Harvard Bioscience, Inc
Harvard Bioscience designs, manufactures, and sells life-science research tools used in drug discovery, translational medicine, and preclinical testing. Its portfolio spans proprietary instruments, systems, software, and consumables sold to academic labs, pharma/biotech companies, CROs, hospitals, and government research institutions worldwide.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaBehavioral, respiratory, organ-based, and surgical systems used in preclinical research and testing.
Instruments and accessories for tissue, cell, and molecular biology workflows.
Resold instruments, accessories, and consumables from other manufacturers.
Tuotteet
Raportoitu · osuus liikevaihdosta- Instruments Equipment Software and Accessories90,4 %
- Service Maintenance and Warranty Contracts9,6 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
The company sells primarily to pharmaceutical and biotechnology companies, universities, hospitals, government laboratories, and CROs. Demand is driven by research budgets, preclinical study activity, and the need for specialized tools that support discovery, translational research, and therapy development.
Buy research and preclinical systems for drug and therapy discovery, screening, and translational studies.
Buy instruments and accessories for basic research, physiology, and life-science education.
Buy high-throughput testing and monitoring systems for outsourced preclinical programs.
Buy specialized research platforms for funded biomedical and defense-related studies.
Buy tools for translational and disease-model research supporting therapy development.
Strategia
Management is repositioning the company around translational medicine and NAMs, using its preclinical base to bridge in vivo and in vitro research. The strategy emphasizes new product introductions, more consumables and software, and tighter operations through manufacturing consolidation, portfolio rationalization, and bolt-on acquisitions.
Positions the company for industry demand shifting toward NAMs and more human-relevant models.
Raises recurring revenue and can improve margin stability versus one-time instrument sales.
New platforms support growth and help defend pricing in specialized niches.
Cost discipline is needed to support profitability in a soft demand environment.
Maantiede
Q1/2026Harvard Bioscience operates in the United States, Europe, and China, selling through both direct and distributor channels. The company is exposed to cross-border trade friction, especially U.S.-China tariffs, and also relies on overseas sourcing and foreign-currency-denominated costs, which affect margins and reported results.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
The business is exposed to cyclical research spending, especially at academic institutions and CROs, and management has already cited softening demand. It also faces tariff pressure, supply-chain cost inflation, refinancing and covenant risk, Nasdaq listing risk, and impairment risk tied to goodwill and other long-lived assets.
- Softening demand from academic research institutions and CROsVaikutus: KorkeaTodennäköisyys: Kohtalainen
These customers depend on grant and project funding, so purchases can be delayed when budgets tighten.
Kohdistuu: Revenue and order timing
- Tariffs and trade restrictions, especially between the U.S. and ChinaVaikutus: KorkeaTodennäköisyys: Kohtalainen
The company sells and sources internationally, so tariffs can raise costs and reduce demand.
Kohdistuu: Gross margin and supply chain
- Debt covenant and refinancing complianceVaikutus: KorkeaTodennäköisyys: Matala
The company disclosed covenant waivers and refinancing milestone issues, which can limit financial flexibility.
Kohdistuu: Liquidity and capital structure
- Nasdaq minimum bid price noncomplianceVaikutus: KorkeaTodennäköisyys: Matala
Failure to regain compliance could lead to delisting and reduce access to capital and trading liquidity.
Kohdistuu: Capital markets access
- Goodwill and long-lived asset impairmentVaikutus: Korkea
Weak demand and lower operating profits increase the chance that carrying values exceed fair value.
Kohdistuu: Balance sheet and earnings
Kirjanpito
Harkinnanvaraiset erätDirect versus distributor sales can shift timing and margin profile across periods.
Vaikutus: Quarterly revenue comparability and gross margin
Management disclosed impairment indicators and a large goodwill charge in 2025.
Vaikutus: Non-cash operating expense and balance sheet carrying values
International operations create euro and pound exposure in revenue and costs.
Vaikutus: Reported revenue, expenses, and comprehensive income
Waivers and amendments affect classification, interest expense, and liquidity disclosures.
Vaikutus: Financing costs and going-concern/liquidity assessment
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Päivitetty: 24.9.2026