olivLaw · US equity research
Harvard Bioscience, Inc. HBIO
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
Harvard Bioscience develops, manufactures and sells instruments, consumables and services for life science research, from drug discovery to preclinical testing. The company is shifting from a traditional tools supplier toward a translational medicine enabler, and the first half of 2026 showed a sales recovery, with revenues of $43.5 million over the six months.
At the close of 04 Nov 2026, Harvard Bioscience, Inc. (HBIO) stock was 8.61 USD (−0.69% on the day), with market capitalisation 39.2 m USD, beta 2.09, 52-week range 4.31–8.90 USD. Latest reported quarter (Q2 2026): revenue of 22.7 m USD (+11.1% YoY), net income of -2.9 m USD, diluted EPS -0.64 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 57.9
- strong (55–70)
- Bollinger (20, 2)
- 7.93 – 8.83
- in the upper half of the band · %B 0.76 · band width 10.8%
- SMA 50 / 200
- 8.18 / 6.47
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.17 / 0.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.3% | −1.1% | +2.4 pp | — |
| 3 months | +35.2% | −0.5% | +35.6 pp | — |
| 6 months | +18.9% | +4.4% | +14.5 pp | — |
| Year to date | +28.5% | +12.3% | +16.2 pp | — |
| 1 year | +38.9% | +13.5% | +25.3 pp | +15.7% |
| 3 years | −80.0% | +76.4% | −156.4 pp | +1.8% |
| 5 years | −89.5% | +63.7% | −153.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.0 m | 24.6 m | 21.8 m | 20.5 m | 20.6 m | 23.7 m | 20.8 m | 22.7 m |
| Cost of revenue | 9.2 m | 10.5 m | 9.6 m | 8.9 m | 8.6 m | 9.6 m | 8.5 m | 10.1 m |
| Gross profit | 12.8 m | 14.0 m | 12.2 m | 11.5 m | 12.0 m | 14.2 m | 12.2 m | 12.6 m |
| Research & development | 2.6 m | 2.3 m | 2.3 m | 2.2 m | 2.1 m | 2.2 m | 2.3 m | 2.5 m |
| Operating income | -1.9 m | 11.0 k | -49.7 m | -819.0 k | 197.0 k | 1.7 m | -1.2 m | -978.0 k |
| Interest expense | — | — | — | 800.0 k | — | — | — | 1.3 m |
| Pre-tax income | -4.5 m | 590.0 k | -50.8 m | -2.3 m | -1.1 m | -3.2 m | -3.3 m | -2.9 m |
| Income tax | 311.0 k | 572.0 k | -454.0 k | 28.0 k | 97.0 k | -357.0 k | 117.0 k | 14.0 k |
| Net income | -4.8 m | 18.0 k | -50.3 m | -2.3 m | -1.2 m | -2.8 m | -3.4 m | -2.9 m |
| Diluted EPS | -0.11 | 0.00 ≈ | -11.42 | -0.52 | -0.03 | -0.06 ≈ | -0.77 | -0.64 |
| Operating cash flow | -842.0 k ≈ | 1.7 m | 3.0 m | 2.8 m ≈ | 1.1 m ≈ | -96.0 k | -662.0 k | 325.0 k ≈ |
| Capex | 880.0 k ≈ | 301.0 k | 513.0 k | 89.0 k ≈ | 207.0 k ≈ | 449.0 k | 426.0 k | 688.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 120.8 m | 116.2 m | 102.1 m | 118.9 m | 113.3 m | 112.3 m | 94.1 m | 86.6 m |
| Revenue YoY | +56.0% | −3.8% | −12.1% | +16.5% | −4.7% | −1.0% | −16.1% | −8.1% |
| Net income | -2.9 m | -4.7 m | -7.8 m | -288.0 k | -9.5 m | -3.4 m | -12.4 m | -56.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.08 | -0.12 | unavailable | -0.01 | -0.23 | -0.08 | -0.28 | -1.28 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -2.4% | -4.0% | -7.6% | -0.2% | -8.4% | -3.0% | -13.2% | -65.5% |
| Free cash flow | 1.9 m | 6.8 m | 8.2 m | 67.0 k | -438.0 k | 12.2 m | -1.2 m | 5.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 8.6 m USD
- Financial debt
- 35.9 m USD
- Net debt
- 27.3 m USD
- Equity
- 13.7 m USD
- Total assets
- 80.1 m USD
- Debt / equity
- 2.61x
- Current ratio
- 2.20x
- ROE
- -147.1%
- ROA
- -54.9%
- FCF margin
- 6.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 102.1 m | 118.9 m | 113.3 m | 112.3 m | 94.1 m | 86.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Cost of revenue | 44.1 m | 51.3 m | 52.5 m | 46.2 m | 39.4 m | 36.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Gross profit | 58.0 m | 67.7 m | 60.8 m | 66.1 m | 54.8 m | 49.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Research & development | 8.7 m | 10.8 m | 12.3 m | 11.8 m | 10.4 m | 8.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Operating income | 221.0 k | 2.1 m | -6.9 m | 1.9 m | -6.2 m | -48.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Interest expense | — | — | — | — | 3.2 m | 3.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Pre-tax income | -7.3 m | -140.0 k | -9.2 m | -2.6 m | -11.7 m | -57.4 m | SEC (XBRL)· 13 Mar 2026verified |
| Income tax | 518.0 k | 148.0 k | 337.0 k | 859.0 k | 740.0 k | -686.0 k | SEC (XBRL)· 13 Mar 2026verified |
| Net income | -7.8 m | -288.0 k | -9.5 m | -3.4 m | -12.4 m | -56.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Diluted EPS | — | -0.01 | -0.23 | -0.08 | -0.28 | -1.28 | SEC (XBRL)· 13 Mar 2026verified |
| Weighted average diluted shares | 38.6 m | 40.3 m | 41.4 m | 42.4 m | 43.5 m | 44.4 m | SEC (XBRL)· 13 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.3 m | 7.8 m | 4.5 m | 4.3 m | 4.1 m | 8.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Receivables | 17.8 m | 21.8 m | 16.7 m | 16.1 m | 14.9 m | 16.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Inventories | 22.3 m | 27.6 m | 26.4 m | 24.7 m | 23.2 m | 20.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Current assets | 51.7 m | 61.6 m | 51.1 m | 49.0 m | 45.1 m | 48.2 m | SEC (XBRL)· 13 Mar 2026verified |
| Property, plant & equipment, net | 4.0 m | 3.4 m | 3.4 m | 4.0 m | 5.1 m | 4.8 m | SEC (XBRL)· 13 Mar 2026verified |
| Goodwill | 58.6 m | 57.7 m | 56.3 m | 57.1 m | 56.3 m | 9.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Intangibles (excl. goodwill) | 33.2 m | 27.4 m | 21.0 m | 16.0 m | 11.1 m | 7.6 m | SEC (XBRL)· 13 Mar 2026verified |
| Total assets | 156.3 m | 162.3 m | 145.4 m | 137.4 m | 126.6 m | 80.1 m | SEC (XBRL)· 13 Mar 2026verified |
| Accounts payable | 6.0 m | 4.9 m | 6.4 m | 5.6 m | 4.8 m | 3.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Short-term debt | 2.0 m | 3.5 m | 4.1 m | 6.1 m | 37.0 m | 0 | SEC (XBRL)· 13 Mar 2026verified |
| Long-term debt | 46.3 m | 45.1 m | 43.0 m | 30.7 m | 0 | 35.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Current liabilities | 21.1 m | 25.3 m | 23.2 m | 26.5 m | 55.0 m | 22.0 m | SEC (XBRL)· 13 Mar 2026verified |
| Total liabilities | 79.6 m | 78.9 m | 73.1 m | 64.3 m | 63.3 m | 66.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Equity | 76.7 m † | 83.4 m † | 72.2 m † | 73.1 m † | 63.3 m † | 13.7 m † | SEC (XBRL)· 13 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 9.3 m | 1.3 m | 1.2 m | 14.0 m | 1.4 m | 6.7 m | SEC (XBRL)· 13 Mar 2026verified |
| Capex | 1.2 m | 1.2 m | 1.6 m | 1.8 m | 2.6 m | 1.3 m | SEC (XBRL)· 13 Mar 2026verified |
| Free cash flow | 8.2 m ≈ | 67.0 k ≈ | -438.0 k ≈ | 12.2 m ≈ | -1.2 m ≈ | 5.5 m ≈ | SEC (XBRL)· 13 Mar 2026derived |
| Investing cash flow | -1.4 m | -1.3 m | -1.6 m | -1.8 m | -1.3 m | -1.9 m | SEC (XBRL)· 13 Mar 2026verified |
| Financing cash flow | -8.0 m | -252.0 k | -2.8 m | -12.1 m | -131.0 k | -1.3 m | SEC (XBRL)· 13 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 39.2 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.81 – 8.98 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)1.81 – 8.98 (Mid 4.26)WACC 7.2% · starting FCFF 2.7 m USD · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 9.3%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -0.5% | 57 (vs peers) | 24% |
| Net margin · Quality | -11.9% | 53 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.6% | 0 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -0.1x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.9x | 90 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.9% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet36/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality55/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
HARVARD BIOSCIENCE, INC. (HBIO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 86.5 m USD in 2025; YoY growth -8.1%; net margin -11.9%; ROE -89.9%.
The estimated value range is 1.81–8.98 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 4.26 USD, the price of 8.61 USD leaves a potential of -50.5% (value / price − 1) and a margin of safety of -102.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 1.9x
What contradicts it
- Revenue CAGR 3Y: -8.6%
- Interest coverage: -0.1x
- FCF yield: -2.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +15% / +39% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +17% / +58% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +31% / −2% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +259% / +55% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +4% / −15% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −58% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −11% / +6% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +39% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −36% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +17% / +25% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
1- and 3-year price returns: for HBIO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Harvard Bioscience develops, manufactures and sells instruments, consumables and services for life science research, from drug discovery to preclinical testing. The company is shifting from a traditional tools supplier toward a translational medicine enabler, and the first half of 2026 showed a sales recovery, with revenues of $43.5 million 23 over the six months.
SWOT
Strengths
- The company holds a strong position in preclinical testing, built on the DSI brand and telemetry products, with a high share of recurring revenue 1.
- The product range spans from academic research to preclinical testing, giving customers an integrated solution 1.
- The December 2025 debt refinancing improved the balance sheet and covenant compliance 1.
Weaknesses
- Revenues fell in 2025, and dependence on government funding and academic budgets makes sales hard to predict 1.
- The company recorded a net loss and a large goodwill impairment in 2025, showing fragile profitability 13.
- Repeated restructuring costs and higher interest expense add pressure on cash flow 1.
Opportunities
Risks
- Dependence on government fundinghigh
Academic and government laboratories depend on public funds, and delays or cuts could reduce sales 12.
- Execution risk for Project Vikingmedium
The company may not realize the expected savings, and restructuring costs could exceed estimates 1.
- Tariffs and international exposuremedium
International operations and supply chains are exposed to tariffs, export controls and political instability 12.
- Competition from larger companiesmedium
Rivals with greater financial and marketing resources could launch products that make the company's offerings less competitive 1.
- Debt and covenantsmedium
The refinanced credit facility carries financial covenants, and higher interest costs rose in 2025 1.
Investment thesis
What would need to be true (bull case)
- The sales recovery in the second quarter of 2026 and the raised annual guidance could signal firmer demand in the CMT and preclinical segments 3.
- New platforms and the shift toward non-animal methods could open markets with higher margins than current ones 1.
- Debt refinancing and cost reductions could improve adjusted profitability if the savings materialize 13.
What would break the thesis
What to watch
- Delivery of 2026 revenue and adjusted gross margin guidancenext 10-Q
- Progress of Project Viking and realized savings versus estimates2027
- Evolution of NIH funding and its effect on academic salesQ1 2027
- Share of consumables and software in total revenuesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Harvard Bioscience, Inc. is a Delaware corporation that develops, manufactures and sells technologies, products and services for life science research, including drug and therapy discovery, bioproduction and preclinical testing 1. Products are sold globally, from universities and government laboratories to pharmaceutical, biotechnology companies and contract research organizations (CROs), through direct and distribution channels 1. The company aims to move from a tools provider to an enabler of translational medicine, building on its preclinical position 1.
The company has four strategic pillars: the translational bridge between in vivo and in vitro research, a new product pipeline, a shift toward higher-margin consumables and software, and operational excellence with disciplined growth 1. Consumables and software made up 55% of total revenues as of December 31, 2025, and increasing that share is a stated goal 1.
Segments
Cellular and Molecular (CMT)
The CMT family supports molecular, cellular, organ and organoid research, including electroporation, amino acid analyzers and electrophysiology systems, and is part of the portfolio the company wants to expand 1. It generated approximately 46% of global revenues in 2025, down from 49% in 2024 1. In the first quarter of 2026 CMT sales grew, and the company expects a higher share of lower-margin CMT products in 2026 3.
Preclinical
The Preclinical family includes telemetry, behavioral, respiratory and inhalation systems used for drug testing and therapy development 1. It made up approximately 54% of global revenues in 2025, up from 51% in 2024, making it the company's largest segment 1. The SoHo telemetry system and the VivaMars platform are among products marketed to CRO and pharmaceutical clients 1.
Market context
The company sells into the life science research tools market, where customers are universities, government laboratories, pharmaceutical and biotechnology companies and CROs 1. Government funding, especially from the NIH, directly shapes academic budgets, and a cut or delay in those funds could reduce demand 12.
Demand is also affected by tariffs between the United States and other countries, particularly China, which raise the cost of components sourced overseas 2. If these trends persist or worsen, results could be materially affected 2.
Trends
- NIH funding uncertaintyheadwind
Academic and government customers depend on NIH funding, and uncertainty about its level and timing has led some to delay purchases 2. This uncertainty contributed to lower revenues in 2025 1.
- Tariffs and international tradeheadwind
Tariffs on shipments between the United States and other countries, especially China, have raised costs for products sourced abroad and could limit revenue 2.
- Demand recovery from CROs and distributorstailwind
In the second quarter of 2026 revenue grew 11%, driven by sales to CROs in the Americas and distributors in Asia Pacific 23. The company raised its full-year 2026 revenue guidance 3.
- Shift toward new approach methodologiesmixed
The industry is moving toward New Approach Methodologies (NAMs), and organoid and 3D biology could open new markets for the company's platforms 1.
Competitive position
The market is highly competitive, and rivals often have greater financial and marketing resources, broader product lines and tactical discounts 1. The company says it competes on product performance, quality, reliability, speed, technical support and delivery time 1.
Competitors include large life science and analytical instrument companies, and rivalry spans many product lines, keeping pressure on pricing and innovation 1.
- Thermo Fisher ScientificTMO
Large company named in the filing among competitors in life science research products 1.
- Danaher CorporationDHR
Company named in the filing among providers of life science research products 1.
- AgilentA
Company named in the filing among competitors in analytical and laboratory instruments 1.
- Bio-Rad LaboratoriesBIO
Company named in the filing among competitors in research products 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report11 Aug 2026
- Current report11 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report11 Aug 2026Results of operations · Financial statements and exhibits
- Current report02 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report12 May 2026
- Current report12 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Results of operations · Financial statements and exhibits
- Proxy statement21 Apr 2026
- Current report17 Mar 2026Regulation FD disclosure · Financial statements and exhibits
- Annual report13 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Harvard Bioscience, Inc. · 13 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Harvard Bioscience, Inc. · 11 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Harvard Bioscience, Inc. · 11 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.