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Harvard Bioscience

Nasdaq:HBIO
Snowflake Description

Fair value with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HBIO
Nasdaq
$73M
Market Cap
  1. Home
  2. US
  3. Pharmaceuticals & Biotech
Company description

Harvard Bioscience, Inc. provides scientific instruments, systems, software, and services used in life science basic research, drug discovery, and clinical and environmental testing. The last earnings update was 73 days ago. More info.


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  • Harvard Bioscience has significant price volatility in the past 3 months.
HBIO Share Price and Events
7 Day Returns
4.3%
NasdaqGM:HBIO
-1.1%
US Life Sciences
-1.2%
US Market
1 Year Returns
-61.8%
NasdaqGM:HBIO
19.4%
US Life Sciences
3.4%
US Market
HBIO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Harvard Bioscience (HBIO) 4.3% -5.3% -52.6% -61.8% -38.7% -59.5%
US Life Sciences -1.1% -3.2% 5.3% 19.4% 80.1% 106.9%
US Market -1.2% 1.2% 1.7% 3.4% 35.5% 41.6%
1 Year Return vs Industry and Market
  • HBIO underperformed the Life Sciences industry which returned 19.4% over the past year.
  • HBIO underperformed the Market in United States of America which returned 3.4% over the past year.
Price Volatility
HBIO
Industry
5yr Volatility vs Market

Value

 Is Harvard Bioscience undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Harvard Bioscience to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Harvard Bioscience.

NasdaqGM:HBIO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGM:HBIO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Life Sciences Unlevered Beta Simply Wall St/ S&P Global 1.02
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.02 (1 + (1- 21%) (92.6%))
1.514
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.51
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.514 * 5.96%)
11.75%

Discounted Cash Flow Calculation for NasdaqGM:HBIO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Harvard Bioscience is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGM:HBIO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 11.75%)
2020 8.70 Analyst x1 7.79
2021 12.10 Analyst x1 9.69
2022 14.97 Est @ 23.72% 10.73
2023 17.58 Est @ 17.42% 11.27
2024 19.87 Est @ 13.01% 11.40
2025 21.84 Est @ 9.93% 11.21
2026 23.53 Est @ 7.77% 10.81
2027 25.01 Est @ 6.26% 10.28
2028 26.31 Est @ 5.2% 9.68
2029 27.48 Est @ 4.46% 9.05
Present value of next 10 years cash flows $101.90
NasdaqGM:HBIO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $27.48 × (1 + 2.73%) ÷ (11.75% – 2.73%)
$312.89
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $312.89 ÷ (1 + 11.75%)10
$103.00
NasdaqGM:HBIO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $101.90 + $103.00
$204.89
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $204.89 / 37.69
$5.44
NasdaqGM:HBIO Discount to Share Price
Calculation Result
Value per share (USD) From above. $5.44
Current discount Discount to share price of $1.95
= -1 x ($1.95 - $5.44) / $5.44
64.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Harvard Bioscience is available for.
Intrinsic value
>50%
Share price is $1.95 vs Future cash flow value of $5.44
Current Discount Checks
For Harvard Bioscience to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Harvard Bioscience's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Harvard Bioscience's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Harvard Bioscience's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Harvard Bioscience's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:HBIO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-0.02
NasdaqGM:HBIO Share Price ** NasdaqGM (2019-07-19) in USD $1.95
United States of America Life Sciences Industry PE Ratio Median Figure of 22 Publicly-Listed Life Sciences Companies 39.39x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 17.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Harvard Bioscience.

NasdaqGM:HBIO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:HBIO Share Price ÷ EPS (both in USD)

= 1.95 ÷ -0.02

-88.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Harvard Bioscience is loss making, we can't compare its value to the US Life Sciences industry average.
  • Harvard Bioscience is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Harvard Bioscience's expected growth come at a high price?
Raw Data
NasdaqGM:HBIO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -88.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
99.7%per year
United States of America Life Sciences Industry PEG Ratio Median Figure of 20 Publicly-Listed Life Sciences Companies 2.7x
United States of America Market PEG Ratio Median Figure of 2,119 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Harvard Bioscience, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Harvard Bioscience's assets?
Raw Data
NasdaqGM:HBIO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $2.13
NasdaqGM:HBIO Share Price * NasdaqGM (2019-07-19) in USD $1.95
United States of America Life Sciences Industry PB Ratio Median Figure of 38 Publicly-Listed Life Sciences Companies 4.69x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.79x
NasdaqGM:HBIO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:HBIO Share Price ÷ Book Value per Share (both in USD)

= 1.95 ÷ 2.13

0.91x

* Primary Listing of Harvard Bioscience.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Harvard Bioscience is good value based on assets compared to the US Life Sciences industry average.
X
Value checks
We assess Harvard Bioscience's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Life Sciences industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Life Sciences industry average (and greater than 0)? (1 check)
  5. Harvard Bioscience has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

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

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
99.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Harvard Bioscience expected to grow at an attractive rate?
  • Harvard Bioscience's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Harvard Bioscience's earnings growth is expected to exceed the United States of America market average.
  • Harvard Bioscience's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:HBIO Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:HBIO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 99.7%
NasdaqGM:HBIO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 4.2%
United States of America Life Sciences Industry Earnings Growth Rate Market Cap Weighted Average 16.2%
United States of America Life Sciences Industry Revenue Growth Rate Market Cap Weighted Average 7.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGM:HBIO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:HBIO Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 136 14 2 1
2020-12-31 128 10 1 1
2019-12-31 120 7 -3 1
NasdaqGM:HBIO Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 122 4 -1
2018-12-31 121 3 -4
2018-09-30 133 -1 -6
2018-06-30 123 3 -7
2018-03-31 86 2 -7
2017-12-31 77 1 -2
2017-09-30 82 4 -3
2017-06-30 88 5 -4
2017-03-31 96 5 -4
2016-12-31 105 5 -4
2016-09-30 106 5 -20
2016-06-30 107 2 -19

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Harvard Bioscience's earnings are expected to grow significantly at over 20% yearly.
  • Harvard Bioscience's revenue is expected to grow by 4.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGM:HBIO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Harvard Bioscience Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:HBIO Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 0.05 0.05 0.05 1.00
2020-12-31 0.02 0.05 -0.01 2.00
2019-12-31 -0.07 -0.03 -0.11 2.00
NasdaqGM:HBIO Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -0.02
2018-12-31 -0.12
2018-09-30 -0.18
2018-06-30 -0.19
2018-03-31 -0.20
2017-12-31 -0.06
2017-09-30 -0.10
2017-06-30 -0.13
2017-03-31 -0.13
2016-12-31 -0.13
2016-09-30 -0.59
2016-06-30 -0.57

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Harvard Bioscience is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Harvard Bioscience's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Harvard Bioscience has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Harvard Bioscience performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Harvard Bioscience's growth in the last year to its industry (Life Sciences).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Harvard Bioscience does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Harvard Bioscience's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Harvard Bioscience's 1-year growth to the US Life Sciences industry average as it is not currently profitable.
Earnings and Revenue History
Harvard Bioscience's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Harvard Bioscience Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:HBIO Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 122.22 -0.82 46.75 11.32
2018-12-31 120.77 -4.30 45.83 10.99
2018-09-30 133.04 -6.46 49.00 9.47
2018-06-30 123.12 -6.85 46.28 8.22
2018-03-31 86.08 -7.12 35.37 6.76
2017-12-31 77.41 -2.02 32.61 5.65
2017-09-30 82.18 -3.33 34.15 5.28
2017-06-30 88.47 -4.32 35.99 5.05
2017-03-31 95.64 -4.41 38.65 5.25
2016-12-31 104.52 -4.31 41.44 5.39
2016-09-30 106.48 -20.13 41.47 5.77
2016-06-30 107.20 -19.34 41.70 5.89
2016-03-31 109.86 -18.27 41.43 6.10
2015-12-31 108.66 -19.04 40.41 6.42
2015-09-30 110.66 -1.92 39.68 6.45
2015-06-30 110.38 -0.44 37.89 6.09
2015-03-31 108.53 0.24 36.40 5.66
2014-12-31 108.66 2.36 35.05 4.88
2014-09-30 106.15 2.12 34.36 4.43
2014-06-30 105.84 1.44 34.94 4.48
2014-03-31 104.98 0.51 35.14 4.11
2013-12-31 105.17 0.72 35.22 4.15
2013-09-30 105.57 4.30 33.97 1.83
2013-06-30 106.53 4.22 34.65 2.59
2013-03-31 108.94 4.90 35.54 3.64
2012-12-31 111.17 4.49 36.41 4.34
2012-09-30 111.95 1.91 38.38 7.04

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Harvard Bioscience has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Harvard Bioscience used its assets less efficiently than the US Life Sciences industry average last year based on Return on Assets.
  • It is difficult to establish if Harvard Bioscience improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Harvard Bioscience's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Life Sciences industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Harvard Bioscience has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Harvard Bioscience's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Harvard Bioscience's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Harvard Bioscience is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Harvard Bioscience's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Harvard Bioscience's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Harvard Bioscience Company Filings, last reported 3 months ago.

NasdaqGM:HBIO Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 80.35 56.69 5.03
2018-12-31 82.72 60.80 8.17
2018-09-30 80.96 61.05 6.66
2018-06-30 77.01 61.47 5.62
2018-03-31 79.29 63.22 5.99
2017-12-31 80.90 11.75 5.19
2017-09-30 76.91 12.49 5.84
2017-06-30 75.21 13.26 4.72
2017-03-31 72.72 13.66 4.60
2016-12-31 72.20 13.75 5.60
2016-09-30 75.89 15.06 5.35
2016-06-30 76.66 16.20 3.63
2016-03-31 78.20 17.18 4.18
2015-12-31 77.60 18.74 6.74
2015-09-30 94.29 20.21 6.09
2015-06-30 94.81 20.69 7.40
2015-03-31 90.50 21.95 8.03
2014-12-31 95.47 21.47 14.13
2014-09-30 96.78 23.21 26.73
2014-06-30 98.23 22.31 26.43
2014-03-31 96.18 23.54 25.84
2013-12-31 94.49 24.80 25.77
2013-09-30 107.84 23.57 36.93
2013-06-30 105.38 24.30 34.10
2013-03-31 104.38 15.00 23.75
2012-12-31 104.21 12.95 20.68
2012-09-30 100.36 15.30 20.29
  • Harvard Bioscience's level of debt (70.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (24.5% vs 70.6% today).
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.

  • Whilst loss making Harvard Bioscience has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Harvard Bioscience has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -2.8% per year.
X
Financial health checks
We assess Harvard Bioscience's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Harvard Bioscience has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Harvard Bioscience dividends.
If you bought $2,000 of Harvard Bioscience shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Harvard Bioscience's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Harvard Bioscience's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGM:HBIO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America Life Sciences Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 0.4%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2016 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGM:HBIO Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Harvard Bioscience has not reported any payouts.
  • Unable to verify if Harvard Bioscience's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Harvard Bioscience's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Harvard Bioscience has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Harvard Bioscience's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Harvard Bioscience afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Harvard Bioscience has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Harvard Bioscience's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jim Green
COMPENSATION $153,445
AGE 61
TENURE AS CEO 0 years
CEO Bio

Mr. James W. Green, also known as Jim, has been Chairman of Harvard Bioscience, Inc. since June 5, 2017 and has been its Independent Director since April 30, 2015. He serves as President and Chief Executive Officer of Harvard Bioscience, Inc. since July 08, 2019. He served as President of Healthcare Division at OSI Systems, Inc., from April 2018 to 2019. Mr. Green joined OSI Systems, Inc., in April 2018. Mr. Green served as the Chief Executive Officer and President of Analogic Corporation from May 21, 2007 to October 31, 2016. Mr. Green has in-depth knowledge of Analogic and provides valuable insights to its board in areas such as strategic planning, financial and budgeting matters, engineering and product development, operations, sales and marketing and general management. From 2005 to 2007, Mr. Green served as Regional Vice President of California Division at Unilab Corp. (Quest Diagnostics Incorporated). Mr. Green served as a Senior Vice President and General Manager of Computed Tomography for Philips Medical Systems. From 1983 to 2005, Mr. Green worked in various other leadership positions at Koninklijke Philips Electronics NV, St. Jude Medical Inc., Beckman Instruments, McDonnell Douglas Corporation and Northrop Advanced Systems. He has an extensive experience and important technical perspectives as a former OEM customer of medical imaging subsystems and as an end-user supplier of advanced medical imaging equipment and through his experience leading & integrating diverse operations located on multiple continents. He served as a Director of Analogic Corporation from June 5, 2007 to October 31, 2016. Mr. Green is a General Partner of Grantchester Group, with experience in healthcare and technology. We believe Mr. Green’s qualifications to sit on Board of Directors include his executive leadership experience and global experience in technology, healthcare and life science industries in a variety of executive positions. Mr. Green holds a B.S. in Electrical Engineering from the University of Missouri at Columbia, an M.S. from the University of Southern California and is a graduate of the Stanford University Executive Program.

CEO Compensation
  • Jim's compensation has increased whilst company is loss making.
  • Jim's remuneration is lower than average for companies of similar size in United States of America.
Management Team

Jim Green

TITLE
President
COMPENSATION
$153K
AGE
61

Michael Rossi

TITLE
Chief Financial Officer
AGE
45

Russell Sylvia

TITLE
Vice President of Global Human Resources
TENURE
0.9 yrs

Corey Manchester

TITLE
VP & Corporate Controller
Board of Directors Tenure

Average tenure and age of the Harvard Bioscience board of directors in years:

1.9
Average Tenure
55
Average Age
  • The average tenure for the Harvard Bioscience board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jim Green

TITLE
President
COMPENSATION
$153K
AGE
61
TENURE
2.1 yrs

John Kennedy

TITLE
Independent Director
COMPENSATION
$142K
AGE
70
TENURE
18.8 yrs

Bertrand Loy

TITLE
Lead Independent Director
COMPENSATION
$129K
AGE
53

Tom Loewald

TITLE
Independent Director
COMPENSATION
$125K
AGE
55
TENURE
1.8 yrs

Katherine Eade

TITLE
Independent Director
COMPENSATION
$122K
AGE
45
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
18. Jul 19 Buy Engine Capital Management, LLC Company 12. Jun 19 17. Jul 19 3,209,490 $2.14 $6,860,285
06. Feb 19 Buy James Green Individual 29. Aug 18 29. Aug 18 2,500 $5.74 $14,350
30. Aug 18 Sell Robert Gagnon Individual 29. Aug 18 29. Aug 18 -8,889 $5.77 $-51,290
X
Management checks
We assess Harvard Bioscience's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Harvard Bioscience has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Some Harvard Bioscience (NASDAQ:HBIO) Shareholders Have Copped A Big 64% Share Price Drop

View our latest analysis for Harvard Bioscience Given that Harvard Bioscience didn't make a profit in the last twelve months, we'll focus on revenue growth to form a quick view of its business development. … Harvard Bioscience grew its revenue by 42% over the last year. … A Different Perspective Harvard Bioscience shareholders are down 64% for the year, but the market itself is up 7.1%.

Simply Wall St -

Have Insiders Been Selling Harvard Bioscience, Inc. (NASDAQ:HBIO) Shares?

As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for Harvard Bioscience Harvard Bioscience Insider Transactions Over The Last Year Over the last year, we can see that the biggest insider sale was by the , Robert Gagnon, for US$51k worth of shares, at about US$5.77 per share. … Insider Ownership of Harvard Bioscience I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. … Our data indicates that Harvard Bioscience insiders own about US$7.8m worth of shares (which is 10% of the company).

Simply Wall St -

Could Harvard Bioscience, Inc.'s (NASDAQ:HBIO) Investor Composition Influence The Stock Price?

As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.' Harvard Bioscience is not a large company by global standards. … See our latest analysis for Harvard Bioscience NasdaqGM:HBIO Ownership Summary, June 4th 2019 What Does The Institutional Ownership Tell Us About Harvard Bioscience? … Insider Ownership Of Harvard Bioscience While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

Does Harvard Bioscience, Inc. (NASDAQ:HBIO) Have A Particularly Volatile Share Price?

(NASDAQ:HBIO), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … This is above 1, so historically its share price has been influenced by the broader volatility of the stock market. … What this means for you: Beta only tells us that the Harvard Bioscience share price is sensitive to broader market movements.

Simply Wall St -

You Might Like Harvard Bioscience, Inc. (NASDAQ:HBIO) But Do You Like Its Debt?

(NASDAQ:HBIO) is a small-cap stock with a market capitalization of US$151m. … While investors primarily focus on the growth potential and competitive landscape of the small-cap companies, they end up ignoring a key aspect, which could be the biggest threat to its existence: its financial health.

Simply Wall St -

Why Harvard Bioscience, Inc. (NASDAQ:HBIO) Could Be Worth Watching

As a small cap stock, hardly covered by any analysts, there is generally more of an opportunity for mispricing as there is less activity to push the stock closer to fair value? … Is there still an opportunity here to buy. … Today I will analyse the most recent data on Harvard Bioscience’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Who Has Been Selling Harvard Bioscience, Inc. (NASDAQ:HBIO) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Harvard Bioscience, Inc. … Harvard Bioscience Insider Transactions Over The Last Year. … In the last twelve months, the biggest single sale by an insider was when Robert Gagnon sold US$51k worth of shares at a price of US$5.77 per share.

Simply Wall St -

If You Had Bought Harvard Bioscience (NASDAQ:HBIO) Stock Three Years Ago, You Could Pocket A 34% Gain Today

Harvard Bioscience isn't a profitable company, so it is unlikely we'll see a strong correlation between its share price and its earnings per share (EPS). … That's because it's hard to be confident a company will be sustainable if revenue growth is negligible, and it never makes a profit. … The market doesn't seem too pleased with the revenue growth rate, given the modest 10% annual share price gain over three years.

Simply Wall St -

Is Harvard Bioscience, Inc.'s (NASDAQ:HBIO) CEO Pay Fair?

Jeff Duchemin has been the CEO of Harvard Bioscience, Inc. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Jeff Duchemin's Compensation Compare With Similar Sized Companies?

Simply Wall St -

How Financially Strong Is Harvard Bioscience, Inc. (NASDAQ:HBIO)?

Investors are always looking for growth in small-cap stocks like Harvard Bioscience, Inc. … However, an important fact which most ignore is: how financially healthy is the business? … Companies operating in the Life Sciences industry,.

Simply Wall St -

Company Info

Description

Harvard Bioscience, Inc. provides scientific instruments, systems, software, and services used in life science basic research, drug discovery, and clinical and environmental testing. The company offers physiology, cell, and molecular instruments, such as traditional syringe pump and peristaltic pump products, as well as a range of instruments and accessories for tissue, organ, and animal based lab research under the Harvard Apparatus, CMA Microdialysis, Panlab, Coulbourn, and Hugo Sachs brands; and spectrophotometers, microplate readers, amino acid analyzers, gel electrophoresis equipment, sample preparation plates and columns, and electroporation and electrofusion instruments under the Biochrom, BioDrop, Hoefer, Scie-plas, QuikPrep, and BTX brands. It also designs, develops, and manufactures precision electrophysiology equipment specializing in patch clamp amplifiers, and manual and automated patch clamp systems under the HEKA brand; manufactures tools for electrophysiology and cell biology research consisting of cell chambers, perfusion and temperature controllers, and microincubation and bio-sensing systems under the Warner Instruments brand; and designs and develops in vivo neural interface systems under the TBSI brand for neuroscience research, primarily in the fields of electrophysiology, psychology, neurology, and pharmacology. In addition, the company is involved in the development and manufacture of precision scientific measuring instrumentation and equipment under the Multi-Channel Systems brand; and physiologic monitoring focused on delivering preclinical products, systems, services, and solutions under the DSI and Buxco brands. It markets its products in approximately 100 countries through sales organizations, Websites, catalogs, and distributors to research scientists at pharmaceutical and biotechnology companies, universities, hospitals, and government laboratories. The company was founded in 1901 and is headquartered in Holliston, Massachusetts.

Details
Name: Harvard Bioscience, Inc.
HBIO
Exchange: NasdaqGM
Founded: 1901
$73,490,835
37,687,608
Website: http://www.harvardbioscience.com
Address: Harvard Bioscience, Inc.
84 October Hill Road,
Suite 10,
Holliston,
Massachusetts, 01746,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM HBIO Common Stock Nasdaq Global Market US USD 07. Dec 2000
DB HBI Common Stock Deutsche Boerse AG DE EUR 07. Dec 2000
Number of employees
Current staff
Staff numbers
533
Harvard Bioscience employees.
Industry
Life Sciences Tools and Services
Pharmaceuticals & Biotech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/20 23:40
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/05/08
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.