NASDAQ : HBIO
Harvard Bioscience, Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 8.8 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 40.06M
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Financial statements
Harvard Bioscience, Inc. (HBIO) reported revenue of 87.81M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 87.81M | 86.55M | 94.14M | 112.25M | 113.33M | 118.90M |
| Cost of Revenue | 36.74M | 36.64M | 39.33M | 45.86M | 51.05M | 51.25M |
| Gross Profit | 51.07M | 49.91M | 54.81M | 66.39M | 62.29M | 67.65M |
| Selling, General & Admin | 36.66M | 35.56M | 43.52M | 46.61M | 49.03M | 47.32M |
| Research & Development | 9.09M | 8.82M | 10.41M | 11.76M | 12.33M | 10.80M |
| Amortization of Goodwill & Intangibles | 3.35M | 4.03M | 5.25M | 5.53M | 6.12M | 5.84M |
| Other Operating Expenses | 347.00K | |||||
| Operating Expenses | 49.10M | 48.41M | 59.52M | 63.90M | 67.48M | 63.96M |
| Operating Income | 1.97M | 1.50M | -4.72M | 2.50M | -5.19M | 3.69M |
| Interest Expense | -6.50M | -4.92M | -3.54M | -3.59M | -2.55M | -1.54M |
| Currency Exchange Gain (Loss) | 627.00K | |||||
| Other Non Operating Income (Expenses) | -5.82M | -5.29M | -513.00K | -437.00K | 722.00K | -1.01M |
| EBT Excluding Unusual Items | -9.72M | -8.71M | -8.77M | -1.53M | -7.02M | 1.14M |
| Merger & Restructuring Charges | -618.00K | -188.00K | -835.00K | -391.00K | -2.39M | -1.27M |
| Impairment of Goodwill | -47.95M | |||||
| Gain (Loss) on Sale of Investments | -1.59M | -632.00K | ||||
| Legal Settlements | 233.00K | |||||
| Other Unusual Items | -200.00K | -541.00K | -472.00K | |||
| Pretax Income | -10.54M | -57.39M | -11.66M | -2.56M | -9.18M | -140.00K |
| Income Tax Expense | -129.00K | -686.00K | 740.00K | 859.00K | 337.00K | 148.00K |
| Earnings From Continuing Operations | -10.41M | -56.70M | -12.40M | -3.42M | -9.52M | -288.00K |
| Net Income | -10.41M | -56.70M | -12.40M | -3.42M | -9.52M | -288.00K |
| Net Income to Common | -10.41M | -56.70M | -12.40M | -3.42M | -9.52M | -288.00K |
| Shares Outstanding (Basic) | 4.47M | 4.44M | 4.35M | 4.24M | 4.14M | 4.03M |
| Shares Outstanding (Diluted) | 4.47M | 4.44M | 4.35M | 4.24M | 4.14M | 4.03M |
| EPS (Basic) | -2.33 | -12.77 | -2.85 | -0.81 | -2.30 | -0.07 |
| EPS (Diluted) | -2.35 | -12.80 | -2.85 | -0.81 | -2.30 | -0.10 |
| Free Cash Flow | -1.12M | 5.47M | -1.20M | 12.24M | -438.00K | 67.00K |
| Free Cash Flow Per Share | -0.25 | 1.23 | -0.28 | 2.88 | -0.11 | 0.02 |
| Gross Margin | 58.16% | 57.67% | 58.22% | 59.15% | 54.96% | 56.90% |
| Operating Margin | 2.25% | 1.73% | -5.01% | 2.22% | -4.58% | 3.10% |
| Profit Margin | -11.86% | -65.51% | -13.18% | -3.04% | -8.40% | -0.24% |
| Free Cash Flow Margin | -1.27% | 6.32% | -1.28% | 10.90% | -0.39% | 0.06% |
| EBITDA | 7.37M | 7.44M | 2.44M | 9.49M | 2.38M | 11.31M |
| EBITDA Margin | 8.39% | 8.60% | 2.59% | 8.46% | 2.10% | 9.51% |
| D&A For EBITDA | 5.40M | 5.95M | 7.16M | 7.00M | 7.58M | 7.62M |
| EBIT | 1.97M | 1.50M | -4.72M | 2.50M | -5.19M | 3.69M |
| EBIT Margin | 2.25% | 1.73% | -5.01% | 2.22% | -4.58% | 3.10% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.50M | 8.61M | 4.11M | 4.28M | 4.51M | 7.82M |
| Cash & Short-Term Investments | 6.50M | 8.61M | 4.11M | 4.28M | 4.51M | 7.82M |
| Accounts Receivable | 14.50M | 16.04M | 14.87M | 16.10M | 16.70M | 21.83M |
| Receivables | 14.50M | 16.04M | 14.87M | 16.10M | 16.70M | 21.83M |
| Inventory | 22.23M | 20.80M | 23.25M | 24.72M | 26.44M | 27.59M |
| Other Current Assets | 3.23M | 2.76M | 2.90M | 3.94M | 3.47M | 4.34M |
| Total Current Assets | 46.46M | 48.23M | 45.12M | 49.04M | 51.12M | 61.58M |
| Property, Plant & Equipment | 11.75M | 11.96M | 11.24M | 8.75M | 9.18M | 10.31M |
| Long-Term Investments | 3.50M | |||||
| Goodwill | 9.33M | 9.56M | 56.32M | 57.06M | 56.26M | 57.69M |
| Other Intangible Assets | 6.22M | 7.64M | 11.13M | 16.04M | 21.01M | 27.39M |
| Long-Term Deferred Tax Assets | 92.00K | 436.00K | 333.00K | 205.00K | ||
| Other Long-Term Assets | 2.53M | 2.69M | 2.74M | 2.54M | 7.45M | 5.17M |
| Total Assets | 76.29M | 80.07M | 126.64M | 137.37M | 145.36M | 162.34M |
| Accounts Payable | 6.22M | 3.65M | 4.79M | 5.55M | 6.45M | 4.91M |
| Accrued Expenses | 2.76M | 3.56M | 2.26M | 4.43M | 3.87M | 6.53M |
| Current Portion of Long-Term Debt | 36.96M | 5.86M | 3.81M | 3.23M | ||
| Current Portion of Leases | 1.60M | 1.52M | 1.16M | 1.42M | 2.13M | 2.14M |
| Current Income Taxes Payable | 224.00K | |||||
| Current Unearned Revenue | 3.60M | 3.45M | 3.81M | 4.51M | 3.37M | 4.27M |
| Other Current Liabilities | 10.61M | 9.78M | 5.99M | 4.78M | 3.62M | 4.01M |
| Total Current Liabilities | 24.79M | 21.96M | 54.96M | 26.54M | 23.25M | 25.32M |
| Long-Term Debt | 36.68M | 35.87M | 99.00K | 30.90M | 43.01M | 45.09M |
| Long-Term Leases | 5.93M | 6.88M | 6.38M | 4.79M | 5.28M | 6.49M |
| Long-Term Deferred Tax Liabilities | 311.00K | 317.00K | 710.00K | 776.00K | 590.00K | 1.56M |
| Other Long-Term Liabilities | 1.16M | 1.31M | 1.16M | 1.28M | 1.01M | 486.00K |
| Total Liabilities | 68.87M | 66.34M | 63.30M | 64.29M | 73.14M | 78.94M |
| Common Stock | 447.00K | 447.00K | 441.00K | 434.00K | 454.00K | 452.00K |
| Additional Paid-In Capital | 240.39M | 239.67M | 236.58M | 232.44M | 229.01M | 225.65M |
| Retained Earnings | -221.04M | -214.71M | -158.01M | -145.60M | -142.19M | -132.67M |
| Comprehensive Income & Other | -12.38M | -11.67M | -15.67M | -14.19M | -15.05M | -10.03M |
| Shareholders' Equity | 7.42M | 13.73M | 63.34M | 73.07M | 72.22M | 83.40M |
| Total Liabilities & Equity | 76.29M | 80.07M | 126.64M | 137.37M | 145.36M | 162.34M |
| Total Debt | 44.21M | 44.28M | 44.59M | 42.97M | 54.24M | 56.96M |
| Net Cash (Debt) | -37.70M | -35.66M | -40.49M | -35.19M | -49.73M | -49.14M |
| Net Cash Per Share | -8.43 | -8.03 | -9.30 | -8.30 | -12.01 | -12.18 |
| Filing Date Shares Outstanding | 4.55M | 4.47M | 4.41M | 4.34M | 4.22M | 4.12M |
| Total Common Shares Outstanding | 4.55M | 4.47M | 4.41M | 4.34M | 4.21M | 4.11M |
| Working Capital | 21.67M | 26.27M | -9.84M | 22.50M | 27.88M | 36.27M |
| Book Value Per Share | 1.63 | 3.07 | 14.37 | 16.84 | 17.16 | 20.27 |
| Tangible Book Value | -8.13M | -3.46M | -4.12M | -27.00K | -5.05M | -1.67M |
| Tangible Book Value Per Share | -1.79 | -0.77 | -0.93 | -0.01 | -1.20 | -0.41 |
| Machinery | 20.24M | 18.36M | 15.95M | 15.71M | 15.30M | |
| Leasehold Improvements | 2.67M | 2.56M | 2.42M | 2.51M | 2.56M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -10.41M | -56.70M | -12.40M | -3.42M | -9.52M | -288.00K |
| Depreciation & Amortization | 5.40M | 5.95M | 7.16M | 7.00M | 7.58M | 7.62M |
| Other Amortization | 1.92M | 1.32M | 327.00K | 280.00K | 280.00K | 280.00K |
| Loss (Gain) From Sale of Assets | -403.00K | |||||
| Asset Writedown & Restructuring Costs | 47.95M | |||||
| Loss (Gain) From Sale of Investments | 1.59M | 632.00K | ||||
| Stock-Based Compensation | 1.42M | 1.85M | 4.34M | 5.00M | 4.41M | 4.17M |
| Other Operating Activities | 1.16M | 683.00K | 363.00K | 336.00K | -4.31M | -330.00K |
| Change in Accounts Receivable | -2.70M | -934.00K | 974.00K | 810.00K | 4.78M | -4.29M |
| Change in Inventory | -424.00K | 2.95M | -64.00K | 1.52M | 252.00K | -5.86M |
| Change in Accounts Payable | 2.09M | 2.30M | -1.78M | -523.00K | -1.40M | 2.45M |
| Change in Unearned Revenue | 335.00K | -161.00K | -702.00K | 1.14M | -896.00K | 505.00K |
| Change in Other Net Operating Assets | 1.86M | 1.52M | 1.64M | 1.65M | -21.00K | -2.99M |
| Operating Cash Flow | 651.00K | 6.73M | 1.44M | 14.03M | 1.15M | 1.26M |
| Capital Expenditures | -1.77M | -1.26M | -2.64M | -1.79M | -1.59M | -1.20M |
| Divestitures | 512.00K | |||||
| Sale (Purchase) of Intangibles | -713.00K | -605.00K | -619.00K | -523.00K | -150.00K | |
| Investment in Securities | 1.92M | |||||
| Investing Cash Flow | -2.48M | -1.86M | -1.34M | -1.80M | -1.59M | -1.34M |
| Long-Term Debt Issued | 40.00M | 8.80M | 4.50M | 7.80M | 4.25M | |
| Long-Term Debt Repaid | -37.35M | -8.57M | -15.04M | -9.59M | -4.20M | |
| Net Debt Issued (Repaid) | 4.65M | 2.65M | 227.00K | -10.54M | -1.79M | 50.00K |
| Issuance of Common Stock | 151.00K | 47.00K | 380.00K | 930.00K | 577.00K | 3.31M |
| Repurchase of Common Stock | -147.00K | -156.00K | -577.00K | -2.52M | -1.63M | -3.51M |
| Other Financing Activities | -3.53M | -3.83M | -161.00K | -102.00K | ||
| Financing Cash Flow | 1.12M | -1.29M | -131.00K | -12.13M | -2.84M | -252.00K |
| Foreign Exchange Rate Adjustments | -231.00K | 931.00K | -140.00K | -320.00K | -38.00K | -161.00K |
| Net Cash Flow | -939.00K | 4.51M | -175.00K | -225.00K | -3.31M | -496.00K |
| Free Cash Flow | -1.12M | 5.47M | -1.20M | 12.24M | -438.00K | 67.00K |
| Free Cash Flow Margin | -1.27% | 6.32% | -1.28% | 10.90% | -0.39% | 0.06% |
| Free Cash Flow Per Share | -0.25 | 1.23 | -0.28 | 2.88 | -0.11 | 0.02 |
| Levered Free Cash Flow | 5.30M | 10.11M | 4.73M | 13.11M | 10.35M | 4.41M |
| Unlevered Free Cash Flow | 7.44M | 11.86M | 6.61M | 15.07M | 11.66M | 5.09M |
| Cash Interest Paid | 4.59M | 3.60M | 3.23M | 3.79M | 2.31M | 1.58M |
| Cash Income Tax Paid | -98.00K | -159.00K | 207.00K | 534.00K | 577.00K | |
| Change in Working Capital | 1.16M | 5.67M | 65.00K | 4.60M | 2.72M | -10.19M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 40.52M | 29.81M | 92.03M | 228.38M | 115.39M | 287.71M |
| Enterprise Value | 78.22M | 65.78M | 133.38M | 268.33M | 167.16M | 336.22M |
| Last Close Price | 8.90 | 6.69 | 21.10 | 53.50 | 27.70 | 70.50 |
| Forward PE | 49.44 | 7.87 | 17.58 | 23.26 | 17.87 | 22.03 |
| PS Ratio | 0.46 | 0.34 | 0.98 | 2.04 | 1.02 | 2.42 |
| PB Ratio | 5.46 | 2.17 | 1.45 | 3.12 | 1.60 | 3.45 |
| P/FCF Ratio | 5.45 | 18.66 | 4,294.24 | |||
| P/OCF Ratio | 62.24 | 4.43 | 63.91 | 16.28 | 100.17 | 227.98 |
| PEG Ratio | 1.03 | 1.03 | 1.03 | 1.03 | 1.03 | |
| EV/Sales Ratio | 0.89 | 0.76 | 1.42 | 2.39 | 1.48 | 2.83 |
| EV/EBITDA Ratio | 10.61 | 8.84 | 54.64 | 28.27 | 70.15 | 29.73 |
| EV/EBIT Ratio | 39.68 | 43.91 | 107.55 | 91.12 | ||
| EV/FCF Ratio | 12.02 | 21.92 | 5,018.19 | |||
| Debt / Equity Ratio | 5.96 | 3.22 | 0.70 | 0.59 | 0.75 | 0.68 |
| Debt / EBITDA Ratio | 4.52 | 4.53 | 9.67 | 3.70 | 12.09 | 4.24 |
| Debt / FCF Ratio | 8.09 | 3.51 | 850.15 | |||
| Net Debt / Equity Ratio | 5.08 | 2.60 | 0.64 | 0.48 | 0.69 | 0.59 |
| Net Debt / EBITDA Ratio | 5.12 | 4.79 | 16.59 | 3.71 | 20.87 | 4.34 |
| Net Debt / FCF Ratio | -33.69 | 6.52 | -33.63 | 2.88 | -113.55 | 733.42 |
| Asset Turnover | 1.12 | 0.84 | 0.71 | 0.79 | 0.74 | 0.75 |
| Inventory Turnover | 1.65 | 1.66 | 1.64 | 1.79 | 1.89 | 2.06 |
| Quick Ratio | 0.85 | 1.12 | 0.34 | 0.77 | 0.91 | 1.17 |
| Current Ratio | 1.87 | 2.20 | 0.82 | 1.85 | 2.20 | 2.43 |
| Return on Equity (ROE) | -89.95% | -147.13% | -18.19% | -4.70% | -12.23% | -0.36% |
| Return on Assets (ROA) | 1.57% | 0.91% | -2.23% | 1.10% | -2.11% | 1.45% |
| Return on Capital Employed (ROCE) | 3.80% | 2.60% | -6.60% | 2.30% | -4.30% | 2.70% |
| Earnings Yield | -26.39% | -190.17% | -13.48% | -1.49% | -8.25% | -0.10% |
| FCF Yield | -2.76% | 18.35% | -1.31% | 5.36% | -0.38% | 0.02% |
| Buyback Yield / Dilution | -1.81% | -1.96% | -2.64% | -2.43% | -2.65% | -4.41% |