Here are 1-2 brief analogies for Harvard Bioscience (HBIO):

• Thermo Fisher Scientific for specialized research labs.

• Agilent Technologies for biological research instrumentation.

• Electrophysiology Systems: Instruments and software used to measure electrical activity in cells and tissues, primarily for neuroscience and cardiac research.
• Perfusion and Organ Preservation Systems: Devices and solutions designed to maintain the viability of organs and tissues outside the body for research or transplant applications.
• Laboratory Animal Surgical Instruments: Precision surgical tools specifically designed for use in animal research, including micro-dissection and physiological studies.
• Cell and Tissue Technology Products: Tools and consumables supporting cell culture, tissue engineering, and other cellular analysis applications.

Harvard Bioscience (symbol: HBIO) sells primarily to other companies and institutions within the life science research sector, rather than directly to individuals.

Based on its public disclosures, HBIO's customer base is highly fragmented, meaning no single customer accounts for 10% or more of its net revenues. As such, HBIO does not publicly disclose specific major named customer companies.

Instead, its major customers are best understood by the categories of organizations it serves within the life science research, drug discovery, and development sectors. These key customer categories represent the primary segments purchasing HBIO's products:

• Pharmaceutical Companies: These global corporations utilize HBIO's lab equipment and research tools for various stages of drug discovery, development, and testing. These are companies, many of which are publicly traded, but HBIO does not name specific major accounts.
• Biotechnology Companies: Innovative firms in the biotechnology sector purchase HBIO's instruments and consumables for advanced research in areas such as genomics, proteomics, and cell biology. Like pharmaceutical companies, these are companies, many of which are public.
• Academic and Government Research Institutions: Universities, medical schools, and government-funded laboratories worldwide are significant customers, using HBIO's products for fundamental scientific research and experimental studies. These are institutions, not public companies, and represent a substantial market segment for HBIO.
• Contract Research Organizations (CROs): CROs provide specialized research and development services to pharmaceutical and biotechnology clients, making them frequent purchasers and users of laboratory equipment and consumables from HBIO. These are companies, and many large CROs are publicly traded.

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John Duke President & Chief Executive Officer

John Duke became the President and Chief Executive Officer of Harvard Bioscience, as well as a member of its Board of Directors, in 2025. Prior to this role, he served as the Chief Executive Officer of Plastic Molding Technology (PMT), where he oversaw approximately 20% annual revenue growth. Mr. Duke's experience also includes serving as Executive Vice President and Chief Business Officer of Lyten, Inc., and over two decades in various leadership positions at Corning Incorporated, including ten years within Corning's Life Sciences division.

Mark Frost Interim Chief Financial Officer and Treasurer

Mark Frost joined Harvard Bioscience as Interim CFO & Treasurer in 2025, bringing over 30 years of financial and executive-level management experience from both private and public companies. He has been a consultant to Harvard Bioscience since January 2025. Mr. Frost previously held the CFO position at Fathom (NYSE:FATH), a digital manufacturing company, and at Argon Medical Devices, a medical devices company that was planning to go public. His extensive background includes serving as Chief Financial Officer for three other public healthcare companies: Analogic (NASDAQ: ALOG), AngioDynamics (NASDAQ: ANGO), and AMRI (NASDAQ: AMRI). He started his career with General Electric, where he held various finance roles over a 14-year period.

Diane Houston Vice President, Global IT

Diane Houston serves as the Vice President, Global IT at Harvard Bioscience. Her background includes extensive experience transforming sales analytics and fleet management as the former Senior Director of Applications and Business Intelligence for Haemonetics. She has held leadership roles in both private and public companies, including Kaz, Paychex, and Oracle, and has experience as a consultant leading teams through significant systems changes.

Lori Packer Vice President, Global People Operations

Lori Packer is the Vice President, Global People Operations at Harvard Bioscience, having dedicated over two decades to the company. Before joining Harvard Bioscience, she was an entrepreneur and independent business owner for 15 years, with considerable experience in medical devices from her time at GV Medical and St. Jude Medical.

Nitya Shetty Vice President, Global Research and Development

Nitya Shetty joined Harvard Bioscience in October 2021 as Vice President, Global Research and Development. He brings 15 years of experience from Spacelabs Healthcare, where he specialized in Patient Monitoring, and seven years from GE Consumer & Industrial. Mr. Shetty has a strong track record in developing high-performance R&D centers globally, transforming medical devices with consumer technologies, and driving revenue through innovative product development, including joint ventures, partnerships, and acquisitions.

The accelerating industry trend towards highly automated, integrated, and high-throughput laboratory solutions and workflows, particularly from larger competitors. Research institutions and pharmaceutical companies are increasingly seeking comprehensive, end-to-end platforms that streamline entire experimental processes, reduce manual intervention, and improve data integration. While Harvard Bioscience offers a range of specialized instruments, a significant portion of its portfolio consists of discrete tools. If these tools are not seamlessly integrated into the automated workflows increasingly adopted by modern labs, or if larger competitors offer superior integrated "solutions" rather than just individual "tools," HBIO could face diminished demand and market share erosion as labs prioritize efficiency, reproducibility, and automated throughput.

Here are five expected drivers of future revenue growth for Harvard Bioscience (HBIO) over the next 2-3 years:

1. New Product Introductions and Accelerated Adoption: Harvard Bioscience anticipates future revenue growth from the introduction and increased adoption of new products. The company has successfully launched products like the Incub8 Multiwell System and is seeing increased demand for its SoHo Telemetry and Biochrom amino acid analyzer. Future expansion of platforms such as SoHo, BTX, and Mesh MEA is expected to support sequential growth and open new markets.
2. Expansion of Distribution Channels and Market Reach: Expanding distribution agreements, such as the one with Fisher Scientific, are poised to enhance market reach and drive revenue. Harvard Bioscience aims to leverage these expanded distribution networks to penetrate industrial and academic markets with broader applications and bioproduction processes.
3. Conversion of Strong Backlog and Order Growth: The company has reported its backlog reaching its highest level in nearly two years, accompanied by sequential and year-over-year order growth. This strong demand and growing backlog indicate potential for future revenue realization as these orders are fulfilled.
4. Focus on High-Value Markets and Alignment with Biomedical Research Trends: Harvard Bioscience is strategically positioned to capitalize on structural tailwinds in high-value markets, including bioproduction and organoid-based testing. Its alignment with broader biomedical research trends, such as precision fermentation and AI-driven reagent optimization, in the expanding biotech reagents market is expected to drive sustained growth.
5. Recovery in Key Geographic Markets: While some regions like China/APAC have presented challenges, the company has observed a recovery in the Americas, particularly in pre-clinical segments, partly driven by NIH/ACA funding. This resurgence in demand from critical markets contributes to the overall revenue growth outlook.

Share Repurchases

• Harvard Bioscience has not reported significant share repurchases over the last 3-5 years, with annual stock buyback data showing negligible activity.

Share Issuance

• As of November 3, 2025, Harvard Bioscience had 44,579,665 shares of common stock issued and outstanding.
• The number of shares outstanding increased by 2.04% in the year leading up to November 2025.
• As of October 31, 2024, there were 43,616,621 shares of common stock outstanding.

Outbound Investments

• Harvard Bioscience acquired Warner Instruments Corporation in May 2025, a company specializing in cell and tissue electro-physiology research products.

Capital Expenditures

• Capital expenditures for Harvard Bioscience were -$1.78 million for the trailing twelve months (TTM) ending June 2025.
• Annual capital expenditures were -$2.64 million in fiscal year 2024, -$1.79 million in fiscal year 2023, and -$1.59 million in fiscal year 2022.
• In fiscal year 2021 and 2020, capital expenditures were -$1.2 million and -$1.0 million, respectively.