NasdaqGM:HBIO

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

Executive Summary

Harvard Bioscience, Inc. provides scientific instruments, systems, software, and services used in life science basic research, drug discovery, and clinical and environmental testing.


Snowflake Analysis

Fair value with moderate growth potential.


Similar Companies

Share Price & News

How has Harvard Bioscience's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: HBIO's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-2.2%

HBIO

1.5%

US Life Sciences

1.1%

US Market


1 Year Return

19.8%

HBIO

21.4%

US Life Sciences

4.6%

US Market

Return vs Industry: HBIO matched the US Life Sciences industry which returned 20% over the past year.

Return vs Market: HBIO exceeded the US Market which returned 3.7% over the past year.


Shareholder returns

HBIOIndustryMarket
7 Day-2.2%1.5%1.1%
30 Day-0.7%9.5%5.5%
90 Day-10.1%12.1%-4.9%
1 Year19.8%19.8%21.6%21.4%7.0%4.6%
3 Year13.2%13.2%80.5%79.2%28.6%20.1%
5 Year-54.1%-54.1%126.5%123.5%52.5%35.3%

Price Volatility Vs. Market

How volatile is Harvard Bioscience's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Harvard Bioscience undervalued compared to its fair value and its price relative to the market?

41.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: HBIO ($2.66) is trading below our estimate of fair value ($4.56)

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


Price To Earnings Ratio

PE vs Industry: HBIO is unprofitable, so we can't compare its PE Ratio to the Life Sciences industry average.

PE vs Market: HBIO is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate HBIO's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: HBIO is good value based on its PB Ratio (1.3x) compared to the US Life Sciences industry average (5.6x).


Next Steps

Future Growth

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

92.9%

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 (2.2%).

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's is expected to become profitable in the next 3 years.

Revenue vs Market: HBIO's revenue (8% per year) is forecast to grow slower than the US market (8.9% per year).

High Growth Revenue: HBIO's revenue (8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: HBIO is forecast to be unprofitable in 3 years.


Next Steps

Past Performance

How has Harvard Bioscience performed over the past 5 years?

19.0%

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 19% 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 (10.6%).


Return on Equity

High ROE: HBIO has a negative Return on Equity (-8.99%), as it is currently unprofitable.


Next Steps

Financial Health

How is Harvard Bioscience's financial position?


Financial Position Analysis

Short Term Liabilities: HBIO's short term assets ($48.2M) exceed its short term liabilities ($23.5M).

Long Term Liabilities: HBIO's short term assets ($48.2M) do not cover its long term liabilities ($56.8M).


Debt to Equity History and Analysis

Debt Level: HBIO's debt to equity ratio (65.6%) is considered high.

Reducing Debt: HBIO's debt to equity ratio has increased from 24.2% to 65.6% 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: Whilst unprofitable HBIO has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: HBIO is unprofitable but has sufficient cash runway for more than 3 years, due to free cash flow being positive and growing by 25.2% per year.


Next Steps

Dividend

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


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.


Current Payout to Shareholders

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


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of HBIO's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

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

2.6yrs

Average board tenure


CEO

Jim Green (61yo)

0.83

Tenure

US$2,708,571

Compensation

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 Executiv ...


CEO Compensation Analysis

Compensation vs Market: Jim's total compensation ($USD2.71M) is above average for companies of similar size in the US market ($USD595.62K).

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


Board Members

NamePositionTenureCompensationOwnership
James Green
President0.83yrUS$2.71m0.78% $796.1k
John Kennedy
Independent Director19.58yrsUS$149.18k0.79% $807.4k
Alan Edrick
Independent Director0.67yrUS$147.45k0.093% $95.0k
Bertrand Loy
Lead Independent Director0.83yrUS$152.13k0.65% $668.6k
Thomas Loewald
Independent Director2.58yrsUS$136.50k0.19% $194.9k
Katherine Eade
Independent Director2.58yrsUS$132.96k0.24% $242.7k
Susan Steele
Independent Director0.083yrno datano data

2.6yrs

Average Tenure

55yo

Average Age

Experienced Board: HBIO's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.


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

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Harvard Bioscience, Inc.'s company bio, 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
  • Market Cap: US$102.092m
  • Shares outstanding: 38.38m
  • 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

Biography

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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/05/26 01:24
End of Day Share Price2020/05/22 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.