Intrinsic value of Harvard Bioscience - HBIO

Previous Close

$4.00

  Intrinsic Value

$0.23

stock screener

  Rating & Target

str. sell

-94%

Previous close

$4.00

 
Intrinsic value

$0.23

 
Up/down potential

-94%

 
Rating

str. sell

We calculate the intrinsic value of HBIO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  163
  252
  377
  546
  771
  1,060
  1,423
  1,868
  2,404
  3,036
  3,771
  4,610
  5,556
  6,611
  7,773
  9,042
  10,416
  11,892
  13,468
  15,143
  16,912
  18,776
  20,731
  22,778
  24,917
  27,146
  29,468
  31,884
  34,396
  37,007
Variable operating expenses, $m
  165
  252
  375
  542
  762
  1,046
  1,402
  1,840
  2,366
  2,987
  3,704
  4,528
  5,458
  6,494
  7,636
  8,882
  10,231
  11,681
  13,230
  14,874
  16,612
  18,443
  20,364
  22,375
  24,475
  26,665
  28,946
  31,319
  33,786
  36,351
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  165
  252
  375
  542
  762
  1,046
  1,402
  1,840
  2,366
  2,987
  3,704
  4,528
  5,458
  6,494
  7,636
  8,882
  10,231
  11,681
  13,230
  14,874
  16,612
  18,443
  20,364
  22,375
  24,475
  26,665
  28,946
  31,319
  33,786
  36,351
Operating income, $m
  -2
  0
  2
  5
  9
  14
  20
  28
  38
  49
  67
  82
  99
  117
  138
  160
  185
  211
  239
  268
  300
  333
  368
  404
  442
  481
  522
  565
  610
  656
EBITDA, $m
  6
  9
  14
  21
  29
  40
  53
  70
  90
  114
  142
  173
  209
  248
  292
  339
  391
  446
  505
  568
  635
  705
  778
  855
  935
  1,019
  1,106
  1,197
  1,291
  1,389
Interest expense (income), $m
  1
  1
  2
  3
  5
  8
  11
  16
  21
  28
  37
  46
  58
  71
  86
  102
  120
  140
  162
  185
  209
  235
  263
  292
  323
  355
  388
  423
  459
  497
  536
Earnings before tax, $m
  -3
  -2
  -1
  0
  1
  3
  5
  7
  10
  12
  20
  24
  28
  31
  36
  40
  45
  49
  54
  59
  64
  70
  76
  81
  87
  93
  100
  106
  113
  120
Tax expense, $m
  0
  0
  0
  0
  0
  1
  1
  2
  3
  3
  6
  6
  7
  8
  10
  11
  12
  13
  15
  16
  17
  19
  20
  22
  24
  25
  27
  29
  31
  32
Net income, $m
  -3
  -2
  -1
  0
  1
  2
  4
  5
  7
  9
  15
  17
  20
  23
  26
  29
  32
  36
  40
  43
  47
  51
  55
  59
  64
  68
  73
  78
  83
  88

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  175
  270
  404
  586
  826
  1,136
  1,525
  2,002
  2,577
  3,254
  4,041
  4,941
  5,955
  7,086
  8,332
  9,692
  11,164
  12,746
  14,436
  16,230
  18,127
  20,124
  22,220
  24,414
  26,706
  29,096
  31,584
  34,174
  36,866
  39,665
Adjusted assets (=assets-cash), $m
  175
  270
  404
  586
  826
  1,136
  1,525
  2,002
  2,577
  3,254
  4,041
  4,941
  5,955
  7,086
  8,332
  9,692
  11,164
  12,746
  14,436
  16,230
  18,127
  20,124
  22,220
  24,414
  26,706
  29,096
  31,584
  34,174
  36,866
  39,665
Revenue / Adjusted assets
  0.931
  0.933
  0.933
  0.932
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
  0.933
Average production assets, $m
  48
  74
  111
  161
  227
  313
  420
  551
  709
  896
  1,112
  1,360
  1,639
  1,950
  2,293
  2,667
  3,073
  3,508
  3,973
  4,467
  4,989
  5,539
  6,116
  6,720
  7,350
  8,008
  8,693
  9,406
  10,147
  10,917
Working capital, $m
  50
  77
  115
  167
  235
  323
  434
  570
  733
  926
  1,150
  1,406
  1,695
  2,016
  2,371
  2,758
  3,177
  3,627
  4,108
  4,618
  5,158
  5,727
  6,323
  6,947
  7,600
  8,280
  8,988
  9,725
  10,491
  11,287
Total debt, $m
  29
  53
  88
  136
  198
  279
  380
  504
  653
  829
  1,034
  1,268
  1,532
  1,826
  2,149
  2,503
  2,886
  3,297
  3,737
  4,203
  4,696
  5,216
  5,761
  6,331
  6,927
  7,548
  8,195
  8,868
  9,569
  10,296
Total liabilities, $m
  45
  70
  105
  152
  215
  295
  396
  521
  670
  846
  1,051
  1,285
  1,548
  1,842
  2,166
  2,520
  2,903
  3,314
  3,753
  4,220
  4,713
  5,232
  5,777
  6,348
  6,944
  7,565
  8,212
  8,885
  9,585
  10,313
Total equity, $m
  129
  200
  299
  433
  612
  841
  1,128
  1,482
  1,907
  2,408
  2,991
  3,656
  4,407
  5,243
  6,165
  7,172
  8,261
  9,432
  10,682
  12,010
  13,414
  14,892
  16,443
  18,066
  19,762
  21,531
  23,373
  25,289
  27,281
  29,352
Total liabilities and equity, $m
  174
  270
  404
  585
  827
  1,136
  1,524
  2,003
  2,577
  3,254
  4,042
  4,941
  5,955
  7,085
  8,331
  9,692
  11,164
  12,746
  14,435
  16,230
  18,127
  20,124
  22,220
  24,414
  26,706
  29,096
  31,585
  34,174
  36,866
  39,665
Debt-to-equity ratio
  0.220
  0.270
  0.300
  0.310
  0.320
  0.330
  0.340
  0.340
  0.340
  0.340
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
  0.350
Adjusted equity ratio
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740
  0.740

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  -2
  -1
  0
  1
  2
  4
  5
  7
  9
  15
  17
  20
  23
  26
  29
  32
  36
  40
  43
  47
  51
  55
  59
  64
  68
  73
  78
  83
  88
Depreciation, amort., depletion, $m
  8
  10
  12
  16
  20
  26
  33
  42
  52
  65
  75
  91
  110
  131
  154
  179
  206
  235
  267
  300
  335
  372
  410
  451
  493
  537
  583
  631
  681
  733
Funds from operations, $m
  5
  8
  11
  16
  21
  28
  36
  47
  59
  74
  90
  109
  130
  154
  180
  208
  239
  271
  306
  343
  382
  423
  466
  510
  557
  606
  656
  709
  764
  821
Change in working capital, $m
  19
  27
  38
  52
  68
  88
  111
  136
  163
  193
  224
  256
  289
  322
  355
  387
  419
  450
  481
  511
  540
  568
  596
  624
  652
  680
  708
  737
  766
  796
Cash from operations, $m
  -13
  -19
  -27
  -36
  -47
  -60
  -74
  -89
  -104
  -119
  -134
  -147
  -159
  -168
  -175
  -179
  -180
  -179
  -175
  -168
  -158
  -146
  -131
  -114
  -95
  -74
  -52
  -28
  -2
  24
Maintenance CAPEX, $m
  -2
  -3
  -5
  -7
  -11
  -15
  -21
  -28
  -37
  -48
  -60
  -75
  -91
  -110
  -131
  -154
  -179
  -206
  -235
  -267
  -300
  -335
  -372
  -410
  -451
  -493
  -537
  -583
  -631
  -681
New CAPEX, $m
  -18
  -26
  -37
  -50
  -66
  -85
  -107
  -131
  -158
  -187
  -217
  -248
  -279
  -311
  -343
  -374
  -405
  -435
  -465
  -494
  -522
  -550
  -577
  -604
  -631
  -658
  -685
  -713
  -741
  -770
Cash from investing activities, $m
  -20
  -29
  -42
  -57
  -77
  -100
  -128
  -159
  -195
  -235
  -277
  -323
  -370
  -421
  -474
  -528
  -584
  -641
  -700
  -761
  -822
  -885
  -949
  -1,014
  -1,082
  -1,151
  -1,222
  -1,296
  -1,372
  -1,451
Free cash flow, $m
  -33
  -49
  -69
  -94
  -125
  -161
  -202
  -248
  -299
  -353
  -411
  -470
  -529
  -589
  -648
  -707
  -765
  -821
  -875
  -928
  -980
  -1,030
  -1,080
  -1,128
  -1,177
  -1,225
  -1,274
  -1,324
  -1,375
  -1,427
Issuance/(repayment) of debt, $m
  17
  25
  35
  47
  63
  81
  101
  124
  149
  176
  205
  234
  264
  294
  324
  354
  383
  411
  439
  467
  493
  519
  545
  570
  596
  621
  647
  673
  700
  728
Issuance/(repurchase) of shares, $m
  51
  72
  100
  135
  177
  227
  284
  348
  418
  492
  567
  648
  731
  814
  896
  977
  1,057
  1,135
  1,211
  1,285
  1,357
  1,427
  1,496
  1,564
  1,632
  1,700
  1,769
  1,838
  1,910
  1,983
Cash from financing (excl. dividends), $m  
  68
  97
  135
  182
  240
  308
  385
  472
  567
  668
  772
  882
  995
  1,108
  1,220
  1,331
  1,440
  1,546
  1,650
  1,752
  1,850
  1,946
  2,041
  2,134
  2,228
  2,321
  2,416
  2,511
  2,610
  2,711
Total cash flow (excl. dividends), $m
  35
  48
  66
  88
  115
  147
  183
  224
  268
  316
  361
  413
  465
  518
  571
  624
  675
  726
  775
  823
  870
  916
  961
  1,006
  1,051
  1,096
  1,142
  1,188
  1,235
  1,284
Retained Cash Flow (-), $m
  -51
  -72
  -100
  -135
  -178
  -229
  -288
  -353
  -425
  -502
  -582
  -666
  -751
  -836
  -922
  -1,006
  -1,090
  -1,171
  -1,250
  -1,328
  -1,404
  -1,478
  -1,551
  -1,624
  -1,696
  -1,768
  -1,842
  -1,916
  -1,992
  -2,071
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -16
  -24
  -34
  -46
  -63
  -82
  -105
  -130
  -157
  -186
  -221
  -253
  -285
  -318
  -350
  -383
  -414
  -445
  -475
  -505
  -534
  -562
  -590
  -617
  -645
  -672
  -700
  -728
  -757
  -787
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  -15
  -22
  -29
  -37
  -47
  -56
  -66
  -74
  -82
  -87
  -92
  -93
  -91
  -88
  -83
  -76
  -69
  -61
  -53
  -45
  -37
  -30
  -24
  -19
  -14
  -11
  -8
  -6
  -4
  -3
Current shareholders' claim on cash, %
  74.2
  56.7
  44.4
  35.5
  29.0
  24.0
  20.2
  17.3
  15.0
  13.1
  11.6
  10.3
  9.3
  8.5
  7.7
  7.1
  6.6
  6.1
  5.7
  5.3
  5.0
  4.7
  4.5
  4.3
  4.1
  3.9
  3.7
  3.6
  3.4
  3.3

Harvard Bioscience, Inc. is a developer, manufacturer and marketer of a range of scientific instruments, systems and lab consumables used for basic research, drug discovery, clinical and environmental testing. The Company's products are sold to thousands of researchers in over 100 countries through its global sales organization, Websites, catalogs and through distributors. The Company's product range is organized into three commercial product families: Cell and Animal Physiology (CAP), Lab Products and Services (LPS), and Molecular Separation and Analysis (MSA). The Company sells these products under brand names, including Harvard Apparatus, KD Scientific, Denville Scientific, AHN, Hoefer, Biochrom, BTX, Warner Instruments, MCS, HEKA, Hugo Sachs Elektronik, Panlab, Coulbourn Instruments, TBSI and CMA Microdialysis. The Company's products consist of instruments, consumables and systems that are made up of various individual products.

FINANCIAL RATIOS  of  Harvard Bioscience (HBIO)

Valuation Ratios
P/E Ratio -34.4
Price to Sales 1.3
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 27.6
Price to Free Cash Flow 34.4
Growth Rates
Sales Growth Rate -3.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -66.7%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 16.7%
Total Debt to Equity 19.4%
Interest Coverage -2
Management Effectiveness
Return On Assets -2.3%
Ret/ On Assets - 3 Yr. Avg. -3.9%
Return On Total Capital -4.4%
Ret/ On T. Cap. - 3 Yr. Avg. -6.8%
Return On Equity -5.3%
Return On Equity - 3 Yr. Avg. -8.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 45.7%
Gross Margin - 3 Yr. Avg. 45.2%
EBITDA Margin 2.9%
EBITDA Margin - 3 Yr. Avg. 4.3%
Operating Margin -1.9%
Oper. Margin - 3 Yr. Avg. 0.6%
Pre-Tax Margin -2.9%
Pre-Tax Margin - 3 Yr. Avg. -1%
Net Profit Margin -3.8%
Net Profit Margin - 3 Yr. Avg. -6.5%
Effective Tax Rate -33.3%
Eff/ Tax Rate - 3 Yr. Avg. -119.4%
Payout Ratio 0%

HBIO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HBIO stock intrinsic value calculation we used $101.882 million for the last fiscal year's total revenue generated by Harvard Bioscience. The default revenue input number comes from 0001 income statement of Harvard Bioscience. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HBIO stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.1%, whose default value for HBIO is calculated based on our internal credit rating of Harvard Bioscience, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Harvard Bioscience.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HBIO stock the variable cost ratio is equal to 102.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HBIO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.6% for Harvard Bioscience.

Corporate tax rate of 27% is the nominal tax rate for Harvard Bioscience. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HBIO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HBIO are equal to 29.5%.

Life of production assets of 14.9 years is the average useful life of capital assets used in Harvard Bioscience operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HBIO is equal to 30.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $80.9 million for Harvard Bioscience - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 36.58 million for Harvard Bioscience is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Harvard Bioscience at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
TMO Thermo Fisher 236.34 199.97  hold
BIO Bio-Rad Labora 269.88 323.94  hold
PKI PerkinElmer 82.07 108.15  buy
DHR Danaher 101.55 86.30  hold
A Agilent Techno 64.50 100.49  str.buy
MTD Mettler-Toledo 595.42 451.96  sell

COMPANY NEWS

▶ Harvard Bioscience: 3Q Earnings Snapshot   [05:55PM  Associated Press]
▶ Harvard Bioscience CFO Robert Gagnon resigns   [Aug-22-18 08:48AM  MarketWatch]
▶ Harvard Bioscience: 1Q Earnings Snapshot   [May-02-18 05:51PM  Associated Press]
▶ 4 Breakout Stocks Offering Phenomenal Returns   [Apr-24-18 08:15AM  Zacks]
▶ 4 Top-Ranked Tech Stocks Under $20 With Room to Run   [Mar-22-18 01:20PM  InvestorPlace]
▶ Harvard Bioscience posts 4Q profit   [Mar-01-18 04:49PM  Associated Press]
▶ Harvard Bioscience snaps up lab equipment firm for $70M   [Jan-23-18 05:45PM  American City Business Journals]
▶ Twin Cities lab animal monitoring company to be sold for $70M   [05:30PM  American City Business Journals]
▶ Harvard Bioscience reports 3Q loss   [Oct-26-17 06:03PM  Associated Press]
▶ Harvard Bioscience reports 2Q loss   [Jul-27-17 11:36PM  Associated Press]
▶ Harvard Bioscience reports 1Q loss   [Apr-27-17 05:32PM  Associated Press]
▶ Harvard Bioscience reports 4Q loss   [Mar-09-17 05:14PM  Associated Press]
▶ Harvard Bioscience an 'Asymmetrical Long Shot'   [Dec-19-16 11:00AM  TheStreet.com]

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