HBIO
HARVARD BIOSCIENCE INC
Next earnings Aug 10, 2026 · consensus $-0.43 EPS, $21.9M rev
Last earnings -20.9% on 2026-05-12
$6.15
▲ +0.41%$6.15▲ +32.66%
over 1Y
L $3.79H $7.87
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.4%
1W+3.2%
1M-4.8%
3M+18.3%
YTD-5.7%
1Y+32.7%
Sell
Conviction
Horizon
Medium (3–12mo)
12-mo target
$•••
Street · 8 analysts
Buy
Four straight years of revenue decline, a wrecked balance sheet, and a not-cheap 3.2x sales — the turnaround isn't priced in your favor.
Revenue $86.5M · FY2025
HBIO is a shrinking business wearing a growth-company multiple. Revenue has fallen every year since FY2021 — $119M → $113M → $112M → $94.1M → $86.5M — with FY2025 down another 8.1%, and there's no evidence in the numbers of a bottom. Management's answer is a strategic pivot (NAMs, organoid/3D biology, SoHo telemetry, MeshMEA/Incub8) plus a portfolio and headcount rationalization, but that's a narrative about a future business, not the one in the filing. At $6.15 the stock trades at 3.2x trailing sales for a franchise that is contracting, which is the wrong direction for that multiple to be justified.
The headline -$56.7M net loss overstates the operational damage — $47.95M of it is a non-cash goodwill impairment (55.4% of revenue), and ex-impairment the operating line is roughly breakeven. Operating cash flow was actually positive at $6.73M (up 367%), gross margin held at a healthy 57.7%, recurring revenue is 55% of the mix, and the December 2025 refinancing pushed out the current debt portion (from prior year to $0). Those facts are why this is a sell and not an avoid: the company isn't in an imminent liquidity spiral.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 4, 2026, 12:28 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is HBIO a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $119M | $113M | $112M | $94.1M | $86.5M |
| Gross profit | $67.7M | $60.8M | $66.1M | $54.8M | $49.9M |
| Operating income | $2.07M | -$6.93M | $1.89M | -$6.21M | -$48.6M |
| Net income | -$288K | -$9.52M | -$3.42M | -$12.4M | -$56.7M |
| Diluted EPS | — | -$0.23 | -$0.08 | -$0.28 | -$1.28 |
| Net margin | -0.2% | -8.4% | -3.0% | -13.2% | -65.5% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$55.0M
EV / EBITDA—
EV / Sales0.6
EV / FCF10.1
P / FCF5.1
PEG (trailing)—
Earnings yield-204.4%
FCF yield19.7%
Quality & risk
ROIC (est.)-77.4%
Free cash flow$5.47M
Total debt$35.9M
Net cash-$27.3M
Altman Z-Score-4.03 distress
Piotroski F-Score4/9
Capital returns
Buyback yield—
Dividend yield (est.)—
Shareholder yield—
Shares Δ YoY+1.5%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Officer / director change2026-06-02
Annual meeting vote results plus a board/officer change; no financial surprise
- 8-K Reg FD disclosure2026-05-12
Q1 2026: continued revenue softness and operating losses; turnaround unproven
- 8-K Earnings results2026-05-12
Q1 2026: continued revenue softness and operating losses; turnaround unproven
- 10-Q Quarterly report2026-05-12
Q1 2026: continued revenue softness and operating losses; turnaround unproven
- DEF 14A Proxy statement2026-04-21
Annual proxy: director elections and routine governance items
- 8-K Reg FD disclosure2026-03-17
Reg FD investor/strategy presentation, no new financials
- 10-K Annual report2026-03-13
FY25 $56.7M loss on $48M goodwill writeoff; Project Viking restructuring, debt refi
- 8-K Earnings results2026-03-12
FY2025 results: rev -8% to $86.5M, $48M goodwill impairment, $56.7M net loss
- 8-K Officer / director change2026-03-10
Executive/director change announced ahead of annual report
Recent filings
all on EDGAR ↗4Period ending 2026-06-092026-06-12open ↗4Period ending 2026-06-092026-06-11open ↗4Period ending 2026-06-092026-06-11open ↗4Period ending 2026-06-092026-06-11open ↗4Period ending 2026-06-092026-06-11open ↗S-8Filing2026-06-10open ↗8-KPeriod ending 2026-06-022026-06-02open ↗SDFiling2026-05-27open ↗SCHEDULE 13G/AFiling2026-05-14open ↗10-QPeriod ending 2026-03-312026-05-12open ↗8-KPeriod ending 2026-05-122026-05-12open ↗8-KPeriod ending 2026-05-122026-05-12open ↗
Frequently asked
- Is HARVARD BIOSCIENCE INC (HBIO) a buy?
- HBIO currently carries a Sell rating with 3/5 conviction, derived from its latest SEC filings. Four straight years of revenue decline, a wrecked balance sheet, and a not-cheap 3.2x sales — the turnaround isn't priced in your favor.
- What is HARVARD BIOSCIENCE INC's quality score?
- HBIO scores 46.91483008214323/100 (grade D) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001123494, latest 10-Q filed 2026-05-12) · EODHD · Proprietary analysis · as of 7/4/2026, 4:28:43 AM.
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