HARVARD BIOSCIENCE INC HBIO
Harvard Bioscience, Inc., a Delaware corporation, is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. Our products and services are sold globally to customers ranging from renowned academic institutions and government laboratories to the world's leading pharmaceutical, biotechnology and contract research organizations ("CROs"). With operations in the United States, Europe and China, we sell through a combination of direct and distribution channels to customers around the world.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $86.5M | $94.1M | $112.2M | $113.3M | $118.9M | $102.1M | $116.2M | $120.8M | $77.4M | $104.5M |
| Cost of revenue | $36.6M | $39.4M | $46.2M | $52.5M | $51.3M | $44.1M | $51.9M | $57.6M | $38.2M | $56.1M |
| Gross profit | $49.9M | $54.8M | $66.1M | $60.8M | $67.7M | $58.0M | $64.3M | $63.2M | $39.2M | $48.4M |
| R&D | $8.8M | $10.4M | $11.8M | $12.3M | $10.8M | $8.7M | $10.7M | $11.0M | $5.6M | $5.4M |
| SG&A | $17.7M | $21.5M | $22.8M | $24.5M | $24.3M | $23.5M | $22.8M | $21.4M | $17.5M | $20.9M |
| Total operating expenses | $98.5M | $61.0M | $64.2M | $67.8M | $65.6M | $57.8M | $63.9M | $62.2M | $39.8M | $51.4M |
| Operating income | -$48.6M | -$6.2M | $1.9M | -$6.9M | $2.1M | $221.0K | $377.0K | $984.0K | -$635.0K | -$3.0M |
| Interest expense | — | — | — | — | — | — | — | $5.4M | $713.0K | $639.0K |
| Pre-tax income | -$57.4M | -$11.7M | -$2.6M | -$9.2M | -$140.0K | -$7.3M | -$5.5M | -$8.0M | -$2.6M | -$3.1M |
| Income tax | $686.0K | $740.0K | $859.0K | $337.0K | $148.0K | $518.0K | $815.0K | $3.7M | $605.0K | $1.2M |
| Net income | -$56.7M | -$12.4M | -$3.4M | -$9.5M | -$288.0K | -$7.8M | -$4.7M | -$2.9M | -$865.0K | -$4.3M |
| EPS, basic | -1.28 | -0.28 | -0.08 | -0.23 | -0.01 | — | -0.12 | -0.08 | -0.02 | -0.13 |
| EPS, diluted | -1.28 | -0.28 | -0.08 | -0.23 | -0.01 | -0.20 | -0.12 | -0.08 | -0.02 | -0.13 |
| Shares, diluted (wtd. avg.) | $44.4M | $43.5M | $42.4M | $41.4M | $40.3M | $38.6M | $37.8M | $36.5M | $34.8M | $34.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $8.6M | $4.1M | $4.3M | $4.5M | $7.8M | $8.3M | $8.3M | $8.2M | $5.2M | $5.6M |
| Receivables | $16.0M | $14.9M | $16.1M | $16.7M | $21.8M | $17.8M | $20.7M | $21.5M | $13.4M | $15.7M |
| Inventory | $20.8M | $23.2M | $24.7M | $26.4M | $27.6M | $22.3M | $22.1M | $25.1M | $16.8M | $20.0M |
| Total current assets | $48.2M | $45.1M | $49.0M | $51.1M | $61.6M | $51.7M | $53.6M | $57.8M | $47.5M | $45.5M |
| Property, plant and equipment | $4.8M | $5.1M | $4.0M | $3.4M | $3.4M | $4.0M | $4.8M | $5.9M | $3.7M | $4.3M |
| Goodwill | $9.6M | $56.3M | $57.1M | $56.3M | $57.7M | $58.6M | $57.4M | $57.3M | $36.3M | $38.0M |
| Other intangibles | $7.6M | $11.1M | $16.0M | $21.0M | $27.4M | $33.2M | $38.4M | $45.8M | $10.0M | $17.5M |
| Total assets | $80.1M | $126.6M | $137.4M | $145.4M | $162.3M | $156.3M | $164.9M | $168.6M | $109.4M | $107.8M |
| Accounts payable | $3.7M | $4.8M | $5.6M | $6.4M | $4.9M | $6.0M | $5.3M | $7.4M | $4.4M | $6.2M |
| Short-term debt | $0 | $37.0M | $6.1M | $4.1M | $3.5M | $2.0M | $3.2M | $2.4M | — | — |
| Total current liabilities | $22.0M | $55.0M | $26.5M | $23.2M | $25.3M | $21.1M | $25.3M | $25.5M | $14.0M | $14.6M |
| Long-term debt | $35.9M | $0 | $30.7M | $43.0M | $45.1M | $46.3M | $46.9M | $54.8M | $9.0M | $11.4M |
| Total liabilities | $66.3M | $63.3M | $64.3M | $73.1M | $78.9M | $79.6M | $83.2M | $85.9M | $28.5M | $35.6M |
| Retained earnings | -$214.7M | -$158.0M | -$145.6M | -$142.2M | -$132.7M | -$132.4M | -$124.6M | -$119.9M | -$117.0M | -$116.0M |
| Total equity | $13.7M | $63.3M | $73.1M | $72.2M | $83.4M | $76.7M | $81.7M | $82.7M | $80.9M | $72.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.7M | $1.4M | $14.0M | $1.2M | $1.3M | $9.3M | $8.0M | $2.9M | $1.1M | $5.4M |
| Depreciation and amortisation | $1.7M | $1.7M | $1.5M | $1.5M | $1.8M | $1.9M | $2.0M | $2.4M | $1.3M | $1.5M |
| Stock-based compensation | $1.9M | $4.3M | $5.0M | $4.4M | $4.2M | $3.6M | $3.0M | $3.0M | $3.5M | $3.5M |
| Capital expenditure | $1.3M | $2.6M | $1.8M | $1.6M | $1.2M | $1.2M | $1.2M | $986.0K | $890.0K | — |
| Investing cash flow | -$1.9M | -$1.3M | -$1.8M | -$1.6M | -$1.3M | -$1.4M | -$229.0K | -$53.8M | -$917.0K | -$62.0K |
| Financing cash flow | -$1.3M | -$131.0K | -$12.1M | -$2.8M | -$252.0K | -$8.0M | -$7.6M | $53.1M | -$1.8M | -$4.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001171843-26-002617.
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