HARVARD BIOSCIENCE INC
Business
Harvard Bioscience develops, manufactures and sells life science research equipment, software and services enabling drug discovery, pharmaceutical development and preclinical testing. Products include electroporation systems, syringe pumps, micro-electrode arrays, telemetry systems, and respiratory testing solutions sold under brands including Harvard Apparatus, DSI, Panlab and HEKA. The company operates two product families—Cellular and Molecular Technology (CMT) and Preclinical—and sells globally through direct sales and distributors to academic institutions, pharmaceutical and biotechnology companies, and contract research organizations.
Summary from 10-K filed 2026-03-13
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is HARVARD BIOSCIENCE INC's CIK number?
HARVARD BIOSCIENCE INC's SEC CIK number is 0001123494 (1123494). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find HARVARD BIOSCIENCE INC's SEC filings?
All of HARVARD BIOSCIENCE INC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did HARVARD BIOSCIENCE INC last report earnings?
HARVARD BIOSCIENCE INC (HBIO) most recently filed an earnings 8-K with the SEC on May 12, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001171843-26-003270). This is HARVARD BIOSCIENCE INC's most recent earnings filing of record — not a forecast of its next earnings date.
What is HARVARD BIOSCIENCE INC's most recent earnings 8-K?
HARVARD BIOSCIENCE INC's latest earnings 8-K (Item 2.02) was filed May 12, 2026 under accession 0001171843-26-003270. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
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