HARVARD BIOSCIENCE INC HBIO

Technology SIC 3826 - Laboratory Analytical Instruments NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Analytical Laboratory Instrument Manufacturing derived Nasdaq

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.

Last close 8.23 2026-10-23
Market cap $37.5M 2026-06-30 share count
52-week range 3.95 - 9.40

Valuation FY2025 figures against the last close

P/S0.4x
P/E—
P/FCF6.8x
EV/EBITDA—
Dividend yield—
Diluted EPS-1.28

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Emea
  • China
  • Asia, Other
  • Americas, Other
Revenue by geography, 5 categories over 2 years. The same figures are in the table below. FY2025 United States, FY2025: 39M (45.0%) 45% United States Emea, FY2025: 26.7M (30.9%) 31% Emea China, FY2025: 11M (12.7%) 13% China Asia, Other, FY2025: 6.7M (7.7%) 8% Americas, Other, FY2025: 3.2M (3.7%) 4% FY2024 United States, FY2024: 41.7M (44.3%) 44% Emea, FY2024: 28.4M (30.2%) 30% China, FY2024: 13.3M (14.1%) 14% Asia, Other, FY2024: 7.1M (7.5%) 8% Americas, Other, FY2024: 3.6M (3.8%) 4%
Region FY2025FY2024
United States $39.0M $41.7M
Emea $26.7M $28.4M
China $11.0M $13.3M
Asia, Other $6.7M $7.1M
Americas, Other $3.2M $3.6M

As the company reported it, from the “Note 3 - Revenues - Revenue by Geographic Destination (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 44.4M43.5M42.4M41.4M40.3M38.6M37.8M36.5M34.8M34.2M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M -50M 0 50M 100M 150M Revenue, FY2016: 104.5M Gross profit, FY2016: 48.4M Net income, FY2016: -4.3M Revenue, FY2017: 77.4M Gross profit, FY2017: 39.2M Net income, FY2017: -865K Revenue, FY2018: 120.8M Gross profit, FY2018: 63.2M Net income, FY2018: -2.9M Revenue, FY2019: 116.2M Gross profit, FY2019: 64.3M Net income, FY2019: -4.7M Revenue, FY2020: 102.1M Gross profit, FY2020: 58M Net income, FY2020: -7.8M Revenue, FY2021: 118.9M Gross profit, FY2021: 67.7M Net income, FY2021: -288K Revenue, FY2022: 113.3M Gross profit, FY2022: 60.8M Net income, FY2022: -9.5M Revenue, FY2023: 112.2M Gross profit, FY2023: 66.1M Net income, FY2023: -3.4M Revenue, FY2024: 94.1M Gross profit, FY2024: 54.8M Net income, FY2024: -12.4M Revenue, FY2025: 86.5M Gross profit, FY2025: 49.9M Net income, FY2025: -56.7M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $104.5M $77.4M $120.8M $116.2M $102.1M $118.9M $113.3M $112.2M $94.1M $86.5M
Gross profit $48.4M $39.2M $63.2M $64.3M $58.0M $67.7M $60.8M $66.1M $54.8M $49.9M
Net income -$4.3M -$865.0K -$2.9M -$4.7M -$7.8M -$288.0K -$9.5M -$3.4M -$12.4M -$56.7M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Shareholder vote Item 5.07
  • Regulation FD disclosure Item 7.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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