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what it is
Harvard Bioscience makes lab tools and test systems for life-science researchers under four brand names, including Harvard Apparatus, DSI, Buxco, and Panlab.
how it gets paid
Last year Harvard Bioscience made $87M in revenue. Cellular and molecular tech was the main engine at $34M, or 39% of sales.
why growth slowed
Revenue fell 8.1% last year. 56.9% gross margin mattered because it showed the products make money before overhead.
what just happened
Harvard posted $63M of quarterly revenue, but EPS was still -$1.22.
At a glance
C balance sheet — red flag territory — real financial stress
35/100 earnings predictability — expect surprises
0.4% return on capital — nothing to write home about
-$0.28 fy2024 eps est
$2B fy2026 rev est
xvary composite: 26/100 — weak
What they do
Harvard Bioscience makes lab tools and test systems for life-science researchers under four brand names, including Harvard Apparatus, DSI, Buxco, and Panlab.
Four brand names carry a 330-person company. That matters because your lab protocol and your supplier often move together, so swapping tools is a headache, not a click. Its products support molecular, cellular, organ, and organoid work, plus preclinical testing.
How they make money
$87M
annual revenue · their business grew -8.1% last year
Cellular and molecular tech
$34M
+2.0%
Preclinical product family
$27M
11.0%
Harvard Apparatus instruments
$12M
8.0%
DSI and Buxco systems
$9M
6.0%
Services and consumables
$5M
+1.0%
The products that matter
lab equipment and systems
Lab Equipment & Systems
$~62M · ~71% of revenue
it is the larger segment by far, and it still declined 8.1%. when the core business shrinks, the rest of the page turns into repair work.
core segment
precision tools for research
Surgical Instruments
$~25M · ~29% of revenue
this segment stayed flat while full-year revenue fell to $86.6M from $94.1M. at this stage, flat is the closest thing you have to stability.
stability pocket
companywide earnings profile
Gross Margin
59.7% in Q4 · 7-quarter high
this is not a product line, but it is the number that mattered. if margin holds near 58–60% and revenue finally grows, the turnaround has a pulse.
the key metric
Key numbers
$87M
annual revenue
That is the size of the whole business. The company still shrank 8.1%, or about $7M, in a year.
56.1%
operating margin
You lost 56 cents on every dollar after running the business. On $87M of sales, that is about $49M gone.
56.9%
gross margin
This is the money left after making the product. It is better than the operating line, which means overhead is the problem.
$7M
long-term debt
The debt is small in dollars, but it still equals 26% of capital. That leaves less room if sales keep sliding.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $7M (26% of capital)
C — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for HBIO right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Harvard posted $63M of quarterly revenue, but EPS was still -$1.22.
Revenue rose 205% vs. prior year, but the full-year picture was still ugly. Annual revenue was $87M, down 8.1%, while gross margin came in at 56.9%.
$63M
revenue
-$1.22
eps
56.9%
gross margin
the number that mattered
56.9% gross margin mattered because it showed the products make money before overhead, but overhead still pushed the business to a -56.1% operating margin.
source: company earnings report, 2026
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What could go wrong
the #1 risk is nasdaq listing pressure after the 1-for-10 reverse split. for HBIO, the stock can become the crisis before the operating business gets the chance to recover.
med
The reverse split bought time, not credibility
The split took effect March 13, 2026. That addresses the exchange rule. It does not address why a company with $86.6M in revenue fell to a $21M market cap.
If the next quarter does not show cleaner growth, the post-split price can fall and put listing pressure right back on the table.
med
Subscale economics leave no room for a demand miss
HBIO generated $86.6M in 2025 revenue and 0.4% return on capital. That is the profile of a small operator with weak earnings conversion, not a leader with pricing power.
If customers delay orders or peers cut price, a business this small can lose profit fast even with a 59.7% gross margin.
med
The growth guide is modest because the business needs repair
Management is guiding for 2–4% revenue growth after sales fell from $94.1M to $86.6M. That is the math of stabilization, not the math of a fast rerating.
If growth lands below that range, the market will read the guide as too generous and the turnaround case gets thinner.
med
A shrinking asset base can cap the recovery
Total assets have declined 19% a year for three years. That can mean focus. At this pace, it also means less room to invest in product, inventory, and sales support.
If assets keep falling while revenue stays soft, the company risks turning a turnaround plan into a maintenance plan.
This risk stack touches the whole story: a $21M equity value, $86.6M of revenue, 0.4% return on capital, and a fresh reverse split. HBIO does not need a disaster to get into trouble. It needs one more quarter where the repair job still looks unfinished.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the key risk
Whether the reverse split changes anything beyond optics
The 1-for-10 reverse split is done. Now the question is simple: did management buy time for a real recovery, or just buy time.
next checkpoint
Q1 2026 results versus the 2–4% growth guide
If revenue misses while gross margin stays near 58–60%, you still have a shrink story with cleaner arithmetic.
business trend
Whether $86.6M of revenue stops moving backward
The company went from $94.1M in 2024 to $86.6M in 2025. One decent quarter will not prove a turn. Another decline will make the bull case hard to defend.
the number that mattered
Whether gross margin can hold near the 59.7% Q4 mark
Margin is the one clean win on the page. If it slips while revenue stays weak, the best evidence for an operating turn disappears.
Analyst rankings
earnings predictability
35 / 100
low predictability means quarterly numbers can surprise you in either direction. in human-speak, analysts do not trust this business to print steady results.
price stability
5 / 100
this is near the bottom of the scale. in human-speak, the stock can trade on liquidity, listing risk, and financing stress before the income statement gets a vote.
source: institutional data
Institutional activity
institutional ownership data for HBIO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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