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HBIO · NASDAQ · Medical - Instruments & Supplies

Harvard Bioscience

Builds research tools for preclinical and cellular-and-molecular science.

$7.93

After-hours close+0.02 (+0.25%)

At close$7.91(+0.13%)

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Profile

Harvard Bioscience, Inc.HBIOHealth Care

Sells preclinical, cellular-and-molecular, and electrophysiology research tools. Its portfolio is being aligned around translational-science applications after an acquisition-led expansion of complementary technologies.

Preclinical, cellular-and-molecular, electrophysiology, and related research tools make up the portfolio. The business grew from Harvard Apparatus physiology equipment into a broader collection of life-science technologies through internal development and acquisitions. The collection reflects an acquisition-led evolution rather than a single product line.

A translational-science focus now guides the portfolio, innovation pipeline, and operating model. The company describes its role as a bridge from traditional research tools toward translational-medicine applications.

Recent operations have included restructuring, discontinuing certain non-strategic products, and manufacturing consolidation. Those changes shape the operating model alongside the portfolio transition.

Company facts

CEOJohn Duke

ListedDec 7, 2000

ExchangeNASDAQ

HeadquartersHolliston, MA

CountryUnited States

Employees339

CIK0001123494

ISINUS4169062043

Key statistics

Market cap$35.8M

EPS (ttm)−$2.33

P/E (ttm)−3.41

ROE-92.0%

P/B4.84

P/S0.4073

Dividend yield—

Beta1.28vs XLV 0.24

Year to date +21.3% · Average volume (30d) 18.4K

Analysts

Price target, next 12 months$6.00−24.3%Median of 5 analysts · vs the Aug 28 close

ConsensusBuy4 of 5 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $7.93

High$6.00−24.3%

Median$6.00−24.3%

Low$6.00−24.3%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Prior rating	Rating	Target
Mar 13, 2026	New Street	Target			$0.60
Apr 9, 2025	Keybanc	Downgrade	Overweight	Sector Weight
Apr 8, 2025	Keybanc	Downgrade	Overweight	Sector Weight

Earnings

EPS

Estimate−$0.17

ReportedDue Nov 5, 2026

Revenue

Estimate$21.8M

ReportedDue Nov 5, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 11, 2026Q2 FY26	−$0.21	−$0.14	+33.3%	$21.5M	$22.7M	+6.0%	−4.07%
May 12, 2026Q1 FY26	−$0.62	−$0.33	+46.8%	$21.2M	$20.8M	−2.1%	+2.96%
Mar 12, 2026Q4 FY25	$0.35	−$0.01	−102.9%	$23.1M	$23.7M	+2.7%	−4.25%
Nov 6, 2025Q3 FY25	$0.01	−$0.01	−300.0%	$23.1M	$20.6M	−10.9%	−0.55%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$21.8M	$20.5M	$20.6M	$23.7M	$20.8M	$22.7M
Gross profit	$12.2M	$10.4M	$12.0M	$14.2M	$12.2M	$12.6M
Operating income	−$49.7M	−$819.0K	$197.0K	$1.9M	−$119.0K	−$978.0K
Net income	−$50.3M	−$2.3M	−$1.2M	−$2.8M	−$3.4M	−$2.9M
Diluted EPS	−$11.40	−$0.52	−$0.28	−$0.64	−$0.77	−$0.64
Gross margin	56.0%	50.7%	58.4%	59.7%	59.0%	55.6%
Operating margin	-228.1%	-4.0%	1.0%	8.1%	-0.6%	-4.3%

Fiscal years (4-quarter sums)FY21 $118.9M · FY22 $113.3M · FY23 $112.3M · FY24 $94.1M · FY25 $86.6M

Revenue by product · Q2 FY26

Instruments, Equipment, Software, And Accessories$20.3M · 89%

Service, Maintenance, And Warranty Contracts$2.4M · 11%

Revenue by geography · Q2 FY26

United States$10.5M · 46%

EMEA$6.8M · 30%

China$3.1M · 14%

Asia, Other$1.5M · 7%

Americas, Other$878.0K · 4%

Balance sheet, Jun 30, 2026Cash & short-term investments $6.5M · Total debt $44.2M · Total assets $76.3M · Shareholders' equity $7.4M

Dividends

No dividends on record.

Ownership

Institutions 35.16%1.59M sharesInsiders 15.27%688.6K sharesOther 49.57%2.24M shares

Shares outstanding 4.51M · Float 3.51M · 77.7% free float

A split settled inside the quarter being compared, so quarter-on-quarter change is not shown.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Weber Capital Management LLC /Adv	320.0K	7.10%	13F	Apr 23, 2026
Leviticus Partners LP	293.7K	6.50%	13G	May 14, 2026
John D. Duke · director, officer: Chief Executive Officer	180.0K	3.99%	Form 4	Mar 23, 2026
Acadian Asset Management LLC	179.6K	3.98%	13F	May 13, 2026
Vanguard Capital Management LLC	163.3K	3.62%	13F	May 15, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Mar 16, 2026	Mark T. Frost	officer: Chief Financial Officer	+5,000	$5.00
Mar 16, 2026	William Snider	director	+12,525	$4.99
Mar 17, 2026	William Snider	director	+8,475	$4.85
Mar 17, 2026	Stephen J. Denelsky	director	+10,000	$4.87
Mar 16, 2026	John D. Duke	director, officer: Chief Executive Officer	+5,000	$5.01