HARVARD BIOSCIENCE INC

Listed Company

HBIOCIK 0001123494NasdaqNon-AcceleratedSmaller ReportingLaboratory Analytical InstrumentsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$86.55M

Net Income

$-56.70M

Total Assets

$80.07M

Equity

$13.73M

Shares Out

44.72M

Op. Cash Flow

$6.73M

Business

HARVARD BIOSCIENCE INC develops, manufactures and sells technologies, products and services that support life science research, drug and therapy discovery, bioproduction and preclinical testing. It offers hardware, firmware and software systems, consumables, installation, scientific and data services, including electroporation systems, amino acid analyzers, spectrophotometers, precision pumps, microelectrode arrays (including MeshMEA™), telemetry systems, behavioral monitoring and respiratory exposure solutions. The company organizes its offerings into two product families: Cellular and Molecular Technologies (CMT) and Preclinical. It sells globally through a mix of direct sales and distributors across the United States, Europe, China and other international markets.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	87	94	112	113	119
Cost of revenues	37	39	46	53	51
Gross profit	50	55	66	61	68
Sales and marketing expenses	19	22	24	25	25
General and administrative expenses	18	21	23	24	24
Research and development expenses	9	10	12	12	11
Amortization of acquired intangible assets	4	5	6	6	6
Goodwill impairment - Note 5	48	0	—	—	—
Other operating expenses - Note 2	729,000	2	71,000	—	—
Total operating expenses	98	61	64	68	66
Operating loss	−49	−6	2	−7	−2
Interest expense	−5	−4	−4	−3	−2
Loss on pension settlement - Note 8	−1	0	—	—	—
Loss on equity securities - Note 12	0	−2	−632,000	—	—
Other expense, net	−3	−325,000	−227,000	302,000	−666,000
Total other expense	−9	−5	−4	−2	−2
Loss before income taxes	−57	−12	−3	−9	−140,000
Income tax (benefit) expense	−686,000	740,000	859,000	337,000	148,000
Net loss	−57	−12	−3	−10	−288,000
Basic and diluted loss per share (in dollars per share)	−1.28	−0.28	−0.08	−0.23	−0.01
Basic and diluted (in shares)	44	44	42	41	40

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	9	4	4	5	8
Accounts receivable, net	16	15	16	17	22
Inventories	21	23	25	26	28
Other current assets	3	3	4	3	4
Total current assets	48	45	49	51	62
Property, plant and equipment, net	5	5	4	3	3
Operating lease right-of-use assets	7	6	5	6	7
Goodwill	10	56	57	56	58
Intangible assets, net	8	11	16	21	27
Other long-term assets	3	3	6	8	5
Total assets	80	127	137	145	162
Current portion of long-term debt	0	37	6	4	3
Accounts payable	4	5	6	6	5
Contract liabilities	3	4	5	3	4
Other current liabilities	15	9	11	7	11
Total current liabilities	22	55	27	23	25
Long-term debt, net	36	0	31	43	45
Deferred tax liability	317,000	710,000	776,000	590,000	2
Operating lease liabilities	7	6	5	5	6
Other long-term liabilities	1	1	1	1	486,000
Total liabilities	66	63	64	73	79
Preferred stock, par value $0.01 per share, 5,000,000 shares authorized	0	0	0	0	0
Common stock, par value $0.01 per share, 80,000,000 shares authorized: 44,719,894 shares issued and outstanding at December 31, 2025; 44,074,475 shares issued and outstanding at December 31, 2024	447,000	441,000	434,000	454,000	452,000
Additional paid-in-capital	240	237	232	229	226
Accumulated deficit	−215	−158	−146	−142	−133
Accumulated other comprehensive loss	−12	−16	−14	−15	−10
Total stockholders' equity	14	63	73	72	83
Total liabilities and stockholders' equity	80	127	137	145	162

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	2	2	2	1	2
Amortization of intangible assets	4	5	6	6	6
Amortization of deferred financing costs	1	327,000	280,000	280,000	280,000
Stock-based compensation	2	4	5	4	4
Deferred income taxes and other	−680,000	363,000	336,000	−414,000	−330,000
Loss on extinguishment of debt	130,000	0	—	—	—
Accounts receivable	−934,000	974,000	810,000	5	−4
Inventories	3	−64,000	2	252,000	−6
Other assets	2	2	2	474,000	−439,000
Accounts payable and other liabilities	2	−2	−523,000	−1	2
Contract liabilities	−161,000	−702,000	1	−896,000	505,000
Net cash provided by operating activities	7	1	14	1	1
Additions to property, plant and equipment	−1	−3	−2	−2	−1
Capitalized software development costs	−605,000	−619,000	−523,000	0	−150,000
Proceeds from sale of marketable equity securities	0	2	0	—	—
Net cash used in investing activities	−2	−1	−2	−2	−1
Borrowing from revolving line of credit	0	9	5	8	4
Borrowing from term loans	40	0	—	—	—
Repayment of revolving line of credit	−13	−3	−11	−6	−2
Repayment of term debt	−25	−6	−4	−3	−2
Payment of debt issuance costs	−4	−161,000	0	0	−102,000
Proceeds from exercise of stock options and employee stock purchase plan	47,000	380,000	930,000	577,000	3
Taxes paid related to net share settlement of equity awards	−156,000	−577,000	−3	−2	−4
Net cash used in financing activities	−1	−131,000	−12	−3	−252,000
Effect of exchange rate changes on cash	931,000	−140,000	−320,000	−38,000	−161,000
Increase (decrease) in cash and cash equivalents	5	−175,000	−225,000	−3	−496,000
Cash paid for interest	4	3	4	2	2
Cash paid for income taxes, net of refunds	−100,000	−159,000	207,000	534,000	577,000

Filings

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