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HBIO

Harvard Bioscience NasdaqGM:HBIO Stock Report

Last Price

US$2.58

Market Cap

US$107.4m

7D

-13.1%

1Y

-66.4%

Updated

25 Sep, 2022

Data

Company Financials +
HBIO fundamental analysis
Snowflake Score
Valuation5/6
Future Growth4/6
Past Performance0/6
Financial Health2/6
Dividends0/6

HBIO Stock Overview

Harvard Bioscience, Inc. develops, manufactures, and sells technologies, products, and services that enables fundamental research, discovery, and pre-clinical testing for drug development in the United States and internationally.

Harvard Bioscience Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Harvard Bioscience
Historical stock prices
Current Share PriceUS$2.58
52 Week HighUS$8.23
52 Week LowUS$2.56
Beta1.74
1 Month Change-21.58%
3 Month Change-31.57%
1 Year Change-66.41%
3 Year Change-14.29%
5 Year Change-31.20%
Change since IPO-75.43%

Recent News & Updates

Aug 04

Harvard Bioscience GAAP EPS of $0.05 beats by $0.06, revenue of $29.2M misses by $1.2M

Harvard Bioscience press release (NASDAQ:HBIO): Q2 GAAP EPS of $0.05 beats by $0.06. Revenue of $29.2M (flat Y/Y) misses by $1.2M.  “Looking at the full year 2022, considering significant currency impacts, volatility in Europe and continued Covid related impacts in China, we are taking a more conservative view on revenue and expect 1-to-5% reported revenue growth and adjusted operating margin for the year of 13-to-14%.” said Jim Green, Chairman and CEO

Shareholder Returns

HBIOUS Life SciencesUS Market
7D-13.1%-5.0%-5.2%
1Y-66.4%-35.1%-23.0%

Return vs Industry: HBIO underperformed the US Life Sciences industry which returned -35.1% over the past year.

Return vs Market: HBIO underperformed the US Market which returned -23% over the past year.

Price Volatility

Is HBIO's price volatile compared to industry and market?
HBIO volatility
HBIO Average Weekly Movement5.4%
Life Sciences Industry Average Movement9.7%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: HBIO is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: HBIO's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1901485Jim Greenhttps://www.harvardbioscience.com

Harvard Bioscience, Inc. develops, manufactures, and sells technologies, products, and services that enables fundamental research, discovery, and pre-clinical testing for drug development in the United States and internationally. The company offers cellular and molecular technology instruments, such as syringe and peristaltic pump products, as well as a range of instruments and accessories for tissue and organ-based lab research, including surgical products, infusion systems, and behavior research systems; and spectrophotometers, microplate readers, amino acid analyzers, gel electrophoresis equipment, and electroporation and electrofusion instruments. It also engages in the development and manufacture of precision scientific measuring instrumentation and equipment, which cover data acquisition systems with custom amplifier configurations for cellular analysis, micro electrode array solutions for in vivo recordings, and vitro-systems for extracellular recordings; and offers preclinical products.

Harvard Bioscience Fundamentals Summary

How do Harvard Bioscience's earnings and revenue compare to its market cap?
HBIO fundamental statistics
Market CapUS$107.42m
Earnings (TTM)-US$3.65m
Revenue (TTM)US$120.70m

0.9x

P/S Ratio

-29.4x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
HBIO income statement (TTM)
RevenueUS$120.70m
Cost of RevenueUS$52.02m
Gross ProfitUS$68.68m
Other ExpensesUS$72.34m
Earnings-US$3.65m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)-0.088
Gross Margin56.90%
Net Profit Margin-3.03%
Debt/Equity Ratio62.6%

How did HBIO perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is HBIO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for HBIO?

Other financial metrics that can be useful for relative valuation.

HBIO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue1.3x
Enterprise Value/EBITDA26.1x
PEG Ration/a

Price to Sales Ratio vs Peers

How does HBIO's PS Ratio compare to its peers?

HBIO PS Ratio vs Peers
The above table shows the PS ratio for HBIO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average3.5x
TKNO Alpha Teknova
2.4x20.7%US$99.7m
LAB Standard BioTools
0.9xn/aUS$96.7m
RPID Rapid Micro Biosystems
7.3x34.7%US$146.4m
ISO IsoPlexis
3.7x44.0%US$69.0m
HBIO Harvard Bioscience
0.9x9.8%US$107.4m

Price-To-Sales vs Peers: HBIO is good value based on its Price-To-Sales Ratio (0.9x) compared to the peer average (3.5x).


Price to Earnings Ratio vs Industry

How does HBIO's PE Ratio compare vs other companies in the US Life Sciences Industry?

Price-To-Sales vs Industry: HBIO is good value based on its Price-To-Sales Ratio (0.9x) compared to the US Life Sciences industry average (3.7x)


Price to Sales Ratio vs Fair Ratio

What is HBIO's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

HBIO PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.9x
Fair PS Ratio2.1x

Price-To-Sales vs Fair Ratio: HBIO is good value based on its Price-To-Sales Ratio (0.9x) compared to the estimated Fair Price-To-Sales Ratio (2.1x).


Share Price vs Fair Value

What is the Fair Price of HBIO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: HBIO ($2.58) is trading below our estimate of fair value ($11.87)

Significantly Below Fair Value: HBIO is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.


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Future Growth

How is Harvard Bioscience forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


115.3%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: HBIO is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: HBIO is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: HBIO is expected to become profitable in the next 3 years.

Revenue vs Market: HBIO's revenue (9.8% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: HBIO's revenue (9.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HBIO's Return on Equity is forecast to be low in 3 years time (7.8%).


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Past Performance

How has Harvard Bioscience performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


2.9%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: HBIO is currently unprofitable.

Growing Profit Margin: HBIO is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: HBIO is unprofitable, but has reduced losses over the past 5 years at a rate of 2.9% per year.

Accelerating Growth: Unable to compare HBIO's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: HBIO is unprofitable, making it difficult to compare its past year earnings growth to the Life Sciences industry (15.6%).


Return on Equity

High ROE: HBIO has a negative Return on Equity (-4.71%), as it is currently unprofitable.


Discover strong past performing companies

Financial Health

How is Harvard Bioscience's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: HBIO's short term assets ($56.5M) exceed its short term liabilities ($23.4M).

Long Term Liabilities: HBIO's short term assets ($56.5M) exceed its long term liabilities ($54.4M).


Debt to Equity History and Analysis

Debt Level: HBIO's net debt to equity ratio (57.1%) is considered high.

Reducing Debt: HBIO's debt to equity ratio has increased from 17.6% to 62.6% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: HBIO has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if HBIO has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


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Dividend

What is Harvard Bioscience current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate HBIO's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate HBIO's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if HBIO's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if HBIO's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as HBIO has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

0.7yrs

Average management tenure


CEO

Jim Green (64 yo)

3.17yrs

Tenure

US$2,737,454

Compensation

Mr. James W. Green, also known as Jim, has been the Chairman of Harvard Bioscience, Inc. since June 5, 2017 and its Director since April 30, 2015. He serves as President and Chief Executive Officer of Harv...


CEO Compensation Analysis

Compensation vs Market: Jim's total compensation ($USD2.74M) is above average for companies of similar size in the US market ($USD780.01K).

Compensation vs Earnings: Jim's compensation has increased whilst the company is unprofitable.


Leadership Team

Experienced Management: HBIO's management team is not considered experienced ( 0.7 years average tenure), which suggests a new team.


Board Members

Experienced Board: HBIO's board of directors are considered experienced (4.9 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: HBIO insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGM:HBIO Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
26 Aug 22BuyUS$31,682Bertrand LoyIndividual9,291US$3.41
25 Aug 22BuyUS$83,385Bertrand LoyIndividual25,535US$3.34
23 Aug 22BuyUS$44,414Bertrand LoyIndividual13,857US$3.23
19 Aug 22BuyUS$35,186Bertrand LoyIndividual10,759US$3.28
17 Aug 22BuyUS$127,600James GreenIndividual40,000US$3.19
15 Jun 22BuyUS$111,300James GreenIndividual30,000US$3.71
09 May 22BuyUS$147,400James GreenIndividual40,000US$3.78

Ownership Breakdown

What is the ownership structure of HBIO?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders5,250,01612.6%
Hedge Funds5,316,86112.8%
General Public5,794,03813.9%
Institutions25,275,58760.7%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.1%.


Top Shareholders

Top 25 shareholders own 72.88% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
6.88%
Harvey Partners, LLC
2,865,000$7.4m28.71%1.72%
6.37%
Punch & Associates Investment Management, Inc.
2,654,247$6.8m7.66%0.48%
6.12%
Chane Graziano
2,546,107$6.6m0%no data
5.89%
Portolan Capital Management, LLC
2,451,861$6.3m-2.97%0.65%
4.51%
Dimensional Fund Advisors LP
1,877,842$4.8m-0.01%no data
3.89%
Royce & Associates, LP
1,620,263$4.2m-3.9%0.04%
3.71%
B. Riley Asset Management LLC
1,544,647$4.0m71.93%1.93%
3.69%
The Vanguard Group, Inc.
1,538,283$4.0m-20.07%no data
3.68%
Granahan Investment Management, LLC
1,532,693$4.0m5.21%0.13%
3.14%
James Green
1,307,205$3.4m13.59%no data
3%
AMH Equity, Ltd.
1,250,000$3.2m61.03%7.09%
2.9%
BlackRock, Inc.
1,209,119$3.1m-60.46%no data
2.52%
Acadian Asset Management LLC
1,048,829$2.7m-1.73%0.01%
2.4%
Renaissance Technologies LLC
1,001,262$2.6m5.57%no data
2.3%
Archon Capital Management LLC
956,476$2.5m39.38%1.02%
1.92%
Monarch Partners Asset Management LLC
801,259$2.1m62.46%0.59%
1.52%
Heartland Advisors, Inc.
631,590$1.6m57.9%0.12%
1.49%
Meros Investment Management, LP
621,981$1.6m18.34%1.58%
1.47%
Northern Trust Global Investments
614,115$1.6m34.53%no data
1.04%
Acuitas Investments, LLC
432,445$1.1m0%0.59%
1.01%
Bertrand Loy
420,624$1.1m16.46%no data
0.94%
Millennium Management LLC
390,966$1.0m410.71%no data
0.84%
Parkman Healthcare Partners LLC
351,750$907.5k-44.5%0.33%
0.82%
Boothbay Fund Management, LLC
341,657$881.5k469.43%0.03%
0.81%
Geode Capital Management, LLC
335,689$866.1k-48.3%no data

Company Information

Harvard Bioscience, Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Harvard Bioscience, Inc.
  • Ticker: HBIO
  • Exchange: NasdaqGM
  • Founded: 1901
  • Industry: Life Sciences Tools and Services
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: US$107.422m
  • Shares outstanding: 41.64m
  • Website: https://www.harvardbioscience.com

Number of Employees


Location

  • Harvard Bioscience, Inc.
  • 84 October Hill Road
  • Suite 10
  • Holliston
  • Massachusetts
  • 1746
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
HBIONasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDDec 2000
HBIDB (Deutsche Boerse AG)YesCommon StockDEEURDec 2000

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/25 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.