-0.02%
FCF Growth %	-1.97%	2.72%	-0.96%	7.13%	4.03%	0.2%	-1.01%	-4.28%	27.75%	-1.16%
FCF per Share	-0.07	0.11	0.00	0.04	0.18	0.21	-0.00	-0.01	0.28	-0.04
FCF Conversion (FCF/Net Income)	-0.04x	-1.25x	-1.22x	-0.68x	-1.72x	-1.19x	-4.38x	-0.12x	-4.11x	-0.12x
Interest Paid	854K	620K	686K	4.99M	5.5M	4.88M	1.58M	2.31M	3.79M	3.23M
Taxes Paid	963K	928K	-13K	98K	374K	416K	577K	534K	207K	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-22%	-5.75%	-1.13%	-4.25%	-5.72%	-9.86%	-0.36%	-12.23%	-4.7%	-18.19%
Return on Invested Capital (ROIC)	-1.33%	-2.64%	-0.09%	0.67%	0.21%	0.13%	1.2%	-4.09%	1.22%	-4.33%
Gross Margin	44.84%	46.32%	46.72%	52.31%	55.37%	56.85%	56.9%	53.66%	58.86%	58.18%
Net Margin	-17.52%	-4.12%	-0.85%	-2.87%	-4.03%	-7.65%	-0.24%	-8.4%	-3.04%	-13.18%
Debt / Equity	0.24x	0.19x	0.15x	0.74x	0.79x	0.75x	0.68x	0.75x	0.59x	0.70x
Interest Coverage	-2.01x	-4.67x	-0.14x	0.18x	0.07x	0.05x	1.34x	-2.72x	0.53x	-1.94x
FCF Conversion	-0.04x	-1.25x	-1.22x	-0.68x	-1.72x	-1.19x	-4.38x	-0.12x	-4.11x	-0.12x
Revenue Growth	0%	-3.81%	-2.52%	18.54%	-3.81%	-12.12%	16.46%	-4.68%	-0.96%	-16.14%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Instruments, Equipment, Software, and Accessories	-	-	-	-	-	-	114.11M	108.17M	105.72M	86.96M
Instruments, Equipment, Software, and Accessories Growth	-	-	-	-	-	-	-	-5.21%	-2.26%	-17.74%
Service, Maintenance, and Warranty Contracts	-	-	-	-	-	-	4.79M	5.17M	6.53M	7.17M
Service, Maintenance, and Warranty Contracts Growth	-	-	-	-	-	-	-	7.96%	26.38%	9.75%
Service	-	-	-	-	2.23M	11K	-	-	-	-
Service Growth	-	-	-	-	-	-99.51%	-	-	-	-
Customer Advances	-	-	-	-	894K	-	-	-	-	-
Customer Advances Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	-	-	-	-	4.74M	4.63M	49.83M	49.91M	48.2M	41.74M
UNITED STATES Growth	-	-	-	-	-	-2.43%	976.96%	0.16%	-3.42%	-13.42%
EMEA	-	-	-	-	-	-	-	-	-	28.41M
EMEA Growth	-	-	-	-	-	-	-	-	-	-
China	-	-	-	-	-	-	-	16.39M	18.49M	13.3M
China Growth	-	-	-	-	-	-	-	-	12.78%	-28.08%
Asia, Other	-	-	-	-	-	-	-	-	-	7.1M
Asia, Other Growth	-	-	-	-	-	-	-	-	-	-
Americas, Other	-	-	-	-	-	-	-	-	-	3.6M
Americas, Other Growth	-	-	-	-	-	-	-	-	-	-
Europe	-	-	-	-	-	-	35.77M	30.69M	32.8M	-
Europe Growth	-	-	-	-	-	-	-	-14.20%	6.89%	-
the World	-	-	-	-	82K	-	8.49M	16.34M	12.76M	-
the World Growth	-	-	-	-	-	-	-	92.50%	-21.95%	-
CHINA	-	-	-	-	-	-	24.82M	-	-	-
CHINA Growth	-	-	-	-	-	-	-	-	-	-
GERMANY	-	-	-	-	313K	-	-	-	-	-
GERMANY Growth	-	-	-	-	-	-	-	-	-	-
Segment, Geographical, United States	64.77M	65.18M	66.2M	84.05M	-	-	-	-	-	-
Segment, Geographical, United States Growth	-	0.64%	1.56%	26.97%	-	-	-	-	-	-
Segment, Geographical, United Kingdom	18.05M	16.42M	15.04M	14.52M	-	-	-	-	-	-
Segment, Geographical, United Kingdom Growth	-	-9.03%	-8.40%	-3.46%	-	-	-	-	-	-
Segment, Geographical, Germany	15.76M	13.48M	11.16M	13.56M	-	-	-	-	-	-
Segment, Geographical, Germany Growth	-	-14.46%	-17.18%	21.47%	-	-	-	-	-	-
Rest Of The World	10.09M	9.44M	9.48M	8.64M	-	-	-	-	-	-
Rest Of The World Growth	-	-6.42%	0.38%	-8.85%	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Harvard Bioscience, Inc. (HBIO) reported $87.4M in revenue for fiscal year 2024. This represents a 20% decrease from $108.9M in 2011.

Harvard Bioscience, Inc. (HBIO) saw revenue decline by 16.1% over the past year.

Harvard Bioscience, Inc. (HBIO) reported a net loss of $53.8M for fiscal year 2024.

Dividend & Returns

Harvard Bioscience, Inc. (HBIO) has a return on equity (ROE) of -18.2%. Negative ROE indicates the company is unprofitable.

Harvard Bioscience, Inc. (HBIO) generated $6.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.