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Harvard Bioscience, Inc., a Delaware corporation, is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bioproduction and preclinical testing for pharmaceutical and therapy development. Our products and services are sold globally to customers ranging fr…
The business is unprofitable at the operating level (-56.13% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 8.1% YoY. Margins deteriorated 49.5pp alongside, both lines moving the wrong way.
ROIC dropped from -4.37% to -46.17%, capital efficiency is deteriorating. Net debt of $36M represents 6.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$86M
▼ -8.1% YoY
Net Income (TTM)
-$10M
▼ -357.1% YoY
Op. Margin
-0.10%
▼ -49.5pp YoY
ROIC
-0.12%
▼ -41.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2M
▲ +554.4% YoY
Op. Cash Flow (TTM)
$3M
▲ +367.3% YoY
Net Debt
$37M
Cash & Equiv.
$7M
5Y CAGR: -3.3%
5Y CAGR: -7.7%
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