Harvard Bioscience Inc (NASDAQ: HBIO)

Harvard Bioscience Inc develops, manufactures, and sells technologies, products, and services that facilitate advances in life science applications, including research, drug and therapy discovery, bioproduction, and preclinical testing for pharmaceutical and therapy development. The company operates in the life sciences industry, providing tools and solutions that enable fundamental advances in various scientific fields. Harvard Bioscience Inc serves a global customer base, including renowned academic institutions, government laboratories, and leading pharmaceutical, biotechnology, and contract research organizations (CROs). With operations in the United States, Europe, and China, the company sells its products through a combination of direct and distribution channels.

Harvard Bioscience Inc generates revenue through the sale of its proprietary products, consumables, software, and services. The company's primary products include electroporation and electrofusion instruments, amino acid analyzers, spectrophotometers, high precision syringe and peristaltic pumps, and precision scientific measuring instrumentation and equipment in the field of electrophysiology. The company's customer base includes academic and government laboratories, biotechnology and pharmaceutical companies, and CROs. The company's solutions range from simple to complex, and generally consist of hardware/firmware and software products, augmented with consumables, options, upgrades, and post-sales services. Sales prices of these products and services range typically from $1,000 to over $100,000.

• Cellular and Molecular (CMT) Product Family: This segment includes products designed primarily to support academic research and the discovery phase of new drug development. The CMT product family includes the Harvard Apparatus, Biochrom, BTX, HEKA, KD Scientific, MCS, and Warner brands. Key products in this segment include electroporation and electrofusion instruments, amino acid analyzers, spectrophotometers, high precision syringe and peristaltic pumps, and precision scientific measuring instrumentation and equipment in the field of electrophysiology. The MeshMEA system, which builds on existing micro-electrode array technology, supports the emerging field of organoid research, especially in the areas of cardiac and neurological research and testing. Sales of the CMT product family made up approximately 46% and 49% of the company's global revenues for the years ended December 31, 2025 and 2024, respectively.

• Preclinical Product Family: This segment provides a complete platform to assess physiological data from organisms for research ranging from basic research to drug discovery and drug development services. The Preclinical product family includes the DSI, Panlab, Hugo Sachs, and Buxco brands. Key products in this segment include implantable and externally worn telemetry systems, behavioral products, isolated organ and surgical products, turn-key respiratory system solutions, inhalation and exposure systems, and powerful GLP-capable data acquisition and analysis systems. The VivaMars behavioral monitoring system, launched in 2023, is directed to the high throughput testing needs of higher-volume industrial customers such as CROs, biotechnology and pharmaceutical companies, and government laboratories engaged in the development and testing of new therapeutics. Sales of products in the Preclinical product family made up approximately 54% and 51% of the company's global revenues for the years ended December 31, 2025 and 2024, respectively.

Harvard Bioscience Inc operates in a highly competitive industry, competing with many companies engaged in developing and selling tools for life science research. Key competitors include Agilent, Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Danaher Corporation, Emka Technologies, Eppendorf AG, Hitachi, Instem plc, Kent Scientific Corporation, Lonza Group Ltd., Revvity, Inc. (f/k/a PerkinElmer, Inc.), Thermo Fisher Scientific, Inc., TSE Systems, and Waters Corporation. The company believes it competes favorably with its competitors on the basis of product performance, including quality, reliability, speed, technical support, price, and delivery time. The company's success depends, to a significant degree, upon its ability to develop proprietary products and technologies and to continue to make investments in research and development activities to advance its position in the industry as a provider of life science equipment, software, and services.

The company's end-user customers are primarily pharmaceutical and biotechnology companies, universities, hospitals, government laboratories, including laboratories operated by the United States National Institutes of Health (NIH) and the U.S. Army, and CROs. Specific customers mentioned include Abbott, Amgen, AstraZeneca, Bayer, Glaxo Smith Kline, Johnson & Johnson, Merck, Novartis, Pfizer, and Regeneron. Academic customers include colleges and universities such as Baylor College of Medicine, Cambridge University, Harvard University, Imperial College of London, Johns Hopkins University, Stanford, the University of California system, University of Pennsylvania, University of Pittsburgh, University of Texas, and Yale University. CRO customers include Charles River Laboratories, Labcorp, and Wuxi AppTec. The company has a wide range of U.S. and international customers, and no customer accounted for more than 10% of its revenues in 2025 and 2024.