Harvard Bioscience, Inc. (HBIO) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	86	108	109	111	105	109	109	105	77	121	116	102	119	113	112
+ Sales & Services Revenue	86	108	109	111	105	109	109	105	77	121	116	102	119	113	112
- Cost of Revenue	44	56	59	59	57	59	60	56	38	58	52	44	51	53	46
+ Cost of Goods & Services	44	56	59	59	57	59	60	56	38	58	52	44	51	53	46
Gross Profit	42	52	50	52	48	49	49	48	39	63	64	58	68	61	66
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	33	41	41	44	44	43	50	50	40	62	62	58	66	68	64
+ Selling, General & Admin	27	34	35	37	37	35	40	41	33	46	46	43	49	50	47
+ Research & Development	4	5	4	4	4	5	6	5	6	11	11	9	11	12	12
+ Other Operating Expense	2	2	3	3	3	3	3	3	2	5	6	6	6	6	6
Operating Income (Loss)	9	11	9	8	4	7	-1	-1	-1	1	2	- -	2	-7	2
- Non-Operating (Income) Loss	-1	1	2	1	3	2	3	2	2	9	7	8	2	2	4
+ Interest Expense, Net	- -	1	1	1	1	1	1	1	1	5	5	5	2	3	4
+ Interest Expense	- -	1	1	1	1	1	1	1	1	5	5	5	2	3	4
- Interest Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	-1	1	1	1	2	2	2	1	1	4	2	3	1	-1	1
Pretax Income	10	10	7	7	- -	4	-4	-3	-3	-8	-6	-7	- -	-9	-3
- Income Tax Expense (Benefit)	3	-9	2	2	- -	2	15	1	-1	-4	-1	1	- -	- -	1
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	7	19	5	4	1	2	-19	-4	-2	-4	-5	-8	- -	-10	-3
- Net Extraordinary Losses (Gains)	- -	- -	1	2	3	- -	- -	- -	-1	-1	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	-1	-2	-3	- -	- -	- -	1	1	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	3	4	5	- -	- -	- -	-2	-3	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	7	19	4	2	-2	2	-19	-4	-1	-3	-5	-8	- -	-10	-3
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	7	19	4	2	-2	2	-19	-4	-1	-3	-5	-8	- -	-10	-3
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	7	19	4	2	-2	2	-19	-4	-1	-3	-5	-8	- -	-10	-3
Basic Weighted Avg Shares	30	29	28	29	30	32	34	34	35	36	38	39	40	41	42
Basic EPS, GAAP	0.24	0.66	0.13	0.08	-0.06	0.07	-0.57	-0.13	-0.02	-0.08	-0.12	-0.2	-0.01	-0.23	-0.08
Basic EPS from Cont Ops	0.24	0.66	0.19	0.16	0.02	0.07	-0.57	-0.13	-0.06	-0.12	-0.12	-0.2	-0.01	-0.23	-0.08
Diluted Weighted Avg Shares	30	29	30	30	32	33	34	34	35	36	38	39	40	41	42
Diluted EPS, GAAP	0.24	0.65	0.13	0.08	-0.06	0.07	-0.57	-0.13	-0.02	-0.08	-0.12	-0.2	-0.01	-0.23	-0.08
Diluted EPS from Cont Ops	0.24	0.65	0.18	0.15	0.02	0.07	-0.57	-0.13	-0.06	-0.12	-0.12	-0.2	-0.01	-0.23	-0.08
EBITDA	12	15	13	12	8	11	4	3	3	9	10	8	10	- -	9
EBITDA Margin (%)	13.55	13.53	12.13	11.11	7.3	9.86	3.36	3	4.09	7.32	8.24	7.69	8.15	0.36	7.92
EBITA	9	11	9	8	4	7	-1	-1	-1	1	2	- -	2	-7	2
EBIT	9	11	9	8	4	7	-1	-1	-1	1	2	- -	2	-7	2
Gross Margin (%)	48.6	47.89	46.11	47.08	45.35	45.41	44.84	46.32	50.6	52.31	55.37	56.85	56.9	53.66	58.86
Operating Margin (%)	9.99	9.91	8.15	7.32	3.51	6.29	-0.85	-1.09	-0.82	0.81	1.58	0.22	1.74	-6.32	1.69
Profit Margin (%)	8.43	17.58	3.5	2.13	-1.74	2.17	-17.52	-4.12	-1.12	-2.42	-4.03	-7.65	-0.24	-8.4	-3.04
Sales per Employee	246,471	278,095	274,909	263,438	285,791	243,094	248,659	240,278	178,357	220,793	230,051	222,440	240,696	249,088	269,832
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	3	4	4	4	4	4	5	4	4	8	8	8	8	8	7

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	48	59	58	59	61	57	51	45	48	58	54	52	62	51	49
+ Cash, Cash Equivalents & STI	17	20	18	21	26	14	7	6	5	8	8	8	8	5	4
+ Cash & Cash Equivalents	17	20	18	21	26	14	7	6	5	8	8	8	8	5	4
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	17	18	18	19	18	21	21	20	17	21	21	18	22	17	16
+ Accounts Receivable, Net	14	15	15	14	14	16	18	16	13	21	21	18	22	17	16
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	2	2	3	5	4	5	4	4	4	- -	- -	- -	- -	- -	- -
+ Inventories	14	16	18	18	16	21	22	20	17	25	22	22	28	26	25
+ Raw Materials	7	8	9	9	8	9	10	10	10	14	13	14	19	17	15
+ Work In Process	1	1	1	1	1	1	1	1	1	4	3	4	3	4	4
+ Finished Goods	7	7	8	8	7	10	11	9	6	7	6	5	6	5	5
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	1	5	4	2	2	2	- -	- -	8	3	2	3	4	3	4
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	59	66	69	75	75	79	70	62	62	111	111	105	101	94	88
+ Property, Plant & Equip, Net	4	3	3	5	4	5	6	4	4	6	13	12	10	9	9
+ Property, Plant & Equip	13	13	13	18	19	20	22	19	19	23	28	28	25	24	23
- Accumulated Depreciation	9	10	10	13	14	15	16	15	16	17	15	17	14	15	14
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	55	63	66	70	70	74	64	58	58	105	98	93	90	85	80
+ Total Intangible Assets	55	57	58	59	57	62	62	57	48	103	96	92	85	77	73
+ Goodwill	32	33	34	36	37	40	40	38	36	57	57	59	58	56	57
+ Other Intangible Assets	22	23	24	23	20	22	22	19	11	46	38	33	27	21	16
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	1	6	8	11	13	11	1	1	10	2	2	1	5	8	6
Total Assets	107	125	127	133	135	136	120	108	109	169	165	156	162	145	137
+ Payables & Accruals	9	10	9	9	10	11	13	11	8	9	6	6	5	6	6
+ Accounts Payable	5	5	5	5	5	6	9	6	4	7	5	6	5	6	6
+ Accrued Taxes	- -	1	- -	1	- -	1	- -	- -	1	1	1	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	4	5	3	4	5	4	4	5	3	- -	- -	- -	- -	- -	- -
+ ST Debt	- -	- -	- -	- -	5	5	2	2	3	6	9	4	5	6	7
+ ST Borrowings	- -	- -	- -	- -	5	5	2	2	3	6	7	2	3	4	6
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	2	2	2	2	1
+ Other ST Liabilities	3	1	1	1	1	2	4	1	3	10	10	11	15	11	14
+ Deferred Revenue	- -	- -	- -	- -	1	1	1	- -	1	4	4	4	4	3	5
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	3	1	1	1	1	1	1	1	2	6	6	7	11	7	9
Total Current Liabilities	12	11	10	10	16	18	19	15	14	25	25	21	25	23	27
+ LT Debt	13	18	16	13	20	16	16	11	9	55	55	54	52	48	35
+ LT Borrowings	13	18	16	13	20	16	16	11	9	55	47	46	45	43	31
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8	7	6	5	5
+ Other LT Liabilities	6	5	5	6	5	6	7	10	5	6	3	5	2	2	2
+ Accrued Liabilities	2	1	- -	- -	- -	1	4	6	3	2	2	2	2	1	1
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	4	4	5	6	5	5	3	3	3	3	1	3	- -	1	1
Total Noncurrent Liabilities	20	23	22	19	25	22	23	21	14	60	58	59	54	50	38
Total Liabilities	32	35	31	29	41	40	42	36	28	86	83	80	79	73	64
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	185	188	192	197	203	207	212	216	219	227	230	233	226	229	233
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	185	188	191	197	202	207	211	215	219	226	229	232	226	229	232
- Treasury Stock	6	11	11	11	11	11	11	11	11	11	11	11	- -	- -	- -
+ Retained Earnings	-102	-83	-80	-77	-95	-93	-112	-116	-117	-120	-125	-132	-133	-142	-146
+ Other Equity	-2	-4	-6	-5	-3	-8	-12	-17	-11	-14	-13	-13	-10	-15	-14
Equity Before Minority Interest	75	90	95	104	94	95	78	72	81	83	82	77	83	72	73
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	75	90	95	104	94	95	78	72	81	83	82	77	83	72	73
Total Liabilities & Equity	107	125	127	133	135	136	120	108	109	169	165	156	162	145	137
Shares Outstanding	30	28	29	29	32	33	34	34	35	37	38	39	41	42	43
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	11	10	9	7	6
Net Debt	-3	-2	-2	-8	-1	7	12	8	7	53	45	40	41	42	32
Net Debt to Equity	-4.34	-1.87	-1.69	-7.42	-1.08	7.66	15.45	11.29	8.1	63.61	55.67	51.76	48.57	58.59	44.17
Tangible Common Equity Ratio	39.35	49.34	54.74	60.86	47.84	45.11	26.3	30.33	53.92	-31.04	-20.4	-23.34	-2.17	-7.42	-0.04
Current Ratio	3.93	5.18	6.02	5.96	3.78	3.15	2.62	3.11	3.39	2.27	2.12	2.46	2.43	2.2	1.85
Cash Conversion Cycle	134.3	117.33	127.33	129.65	124.71	130.87	142.56	144.83	189.23	152.91	184.72	205.72	203.18	209.45	206.23
Number of Employees	348	389	396	422	368	447	437	435	434	547	505	459	494	455	416

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	7	19	4	2	-2	2	-19	-4	-1	-3	-5	-8	- -	-10	-3
+ Depreciation & Amortization	3	4	4	4	4	4	5	4	4	8	8	8	8	8	7
+ Non-Cash Items	1	-9	2	1	- -	3	18	5	2	- -	5	5	4	- -	6
+ Stock-Based Compensation	3	3	3	3	3	2	3	3	4	3	3	4	4	4	5
+ Deferred Income Taxes	- -	-12	-1	-1	-2	1	15	- -	-2	-3	- -	- -	- -	- -	- -
+ Asset Impairment Charge	- -	- -	- -	- -	- -	- -	- -	1	- -	- -	1	- -	- -	- -	- -
+ Other Non-Cash Adj	-2	- -	- -	-1	- -	-1	- -	2	- -	-1	1	2	- -	-4	1
+ Chg in Non-Cash Work Cap	5	-1	-4	- -	2	-5	-3	- -	-4	-2	- -	4	-10	3	5
+ (Inc) Dec in Accts Receiv	4	-1	- -	- -	-1	-1	-1	- -	- -	-3	- -	3	-4	5	1
+ (Inc) Dec in Inventories	- -	-1	-2	1	2	-3	-1	1	-1	3	3	- -	-6	- -	2
+ (Inc) Dec in Prepaid Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc (Dec) in Accts Payable	-1	1	-2	-1	1	- -	1	-2	-1	2	-2	1	2	-1	1
+ Inc (Dec) in Other	2	- -	- -	- -	-1	-1	-2	1	-2	-4	-2	-1	-2	-1	2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	17	12	7	8	4	4	1	5	1	3	8	9	1	1	14
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-1	-1	-2	-2	-2	-2	-3	-1	-1	-1	-1	-1	-1	-2	-2
+ Acq of Fixed Prod Assets	-1	-1	-2	-2	-2	-2	-3	-1	-1	-1	-1	-1	-1	-2	-2
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-21	-7	-5	-3	- -	-13	-5	1	- -	-53	1	- -	- -	- -	1
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	1	- -	16	1	- -	- -	- -	1
+ Cash for Acq of Subs	-21	-7	-5	-3	- -	-13	-5	- -	- -	-69	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-22	-8	-7	-5	- -	-14	-8	- -	-1	-54	- -	-1	-1	-2	-2
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	12	5	-2	-3	12	-3	-3	-5	-2	51	-7	-6	4	- -	-11
+ Cash From Debt	17	10	- -	- -	15	2	6	4	3	71	4	61	8	16	4
+ Repayments of Debt	-5	-6	-2	-4	-3	-6	-8	-9	-5	-20	-12	-67	-4	-16	-15
+ Cash (Repurchase) of Equity	-2	-5	1	2	4	2	2	- -	- -	5	- -	- -	- -	- -	- -
+ Increase in Capital Stock	- -	- -	1	2	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Decrease in Capital Stock	-2	-5	- -	- -	4	2	2	- -	- -	5	- -	- -	- -	- -	- -
+ Other Financing Activities	- -	- -	- -	- -	-15	- -	- -	- -	- -	-2	- -	-2	-5	-2	-2
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	10	- -	-1	-1	- -	-1	-1	-5	-2	53	-8	-8	- -	-3	-12
Effect of Foreign Exchange Rates	-1	-1	- -	- -	1	-1	- -	-2	2	- -	- -	- -	- -	- -	- -
Net Changes in Cash	4	4	-2	2	4	-10	-7	- -	-2	2	- -	- -	- -	-3	- -
Capital Expenditures	-1	-1	-2	-2	-2	-2	-3	-1	-1	-1	-1	-1	-1	-2	-2
EBITDA	12	15	13	12	8	11	4	3	3	9	10	8	10	- -	9
EBITDA Margin (%)	13.55	13.53	12.13	11.11	7.3	9.86	3.36	3	4.09	7.32	8.24	7.69	8.15	0.36	7.92
Net Cash Paid for Acquisitions	21	7	5	3	- -	13	5	-1	- -	53	-1	- -	- -	- -	-1
Free Cash Flow	15	11	5	6	2	2	-2	4	- -	2	7	8	- -	- -	12
Free Cash Flow to Firm	15	- -	5	7	- -	3	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow to Equity	27	16	3	3	14	- -	-5	-1	-2	52	-1	3	4	-1	2
Free Cash Flow per Basic Share	0.51	0.38	0.17	0.22	0.08	0.07	-0.07	0.11	- -	0.05	0.18	0.21	- -	-0.01	0.29
Price/Free Cash Flow	4.42	6.57	10.43	9.61	26.08	27.92	32.11	14.21	56	28.3	12.25	15.48	110.49	38.82	14.51
Cash Flow to Net Income	2.28	0.65	1.74	3.4	-2.22	1.85	-0.04	-1.25	-1.22	-0.99	-1.72	-1.19	-4.38	-0.12	-4.11

Harvard Bioscience, Inc.

HBIO US

2.92

2.92