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MARKETS / NASDAQ / HBIO
NASDAQ · LABORATORY ANALYTICAL INSTRUMENTS · SMALL CAP

Harvard Bioscience Inc. HBIO

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$86.5M
▼ 8.1% YoY
$-56.7M
$5.5M
In brief

What this company does

The company has organized its product line activities into two product families, Cellular and Molecular Technology (CMT) and Preclinical. Sales of the CMT product family made up approximately 46% and 49% of global revenues for each of the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the company employed 339 employees, including 316 full-time employees. The company manufactures and tests the majority of its products at principal manufacturing facilities located in the United States, Germany and Spain.

Written from the business description in Harvard Bioscience, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 13 March 2026. Every sentence was checked against that document before publication.

Growth
USD 86.5M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 86.5 · Net income -56.7
50M100M-20M-40M200920112013201520172019202120232025
Compound annual growth
−8.6%
−3.3%
−2.2%
−1.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −3.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−66 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -56.1% · Net -65.5%
5%10%15%-20%-40%-60%200920112013201520172019202120232025
ROE
FY2025 · ROE -147.1%
10%20%-50%-100%200920112013201520172019202120232025
Gross margin57.7%
Operating margin-56.1%
Net margin-65.5%
Return on assets-54.9%
EBITDAUSD -46.8M

Each USD of equity lost 147 cents this year.

Cash & shareholders
—
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 5.5
5M10M200920112013201520172019202120232025
Dividends paid—
Net buybacks—
Share of profit—
Consecutive raises—

Total assetsUSD 80.1M
EquityUSD 13.7M
CashUSD 8.6M
Gross debtUSD 35.9M
Net debtUSD 27.3M
Current ratio2.20×

Net debt stands at 198% of equity.

The 17-year record
17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.10.1
Operating income $B−0.0−0.00.0−0.00.00.00.00.0−0.0−0.0−0.00.00.00.00.00.00.0
EBITDA $B−0.0−0.00.0−0.00.00.00.00.00.0−0.00.00.00.00.00.00.00.0
Income tax $B−0.00.00.00.00.00.0−0.0−0.0−0.00.00.00.0−0.00.00.0−0.00.0
Net income $B−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.00.0−0.00.00.00.00.0
Free cash flow $B0.0−0.00.0−0.00.00.00.00.00.0········
EPS, diluted $−1.28−0.28−0.08−0.23−0.01−0.20−0.12−0.08−0.02−0.13−0.570.07−0.060.080.130.650.24
Dividend / sh $·················
Payout %·················
ROE %−147.1−18.2−4.7−12.2−0.4−9.9−5.7−3.6−1.1−5.8−22.02.5−1.82.44.123.09.6
Shares out B0.040.040.040.040.040.040.040.040.040.030.030.030.030.030.030.03·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of 19 fiscal years. 12 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityLaboratory Analytical Instruments
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2009

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