HBIO Harvard Bioscience, Inc. - Common Stock
$7.06
Price · Aug 19, 2026
Fundamentals as of Aug 11, 2026
52W Range
$0–$8
94% of range
Analyst Rating
BUY
8 analysts
Price Target
$8
+6% upside
P/E (TTM)
-0.6
ROE
-384.8%
Net Profit Margin
-65.5%
About Harvard Bioscience, Inc. - Common Stock Company overview from Wikipedia
Harvard Bioscience is a global developer, manufacturer and marketer of life sciences equipment to support research and drug discovery. It is traded on NASDAQ under the stock symbol HBIO.
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Harvard Bioscience is a global developer, manufacturer and marketer of life sciences equipment to support research and drug discovery. It is traded on NASDAQ under the stock symbol HBIO.
Headquartered in Holliston, Massachusetts, United States, the company's brands include: Biochrom, BTX, CMA, Data Sciences International (DSI), Harvard Apparatus, HEKA, Hugo Sachs Elektronik, KD Scientific, Multi Channel Systems (MCS), Panlab, and Warner Instruments. The company has approximately 355 employees, with 216 of those in the USA, and its principal manufacturing facilities are in New Brighton, Minnesota, Holliston, Massachusetts, Reutlingen, Germany, Barcelona, Spain, and March, Germany.
History
Harvard Bioscience was founded in 1901 by Dr. William T. Porter of Harvard Medical School. He began manufacturing his own physiology teaching equipment in the basement of the Harvard Medical School. Dr. Porter went on to found the American Journal of Physiology and became one of the leading physiologists of his day.
The company invented the mechanical syringe pump in the 1950s and a computer-controlled dosing pump in the 1980s.
In the early 1980s, the company started using the name Harvard Bioscience; the name was not officially changed to Harvard Bioscience, Inc. until 2000. The company completed their initial public offering on December 7, 2000. The names Harvard Apparatus and Harvard Bioscience are used pursuant to a license agreement between Harvard University and Harvard Bioscience, Inc.
From 1996 to 2005 the company completed 17 business acquisitions, including the BTX division acquisition in 2003.
In 2007 the company sold most of its Capital Equipment Business, including its Genomic Solutions division and its Belgian subsidiary, Maia Scientific.
The company spun off Harvard Apparatus Regenerative Technology, Inc. (HART) in 2013 and Jeff Duchemin became CEO in August 2013.
In 2014 the company acquired Multi Channel Systems MCS GmbH (MCS) and Triangle BioSystems, Inc. (TBSI).
In 2015 the company acquired HEKA Electronik of Germany.
In 2016 the company divested AHN Biotechnologie GmbH, which it acquired in 2012.
In 2018 Harvard Bioscience acquired St. Paul, Minnesota-based Data Sciences International for $71 million and sold its Denville Scientific subsidiary to Thomas Scientific for $20 million.
James Green was named President and CEO in July 2019 and the company's performance declined during the latter half of his six-year tenure. In 2019, the company's gross revenue was $116 million, down from $120.7 million in 2018. The company ended the year with $55 million in loans, down from $62.4 million in loans at the end of 2018. Loans were through Cerberus Capital and were subsequently refinanced in 2020 with a syndicate led by Citizens Financial Group. In September 2019 the company announced a restructuring program, including closing their Connecticut operation, downsizing in the United Kingdom, and a reduction in force of over 10% of headcount. Several additional restructurings were implemented from 2020 to 2024.
For approximately nine months in 2019-2020 the company had an activist investor in its stock, Engine Capital.
In 2020, during the COVID-19 pandemic, Harvard Bioscience received $6.1 million in federally backed small business loans from PNC Bank as part of the Paycheck Protection Program. The company promptly repaid this loan after receiving scrutiny related to it.
In the of summer of 2025 the board of directors of Harvard Bioscience was reconstituted and a new CEO was appointed and in December 2025 the company successfully refinanced its debt, obtaining a $40 million credit facility with BroadOak Capital.
Products
Harvard Bioscience offers a wide array of products for life science research. Their product portfolio is broken into five market segments: Fluidics, Laboratory Equipment & Supplies, Molecular Analysis, Cell Analysis, and Physiology.
Finance
The revenue of the company grew from $11.5 million in 1997 to $108.2 million in 2010, a CAGR of 19%. The revenue of the company for fy 2013 reached 105.57 million with the profit margin of 0.12% and operation margin of -1.01%.
In the 25 years since Harvard Bioscience went public in 2000, there have been several intervals in which the company's value was grossly misunderstood by the market and its stock significantly undervalued, including, most recently, in 2019 and 2026.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
HBIO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$7.05
Market Cap
$32M
P/E (TTM)
-0.6
EPS (TTM)
$-1.28
Revenue (TTM)
$87M
Div Yield
—
ROE
-384.8%
Debt/Equity
2.6
52W Range
$0 – $8
HBIO Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$87M
2016-12-31
→
2025-12-31
EPS
$-1.28
2016-12-31
→
2025-12-31
Free Cash Flow
$5M
2018-12-31
→
2025-12-31
Margins
-65.5%
2016-12-31
→
2025-12-31
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
HBIO
Peer Median
P/E (TTM)
-0.6
31.3
P/S (TTM)
0.4
0.5
P/B
2.3
1.3
EV / EBITDA
-1.2
—
Price / FCF
5.8
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HBIO
Peer Median
Gross Margin
57.7%
47.0%
Operating Margin
-56.1%
—
Net Profit Margin
-65.5%
-11.4%
ROA
-54.9%
-27.7%
ROE
-384.8%
-58.6%
ROIC
-96.8%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HBIO
Peer Median
Debt / Equity
2.6
—
Current Ratio
2.2
1.7
Quick Ratio
1.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HBIO
Peer Median
Revenue YoY
-8.1%
—
Revenue CAGR 3Y
-8.6%
—
Revenue CAGR 5Y
-3.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HBIO
Peer Median
HBIO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
8 analysts
- Strong Buy 2 25.0%
- Buy 4 50.0%
- Hold 2 25.0%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
1 analysts · 2026-08-16
Low
$7.50
High
$7.50
Median target
$7.50
+6.3%
Mean target
$7.50
+6.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.05%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $-0.14 | $-0.21 | 0.07% |
| March 31, 2026 | $-0.33 | $-0.63 | 0.30% |
| Dec. 31, 2025 | $0.00 | $0.36 | -0.36% |
| Sept. 30, 2025 | $0.00 | $0.05 | -0.05% |
| June 30, 2025 | $-0.10 | $-0.10 | 0.00% |
| March 31, 2025 | $-0.10 | $-0.41 | 0.31% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HBIO | $30M | -0.5 | -8.1% | -65.5% | -384.8% | 57.7% |
| HYFT | — | — | — | — | — | — |
| CIRC | — | — | — | — | — | — |
| BNGO | $16M | -0.3 | -7.4% | -92.6% | -58.8% | — |
| CDT | — | — | — | — | — | — |
| TMO | $257.86B | 32.7 | 3.9% | 15.0% | 13.0% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $87M | $94M | $112M | $113M | $119M | $102M | $116M | $121M | $77M | $105M | $109M | $109M | |
| Cost of Revenue | $37M | $39M | $46M | $53M | $51M | $44M | $52M | $58M | $38M | $56M | $60M | $59M | |
| Gross Profit | $50M | $55M | $66M | $61M | $68M | $58M | $64M | $63M | $39M | $48M | $49M | $49M | |
| R&D Expense | $9M | $10M | $12M | $12M | $11M | $9M | $11M | $11M | $6M | $5M | $6M | $5M | |
| SG&A Expense | $18M | $21M | $23M | $24M | $24M | $24M | $23M | $21M | $18M | $21M | $20M | $17M | |
| Operating Expenses | $98M | $61M | $64M | $68M | $66M | $58M | $64M | $62M | $40M | $51M | $50M | $43M | |
| Operating Income | $-49M | $-6M | $2M | $-7M | $2M | $221.0K | $377.0K | $984.0K | $-635.0K | $-3M | $-2M | $7M | |
| Interest Expense | · | · | · | · | · | · | · | $5M | $713.0K | $639.0K | $846.0K | $990.0K | |
| Other Non-op | $-3M | $-325.0K | $-227.0K | $302.0K | $-666.0K | $-806.0K | $-469.0K | $-4M | $-739.0K | $-179.0K | $-1M | $-1M | |
| Pretax Income | $-57M | $-12M | $-3M | $-9M | $-140.0K | $-7M | $-6M | $-8M | $-3M | $-3M | $-4M | $4M | |
| Income Tax | $-686.0K | $740.0K | $859.0K | $337.0K | $148.0K | $518.0K | $-815.0K | $-4M | $-605.0K | $1M | $15M | $2M | |
| Net Income | $-57M | $-12M | $-3M | $-10M | $-288.0K | $-8M | $-5M | $-3M | $-865.0K | $-4M | $-19M | $2M | |
| EPS (Basic) | $-1.28 | $-0.28 | $-0.08 | $-0.23 | $-0.01 | · | $-0.12 | $-0.08 | $-0.02 | $-0.13 | $-0.57 | $0.07 | |
| EPS (Diluted) | $-1.28 | $-0.28 | $-0.08 | $-0.23 | · | · | $-0.12 | $-0.08 | $-0.02 | $-0.13 | $-0.57 | $0.07 | |
| Shares (Basic) | 44,391,000 | 43,538,000 | 42,420,000 | 41,413,000 | 40,343,000 | 38,640,000 | 37,813,580 | 36,453,126 | 34,753,325 | 34,211,521 | 33,592,775 | 32,170,683 | |
| Shares (Diluted) | 44,391,000 | 43,538,000 | 42,420,000 | 41,413,000 | 40,343,000 | 38,640,000 | 37,813,580 | 36,453,126 | 34,753,325 | 34,211,521 | 33,592,775 | 33,236,569 | |
| EBITDA | $-49M | $-6M | $2M | $-7M | $2M | $221.0K | $377.0K | $984.0K | $-101.0K | $-3M | $-2M | · |
Balance Sheet 28
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9M | $4M | $4M | $5M | $8M | $8M | $8M | $8M | $6M | $6M | $7M | $14M | |
| Receivables | $16M | $15M | $16M | $17M | $22M | $18M | $21M | $21M | $13M | $16M | $18M | $16M | |
| Inventory | $21M | $23M | $25M | $26M | $28M | $22M | $22M | $25M | $17M | $20M | $22M | $21M | |
| Other Current Assets | $3M | $3M | $4M | $3M | $4M | $3M | $2M | $3M | $4M | $4M | $4M | $5M | |
| Current Assets | $48M | $45M | $49M | $51M | $62M | $52M | $54M | $58M | $48M | $45M | $51M | $57M | |
| PP&E (Net) | $5M | $5M | $4M | $3M | $3M | $4M | $5M | $6M | $4M | $4M | $6M | $5M | |
| PP&E (Gross) | $23M | $21M | $18M | $18M | $18M | $21M | $20M | $23M | $19M | $19M | $22M | $20M | |
| Accum. Depreciation | $18M | $16M | $14M | $15M | $14M | $17M | $15M | $17M | $16M | $15M | $16M | $15M | |
| Goodwill | $10M | $56M | $57M | $56M | $58M | $59M | $57M | $57M | $36M | $38M | $40M | $40M | |
| Intangibles | $8M | $11M | $16M | $21M | $27M | $33M | $38M | $46M | $10M | $17M | $21M | $21M | |
| Other Non-current Assets | $3M | $3M | $6M | $8M | $5M | $1M | $2M | $2M | $324.0K | $128.0K | $152.0K | $380.0K | |
| Total Assets | $80M | $127M | $137M | $145M | $162M | $156M | $165M | $169M | $109M | $108M | $120M | $136M | |
| Accounts Payable | $4M | $5M | $6M | $6M | $5M | $6M | $5M | $7M | $4M | $6M | $9M | $6M | |
| Accrued Liabilities | · | · | · | · | · | · | $6M | $7M | $4M | $5M | $4M | $4M | |
| Current Liabilities | $22M | $55M | $27M | $23M | $25M | $21M | $25M | $25M | $14M | $15M | $19M | $18M | |
| Capital Leases | $7M | $6M | $5M | $5M | $6M | $7M | $8M | · | · | · | · | · | |
| Deferred Tax | $317.0K | $710.0K | $776.0K | $590.0K | $2M | $2M | $2M | $2M | $3M | $6M | $4M | $1M | |
| Other Non-current Liabilities | $1M | $1M | $1M | $1M | $486.0K | $3M | $749.0K | $3M | · | · | · | · | |
| Total Liabilities | $66M | $63M | $64M | $73M | $79M | $80M | $83M | $86M | $28M | $36M | $42M | $40M | |
| Long-term Debt | $36M | $37M | $37M | $47M | $48M | $48M | $54M | $61M | $12M | $14M | $19M | $21M | |
| Total Debt | $36M | $37M | $37M | $47M | $49M | $48M | $50M | $59M | $9M | $11M | $16M | · | |
| Common Stock | $447.0K | $441.0K | $434.0K | $454.0K | $452.0K | $444.0K | $438.0K | $436.0K | $419.0K | $418.0K | $416.0K | $397.0K | |
| Retained Earnings | $-215M | $-158M | $-146M | $-142M | $-133M | $-132M | $-125M | $-120M | $-117M | $-116M | $-112M | $-93M | |
| Treasury Stock | · | · | · | · | $0 | $11M | · | · | · | · | · | · | |
| AOCI | $-12M | $-16M | $-14M | $-15M | $-10M | $-13M | $-13M | $-14M | $-11M | $-17M | $-12M | $-8M | |
| Stockholders' Equity | $14M | $63M | $73M | $72M | $83M | $77M | $82M | $83M | $81M | $72M | $78M | $95M | |
| Liabilities + Equity | $80M | $127M | $137M | $145M | $162M | $156M | $165M | $169M | $109M | $108M | $120M | $136M | |
| Shares Outstanding | 4,471,989 | 44,074,475 | 43,394,509 | 42,081,707 | 41,142,876 | 39,407,080 | 38,188,208 | 37,378,802 | 35,018,478 | 35,018,478 | 33,979,265 | 32,563,256 |
Cash Flow 16
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $2M | $4M | $5M | $4M | $4M | $4M | $3M | $3M | $4M | $3M | $3M | $2M | |
| Deferred Tax | $-553.0K | $310.0K | $228.0K | $-498.0K | $-371.0K | $-143.0K | $-398.0K | $-4M | $-2M | $-279.0K | $15M | $1M | |
| Amort. of Intangibles | $4M | $5M | $6M | $6M | $6M | $6M | $6M | $5M | $2M | $3M | $3M | $3M | |
| Restructuring | $200.0K | $800.0K | $391.0K | $2M | $1M | $2M | $1M | · | $0 | $-4.0K | $788.0K | $1M | |
| Operating Cash Flow | $7M | $1M | $14M | $1M | $1M | $9M | $8M | $3M | $1M | $5M | $705.0K | $4M | |
| CapEx | $1M | $3M | $2M | $2M | $1M | $1M | $1M | $986.0K | $890.0K | · | · | · | |
| Investing Cash Flow | $-2M | $-1M | $-2M | $-2M | $-1M | $-1M | $-229.0K | $-54M | $-917.0K | $-62.0K | $-8M | $-14M | |
| Debt Issued | $40M | $0 | · | · | · | · | · | · | · | · | · | · | |
| Net Debt Issued | $15M | $-6M | $-4M | $-3M | $-4M | $-67M | $-12M | $-20M | $-5M | $-9M | $-8M | · | |
| Stock Issued | · | · | · | · | · | · | · | $5M | $160.0K | $182.0K | $2M | $2M | |
| Net Stock Activity | · | · | · | · | · | · | · | $5M | $160.0K | $182.0K | $2M | · | |
| Financing Cash Flow | $-1M | $-131.0K | $-12M | $-3M | $-252.0K | $-8M | $-8M | $53M | $-2M | $-5M | $-540.0K | $-1M | |
| Net Change in Cash | $5M | $-175.0K | $-225.0K | $-3M | $-496.0K | $-18.0K | $162.0K | $2M | $137.0K | $-1M | $-7M | $-12M | |
| Taxes Paid | $-98.0K | $-159.0K | $207.0K | $534.0K | $577.0K | $416.0K | $374.0K | $98.0K | $13.0K | · | · | · | |
| Free Cash Flow | $5M | $-1M | $12M | $-438.0K | $67.0K | $8M | $7M | $2M | · | · | · | · | |
| Levered FCF | · | · | · | · | · | · | · | $-995.1K | · | · | · | · |
Profitability 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 57.7% | 58.2% | 58.9% | 53.7% | 56.9% | 56.9% | 55.4% | 52.3% | 46.7% | 46.3% | 44.8% | · | |
| Operating Margin | -56.1% | -6.6% | 1.7% | -6.1% | 1.7% | 0.22% | 0.32% | 0.81% | -0.10% | -2.9% | -1.6% | · | |
| Net Margin | -65.5% | -13.2% | -3.0% | -8.4% | -0.24% | -7.6% | -4.0% | -2.4% | -0.85% | -4.1% | -17.5% | · | |
| Pretax Margin | -66.3% | -12.4% | -2.3% | -8.1% | -0.12% | -7.1% | -4.7% | -6.6% | -2.1% | -2.9% | -3.3% | · | |
| EBITDA Margin | -56.1% | -6.6% | 1.7% | -6.1% | 1.7% | 0.22% | 0.32% | 0.81% | -0.10% | -2.9% | -1.6% | · | |
| ROA | -54.9% | -9.4% | -2.4% | -6.2% | -0.18% | -4.9% | -2.8% | -2.1% | -0.80% | -3.8% | -14.9% | · | |
| ROE | -384.8% | -19.3% | -4.6% | -13.2% | -0.36% | -10.2% | -5.9% | -3.6% | -1.1% | -5.8% | -22.0% | · | |
| ROIC | -96.8% | -6.6% | 2.3% | -6.0% | 3.2% | 0.19% | 0.24% | 0.37% | -0.05% | -5.0% | -9.6% | · |
Liquidity & Solvency 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.2 | 0.8 | 1.8 | 2.2 | 2.4 | 2.5 | 2.1 | 2.7 | 3.4 | 3.1 | 2.6 | · | |
| Quick Ratio | 1.1 | 0.3 | 0.8 | 0.9 | 1.2 | 1.2 | 1.1 | 1.4 | 1.6 | 1.5 | 1.3 | · | |
| Debt / Equity | 2.6 | 0.6 | 0.5 | 0.7 | 0.6 | 0.6 | 0.6 | 0.7 | 0.1 | 0.2 | 0.2 | · | |
| LT Debt / Equity | 2.6 | 0.0 | 0.4 | 0.6 | 0.5 | 0.6 | 0.6 | 0.7 | 0.1 | 0.2 | 0.2 | · | |
| Interest Coverage | · | · | · | · | · | · | · | 0.2 | -0.1 | -4.7 | -2.0 | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.7 | 0.8 | 0.7 | 0.7 | 0.6 | 0.7 | 0.9 | 0.9 | 0.9 | 0.8 | · | |
| Inventory Turnover | 1.7 | 1.6 | 1.8 | 1.9 | 2.1 | 2.0 | 2.2 | 2.7 | 2.6 | 2.7 | 2.8 | · | |
| Receivables Turnover | 5.6 | 6.1 | 6.8 | 5.9 | 6.0 | 5.3 | 5.5 | 6.9 | 6.4 | 6.3 | 6.5 | · |
Growth Rates 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -8.1% | -16.1% | -0.96% | -4.7% | 16.5% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | -8.6% | -7.5% | 3.2% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | -3.2% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 13
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $87M | $94M | $112M | $113M | $119M | $102M | $116M | $121M | $77M | $105M | $109M | $109M | |
| Net Income TTM | $-57M | $-12M | $-3M | $-10M | $-288.0K | $-8M | $-5M | $-3M | $-865.0K | $-4M | $-19M | $2M | |
| Market Cap | $30M | $93M | $232M | $117M | $290M | $169M | $116M | $119M | $116M | $105M | $118M | · | |
| Enterprise Value | $57M | $126M | $265M | $159M | $331M | $209M | $158M | $169M | $119M | $111M | $128M | · | |
| P/E | -0.5 | -7.5 | -66.9 | -12.0 | · | -20.4 | -25.4 | -39.8 | -165.0 | -23.5 | -6.1 | 81.0 | |
| P/S | 0.3 | 1.0 | 2.1 | 1.0 | 2.4 | 1.7 | 1.0 | 1.0 | 1.5 | 1.0 | 1.1 | · | |
| P/B | 2.2 | 1.5 | 3.2 | 1.6 | 3.5 | 2.2 | 1.4 | 1.4 | 1.4 | 1.5 | 1.5 | · | |
| P / Cash Flow | 4.5 | 64.6 | 16.5 | 101.2 | 229.8 | 18.1 | 14.5 | 41.2 | 109.3 | 19.5 | 167.2 | · | |
| P / FCF | 5.5 | -77.2 | 19.0 | -266.1 | 4329.2 | 20.7 | 17.1 | 62.6 | · | · | · | · | |
| EV / EBITDA | -1.2 | -20.3 | 139.8 | -23.0 | 160.1 | 945.8 | 419.8 | 172.2 | -1176.3 | -37.0 | -74.5 | · | |
| EV / FCF | 10.5 | -104.8 | 21.6 | -363.4 | 4938.0 | 25.6 | 23.2 | 89.3 | · | · | · | · | |
| EV / Revenue | 0.7 | 1.3 | 2.4 | 1.4 | 2.8 | 2.0 | 1.4 | 1.4 | 1.5 | 1.1 | 1.2 | · | |
| Earnings Yield | -191.0% | -13.3% | -1.5% | -8.3% | · | -4.9% | -3.9% | -2.5% | -0.61% | -4.3% | -16.4% | 1.2% |
Income Statement 16
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $23M | $21M | $24M | $21M | $20M | $22M | $25M | $22M | $23M | $25M | $28M | $25M | $29M | $30M | $28M | $27M | |
| Cost of Revenue | $10M | $9M | $10M | $9M | $9M | $10M | $11M | $9M | $10M | $10M | $12M | $11M | $12M | $12M | $13M | $15M | |
| Gross Profit | $13M | $12M | $14M | $12M | $12M | $12M | $14M | $13M | $13M | $15M | $16M | $15M | $17M | $18M | $16M | $12M | |
| R&D Expense | $2M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | |
| SG&A Expense | $5M | $5M | $4M | $4M | $4M | $5M | $5M | $5M | $6M | $6M | $5M | $6M | $5M | $6M | $6M | $6M | |
| Operating Expenses | $14M | $13M | $12M | $12M | $12M | $62M | $14M | $15M | $15M | $17M | $16M | $16M | $16M | $17M | $16M | $16M | |
| Operating Income | $-978.0K | $-1M | $2M | $197.0K | $-819.0K | $-50M | $11.0K | $-2M | $-2M | $-2M | $282.0K | $-933.0K | $796.0K | $2M | $-457.0K | $-4M | |
| Other Non-op | $-125.0K | $-405.0K | $-1M | $-365.0K | $-434.0K | $-193.0K | $516.0K | $-518.0K | $-181.0K | $-142.0K | $-332.0K | $45.0K | $-372.0K | $432.0K | $465.0K | $-179.0K | |
| Pretax Income | $-3M | $-3M | $-3M | $-1M | $-2M | $-51M | $590.0K | $-4M | $-3M | $-4M | $-1M | $-562.0K | $-2M | $1M | $-892.0K | $-5M | |
| Income Tax | $14.0K | $117.0K | $-357.0K | $97.0K | $28.0K | $-454.0K | $572.0K | $311.0K | $-353.0K | $210.0K | $715.0K | $677.0K | $-1M | $585.0K | $774.0K | $-1M | |
| Net Income | $-3M | $-3M | $-3M | $-1M | $-2M | $-50M | $18.0K | $-5M | $-3M | $-5M | $-2M | $-1M | $-980.0K | $622.0K | $-2M | $-3M | |
| EPS (Basic) | $-0.64 | $-0.77 | $-0.06 | $-0.03 | $-0.52 | $-11.42 | $0.01 | $-0.11 | $-0.07 | $-0.11 | $-0.04 | $-0.03 | $-0.02 | $0.01 | $-0.04 | $-0.08 | |
| EPS (Diluted) | $-0.64 | $-0.77 | $-0.06 | $-0.03 | $-0.52 | $-11.42 | $0.01 | $-0.11 | $-0.07 | $-0.11 | $-0.04 | $-0.03 | $-0.02 | $0.01 | $-0.04 | $-0.08 | |
| Shares (Basic) | 4,526,000 | 4,473,000 | -88,564,000 | 44,556,000 | 4,430,000 | 4,410,000 | -86,964,000 | 43,614,000 | 43,486,000 | 43,402,000 | -84,741,000 | 42,688,000 | 42,354,000 | 42,119,000 | -82,747,000 | 41,637,000 | |
| Shares (Diluted) | 4,526,000 | 4,473,000 | -88,564,000 | 44,556,000 | 4,430,000 | 4,410,000 | -86,964,000 | 43,614,000 | 43,486,000 | 43,402,000 | -85,405,000 | 42,688,000 | 42,354,000 | 42,783,000 | -84,003,000 | 41,637,000 | |
| EBITDA | $-978.0K | $-1M | · | $197.0K | $-819.0K | $-50M | · | $-2M | $-2M | $-2M | · | $-933.0K | $796.0K | $2M | · | $-4M |
Balance Sheet 26
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7M | $7M | $9M | $7M | $7M | $6M | $4M | $5M | $4M | $4M | $4M | $5M | $4M | $4M | $5M | $5M | |
| Receivables | $14M | $15M | $16M | $12M | $12M | $13M | $15M | $13M | $12M | $15M | $16M | $15M | $17M | $18M | $17M | $15M | |
| Inventory | $22M | $22M | $21M | $22M | $22M | $23M | $23M | $26M | $25M | $24M | $25M | $26M | $26M | $27M | $26M | $26M | |
| Other Current Assets | $3M | $4M | $3M | $3M | $3M | $3M | $3M | $3M | $5M | $4M | $4M | $4M | $5M | $4M | $3M | $6M | |
| Current Assets | $46M | $47M | $48M | $44M | $45M | $45M | $45M | $47M | $46M | $48M | $49M | $50M | $53M | $52M | $51M | $52M | |
| PP&E (Net) | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $4M | $3M | $3M | $3M | $3M | $4M | |
| PP&E (Gross) | · | · | $23M | · | · | · | $21M | · | · | · | $18M | · | · | · | $18M | · | |
| Accum. Depreciation | · | · | $18M | · | · | · | $16M | · | · | · | $14M | · | · | · | $15M | · | |
| Goodwill | $9M | $9M | $10M | $10M | $10M | $9M | $56M | $57M | $57M | $57M | $57M | $56M | $57M | $57M | $56M | $55M | |
| Intangibles | $6M | $7M | $8M | $8M | $9M | $10M | $11M | $12M | $13M | $15M | $16M | $17M | $18M | $20M | $21M | $22M | |
| Other Non-current Assets | $3M | $3M | $3M | $4M | $4M | $4M | $3M | $3M | $3M | $5M | $6M | $8M | $6M | $8M | $8M | $8M | |
| Total Assets | $76M | $78M | $80M | $78M | $80M | $80M | $127M | $131M | $129M | $133M | $137M | $140M | $143M | $146M | $145M | $147M | |
| Accounts Payable | $6M | $5M | $4M | $5M | $5M | $5M | $5M | $5M | $6M | $6M | $6M | $6M | $5M | $6M | $6M | $6M | |
| Current Liabilities | $25M | $24M | $22M | $54M | $55M | $56M | $55M | $23M | $23M | $26M | $27M | $24M | $23M | $23M | $23M | $21M | |
| Capital Leases | $6M | $6M | $7M | $7M | $7M | $7M | $6M | $7M | $5M | $5M | $5M | $4M | $5M | $5M | $5M | $6M | |
| Deferred Tax | $311.0K | $313.0K | $317.0K | $733.0K | $734.0K | $717.0K | $710.0K | $707.0K | $764.0K | $772.0K | $776.0K | $661.0K | $667.0K | $546.0K | $590.0K | $1M | |
| Other Non-current Liabilities | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | $1M | $1M | $892.0K | $1M | $1M | $1M | $420.0K | |
| Total Liabilities | $69M | $68M | $66M | $64M | $64M | $65M | $63M | $66M | $62M | $64M | $64M | $65M | $68M | $71M | $73M | $75M | |
| Long-term Debt | $37M | $36M | $36M | $34M | $35M | $36M | $37M | $38M | $36M | $36M | $37M | $39M | $41M | $44M | $47M | $49M | |
| Total Debt | $37M | $36M | · | · | · | · | · | $38M | $36M | $36M | · | $39M | $42M | $44M | · | $50M | |
| Common Stock | $447.0K | $447.0K | $447.0K | $446.0K | $445.0K | $442.0K | $441.0K | $436.0K | $436.0K | $434.0K | $434.0K | $457.0K | $457.0K | $455.0K | $454.0K | $453.0K | |
| Retained Earnings | $-221M | $-218M | $-215M | $-212M | $-211M | $-208M | $-158M | $-158M | $-153M | $-150M | $-146M | $-144M | $-143M | $-142M | $-142M | $-141M | |
| AOCI | $-12M | $-12M | $-12M | $-12M | $-12M | $-14M | $-16M | $-13M | $-15M | $-15M | $-14M | $-15M | $-14M | $-15M | $-15M | $-16M | |
| Stockholders' Equity | $7M | $10M | $14M | $14M | $16M | $15M | $63M | $65M | $67M | $69M | $73M | $74M | $75M | $74M | $72M | $72M | |
| Liabilities + Equity | $76M | $78M | $80M | $78M | $80M | $80M | $127M | $131M | $129M | $133M | $137M | $140M | $143M | $146M | $145M | $147M | |
| Shares Outstanding | 4,552,305 | 4,510,182 | 44,719,894 | 44,579,665 | 44,531,198 | 44,213,746 | 44,074,475 | 43,616,621 | 43,610,883 | 43,421,251 | 43,394,509 | 42,688,246 | 42,688,246 | 42,190,043 | 42,081,707 | 41,657,688 |
Cash Flow 11
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $380.0K | $257.0K | $459.0K | $324.0K | $472.0K | $600.0K | $961.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | |
| Amort. of Intangibles | $820.0K | $820.0K | $850.0K | $855.0K | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $2M | $2M | |
| Restructuring | $318.0K | $235.0K | $29.0K | $48.0K | $30.0K | $93.0K | $225.0K | $179.0K | $396.0K | $0 | · | · | · | · | $485.0K | $1M | |
| Operating Cash Flow | $325.0K | $-662.0K | $-96.0K | $1M | $3M | $3M | $2M | $-842.0K | $-846.0K | $1M | $4M | $4M | $4M | $2M | $3M | $649.0K | |
| CapEx | $688.0K | $426.0K | $449.0K | $207.0K | $89.0K | $513.0K | $301.0K | $880.0K | $818.0K | $645.0K | $830.0K | $217.0K | $517.0K | $224.0K | $235.0K | $442.0K | |
| Investing Cash Flow | $-916.0K | $-620.0K | $-599.0K | $-348.0K | $-233.0K | $-683.0K | $-466.0K | $-1M | $458.0K | $-225.0K | $-1M | $-401.0K | $-625.0K | $288.0K | $-235.0K | $-442.0K | |
| Net Debt Issued | · | $0 | · | · | · | $-1M | · | · | · | $-3M | · | · | · | $-2M | · | · | |
| Financing Cash Flow | $-38.0K | $-9.0K | $2M | $-1M | $-1M | $-1M | $-1M | $2M | $177.0K | $-1M | $-4M | $-3M | $-2M | $-3M | $-3M | $377.0K | |
| Net Change in Cash | $-595.0K | $-2M | $2M | $-625.0K | $2M | $1M | $-461.0K | $521.0K | $-207.0K | $-28.0K | $-1M | $1M | $535.0K | $-719.0K | $-636.0K | $885.0K | |
| Taxes Paid | $-164.0K | $-5.0K | $-144.0K | $-2.0K | $46.0K | $2.0K | $-474.0K | $184.0K | $105.0K | $26.0K | $39.0K | $53.0K | $249.0K | $-134.0K | $41.0K | $141.0K | |
| Free Cash Flow | · | $-1M | · | · | · | $2M | · | · | · | $758.0K | · | · | · | $2M | · | · |
Profitability 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.6% | 59.0% | · | 58.4% | 56.4% | 56.0% | · | 58.1% | 57.2% | 60.3% | · | 58.1% | 58.0% | 61.2% | · | 45.2% | |
| Operating Margin | -4.3% | -5.7% | · | 0.96% | -4.0% | -228.1% | · | -8.5% | -9.0% | -9.3% | · | -3.7% | 2.8% | 5.8% | · | -14.0% | |
| Net Margin | -12.8% | -16.5% | · | -6.0% | -11.2% | -231.2% | · | -21.9% | -12.7% | -19.1% | · | -4.9% | -3.4% | 2.1% | · | -12.7% | |
| Pretax Margin | -12.7% | -15.9% | · | -5.5% | -11.0% | -233.3% | · | -20.4% | -14.2% | -18.3% | · | -2.2% | -7.3% | 4.0% | · | -17.4% | |
| EBITDA Margin | -4.3% | -5.7% | · | 0.96% | -4.0% | -228.1% | · | -8.5% | -9.0% | -9.3% | · | -3.7% | 2.8% | 5.8% | · | -14.0% | |
| ROA | -3.7% | -4.3% | · | -1.2% | -2.2% | -47.3% | · | -3.5% | -2.1% | -3.4% | · | -0.86% | -0.66% | 0.41% | · | -2.3% | |
| ROE | -25.1% | -27.5% | · | -3.1% | -5.5% | -120.4% | · | -6.9% | -4.1% | -6.6% | · | -1.7% | -1.3% | 0.83% | · | -4.6% | |
| ROIC | -2.2% | -2.6% | · | 1.5% | -5.3% | -331.8% | · | -1.9% | -1.8% | -2.3% | · | -1.8% | 0.32% | 0.76% | · | -2.2% |
Liquidity & Solvency 4
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.9 | 2.0 | · | 0.8 | 0.8 | 0.8 | · | 2.1 | 2.1 | 1.9 | · | 2.1 | 2.3 | 2.3 | · | 2.4 | |
| Quick Ratio | 0.8 | 0.9 | · | 0.3 | 0.4 | 0.3 | · | 0.8 | 0.7 | 0.8 | · | 0.8 | 0.9 | 0.9 | · | 0.9 | |
| Debt / Equity | 4.9 | 3.6 | · | · | · | · | · | 0.6 | 0.5 | 0.5 | · | 0.5 | 0.6 | 0.6 | · | 0.7 | |
| LT Debt / Equity | 4.9 | 3.6 | · | · | · | · | · | 0.5 | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.6 | · | 0.6 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | |
| Inventory Turnover | 0.5 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.6 | |
| Receivables Turnover | 1.7 | 1.5 | · | 1.7 | 1.7 | 1.5 | · | 1.6 | 1.6 | 1.5 | · | 1.7 | 1.7 | 1.6 | · | 1.6 |
Valuation (TTM) 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $85M | $84M | · | $85M | $87M | $91M | · | $95M | $102M | $109M | · | $111M | $115M | $115M | · | $115M | |
| Net Income TTM | $-10M | $-57M | · | $-59M | $-60M | $-63M | · | $-14M | $-10M | $-6M | · | $-5M | $-1M | $-7M | · | $-8M | |
| Market Cap | $28M | $22M | · | $20M | $20M | $25M | · | $117M | $124M | $184M | · | $184M | $234M | $177M | · | $107M | |
| Enterprise Value | $58M | $51M | · | · | · | · | · | $151M | $156M | $216M | · | $217M | $272M | $218M | · | $151M | |
| P/E | -3.1 | -0.4 | · | -0.3 | -0.3 | -0.4 | · | -8.4 | -12.4 | -28.3 | · | -35.8 | -183.0 | -23.3 | · | · | |
| P/S | 0.3 | 0.3 | · | 0.2 | 0.2 | 0.3 | · | 1.2 | 1.2 | 1.7 | · | 1.7 | 2.0 | 1.5 | · | 0.9 | |
| P/B | 3.8 | 2.2 | · | 1.4 | 1.2 | 1.7 | · | 1.8 | 1.8 | 2.7 | · | 2.5 | 3.1 | 2.4 | · | 1.5 | |
| P / Tangible Book | · | · | · | · | · | · | · | · | · | · | · | 189.4 | 897.9 | · | · | · | |
| P / Cash Flow | · | -33.2 | · | · | · | 8.4 | · | · | · | 131.2 | · | · | · | 97.8 | · | · | |
| P / FCF | · | -20.2 | · | · | · | 10.2 | · | · | · | 242.9 | · | · | · | 111.6 | · | · | |
| EV / EBITDA | -59.5 | -43.5 | · | · | · | · | · | -80.6 | -75.5 | -94.7 | · | -232.8 | 341.4 | 124.5 | · | -40.1 | |
| EV / FCF | · | -46.9 | · | · | · | · | · | · | · | 284.6 | · | · | · | 137.1 | · | · | |
| EV / Revenue | 0.7 | 0.6 | · | · | · | · | · | 1.6 | 1.5 | 2.0 | · | 2.0 | 2.4 | 1.9 | · | 1.3 | |
| Earnings Yield | -31.9% | -251.9% | · | -302.3% | -311.4% | -250.9% | · | -11.9% | -8.1% | -3.5% | · | -2.8% | -0.55% | -4.3% | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $87M | $94M | $112M | $113M | $119M |
| Gross Margin % | 57.7% | 58.2% | 58.9% | 53.7% | 56.9% |
| Operating Margin % | -56.1% | -6.6% | 1.7% | -6.1% | 1.7% |
| Net Income | $-57M | $-12M | $-3M | $-10M | $-288.0K |
| Diluted EPS | $-1.28 | $-0.28 | $-0.08 | $-0.23 | — |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | 2.6 | 0.6 | 0.5 | 0.7 | 0.6 |
| Current Ratio | 2.2 | 0.8 | 1.8 | 2.2 | 2.4 |
| Quick Ratio | 1.1 | 0.3 | 0.8 | 0.9 | 1.2 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $5M | $-1M | $12M | $-438.0K | $67.0K |
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Institutional owners (13F) 9 filers · $5.5M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 0 (0 vs prior Q) | 0 (-57 vs prior Q) | 2 (+2 vs prior Q) | 0 (-3 vs prior Q) | +90K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| AMH Equity Ltd | $1,774,844 | 4,047,535 | 32.20% | Shares |
| Meros Investment Management, LP | $1,125,401 | 182,992 | 20.41% | Shares |
| VANGUARD GROUP INC | $1,092,570 | 1,633,139 | 19.82% | Shares |
| NANO CAP NEW MILLENNIUM GROWTH FUND L P | $879,954 | 143,082 | 15.96% | Shares |
| TWO SIGMA ADVISERS, LP | $587,578 | 878,556 | 10.66% | Shares |
| Nuveen Asset Management, LLC | $40,837 | 19,354 | 0.74% | Shares |
| Point72 Asia (Singapore) Pte. Ltd. | $6,445 | 14,697 | 0.12% | Shares |
| WOLVERINE TRADING, LLC | $5,102 | 11,600 | 0.09% | Call option |
| Financial Connections Group, Inc. | $0 | 30 | 0.00% | Shares |
Company insiders 35 insiders · 14 officers · 18 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John D Duke | Chief Executive Officer | March 20, 2026 A | 180,000 | 1 | 0 | $25,050 |
| Jeffrey Duchemin | Chief Executive Officer | July 7, 2019 D | 464,528 | 0 | 0 | $0 |
| Mark T Frost | Chief Financial Officer | March 20, 2026 A | 47,500 | 1 | 0 | $25,000 |
| Jennifer Cote | Chief Financial Officer | March 19, 2025 F | 159,019 | 0 | 0 | $0 |
| Michael A. Rossi | Chief Financial Officer | Dec. 29, 2022 F | 260,540 | 0 | 0 | $0 |
| Kamalam Unninayar | Chief Financial Officer | March 7, 2019 A | 73,858 | 0 | 0 | $0 |
| Bryce Anthony Chicoyne | Chief Financial Officer | May 1, 2007 A | — | 0 | 0 | $0 |
| Mark A Norige | President, Harvard Apparatus | May 1, 2007 A | — | 0 | 0 | $0 |
| David L Strack | President of Subsidiary | May 25, 2005 A | — | 0 | 0 | $0 |
| Kenneth Fletcher Olson | Chief Operating Officer | Dec. 29, 2021 F | 155,595 | 0 | 0 | $0 |
| Yash Singh | Executive Vice President | Oct. 31, 2019 A | 39,286 | 0 | 0 | $0 |
| Yong Sun | VP - Commercial Operations | Jan. 1, 2019 F | 242,805 | 0 | 0 | $0 |
| Yoav Sibony | VP - Global Sales | Aug. 3, 2015 A | 21,582 | 0 | 0 | $0 |
| Paul Bailey | VP, Finance & Admin. | May 25, 2005 A | — | 0 | 0 | $0 |
| Seth Benjamin Benson | Director | June 9, 2026 A | 27,556 | 0 | 0 | $0 |
| Katherine A. Eade | Director | June 9, 2026 A | 58,669 | 0 | 0 | $0 |
| Robert E. Gagnon | Director | June 9, 2026 A | 27,556 | 0 | 0 | $0 |
| William Snider | Director | June 9, 2026 A | 48,556 | 2 | 0 | $103,604 |
| Stephen J Denelsky | Director | June 9, 2026 A | 37,556 | 1 | 0 | $48,700 |
| James W Green | Director | Aug. 15, 2025 D | 2,452,566 | 0 | 0 | $0 |
| Thomas W Loewald | Director | May 21, 2024 A | 295,311 | 0 | 0 | $0 |
| Bertrand Loy | Director | May 21, 2024 A | 56,575 | 0 | 0 | $0 |
| Alan I Edrick | Director | May 21, 2024 A | 273,911 | 0 | 0 | $0 |
| John F Kennedy | Director | March 23, 2021 G | 323,344 | 0 | 0 | $0 |
| Susan M. Steele | Director | Jan. 4, 2021 A | 49,400 | 0 | 0 | $0 |
| George Uveges | Director | March 12, 2018 M | 142,685 | 0 | 0 | $0 |
| Earl R Lewis | Director | Jan. 2, 2018 A | 477,050 | 0 | 0 | $0 |
| David Green | Director | Feb. 7, 2017 S | 925,571 | 0 | 0 | $0 |
| Neal J Harte | Director | May 25, 2016 M | 106,399 | 0 | 0 | $0 |
| Robert A Dishman | Director | April 28, 2015 A | 51,055 | 0 | 0 | $0 |
| Chane Graziano | 10% owner | Nov. 7, 2013 G | 3,005,150 | 0 | 0 | $0 |
| HARVARD BIOSCIENCE INC | 10% owner | Nov. 1, 2013 J | 0 | 0 | 0 | $0 |
| HSO LIMITED PARTNERSHIP | 10% owner | May 16, 2008 S | 2,757,257 | 0 | 0 | $0 |
| Thomas Mcnaughton | — | Nov. 1, 2013 J | 171,613 | 0 | 0 | $0 |
| Susan M Luscinski | — | Nov. 1, 2013 J | 469,720 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 5 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| BroadOak Income Fund, L.P., BroadOak Fund VI, L.P., BroadOak Capital Partners, LLC, William Snider | March 23, 2026 | 15.97% | Initial filing | — | SEC |
| ENGINE CAPITAL, L.P., ENGINE JET CAPITAL, L.P., ENGINE CAPITAL MANAGEMENT, LP, ENGINE CAPITAL MANAGEMENT GP, LLC, ENGINE INVESTMENTS, LLC, ARNAUD AJDLER ×5 filings | June 22, 2020 | — | Initial filing | — | SEC |
| HSO Limited Partnership Skystone Advisors LLC Kerry Nelson ×2 filings | May 20, 2008 | — | Initial filing | — | SEC |
| Dec. 14, 2007 | — | Initial filing | — | SEC | |
| Undisclosed reporting person | July 29, 2002 | — | Initial filing | M&A / sale | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 2 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.