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what it is
Harvard Apparatus is trying to grow replacement esophagus tissue from a patient’s own cells for people with severe damage or birth defects.
how it gets paid
Last year Harvard Apparatus made $430K in revenue.
what just happened
The quarter said the quiet part out loud: $485K of revenue is still nowhere near enough to cover the cost structure.
At a glance
C++ balance sheet — some cracks in the foundation
45/100 earnings predictability — expect surprises
-$0.52 fy2024 eps est
$0M fy2024 rev est
n/a operating margin
xvary composite: 32/100 — weak
What they do
Harvard Apparatus is trying to grow replacement esophagus tissue from a patient’s own cells for people with severe damage or birth defects.
The moat is focus. Harvard Apparatus has 8 employees and is built around one lead idea: regenerate the esophagus with a patient’s own stem cells on a scaffold. Clinical-stage biotech → the product is still being tested, not broadly sold → so what: if the data works, you are buying scarcity, because few public companies this small are targeting this niche.
How they make money
$430K
annual revenue
total revenue
$430K
n/a
The products that matter
develops regenerative therapies
ECM-based regenerative medicine platform
$430K revenue base
the commercial side is only $430K today, so almost the entire valuation rests on whether this platform ever graduates from research story to product revenue.
clinical bet
small existing sales line
Product sales
$430K · rounds to $0M
this is the only revenue line shown here, and it is tiny relative to a -$6.53M net loss. Same company. Very different scales.
proof is thin
Key numbers
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after core costs as a share of sales → so what: HRGN is nowhere near self-funding and loses roughly $17.97 for every $1 of revenue.
-$0.52
FY2024 EPS est.
EPS → profit per share → so what: the full-year expectation still points to a loss, even though quarterly losses improved from -$0.67 in 2023 to an estimated -$0.52 in 2024.
$485K
latest quarter sales
Quarterly revenue rose 294% vs. prior year, but the absolute number is still under half a million dollars, which tells you how early this story is.
8
employees
Eight employees means this is less a business empire than a focused lab with a ticker symbol.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $0M (0% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for HRGN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter said the quiet part out loud: $485K of revenue is still nowhere near enough to cover the cost structure.
Revenue rose 294% vs. prior year to $485K, but EPS was -$0.44. There was no analyst estimate listed for the latest quarter, so the real takeaway is scale versus losses, not an estimate gap.
$485K
revenue
-$0.44
eps
n/a
gross margin
the number that mattered
The number that matters is operating economics still deep in the red (prior margin-style % failed sanity check — verify filings), because fast revenue growth does not fix the math by itself.
source: SEC filing, latest quarter
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What could go wrong
the #1 risk is continued dilution to fund a -$6.53M annual loss with only $1.32M of cash.
med
financing risk
The company reported $1.32M of cash and a -$6.53M net loss. Those numbers do not comfortably coexist for long without outside capital.
If funding comes through equity, existing shareholders can get diluted before the science gets a real chance to pay off.
med
clinical execution risk
There are no approved products here. At $430K of revenue, the current business is too small to support the valuation on its own.
That exposes almost all of the $30M market cap to whether the pipeline works, not whether the company executes commercially.
med
thin trading and OTCQB liquidity
The July 20, 2023 move to OTCQB lowered the company's market visibility. Price stability is just 5/100.
You can be right on the long-term story and still get punished by a bad entry, a wide spread, or a forced sell into weak volume.
med
partner dependency
The October 28, 2024 strategic collaboration matters because there is not enough commercial scale to self-fund development.
If partnerships stall or fail to convert into funded progress, the company goes back to the capital markets faster.
The combined risk picture is simple: a $30M company with $430K of revenue and a -$6.53M net loss needs the pipeline to work and the financing window to stay open.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings update
Scheduled for February 25, 2026. On this stock, the number that matters is cash versus loss, not headline revenue.
metric
cash balance versus burn
$1.32M of cash against a -$6.53M annual net loss leaves very little room for delay. If cash keeps falling while revenue stays near $430K, financing pressure rises.
trend
does revenue stop rounding to zero
The business currently rounds to $0M of annual revenue. Any real improvement has to show up here first.
risk
dilution and partner follow-through
Monitor whether the $5M securities purchase and the strategic collaboration translate into runway and milestones, or just buy time.
Analyst rankings
earnings predictability
45 / 100
Earnings can be hard to model because the business is tiny and financing matters. In human-speak, expect lumpy numbers.
beta
0.4
Low beta usually sounds comforting. Here it mostly means the stock is not trading with the market in a clean way.
risk rank
5
Safer than 5% of stocks. That is the system's polite way of saying risk is the main feature.
source: institutional data
Institutional activity
institutional ownership data for HRGN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
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