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Financials · HBIO

Harvard Bioscience Inc. (HBIO) financials

For the twelve months ended Sep 30, 2026, Harvard Bioscience Inc. reported $89.41M of revenue and -$11.80M of net income.

Revenue, TTM
$89.41M
Revenue growth, YoY
+2.3%
Net income, TTM
-$11.80M
Net margin
-13.2%
Free cash flow, TTM
-$3.17M
EPS, diluted, TTM
-$2.57
Cash
$4.86M
Total debt
$37.15M
P/S
0.48
Market cap
$42.9M
Annual revenue$86.55M
FY2016FY2025
Annual net income-$56.70M
FY2016FY2025
Annual free cash flow$5.47M
FY2017FY2025

HBIO revenue and earnings growth

HBIO revenueQ3 2026$22.20M

Quarter YoY
+7.8%
QoQ
-2.3%
FY YoY
-8.1%
5Y CAGR
-3.3%
10Y CAGR
-2.2%

HBIO revenue was $22.20M in fiscal Q3 2026 (ended Sep 30, 2026), up 7.8% from a year earlier and down 2.3% from the prior quarter. For the full fiscal 2025 it was $86.55M, down 8.1% from fiscal 2024. Compound annual growth was -3.3% over 5 years and -2.2% over 10 years. It rose in 2 of the last 10 fiscal years.

HBIO net incomeQ3 2026-$2.62M

HBIO net income was -$2.62M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$1.23M a year earlier. For the full fiscal 2025 it was -$56.70M, compared with -$12.40M in fiscal 2024.

HBIO EPSQ3 2026-$0.58

HBIO diluted EPS was -$0.58 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.28 a year earlier. For the full fiscal 2025 it was -$12.80, compared with -$2.80 in fiscal 2024.

HBIO free cash flowQ3 2026-$1.18M

5Y CAGR
-7.7%

HBIO free cash flow was -$1.18M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $877.0K a year earlier. For the full fiscal 2025 it was $5.47M, compared with -$1.20M in fiscal 2024. Compound annual growth was -7.7% over 5 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$86.55M$94.14M$112.25M$113.33M$118.90M$102.10M$116.18M$120.77M$77.41M$104.52M
Cost of revenue$36.64M$39.37M$46.18M$52.52M$51.25M$44.06M$51.85M$57.59M$38.24M$56.11M
Gross profit$49.91M$54.77M$66.07M$60.82M$67.65M$58.04M$64.32M$63.18M$39.17M$48.41M
Research and development$8.82M$10.41M$11.76M$12.33M$10.80M$8.69M$10.71M$10.99M$5.64M$5.39M
Selling, general and admin$17.74M$21.49M$22.76M$24.49M$24.30M$23.51M$22.76M$21.38M$17.52M$20.95M
Operating income-$48.58M-$6.21M$1.89M-$6.93M$2.07M$221.0K$377.0K$984.0K-$635.0K-$3.00M
Interest expense-------$5.37M$713.0K$639.0K
Pre-tax income-$57.39M-$11.66M-$2.56M-$9.18M-$140.0K-$7.29M-$5.50M-$7.97M-$2.62M-$3.08M
Income tax-$686.0K$740.0K$859.0K$337.0K$148.0K$518.0K-$815.0K-$3.68M-$605.0K$1.23M
Net income-$56.70M-$12.40M-$3.42M-$9.52M-$288.0K-$7.81M-$4.69M-$2.92M-$865.0K-$4.31M
EPS, basic-$12.80-$2.80-$0.80-$2.30-$0.10-$2.00-$1.20-$0.80-$0.20-$1.30
EPS, diluted-$12.80-$2.80-$0.80-$2.30-$0.10-$2.00-$1.20-$0.80-$0.20-$1.30
Diluted shares4.4M4.4M4.2M4.1M4.0M3.9M3.8M3.6M3.5M3.4M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$8.61M$4.11M$4.28M$4.51M$7.82M$8.32M$8.34M$8.17M$5.73M$5.60M
Receivables$16.04M$14.87M$16.10M$16.70M$21.83M$17.77M$20.70M$21.46M$13.38M$15.75M
Inventory$20.80M$23.25M$24.72M$26.44M$27.59M$22.26M$22.06M$25.09M$16.85M$19.95M
Current assets$48.23M$45.12M$49.04M$51.12M$61.58M$51.70M$53.57M$57.83M$47.53M$45.47M
Goodwill$9.56M$56.32M$57.06M$56.26M$57.69M$58.59M$57.38M$57.30M$36.34M$38.03M
Total assets$80.07M$126.64M$137.37M$145.36M$162.34M$156.25M$164.87M$168.61M$109.35M$107.77M
Current liabilities$21.96M$54.96M$26.54M$23.25M$25.32M$21.05M$25.31M$25.49M$14.04M$14.60M
Short-term debt$0$36.96M$6.14M$4.09M$3.52M$2.00M$3.20M$2.40M--
Long-term debt$35.87M$0$30.70M$43.01M$45.09M$46.29M$46.92M$54.81M$8.98M$11.37M
Total debt$35.87M$36.96M$36.84M$47.10M$48.61M$48.29M$50.12M$57.21M$8.98M$11.37M
Total liabilities$66.34M$63.30M$64.29M$73.14M$78.94M$79.57M$83.18M$85.89M$28.45M$35.57M
Shareholders' equity$13.73M$63.34M$73.07M$72.22M$83.40M$76.68M$81.69M$82.72M$80.90M$72.20M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$6.73M$1.44M$14.03M$1.15M$1.26M$9.33M$8.04M$2.88M$1.06M$5.38M
Capital expenditures$1.26M$2.64M$1.79M$1.59M$1.20M$1.15M$1.22M$986.0K$890.0K-
Free cash flow$5.47M-$1.20M$12.24M-$438.0K$67.0K$8.18M$6.83M$1.90M$167.0K-
Investing cash flow-$1.86M-$1.34M-$1.80M-$1.59M-$1.34M-$1.40M-$229.0K-$53.80M-$917.0K-$62.0K
Financing cash flow-$1.29M-$131.0K-$12.13M-$2.84M-$252.0K-$7.97M-$7.62M$53.05M-$1.79M-$4.87M
Stock-based compensation$1.85M$4.34M$5.00M$4.41M$4.17M$3.65M$3.03M$3.04M$3.50M$3.50M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY-8.1%-16.1%-1.0%-4.7%16.5%-12.1%-3.8%56.0%-25.9%-3.8%
Gross margin57.7%58.2%58.9%53.7%56.9%56.8%55.4%52.3%50.6%46.3%
Operating margin-56.1%-6.6%1.7%-6.1%1.7%0.2%0.3%0.8%-0.8%-2.9%
Net margin-65.5%-13.2%-3.0%-8.4%-0.2%-7.6%-4.0%-2.4%-1.1%-4.1%
Free cash flow margin6.3%-1.3%10.9%-0.4%0.1%8.0%5.9%1.6%0.2%-
Return on equity-412.8%-19.6%-4.7%-13.2%-0.3%-10.2%-5.7%-3.5%-1.1%-6.0%
Return on assets-70.8%-9.8%-2.5%-6.5%-0.2%-5.0%-2.8%-1.7%-0.8%-4.0%
Current ratio2.200.821.852.202.432.462.122.273.393.11
Debt to equity2.610.580.500.650.580.630.610.690.110.16

Source: XBRL data Harvard Bioscience Inc. files with the SEC, latest filing dated Nov 10, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures and share counts are restated for stock splits the filings show: 1-for-10, first reported May 12, 2026.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

HBIO peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
HBIO$89.41M+2.3%-$11.80M-13.2%$42.9M
A$7.37B+8.6%$1.44B19.5%$49.04B
WAT$5.61B+80.7%$98.21M1.8%$45.24B
MTD$4.20B+6.5%$934.07M22.2%$34.59B
RVTY$2.94B+4.6%$253.20M8.6%$17.24B
AVTR$6.64B+0.9%$337.20M5.1%$10.53B
BIO$2.59B+1.4%$1.02B39.5%$9.85B
BRKR$3.51B+2.2%-$123.40M-3.5%$9.41B
TXG$618.58M-3.6%-$67.08M-10.8%$7.65B

HBIO FAQ

9 questions
  • What is HBIO revenue?
    Harvard Bioscience Inc. (HBIO) reported $89.41M of revenue for the twelve months ended Sep 30, 2026. That is up 2.3% from the year before. Revenue for fiscal 2025 was $86.55M.
  • Is HBIO profitable?
    No. Harvard Bioscience Inc. reported a net loss of $11.80M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does HBIO have?
    Harvard Bioscience Inc. reported $4.86M in cash and cash equivalents and $37.15M of debt on its most recent balance sheet in SEC filings.
  • How fast is HBIO revenue growing?
    Harvard Bioscience Inc.'s revenue changed -8.1% in fiscal 2025, to $86.55M. Its compound annual growth rate was -3.3% over 5 years and -2.2% over 10 years.
  • What is HBIO gross margin?
    Harvard Bioscience Inc.'s gross profit was $51.35M on $89.41M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 57.4%.
  • What is HBIO free cash flow?
    Harvard Bioscience Inc. generated -$3.17M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$681.0K less capital expenditures.
  • What is HBIO earnings per share?
    Diluted earnings per share were -$2.57 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did HBIO last report financial results?
    The latest statements here come from Harvard Bioscience Inc.'s 10-Q filed on Nov 10, 2026, covering the period ended Sep 30, 2026.
  • Where does this HBIO financial data come from?
    Quantisnow builds these statements from the structured XBRL data Harvard Bioscience Inc. files with the SEC. It is provided for information only and is not investment advice.