HBIO · Harvard Bioscience Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $86.55M | $94.14M | $112.25M | $113.33M | $118.90M | $102.10M |
| Cost of Revenue | $36.64M | $39.37M | $46.18M | $52.52M | $51.25M | $44.06M |
| Gross Profit | $49.91M | $54.77M | $66.07M | $60.82M | $67.65M | $58.04M |
| R&D | $8.82M | $10.41M | $11.76M | $12.33M | $10.80M | $8.69M |
| SG&A | $17.74M | $21.49M | $22.78M | $24.49M | $24.30M | $23.51M |
| Total Operating Expenses | $98.49M | $60.98M | $64.18M | $67.75M | $65.59M | $57.82M |
| D&A | $1.74M | $1.73M | $1.47M | $1.45M | $1.78M | $1.92M |
| Operating Income | ($48.58M) | ($6.21M) | $1.89M | ($6.93M) | $2.07M | $221.0K |
| Interest Expense | $3.20M | - | - | - | - | - |
| Income Tax | ($686.0K) | $740.0K | $859.0K | $337.0K | $148.0K | $518.0K |
| Net Income | ($56.70M) | ($12.40M) | ($3.42M) | ($9.52M) | ($288.0K) | ($7.81M) |
| EPS - Basic | ($12.80) | ($2.80) | ($0.80) | ($2.30) | - | - |
| EPS - Diluted | ($12.80) | ($2.80) | ($2.30) | - | - | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.61M | $4.11M | $4.28M | $4.51M | $7.82M | $8.32M |
| Accounts Receivable | $16.04M | $14.87M | $16.10M | $16.70M | $21.83M | $17.77M |
| Inventory | $20.80M | $23.25M | $24.72M | $26.44M | $27.59M | $22.26M |
| Accounts Payable | $3.65M | $4.79M | $5.55M | $6.45M | $4.91M | $5.97M |
| Current Assets | $48.23M | $45.12M | $49.04M | $51.12M | $61.58M | $51.70M |
| Total Assets | $80.07M | $126.64M | $137.37M | $145.36M | $162.34M | $156.25M |
| Current Liabilities | $21.96M | $54.96M | $26.54M | $23.25M | $25.32M | $21.05M |
| Long-term Debt | $35.87M | $0 | $30.70M | $43.01M | $45.09M | $46.29M |
| Total Liabilities | $66.34M | $63.30M | $64.29M | $73.14M | $78.94M | $79.57M |
| Stockholders' Equity | $13.73M | $63.34M | $73.07M | $72.22M | $83.40M | $76.68M |
| Retained Earnings | ($214.71M) | ($158.01M) | ($145.60M) | ($142.19M) | ($132.67M) | ($132.39M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.73M | $1.44M | $14.03M | $1.15M | $1.26M | $9.33M |
| Investing Cash Flow | ($1.86M) | ($1.34M) | ($1.80M) | ($1.59M) | ($1.34M) | ($1.40M) |
| Financing Cash Flow | ($1.29M) | ($131.0K) | ($12.13M) | ($2.84M) | ($252.0K) | ($7.97M) |
| CapEx | $1.26M | $2.64M | $1.79M | $1.59M | $1.20M | $1.15M |
| Free Cash Flow | $5.47M | ($1.20M) | $12.24M | ($438.0K) | $67.0K | $8.18M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 57.7% | 58.2% | 58.9% | 53.7% | 56.9% | 56.8% |
| Operating margin | -56.1% | -6.6% | 1.7% | -6.1% | 1.7% | 0.2% |
| EBITDA margin | -54.1% | -4.8% | 3.0% | -4.8% | 3.2% | 2.1% |
| Net margin | -65.5% | -13.2% | -3.0% | -8.4% | -0.2% | -7.6% |
| Free cash flow margin | 6.3% | -1.3% | 10.9% | -0.4% | 0.1% | 8.0% |
| FCF / Net income | -0.10 | 0.10 | -3.58 | 0.05 | -0.23 | -1.05 |
| R&D / Revenue | 10.2% | 11.1% | 10.5% | 10.9% | 9.1% | 8.5% |
| SG&A / Revenue | 20.5% | 22.8% | 20.3% | 21.6% | 20.4% | 23.0% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -70.8% | -9.8% | -2.5% | -6.5% | -0.2% | -5.0% |
| Return on equity | -412.8% | -19.6% | -4.7% | -13.2% | -0.3% | -10.2% |
| Return on invested capital | -77.4% | -7.7% | 1.4% | -4.8% | 1.3% | 0.1% |
| Liquidity | ||||||
| Current ratio | 2.20 | 0.82 | 1.85 | 2.20 | 2.43 | 2.46 |
| Quick ratio | 1.25 | 0.40 | 0.92 | 1.06 | 1.34 | 1.40 |
| Cash ratio | 0.39 | 0.07 | 0.16 | 0.19 | 0.31 | 0.40 |
| Leverage | ||||||
| Debt / Equity | 2.61 | 0.00 | 0.42 | 0.60 | 0.54 | 0.60 |
| Debt / Assets | 0.45 | 0.00 | 0.22 | 0.30 | 0.28 | 0.30 |
| Debt / EBITDA | - | - | 9.12 | - | 11.72 | 21.60 |
| Interest coverage | -15.2x | - | - | - | - | - |
| Equity multiplier | 5.83 | 2.00 | 1.88 | 2.01 | 1.95 | 2.04 |
| Liabilities / Assets | 0.83 | 0.50 | 0.47 | 0.50 | 0.49 | 0.51 |
| Efficiency | ||||||
| Asset turnover | 1.08 | 0.74 | 0.82 | 0.78 | 0.73 | 0.65 |
| Inventory turnover | 1.76 | 1.69 | 1.87 | 1.99 | 1.86 | 1.98 |
| Days sales outstanding | 68d | 58d | 52d | 54d | 67d | 64d |
| Days inventory outstanding | 207d | 216d | 195d | 184d | 196d | 184d |
| Days payable outstanding | 36d | 44d | 44d | 45d | 35d | 49d |
| Cash conversion cycle | 239d | 229d | 204d | 193d | 229d | 198d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 21.7x | 14.5x | 31.1x | 15.9x | 34.1x | 21.6x |
| P / S | 3.4x | 9.8x | 20.2x | 10.1x | 23.9x | 16.2x |
| EV / EBITDA | - | - | 681.9x | - | 749.0x | 791.2x |
| Growth | ||||||
| Revenue growth (YoY) | -8.1% | -16.1% | -1.0% | -4.7% | 16.5% | -12.1% |
| Revenue CAGR (3y) | -8.6% | -7.5% | 3.2% | -0.8% | -0.5% | 0.1% |
| Revenue CAGR (5y) | -3.3% | -4.1% | -1.5% | 2.2% | 2.6% | -1.2% |
| Gross profit growth (YoY) | -8.9% | -17.1% | 8.6% | -10.1% | 16.6% | -9.8% |
| Operating income growth (YoY) | -682.2% | - | - | - | 834.8% | -41.4% |
| Net income growth (YoY) | -357.1% | -263.3% | 64.1% | -3204.2% | 96.3% | -66.6% |
| EPS growth (YoY) | -357.1% | -21.7% | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | -99.2% | 19.8% |
| FCF CAGR (5y) | -7.7% | - | 43.8% | - | - | - |
| Book value growth (YoY) | -78.3% | -13.3% | 1.2% | -13.4% | 8.8% | -6.1% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$86.55M totalInstruments Equipment Software And Accessories$78.26M · 90.4%
Service Maintenance And Warranty Contracts$8.29M · 9.6%
Geographic
$86.55M totalUS$38.97M · 45.0%
EMEA$26.71M · 30.9%
CN$10.97M · 12.7%
Asia Other$6.68M · 7.7%
Americas Other$3.23M · 3.7%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-2.76
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Laboratory Analytical Instruments
Comparing HARVARD BIOSCIENCE INC against the 5 most active filers in the same SIC group.