What is Harvard Bioscience's operating income?

Harvard Bioscience's total operating income in 2025 was -$48.58 million, based on the following breakdown: Total Gross Profit: $49.91 million Total Operating Expenses: $98.49 million

Harvard Bioscience (HBIO) Financials

$8.09 -0.22 (-2.65%)

Closing price 04:00 PM Eastern

Extended Trading

$8.08 -0.01 (-0.12%)

As of 07:30 PM Eastern

Compare

Annual Income Statements for Harvard Bioscience

This table shows Harvard Bioscience's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	-1.93	-0.87	-2.92	-4.69	-7.81	-0.29	-9.52	-3.42	-12	-57
Consolidated Net Income / (Loss)	-19	-4.31	-0.87	-2.92	-4.69	-7.81	-0.29	-9.52	-3.42	-12	-57
Net Income / (Loss) Continuing Operations	-19	-1.93	-2.02	-4.30	-4.69	-7.81	-0.29	-9.52	-3.42	-12	-57
Total Pre-Tax Income	-3.61	-3.08	-2.62	-7.98	-5.50	-7.29	-0.14	-9.18	-2.56	-12	-57
Total Operating Income	-1.71	-3.00	-0.64	0.98	0.38	0.22	2.07	-6.93	1.89	-6.21	-49
Total Gross Profit	49	48	39	63	64	58	68	61	66	55	50
Total Revenue	109	105	77	121	116	102	119	113	112	94	87
Operating Revenue	109	105	77	121	116	102	119	113	112	94	87
Total Cost of Revenue	60	56	38	58	52	44	51	53	46	39	37
Operating Cost of Revenue	60	56	38	58	52	44	51	53	46	39	37
Total Operating Expenses	50	49	40	62	64	58	66	68	64	61	98
Selling, General & Admin Expense	20	21	18	21	23	24	24	24	23	23	18
Marketing Expense	21	20	15	24	23	20	25	25	24	22	19
Research & Development Expense	6.42	5.39	5.65	11	11	8.69	11	12	12	10	8.83
Amortization Expense	2.82	2.72	1.55	5.38	5.75	5.71	5.84	6.12	5.53	5.26	4.03
Impairment Charge	0.00	0.68	-	0.00	1.46	-	-	-	-	0.00	48
Total Other Income / (Expense), net	-1.90	-0.08	-1.99	-8.96	-5.88	-7.51	-2.21	-2.25	-4.45	-5.45	-8.81
Interest & Investment Income	0.00	0.00	0.00	-5.37	-5.41	-4.83	-1.54	-2.55	-3.59	-3.54	-4.92
Other Income / (Expense), net	-1.05	0.56	-1.27	-3.59	-0.47	-0.81	-0.67	0.30	-0.86	-1.92	-3.89
Income Tax Expense	15	1.23	-0.61	-3.68	-0.82	0.52	0.15	0.34	0.86	0.74	-0.69
Basic Earnings per Share	($0.57)	($0.13)	($0.02)	($0.08)	($0.12)	($0.20)	($0.01)	($0.23)	($0.08)	($0.28)	($1.28)
Weighted Average Basic Shares Outstanding	33.59M	34.21M	34.75M	36.45M	37.81M	38.64M	40.34M	41.41M	42.42M	43.54M	44.39M
Weighted Average Diluted Shares Outstanding	33.59M	34.21M	34.75M	36.45M	37.81M	38.64M	40.34M	42.19M	43.40M	44.07M	44.72M
Weighted Average Basic & Diluted Shares Outstanding	33.40M	34.58M	35.59M	37.67M	37.81M	38.64M	40.34M	42.19M	43.40M	44.07M	44.72M

This table shows Harvard Bioscience's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.82	-4.69	-2.93	-4.80	0.02	-50	-2.28	-1.23	-2.85	-3.42	-2.91
Consolidated Net Income / (Loss)	-1.82	-4.69	-2.93	-4.80	0.02	-50	-2.28	-1.23	-2.85	-3.42	-2.91
Net Income / (Loss) Continuing Operations	-1.82	-4.69	-2.93	-4.80	0.02	-50	-2.28	-1.23	-2.85	-3.42	-2.91
Total Pre-Tax Income	-1.10	-4.48	-3.28	-4.49	0.59	-51	-2.25	-1.13	-3.20	-3.31	-2.90
Total Operating Income	0.28	-2.28	-2.07	-1.87	0.01	-50	-0.82	0.20	1.71	-1.17	-0.98
Total Gross Profit	16	15	13	13	14	12	12	12	14	12	13
Total Revenue	28	25	23	22	25	22	20	21	24	21	23
Operating Revenue	28	25	23	22	25	22	20	21	24	21	23
Total Cost of Revenue	12	9.74	9.88	9.21	11	9.59	8.92	8.57	9.56	8.51	10
Operating Cost of Revenue	12	9.74	9.88	9.21	11	9.59	8.92	8.57	9.56	8.51	10
Total Operating Expenses	16	17	15	15	14	62	12	12	12	13	14
Selling, General & Admin Expense	5.33	6.93	5.94	5.22	5.02	5.45	4.46	4.22	4.34	4.94	4.94
Marketing Expense	6.17	5.90	5.40	5.52	5.40	4.97	4.54	4.61	5.09	5.34	5.40
Research & Development Expense	3.15	2.89	2.63	2.57	2.33	2.32	2.19	2.13	2.18	2.33	2.45
Amortization Expense	1.39	1.33	1.33	1.33	1.26	1.16	1.16	0.86	0.85	0.82	0.82
Impairment Charge	-	0.00	0.00	0.00	-	48	0.00	0.00	-	0.00	0.00
Total Other Income / (Expense), net	-1.39	-2.21	-1.21	-2.62	0.58	-1.13	-1.44	-1.33	-4.91	-2.13	-1.92
Interest & Investment Income	-0.79	-0.75	-0.75	-0.86	-0.85	-0.93	-1.00	-0.97	-2.36	-1.73	-1.79
Other Income / (Expense), net	-0.59	-1.45	-0.46	-1.76	1.43	-0.19	-0.43	-0.37	-2.56	-0.41	-0.13
Income Tax Expense	0.72	0.21	-0.35	0.31	0.57	-0.45	0.03	0.10	-0.36	0.12	0.01
Basic Earnings per Share	($0.04)	($0.11)	($0.07)	($0.11)	$0.01	($11.42)	($0.52)	($0.03)	($0.06)	($0.77)	($0.64)
Weighted Average Basic Shares Outstanding	42.42M	43.40M	43.49M	43.61M	43.54M	4.41M	4.43M	44.56M	44.39M	4.47M	4.53M
Weighted Average Diluted Shares Outstanding	43.40M	43.43M	43.61M	43.62M	44.07M	44.21M	44.53M	44.58M	44.72M	4.51M	4.55M
Weighted Average Basic & Diluted Shares Outstanding	43.40M	43.43M	43.61M	43.62M	44.07M	44.21M	44.53M	44.58M	44.72M	4.51M	4.55M

This table details how cash moves in and out of Harvard Bioscience's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-7.39	-1.15	0.14	2.14	0.16	-0.02	-0.50	-3.31	-0.23	-0.18	4.51
Net Cash From Operating Activities	0.71	5.38	1.06	2.88	8.05	9.33	1.26	1.15	14	1.44	6.73
Net Cash From Continuing Operating Activities	0.71	3.00	1.06	2.88	8.05	9.33	1.26	1.15	14	1.44	6.73
Net Income / (Loss) Continuing Operations	-19	-4.31	-0.87	-2.92	-4.69	-7.81	-0.29	-9.52	-3.42	-12	-57
Consolidated Net Income / (Loss)	-19	-4.31	-0.87	-2.92	-4.69	-7.81	-0.29	-9.52	-3.42	-12	-57
Depreciation Expense	1.75	1.53	1.32	2.42	1.99	1.92	1.78	1.45	1.47	1.73	1.74
Amortization Expense	2.91	2.83	2.53	6.08	6.13	6.10	6.12	6.40	5.81	5.76	5.52
Non-Cash Adjustments To Reconcile Net Income	2.69	5.65	3.47	1.84	4.97	5.03	4.17	0.51	5.23	5.93	51
Changes in Operating Assets and Liabilities, net	12	-0.32	-5.40	-4.54	-0.36	4.08	-11	2.30	4.94	0.43	4.99
Net Cash From Investing Activities	-7.52	-0.06	-0.92	-54	-0.23	-1.40	-1.35	-1.59	-1.80	-1.34	-1.86
Net Cash From Continuing Investing Activities	-7.52	-0.06	-0.92	-54	-0.23	-1.40	-1.35	-1.59	-1.80	-1.34	-1.86
Purchase of Property, Plant & Equipment	-2.96	-1.45	-0.89	-0.99	-1.22	-1.15	-1.20	-1.59	-1.79	-2.64	-1.26
Acquisitions	-4.55	0.00	0.00	-69	-	-0.25	-0.15	0.00	-0.52	-0.62	-0.61
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	0.00	1.92	0.00
Net Cash From Financing Activities	-0.54	-4.87	-1.79	53	-7.62	-7.97	-0.25	-2.84	-12	-0.13	-1.29
Net Cash From Continuing Financing Activities	-0.54	-4.87	-1.79	53	-7.62	-7.97	-0.25	-2.84	-12	-0.13	-1.29
Repayment of Debt	-8.38	-9.05	-4.70	-22	-12	-69	-4.30	-9.59	-15	-8.73	-41
Issuance of Debt	5.80	4.00	2.75	71	4.30	61	4.25	7.80	4.50	8.80	40
Other Financing Activities, net	-	-	0.00	-	-0.22	-0.47	-0.20	-1.05	-1.59	-0.20	-0.11
Effect of Exchange Rate Changes	-0.04	-1.60	1.79	-	-	0.02	-0.16	-0.04	-0.32	-0.14	0.93
Cash Interest Paid	0.85	0.62	0.69	4.99	5.50	4.88	1.58	2.31	3.80	3.24	3.60
Cash Income Taxes Paid	0.96	0.93	0.01	0.10	0.37	0.42	0.58	0.53	0.21	-0.16	-0.10

This table details how cash moves in and out of Harvard Bioscience's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-1.06	-0.03	-0.21	0.52	-0.46	1.44	1.90	-0.63	1.80	-1.52	-2.24
Net Cash From Operating Activities	4.30	1.40	-0.85	-0.84	1.73	2.99	2.76	1.08	-0.10	-0.66	0.33
Net Cash From Continuing Operating Activities	4.30	1.40	-0.85	-0.84	1.73	2.99	2.76	1.08	-0.10	-0.66	-1.32
Net Income / (Loss) Continuing Operations	-1.82	-4.69	-2.93	-4.80	0.02	-50	-2.28	-1.23	-2.85	-3.42	-2.91
Consolidated Net Income / (Loss)	-1.82	-4.69	-2.93	-4.80	0.02	-50	-2.28	-1.23	-2.85	-3.42	-2.91
Depreciation Expense	0.39	0.40	0.43	0.44	0.46	0.45	0.41	0.43	0.46	0.44	0.47
Amortization Expense	1.46	1.45	1.44	1.47	1.40	1.34	1.42	1.26	1.52	1.35	-0.24
Non-Cash Adjustments To Reconcile Net Income	1.64	2.24	1.18	2.79	-0.28	49	0.16	0.73	1.82	0.26	0.38
Changes in Operating Assets and Liabilities, net	2.63	2.01	-0.97	-0.74	0.13	2.99	3.05	-0.10	-1.05	0.71	0.98
Net Cash From Investing Activities	-1.06	-0.23	0.46	-1.11	-0.47	-0.68	-0.23	-0.35	-0.60	-0.62	-0.92
Net Cash From Continuing Investing Activities	-1.06	-0.23	0.46	-1.11	-0.47	-0.68	-0.23	-0.35	-0.60	-0.62	-0.92
Purchase of Property, Plant & Equipment	-0.83	-0.65	-0.82	-0.88	-0.30	-0.51	-0.09	-0.21	-0.45	-0.43	-0.69
Acquisitions	-0.23	-0.08	-0.15	-0.23	-0.17	-0.17	-0.14	-0.14	-0.15	-0.19	-0.23
Net Cash From Financing Activities	-4.12	-1.06	0.18	2.10	-1.36	-1.20	-1.26	-1.28	2.45	-0.01	-0.04
Net Cash From Continuing Financing Activities	-4.12	-1.06	0.18	2.10	-1.36	-1.20	-1.26	-1.28	2.45	-0.01	-0.04
Repayment of Debt	-3.25	-3.52	-3.05	-1.16	-1.00	-1.13	-1.30	-1.25	-37	-0.13	-0.00
Other Financing Activities, net	-1.87	-0.03	0.18	0.02	-0.36	-0.08	0.05	-0.02	-0.06	0.12	-0.04
Effect of Exchange Rate Changes	-	-0.15	0.00	0.37	-0.36	0.34	0.63	-0.08	0.04	-0.23	0.03
Cash Interest Paid	0.79	0.77	0.75	0.85	0.87	0.80	0.78	0.97	1.05	1.28	1.29
Cash Income Taxes Paid	0.04	0.03	0.11	0.18	-0.47	0.00	0.05	-0.00	-0.14	-0.01	-0.16

This table presents Harvard Bioscience's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	120	108	109	169	165	156	162	145	137	127	80
Total Current Assets	51	45	48	58	54	52	62	51	49	45	48
Cash & Equivalents	6.74	5.60	5.19	8.17	8.34	8.32	7.82	4.51	4.28	4.11	8.61
Accounts Receivable	18	16	13	21	21	18	22	17	16	15	16
Inventories, net	22	20	17	25	22	22	28	26	25	23	21
Other Current Assets	3.87	4.18	3.71	3.11	2.47	3.36	4.34	3.47	3.94	2.90	2.76
Plant, Property, & Equipment, net	5.90	4.30	3.74	5.90	4.78	3.96	3.42	3.37	3.98	5.11	4.79
Total Noncurrent Assets	64	58	58	105	107	101	97	91	84	76	27
Goodwill	40	38	36	57	57	59	58	56	57	56	9.56
Intangible Assets	22	19	11	46	38	33	27	21	16	11	7.64
Other Noncurrent Operating Assets	0.15	0.13	0.32	1.82	11	8.85	12	14	11	8.97	9.86
Total Liabilities & Shareholders' Equity	120	108	109	169	165	156	162	145	137	127	80
Total Liabilities	42	36	28	86	83	80	79	73	64	63	66
Total Current Liabilities	19	15	14	25	25	21	25	23	27	55	22
Accounts Payable	8.78	6.20	4.41	7.36	5.34	5.97	4.91	6.45	5.55	4.79	3.65
Current Deferred Revenue	0.75	0.50	0.51	3.82	3.95	3.77	4.27	3.37	4.51	3.81	3.45
Other Current Liabilities	0.87	0.76	0.29	7.35	9.12	9.59	13	9.62	11	9.41	15
Total Noncurrent Liabilities	23	21	14	60	58	59	54	50	38	8.35	44
Long-Term Debt	16	11	8.98	55	47	46	45	43	31	0.00	36
Noncurrent Deferred & Payable Income Tax Liabilities	3.78	6.42	2.65	2.30	1.97	1.90	1.56	0.59	0.78	0.71	0.32
Other Noncurrent Operating Liabilities	2.99	3.18	1.47	3.29	8.97	10	6.97	6.29	6.27	7.64	8.19
Commitments & Contingencies	-	-	-	0.00	0.00	0.00	-	0.00	0.00	-	0.00
Total Equity & Noncontrolling Interests	78	72	81	83	82	77	83	72	73	63	14
Total Preferred & Common Equity	78	72	81	83	82	77	83	72	73	63	14
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	78	72	81	83	82	77	83	72	73	63	14
Common Stock	212	216	219	227	230	233	226	229	233	237	240
Retained Earnings	-112	-116	-117	-120	-125	-132	-133	-142	-146	-158	-215
Accumulated Other Comprehensive Income / (Loss)	-12	-17	-11	-14	-13	-13	-10	-15	-14	-16	-12

This table presents Harvard Bioscience's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	140	133	129	131	80	80	78	78	76
Total Current Assets	50	48	46	47	45	45	44	47	46
Cash & Equivalents	5.34	4.26	4.05	4.57	5.55	7.44	6.82	7.10	6.50
Accounts Receivable	15	15	12	13	13	12	12	15	15
Inventories, net	26	24	25	26	23	22	22	22	22
Other Current Assets	4.35	4.45	4.77	3.40	3.06	3.34	3.28	3.60	3.23
Plant, Property, & Equipment, net	3.36	4.49	4.76	5.22	5.01	4.91	4.99	4.87	5.35
Total Noncurrent Assets	86	81	78	79	30	30	29	26	24
Goodwill	56	57	57	57	8.96	10	9.53	9.37	9.33
Intangible Assets	17	15	13	12	10	9.14	8.38	6.91	6.22
Other Noncurrent Operating Assets	13	9.14	7.66	9.45	11	11	11	9.31	8.93
Total Liabilities & Shareholders' Equity	140	133	129	131	80	80	78	78	76
Total Liabilities	65	64	62	66	65	64	64	68	69
Total Current Liabilities	24	26	23	23	56	55	54	24	25
Accounts Payable	6.27	6.04	5.71	5.28	4.81	4.72	5.18	5.29	6.22
Current Deferred Revenue	4.01	4.39	4.01	3.69	3.43	3.14	2.88	3.67	3.60
Other Current Liabilities	10	12	9.18	10	11	12	12	15	15
Total Noncurrent Liabilities	41	39	39	43	9.36	9.16	9.53	44	44
Long-Term Debt	35	32	32	34	-	-	-	36	37
Noncurrent Deferred & Payable Income Tax Liabilities	0.66	0.77	0.76	0.71	0.72	0.73	0.73	0.31	0.31
Other Noncurrent Operating Liabilities	5.31	6.01	6.32	8.21	8.65	8.42	8.80	7.51	7.08
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	74	69	67	65	15	16	14	10	7.42
Total Preferred & Common Equity	74	69	67	65	15	16	14	10	7.42
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	74	69	67	65	15	16	14	10	7.42
Common Stock	233	234	235	236	238	238	238	240	241
Retained Earnings	-144	-150	-153	-158	-208	-211	-212	-218	-221
Accumulated Other Comprehensive Income / (Loss)	-15	-15	-15	-13	-14	-12	-12	-12	-12

This table displays calculated financial ratios and metrics derived from Harvard Bioscience's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	33,944,207.00	34,374,345.00	34,880,512.00	37,293,918.00	38,066,101.00	38,975,510.00	40,810,515.00	41,657,688.00	42,688,246.00	-	44,579,665.00
DEI Adjusted Shares Outstanding	33,944,207.00	34,374,345.00	34,880,512.00	37,293,918.00	38,066,101.00	38,975,510.00	40,810,515.00	41,657,688.00	42,688,246.00	-	4,457,966.00
DEI Earnings Per Adjusted Shares Outstanding	-0.56	-0.06	-0.02	-0.08	-0.12	-0.20	-0.01	-0.23	-0.08	-	-12.72
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	-3.81%	-25.94%	56.02%	-3.81%	-12.12%	16.46%	-4.68%	-0.96%	-16.14%	-8.06%
EBITDA Growth	-79.54%	1.53%	0.57%	204.13%	36.24%	-7.30%	25.01%	-86.84%	579.17%	-111.69%	-6,908.06%
EBIT Growth	-151.79%	11.69%	21.77%	-36.69%	96.47%	-535.87%	339.32%	-573.64%	115.61%	-917.00%	-545.45%
NOPAT Growth	-133.98%	-74.96%	78.81%	254.96%	-61.69%	-41.38%	834.84%	-435.58%	127.32%	-427.93%	-682.16%
Net Income Growth	-908.45%	77.38%	79.92%	-237.80%	-60.40%	-66.63%	96.31%	-3,204.17%	64.11%	-263.25%	-357.07%
EPS Growth	-914.29%	77.19%	84.62%	-300.00%	-50.00%	-66.67%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-83.80%	663.55%	-80.36%	172.85%	178.95%	15.99%	-86.48%	-8.72%	1,117.71%	-89.73%	367.29%
Free Cash Flow Firm Growth	307.16%	-40.46%	6.98%	-916.56%	113.52%	29.95%	-155.59%	174.20%	132.43%	-54.15%	339.82%
Invested Capital Growth	-12.84%	-10.32%	-10.06%	87.30%	-6.04%	-8.50%	6.48%	-7.57%	-8.02%	-8.70%	-57.39%
Revenue Q/Q Growth	-1.80%	-1.84%	-5.80%	11.25%	-2.42%	0.01%	1.77%	-3.92%	-0.24%	-3.68%	-0.94%
EBITDA Q/Q Growth	-40.61%	-34.47%	32.49%	137.54%	-7.35%	15.83%	-9.17%	-54.45%	-5.68%	64.46%	-5.05%
EBIT Q/Q Growth	-117.48%	-42.05%	22.03%	41.77%	-186.79%	64.07%	-39.45%	-29.28%	-23.45%	17.16%	-4.56%
NOPAT Q/Q Growth	-680.68%	-70.19%	70.22%	356.25%	-22.27%	124.53%	-33.85%	-45.13%	63.98%	-4.56%	3.38%
Net Income Q/Q Growth	-892.65%	78.60%	72.83%	38.93%	-97.35%	-17.53%	84.55%	-38.13%	-4.66%	12.89%	-5.32%
EPS Q/Q Growth	-850.00%	77.97%	77.78%	38.46%	-100.00%	-17.65%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	245.59%	-0.68%	-71.61%	545.06%	-4.43%	2.98%	-65.28%	181.70%	13.09%	-64.16%	-21.30%
Free Cash Flow Firm Q/Q Growth	178.87%	-66.82%	1,200.46%	-19.75%	-24.06%	79.39%	-275.38%	256.76%	14.11%	-2.07%	-4.53%
Invested Capital Q/Q Growth	-17.31%	-6.12%	-13.47%	0.00%	2.09%	-1.24%	6.32%	-1.34%	-2.17%	-2.46%	-0.55%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	44.84%	46.32%	50.60%	52.31%	55.37%	56.85%	56.90%	53.66%	58.86%	58.18%	57.67%
EBITDA Margin	1.75%	1.84%	2.50%	4.88%	6.91%	7.29%	7.82%	1.08%	7.41%	-1.03%	-52.23%
Operating Margin	-1.58%	-2.87%	-0.82%	0.81%	0.32%	0.22%	1.74%	-6.12%	1.69%	-6.60%	-56.13%
EBIT Margin	-2.54%	-2.33%	-2.46%	-2.16%	-0.08%	-0.57%	1.18%	-5.85%	0.92%	-8.98%	-60.62%
Profit (Net Income) Margin	-17.52%	-4.12%	-1.12%	-2.42%	-4.03%	-7.65%	-0.24%	-8.40%	-3.04%	-13.18%	-65.51%
Tax Burden Percent	527.69%	139.93%	33.00%	36.64%	85.19%	107.10%	205.71%	103.67%	133.61%	106.34%	98.80%
Interest Burden Percent	130.63%	126.20%	137.37%	305.79%	5,980.43%	1,246.50%	-10.00%	138.43%	-246.96%	137.95%	109.37%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-1.25%	-2.47%	-0.58%	0.66%	0.20%	0.13%	1.20%	-4.07%	1.21%	-4.31%	-49.58%
ROIC Less NNEP Spread (ROIC-NNEP)	-186.07%	-24.41%	171.05%	-15.76%	-9.89%	-18.58%	-3.12%	-15.33%	-11.50%	-29.06%	-125.10%
Return on Net Nonoperating Assets (RNNOA)	-20.76%	-3.28%	-0.55%	-4.24%	-5.90%	-9.99%	-1.56%	-8.16%	-5.91%	-13.87%	-97.55%
Return on Equity (ROE)	-22.00%	-5.75%	-1.13%	-3.57%	-5.70%	-9.86%	-0.36%	-12.23%	-4.70%	-18.19%	-147.13%
Cash Return on Invested Capital (CROIC)	12.47%	8.41%	10.01%	-60.11%	6.43%	9.00%	-5.07%	3.79%	9.56%	4.78%	30.90%
Operating Return on Assets (OROA)	-2.16%	-2.14%	-1.76%	-1.88%	-0.06%	-0.36%	0.88%	-4.31%	0.73%	-6.41%	-50.76%
Return on Assets (ROA)	-14.88%	-3.78%	-0.80%	-2.10%	-2.81%	-4.86%	-0.18%	-6.19%	-2.42%	-9.40%	-54.86%
Return on Common Equity (ROCE)	-22.00%	-5.75%	-1.13%	-3.57%	-5.70%	-9.86%	-0.36%	-12.23%	-4.70%	-18.19%	-147.13%
Return on Equity Simple (ROE_SIMPLE)	-24.54%	-5.97%	-1.07%	-3.53%	-5.74%	-10.19%	-0.35%	-13.18%	-4.67%	-19.58%	0.00%
Net Operating Profit after Tax (NOPAT)	-1.20	-2.10	-0.44	0.69	0.26	0.15	1.45	-4.85	1.33	-4.35	-34
NOPAT Margin	-1.10%	-2.01%	-0.57%	0.57%	0.23%	0.15%	1.22%	-4.28%	1.18%	-4.62%	-39.29%
Net Nonoperating Expense Percent (NNEP)	184.82%	21.94%	-171.63%	16.42%	10.09%	18.70%	4.32%	11.26%	12.71%	24.74%	75.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	1.21%	-4.33%	-68.56%
Cost of Revenue to Revenue	55.16%	53.68%	49.40%	47.69%	44.63%	43.15%	43.10%	46.34%	41.14%	41.82%	42.33%
SG&A Expenses to Revenue	18.25%	20.04%	22.64%	17.70%	19.59%	23.03%	20.44%	21.61%	20.34%	24.54%	21.34%
R&D to Revenue	5.91%	5.16%	7.29%	9.10%	9.22%	8.51%	9.08%	10.88%	10.48%	11.05%	10.20%
Operating Expenses to Revenue	46.41%	46.91%	51.42%	51.50%	55.04%	56.63%	55.16%	59.78%	57.17%	64.78%	113.80%
Earnings before Interest and Taxes (EBIT)	-2.76	-2.44	-1.91	-2.61	-0.09	-0.59	1.40	-6.63	1.04	-8.46	-52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.90	1.93	1.94	5.89	8.03	7.44	9.30	1.22	8.31	-0.97	-45
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.52	1.45	1.42	1.43	1.42	2.18	3.45	1.60	3.13	1.45	2.17
Price to Tangible Book Value (P/TBV)	7.78	6.77	3.46	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.08	1.00	1.49	0.98	1.00	1.64	2.42	1.02	2.03	0.98	0.34
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.45	1.41	1.68	1.27	1.27	1.78	2.65	1.38	2.47	1.30	1.39
Enterprise Value to Revenue (EV/Rev)	1.19	1.08	1.57	1.42	1.39	2.03	2.76	1.39	2.32	1.33	0.66
Enterprise Value to EBITDA (EV/EBITDA)	68.41	58.67	62.81	29.06	20.13	27.81	35.29	128.85	31.36	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	234.45	0.00	251.85	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	248.57	612.29	1,337.39	226.96	0.00	196.61	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	184.08	20.99	115.10	59.37	20.09	22.17	260.08	136.90	18.58	86.72	8.48
Enterprise Value to Free Cash Flow (EV/FCFF)	10.82	15.82	15.92	0.00	19.16	18.88	0.00	34.88	24.81	25.92	2.69
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.24	0.19	0.15	0.73	0.66	0.63	0.58	0.65	0.50	0.58	2.61
Long-Term Debt to Equity	0.21	0.16	0.11	0.66	0.57	0.60	0.54	0.60	0.42	0.00	2.61
Financial Leverage	0.11	0.13	0.00	0.27	0.60	0.54	0.50	0.53	0.51	0.48	0.78
Leverage Ratio	1.48	1.52	1.42	1.70	2.03	2.03	1.99	1.98	1.95	1.94	2.68
Compound Leverage Factor	1.93	1.92	1.95	5.19	121.30	25.27	-0.20	2.74	-4.81	2.67	2.93
Debt to Total Capital	19.45%	15.99%	12.68%	42.36%	39.71%	38.50%	36.69%	39.33%	33.35%	36.85%	72.31%
Short-Term Debt to Total Capital	2.45%	2.76%	2.98%	4.17%	5.09%	1.38%	2.46%	3.20%	5.34%	36.85%	0.00%
Long-Term Debt to Total Capital	16.99%	13.23%	9.70%	38.19%	34.62%	37.12%	34.23%	36.13%	28.01%	0.00%	72.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	80.55%	84.01%	87.32%	57.64%	60.29%	61.50%	63.31%	60.67%	66.65%	63.15%	27.69%
Debt to EBITDA	9.88	7.14	6.07	10.32	6.71	6.45	5.20	38.25	4.40	-38.02	-0.79
Net Debt to EBITDA	6.32	4.23	3.38	8.93	5.67	5.33	4.36	34.57	3.88	-33.79	-0.60
Long-Term Debt to EBITDA	8.63	5.91	4.64	9.30	5.85	6.22	4.85	35.14	3.69	0.00	-0.79
Debt to NOPAT	-15.62	-6.55	-26.43	88.26	203.93	310.32	33.42	-9.65	27.58	-8.50	-1.05
Net Debt to NOPAT	-10.00	-3.88	-14.75	76.40	172.35	256.56	28.01	-8.72	24.35	-7.56	-0.80
Long-Term Debt to NOPAT	-13.65	-5.42	-20.21	79.58	177.78	299.20	31.18	-8.86	23.16	0.00	-1.05
Altman Z-Score	1.50	1.50	1.95	0.73	0.69	0.95	2.07	0.44	1.69	-0.44	-4.17
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.62	3.11	3.39	2.27	2.12	2.46	2.43	2.20	1.85	0.82	2.20
Quick Ratio	1.26	1.46	1.32	1.16	1.15	1.24	1.17	0.91	0.77	0.35	1.12
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	12	7.14	7.64	-62	8.43	11	-6.09	4.52	11	4.82	21
Operating Cash Flow to CapEx	23.87%	372.53%	120.39%	292.49%	661.60%	809.98%	105.61%	72.45%	784.56%	54.46%	534.90%
Free Cash Flow to Firm to Interest Expense	14.18	11.18	10.72	0.00	0.00	5.84	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.83	8.42	1.48	0.00	0.00	4.97	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-2.66	6.16	0.25	0.00	0.00	4.36	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.85	0.92	0.71	0.87	0.70	0.64	0.75	0.74	0.79	0.71	0.84
Accounts Receivable Turnover	6.45	6.28	5.32	6.93	5.51	5.31	6.01	5.88	6.84	6.08	5.60
Inventory Turnover	2.80	2.65	2.08	2.75	2.20	1.99	2.06	1.94	1.81	1.64	1.66
Fixed Asset Turnover	19.59	20.50	19.26	25.05	21.77	23.37	32.25	33.43	30.56	20.72	17.50
Accounts Payable Turnover	7.95	7.49	7.21	9.79	8.17	7.79	9.42	9.25	7.70	7.61	8.68
Days Sales Outstanding (DSO)	56.58	58.13	68.67	52.65	66.24	68.76	60.78	62.06	53.33	60.03	65.18
Days Inventory Outstanding (DIO)	130.54	137.59	175.66	132.88	165.94	183.59	177.50	187.75	202.17	222.33	219.41
Days Payable Outstanding (DPO)	45.90	48.72	50.62	37.29	44.69	46.85	38.75	39.47	47.43	47.94	42.03
Cash Conversion Cycle (CCC)	141.21	147.00	193.71	148.24	187.49	205.51	199.53	210.34	208.07	234.42	242.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	90	80	72	135	127	116	124	115	105	96	41
Invested Capital Turnover	1.13	1.23	1.01	1.16	0.89	0.84	0.99	0.95	1.02	0.93	1.26
Increase / (Decrease) in Invested Capital	-13	-9.24	-8.09	63	-8.17	-11	7.54	-9.37	-9.18	-9.17	-55
Enterprise Value (EV)	130	113	122	171	162	207	328	158	261	125	57
Market Capitalization	118	105	115	119	116	167	288	115	228	92	30
Book Value per Share	$2.29	$2.10	$2.32	$2.22	$2.15	$1.97	$2.04	$1.73	$1.71	$1.45	$0.31
Tangible Book Value per Share	$0.45	$0.45	$0.95	($0.55)	($0.37)	($0.39)	($0.04)	($0.12)	$0.00	($0.09)	($0.08)
Total Capital	96	86	93	144	136	125	132	119	110	100	50
Total Debt	19	14	12	61	54	48	48	47	37	37	36
Total Long-Term Debt	16	11	8.98	55	47	46	45	43	31	0.00	36
Net Debt	12	8.15	6.56	53	45	40	41	42	32	33	27
Capital Expenditures (CapEx)	2.95	1.45	0.88	0.99	1.22	1.15	1.20	1.59	1.79	2.64	1.26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	27	28	31	30	27	24	32	27	24	23	18
Debt-free Net Working Capital (DFNWC)	34	33	36	38	35	32	40	32	28	27	26
Net Working Capital (NWC)	31	31	33	32	28	31	36	28	22	-9.84	26
Net Nonoperating Expense (NNE)	18	2.21	0.42	3.61	4.95	7.96	1.73	4.66	4.74	8.06	23
Net Nonoperating Obligations (NNO)	12	8.15	-8.64	53	45	40	41	42	32	33	27
Total Depreciation and Amortization (D&A)	4.66	4.37	3.85	8.50	8.12	8.03	7.90	7.86	7.28	7.48	7.27
Debt-free, Cash-free Net Working Capital to Revenue	24.71%	26.45%	40.13%	24.97%	23.09%	23.56%	26.64%	23.98%	21.45%	24.44%	20.39%
Debt-free Net Working Capital to Revenue	30.91%	31.81%	46.84%	31.73%	30.26%	31.70%	33.22%	27.96%	25.26%	28.80%	30.35%
Net Working Capital to Revenue	28.74%	29.54%	43.27%	26.78%	24.33%	30.02%	30.50%	24.60%	20.04%	-10.45%	30.35%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.57)	($0.13)	($0.02)	($0.08)	($0.12)	$0.00	($0.01)	($0.23)	($0.08)	($0.28)	($12.80)
Adjusted Weighted Average Basic Shares Outstanding	33.59M	34.21M	34.75M	36.45M	37.81M	0.00	41.23M	41.41M	42.42M	43.54M	4.44M
Adjusted Diluted Earnings per Share	($0.57)	($0.13)	($0.02)	($0.08)	($0.12)	$0.00	($0.01)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	33.59M	34.21M	34.75M	36.45M	37.81M	0.00	41.23M	42.19M	43.40M	44.07M	4.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($0.01)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.04M	34.58M	35.59M	37.67M	38.35M	0.00	40.34M	42.19M	43.40M	44.07M	4.47M
Normalized Net Operating Profit after Tax (NOPAT)	-0.65	-1.63	-0.44	0.69	1.29	0.15	1.45	-5.02	1.33	-4.35	-0.44
Normalized NOPAT Margin	-0.60%	-1.56%	-0.57%	0.57%	1.11%	0.15%	1.22%	-4.43%	1.18%	-4.62%	-0.51%
Pre Tax Income Margin	-3.32%	-2.94%	-3.39%	-6.60%	-4.74%	-7.14%	-0.12%	-8.10%	-2.28%	-12.39%	-66.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.26	-3.82	-2.68	0.00	0.00	-0.31	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	-1.42	-3.28	-0.62	0.00	0.00	0.08	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-6.76	-6.08	-3.91	0.00	0.00	-0.93	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-4.91	-5.54	-1.85	0.00	0.00	-0.53	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Harvard Bioscience's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	42,688,246.00	43,399,291.00	43,429,626.00	43,610,883.00	-	44,074,475.00	44,213,746.00	44,531,198.00	44,579,665.00	44,719,894.00	4,510,182.00
DEI Adjusted Shares Outstanding	42,688,246.00	43,399,291.00	43,429,626.00	43,610,883.00	-	4,407,447.00	44,213,746.00	44,531,198.00	4,457,966.00	4,471,989.00	4,510,182.00
DEI Earnings Per Adjusted Shares Outstanding	-0.04	-0.11	-0.07	-0.11	-	-11.42	-0.05	-0.03	-0.64	-0.77	-0.65
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.96%	-18.23%	-19.69%	-13.38%	-12.77%	-11.17%	-11.46%	-6.28%	-3.34%	-4.68%	11.13%
EBITDA Growth	-24.57%	-147.38%	-204.10%	-179.81%	114.63%	-2,454.46%	155.00%	187.41%	-68.91%	100.45%	50.20%
EBIT Growth	-3,962.50%	-271.16%	-118.76%	-1,235.94%	566.99%	-1,235.68%	42.20%	95.38%	-147.80%	96.83%	11.97%
NOPAT Growth	161.71%	-277.00%	-359.92%	-100.86%	-99.83%	-2,079.38%	60.42%	110.51%	356,574.61%	97.64%	-19.41%
Net Income Growth	-9.12%	-854.66%	-198.67%	-287.57%	100.99%	-972.43%	22.04%	74.36%	-15,916.67%	93.20%	-27.52%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	60.62%	-22.57%	-123.82%	-119.31%	-59.91%	112.83%	425.65%	228.74%	-105.57%	-122.17%	-88.20%
Free Cash Flow Firm Growth	3.59%	107.01%	24.09%	0.25%	-2.27%	56.93%	353.55%	640.79%	515.24%	-73.87%	-91.16%
Invested Capital Growth	-8.02%	-12.60%	-12.10%	-8.43%	-8.70%	-54.83%	-56.36%	-58.20%	-57.39%	-13.46%	-12.88%
Revenue Q/Q Growth	11.00%	-12.93%	-5.77%	-4.88%	11.78%	-11.33%	-6.08%	0.69%	15.27%	-12.56%	9.50%
EBITDA Q/Q Growth	-29.09%	-222.37%	64.93%	-162.27%	290.70%	-1,425.11%	100.75%	316.80%	-25.45%	-80.76%	-501.38%
EBIT Q/Q Growth	-196.56%	-1,108.09%	32.20%	-43.62%	139.70%	-2,917.01%	97.07%	88.52%	-403.57%	-86.64%	30.15%
NOPAT Q/Q Growth	130.23%	-908.16%	9.21%	9.42%	100.03%	-10,359,933.13%	98.35%	124.05%	768.02%	-168.66%	16.70%
Net Income Q/Q Growth	-46.73%	-158.20%	37.64%	-64.06%	100.37%	-279,766.67%	95.47%	46.06%	-131.28%	-20.27%	15.01%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-1.33%	-67.39%	-160.30%	0.47%	304.87%	73.10%	-7.74%	-60.65%	-108.86%	-589.58%	149.09%
Free Cash Flow Firm Q/Q Growth	21.07%	36.91%	-5.31%	-36.13%	18.03%	119.85%	173.67%	4.32%	-1.97%	-90.66%	-7.46%
Invested Capital Q/Q Growth	-2.17%	-4.92%	-1.29%	-0.27%	-2.46%	-52.96%	-4.62%	-4.49%	-0.55%	-4.47%	-3.99%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	57.99%	60.26%	57.23%	58.10%	57.06%	55.96%	56.40%	58.38%	59.71%	58.99%	55.57%
EBITDA Margin	5.46%	-7.68%	-2.86%	-7.88%	13.44%	-220.79%	1.78%	7.35%	4.75%	1.05%	-3.83%
Operating Margin	1.00%	-9.30%	-8.96%	-8.53%	0.04%	-228.11%	-4.00%	0.96%	7.20%	-5.66%	-4.30%
EBIT Margin	-1.10%	-15.23%	-10.96%	-16.55%	5.88%	-228.99%	-7.15%	-0.82%	-3.56%	-7.61%	-4.85%
Profit (Net Income) Margin	-6.46%	-19.15%	-12.67%	-21.86%	0.07%	-231.19%	-11.16%	-5.98%	-11.99%	-16.50%	-12.80%
Tax Burden Percent	164.82%	104.68%	89.24%	106.93%	3.05%	99.11%	101.24%	108.55%	88.86%	103.54%	100.48%
Interest Burden Percent	356.96%	120.12%	129.59%	123.55%	40.89%	101.87%	154.07%	675.00%	378.72%	209.44%	262.56%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	96.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.72%	-6.47%	-6.00%	-5.66%	0.00%	-200.72%	-3.50%	0.84%	6.36%	-8.02%	-6.55%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.69%	-15.13%	-10.30%	-16.12%	0.06%	-251.14%	-9.29%	-3.69%	-7.09%	-16.77%	-14.28%
Return on Net Nonoperating Assets (RNNOA)	-2.41%	-7.57%	-4.96%	-7.70%	0.03%	-185.45%	-6.61%	-2.81%	-5.53%	-40.12%	-35.52%
Return on Equity (ROE)	-1.69%	-14.04%	-10.96%	-13.36%	0.03%	-386.17%	-10.12%	-1.97%	0.83%	-48.14%	-42.08%
Cash Return on Invested Capital (CROIC)	9.56%	12.05%	9.57%	4.77%	4.78%	23.93%	26.87%	31.75%	30.90%	14.28%	13.34%
Operating Return on Assets (OROA)	-0.87%	-11.67%	-8.15%	-11.93%	4.19%	-196.55%	-6.08%	-0.68%	-2.98%	-8.25%	-5.45%
Return on Assets (ROA)	-5.13%	-14.67%	-9.43%	-15.77%	0.05%	-198.44%	-9.48%	-4.99%	-10.04%	-17.89%	-14.38%
Return on Common Equity (ROCE)	-1.69%	-14.04%	-10.96%	-13.36%	0.03%	-386.17%	-10.12%	-1.97%	0.83%	-48.14%	-42.08%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-12.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.20	-1.60	-1.45	-1.31	0.00	-35	-0.57	0.14	1.20	-0.82	-0.68
NOPAT Margin	0.70%	-6.51%	-6.27%	-5.97%	0.00%	-159.67%	-2.80%	0.67%	5.04%	-3.96%	-3.01%
Net Nonoperating Expense Percent (NNEP)	5.40%	8.65%	4.30%	10.47%	-0.05%	50.42%	5.79%	4.53%	13.46%	8.74%	7.73%
Return On Investment Capital (ROIC_SIMPLE)	0.18%	-1.53%	-1.41%	-1.27%	0.00%	-68.45%	-1.13%	0.29%	2.41%	-1.78%	-1.55%
Cost of Revenue to Revenue	42.01%	39.74%	42.77%	41.90%	42.94%	44.04%	43.60%	41.62%	40.29%	41.01%	44.43%
SG&A Expenses to Revenue	18.95%	28.27%	25.70%	23.76%	20.44%	25.03%	21.82%	20.51%	18.27%	23.79%	21.71%
R&D to Revenue	11.19%	11.77%	11.37%	11.68%	9.48%	10.66%	10.70%	10.35%	9.20%	11.21%	10.79%
Operating Expenses to Revenue	56.99%	69.56%	66.19%	66.63%	57.01%	284.06%	60.40%	57.42%	52.50%	64.65%	59.88%
Earnings before Interest and Taxes (EBIT)	-0.31	-3.73	-2.53	-3.64	1.44	-50	-1.46	-0.17	-0.85	-1.58	-1.10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.54	-1.88	-0.66	-1.73	3.30	-48	0.36	1.51	1.13	0.22	-0.87
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.13	2.67	1.84	1.80	1.45	1.68	1.25	1.39	2.17	2.17	3.74
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.03	1.72	1.22	1.20	0.98	0.27	0.22	0.22	0.34	0.25	0.32
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.47	2.15	1.57	1.53	1.30	1.22	1.09	1.13	1.39	1.30	1.54
Enterprise Value to Revenue (EV/Rev)	2.32	2.02	1.54	1.54	1.33	0.61	0.53	0.53	0.66	0.60	0.66
Enterprise Value to EBITDA (EV/EBITDA)	31.36	87.58	133.40	0.00	0.00	0.00	0.00	0.00	0.00	16.47	14.60
Enterprise Value to EBIT (EV/EBIT)	251.85	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	196.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	18.58	15.81	16.85	37.48	86.72	18.31	7.10	5.46	8.48	16.52	88.97
Enterprise Value to Free Cash Flow (EV/FCFF)	24.81	16.64	15.37	30.61	25.92	3.18	2.47	2.10	2.69	8.44	10.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.52	0.53	0.58	0.58	2.42	2.22	2.41	2.61	3.60	4.95
Long-Term Debt to Equity	0.42	0.46	0.48	0.52	0.00	0.00	0.00	0.00	2.61	3.60	4.95
Financial Leverage	0.51	0.50	0.48	0.48	0.48	0.74	0.71	0.76	0.78	2.39	2.49
Leverage Ratio	1.95	1.95	1.91	1.94	1.94	2.55	2.52	2.64	2.68	6.34	6.75
Compound Leverage Factor	6.95	2.34	2.47	2.40	0.79	2.59	3.88	17.79	10.16	13.28	17.74
Debt to Total Capital	33.35%	34.10%	34.67%	36.69%	36.85%	70.79%	68.91%	70.71%	72.31%	78.28%	83.18%
Short-Term Debt to Total Capital	5.34%	3.56%	3.61%	3.49%	36.85%	70.79%	68.91%	70.71%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	28.01%	30.54%	31.05%	33.20%	0.00%	0.00%	0.00%	0.00%	72.31%	78.28%	83.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	66.65%	65.90%	65.33%	63.31%	63.15%	29.21%	31.09%	29.29%	27.69%	21.72%	16.82%
Debt to EBITDA	4.40	14.48	30.63	-13.84	-38.02	-0.77	-0.75	-0.79	-0.79	11.72	9.24
Net Debt to EBITDA	3.88	12.75	27.15	-12.17	-33.79	-0.65	-0.59	-0.63	-0.60	9.42	7.61
Long-Term Debt to EBITDA	3.69	12.97	27.43	-12.52	0.00	0.00	0.00	0.00	-0.79	11.72	9.24
Debt to NOPAT	27.58	-23.84	-10.20	-9.10	-8.50	-0.96	-0.95	-0.97	-1.05	-601.51	-213.89
Net Debt to NOPAT	24.35	-20.99	-9.04	-8.01	-7.56	-0.81	-0.75	-0.77	-0.80	-483.60	-175.97
Long-Term Debt to NOPAT	23.16	-21.35	-9.13	-8.24	0.00	0.00	0.00	0.00	-1.05	-601.51	-213.89
Altman Z-Score	1.65	1.05	0.48	0.26	-0.19	-4.50	-2.60	-2.67	-2.04	-2.33	-2.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.85	1.88	2.05	2.06	0.82	0.81	0.81	0.81	2.20	1.99	1.87
Quick Ratio	0.77	0.76	0.73	0.76	0.35	0.34	0.35	0.35	1.12	0.91	0.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9.38	13	12	7.77	9.17	20	55	58	56	5.27	4.87
Operating Cash Flow to CapEx	518.43%	217.52%	-103.42%	-95.68%	573.09%	582.07%	3,095.51%	523.67%	-21.38%	-155.40%	47.24%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.77	0.74	0.72	0.71	0.86	0.85	0.84	0.84	1.08	1.12
Accounts Receivable Turnover	6.84	6.46	6.88	7.03	6.08	6.35	7.27	7.01	5.60	6.10	6.64
Inventory Turnover	1.81	1.74	1.64	1.57	1.64	1.67	1.61	1.58	1.66	1.58	1.65
Fixed Asset Turnover	30.56	26.98	24.52	22.78	20.72	19.24	18.35	17.11	17.50	17.32	17.12
Accounts Payable Turnover	7.70	7.37	8.07	7.04	7.61	7.23	7.33	7.19	8.68	7.05	6.71
Days Sales Outstanding (DSO)	53.33	56.48	53.04	51.94	60.03	57.48	50.22	52.09	65.18	59.85	54.95
Days Inventory Outstanding (DIO)	202.17	210.14	222.12	232.58	222.33	218.48	226.04	230.87	219.41	231.05	220.97
Days Payable Outstanding (DPO)	47.43	49.54	45.22	51.86	47.94	50.50	49.77	50.74	42.03	51.81	54.37
Cash Conversion Cycle (CCC)	208.07	217.08	229.94	232.66	234.42	225.47	226.50	232.23	242.55	239.09	221.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	105	100	99	99	96	45	43	41	41	39	38
Invested Capital Turnover	1.02	0.99	0.96	0.95	0.93	1.26	1.25	1.25	1.26	2.03	2.17
Increase / (Decrease) in Invested Capital	-9.18	-14	-14	-9.08	-9.17	-55	-56	-57	-55	-6.09	-5.56
Enterprise Value (EV)	261	215	155	151	125	55	47	47	57	51	58
Market Capitalization	228	184	124	117	92	25	20	20	30	22	28
Book Value per Share	$1.71	$1.59	$1.55	$1.50	$1.45	$0.34	$0.36	$0.32	$0.31	$0.22	$1.64
Tangible Book Value per Share	$0.00	($0.06)	($0.07)	($0.10)	($0.09)	($0.10)	($0.08)	($0.09)	($0.08)	($0.14)	($1.80)
Total Capital	110	104	103	103	100	51	51	48	50	46	44
Total Debt	37	36	36	38	37	36	35	34	36	36	37
Total Long-Term Debt	31	32	32	34	0.00	0.00	0.00	0.00	36	36	37
Net Debt	32	31	32	33	33	30	27	27	27	29	30
Capital Expenditures (CapEx)	0.83	0.65	0.82	0.88	0.30	0.51	0.09	0.21	0.45	0.43	0.69
Debt-free, Cash-free Net Working Capital (DFCFNWC)	24	22	23	23	23	20	17	17	18	17	15
Debt-free Net Working Capital (DFNWC)	28	26	28	28	27	25	25	23	26	24	22
Net Working Capital (NWC)	22	22	24	24	-9.84	-11	-10	-11	26	24	22
Net Nonoperating Expense (NNE)	2.02	3.10	1.48	3.49	-0.02	16	1.71	1.37	4.04	2.60	2.23
Net Nonoperating Obligations (NNO)	32	31	32	33	33	30	27	27	27	29	30
Total Depreciation and Amortization (D&A)	1.85	1.85	1.87	1.90	1.86	1.79	1.83	1.68	1.97	1.80	0.23
Debt-free, Cash-free Net Working Capital to Revenue	21.45%	20.54%	23.22%	23.61%	24.44%	21.57%	19.37%	18.95%	20.39%	19.31%	17.27%
Debt-free Net Working Capital to Revenue	25.26%	24.53%	27.22%	28.29%	28.80%	27.63%	27.75%	26.75%	30.35%	27.61%	24.68%
Net Working Capital to Revenue	20.04%	21.04%	23.54%	24.60%	-10.45%	-11.71%	-11.53%	-12.12%	30.35%	27.61%	24.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.04)	($0.11)	($0.07)	($0.11)	$0.01	($11.40)	($0.05)	($0.03)	($0.60)	($0.77)	($0.64)
Adjusted Weighted Average Basic Shares Outstanding	42.42M	43.40M	43.49M	43.61M	43.54M	4.41M	44.30M	44.56M	4.44M	4.47M	4.53M
Adjusted Diluted Earnings per Share	$0.00	($0.11)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	43.40M	43.40M	43.61M	43.62M	44.07M	4.42M	44.53M	44.58M	4.47M	4.51M	4.55M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	43.40M	43.43M	43.61M	43.62M	44.07M	4.42M	44.53M	44.58M	4.47M	4.51M	4.55M
Normalized Net Operating Profit after Tax (NOPAT)	0.20	-1.60	-1.45	-1.31	0.01	-1.20	-0.57	0.14	1.20	-0.82	-0.68
Normalized NOPAT Margin	0.70%	-6.51%	-6.27%	-5.97%	0.03%	-5.52%	-2.80%	0.67%	5.04%	-3.96%	-3.01%
Pre Tax Income Margin	-3.92%	-18.29%	-14.20%	-20.44%	2.40%	-233.28%	-11.02%	-5.51%	-13.50%	-15.93%	-12.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Harvard Bioscience’s second-quarter 2026 results show improving sequential performance, but the company remains unprofitable and cash constrained. Revenue increased 9.5% from $20.8 million in Q1 2026 to $22.7 million in Q2, and was approximately 11% above the restated Q2 2025 level of $20.5 million. Gross profit rose to $12.6 million, although the gross margin slipped modestly to 55.6% from 56.4% a year earlier. Operating loss narrowed to $1.0 million from $1.2 million in Q1, while net loss improved to $2.9 million, or $0.64 per share, from a $3.4 million loss, or $0.77 per share.

The longer-term trend is mixed. Quarterly revenue remains below the $28.2 million reported in Q4 2023 and $24.6 million in Q4 2024, despite the recent year-over-year recovery. Harvard Bioscience has also reported net losses in every listed quarter since Q3 2023 except Q4 2024, when it generated only $18,000 of net income. The large $48.0 million impairment charge in Q1 2025 was noncash, but it significantly reduced goodwill and contributed to a sharp decline in shareholders’ equity.

Liquidity is a key concern. Cash and equivalents declined to $6.5 million at June 30, 2026, from $7.1 million at the end of Q1 and $7.4 million a year earlier. Continuing operating activities used $1.3 million in Q2, and total cash declined by $2.2 million. The company also paid $1.3 million of cash interest during the quarter. Long-term debt stood at $36.7 million, while total liabilities of $68.9 million represented approximately 90% of total assets. Although current assets exceeded current liabilities, the balance sheet leaves limited room for sustained operating losses without further improvement, refinancing or additional capital.

Revenue momentum improved. Q2 2026 revenue increased 9.5% sequentially and 11% year over year, reversing some of the weakness seen during 2025.
Operating losses narrowed. The operating loss improved from $1.17 million in Q1 2026 to $978,000 in Q2, while the net loss narrowed by roughly 15% sequentially.
Gross profit increased. Gross profit reached $12.6 million in Q2 2026, up from $12.2 million in Q1 and $11.5 million in the restated Q2 2025 period.
Working capital remains positive. Current assets of $46.5 million exceeded current liabilities of $24.8 million at quarter-end, producing a current ratio of approximately 1.9.
Recent debt refinancing reduced near-term classification pressure. Q4 2025 financing activity included $40.0 million of debt issuance and $37.5 million of repayments, while Q2 2026 reported $36.7 million of long-term debt. However, the data does not indicate that overall leverage has been materially reduced.
Research and development spending is rising modestly. R&D expense increased to $2.5 million in Q2 2026 from $2.2 million in Q2 2025, which may support future products but adds pressure while the company is loss-making.
Operating cash flow remains weak. Continuing operating activities consumed $1.3 million in Q2 2026 after using $662,000 in Q1, indicating that the business has not yet consistently funded itself from operations.
Cash reserves are declining. Cash fell from $7.4 million at June 30, 2025, to $6.5 million at June 30, 2026, and the company reported a $2.2 million quarterly decline in cash and equivalents.
Interest expense is a significant burden. Cash interest paid rose to $1.3 million in Q2 2026, exceeding reported operating cash flow from continuing operations and limiting the company’s ability to invest or repay debt.
Leverage and accumulated losses weaken the balance sheet. Total liabilities were $68.9 million versus $7.4 million of equity, while retained earnings were negative $221.0 million. The company has also sustained recurring quarterly net losses and remains exposed to refinancing risk.

10/16/26 04:37 PM ETAI Generated. May Contain Errors.

Harvard Bioscience Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Harvard Bioscience's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Harvard Bioscience's net income appears to be on a downward trend, with a most recent value of -$56.70 million in 2025, falling from -$19.04 million in 2015. The previous period was -$12.41 million in 2024. See where experts think Harvard Bioscience is headed by visiting Harvard Bioscience's forecast page.

Harvard Bioscience's total operating income in 2025 was -$48.58 million, based on the following breakdown:

Total Gross Profit: $49.91 million
Total Operating Expenses: $98.49 million

Over the last 10 years, Harvard Bioscience's total revenue changed from $108.66 million in 2015 to $86.55 million in 2025, a change of -20.4%.

In the past 11 quarters, Harvard Bioscience's cash and equivalents has ranged from $4.05 million in Q2 2024 to $7.44 million in Q2 2025, and is currently $6.50 million as of their latest financial filing in Q2 2026.

Harvard Bioscience had total debt of $35.87 million at the end of 2025, a 2.9% decrease from 2024, and a 91.5% increase since 2015.

Over the last 10 years, Harvard Bioscience's book value per share changed from 2.29 in 2015 to 0.31 in 2025, a change of -86.5%.

Related Companies

Financial statements for NASDAQ:HBIO last updated on 8/11/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Harvard Bioscience (HBIO) Financials

Financials Breakdown Chart

Key Financial Trends

Harvard Bioscience Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Harvard Bioscience (HBIO) Financials

Annual Income Statements for Harvard Bioscience

Quarterly Income Statements for Harvard Bioscience

Annual Cash Flow Statements for Harvard Bioscience

Quarterly Cash Flow Statements for Harvard Bioscience

Annual Balance Sheets for Harvard Bioscience

Quarterly Balance Sheets for Harvard Bioscience

Annual Metrics And Ratios for Harvard Bioscience

Quarterly Metrics And Ratios for Harvard Bioscience

Financials Breakdown Chart

Key Financial Trends

Harvard Bioscience Financials - Frequently Asked Questions

When does Harvard Bioscience's financial year end?

How has Harvard Bioscience's net income changed over the last 10 years?

What is Harvard Bioscience's operating income?

How has Harvard Bioscience's revenue changed over the last 10 years?

How much cash does Harvard Bioscience have?

How much debt does Harvard Bioscience have?

How has Harvard Bioscience's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools