Harvard Bioscience, Inc.
Mar 1, 2007

HBIO Reports Record Fourth Quarter and Full Year 2006 Results

HOLLISTON, Mass.--(BUSINESS WIRE)--March 1, 2007--Harvard Bioscience, Inc. (Nasdaq: HBIO), a global developer, manufacturer, and marketer of a broad range of tools to advance life science research, today reported unaudited financial highlights for the fourth quarter and full year ended December 31, 2006.

Fourth Quarter Reported Results

Revenues from our continuing operations for the three months ended December 31, 2006 were $21.7 million, an increase of 21.5% compared to revenues of $17.8 million for the three months ended December 31, 2005. Excluding the impact of foreign exchange rate changes, revenue grew approximately 15.4% during the three months ended December 31, 2006 compared to the same period in 2005. Income from continuing operations, as measured under U.S. generally accepted accounting principles ("GAAP"), was $2.0 million, or $0.06 per diluted share, for the three months ended December 31, 2006 compared to $2.3 million, or $0.07 per diluted share, for the same period in 2005. Non-GAAP adjusted income from continuing operations was $2.4 million, or $0.08 per diluted share, for the three months ended December 31, 2006 compared to $1.7 million, or $0.06 per diluted share, for the same period in 2005.

Full Year Reported Results

Revenues from our continuing operations for the year ended December 31, 2006 were $76.2 million, an increase of 13.0% compared to revenues of $67.4 million for the year ended December 31, 2005. Excluding the impact of foreign exchange rate changes, revenue grew approximately 11.4% during the year ended December 31, 2006 compared to the same period in 2005. Income from continuing operations, as measured under GAAP, was $6.6 million, or $0.21 per diluted share, for the year ended December 31, 2006 compared to $6.2 million, or $0.20 per diluted share, for the same period in 2005. Non-GAAP adjusted income from continuing operations was $8.1 million, or $0.26 per diluted share, for the year ended December 31, 2006 compared to $5.9 million, or $0.19 per diluted share, for the same period in 2005.

See Exhibits 4, 5 and 6 for reconciliations of GAAP to non-GAAP adjusted income from continuing operations, GAAP earnings per diluted share from continuing operations to non-GAAP adjusted earnings per diluted share from continuing operations and changes in revenues excluding foreign exchange fluctuations.

"The performance for the continuing operations of Harvard Bioscience during the fourth quarter and full year ended 2006 was outstanding. We continued to see strong demand for our core products particularly from the international markets," said Chane Graziano, CEO of Harvard Bioscience.

Mr. Graziano continued, "This strong market demand coupled with the investments we made in sales and marketing over the last year and a half and the acquisition of the Anthos plate reader product line enabled us to grow revenues by 21.5% for the quarter and 13.0% for the full year 2006. More significantly, our 2006 full year non-GAAP adjusted earnings per diluted share from continuing operations grew approximately 37% to $0.26 per share from $0.19 in 2005."

    Highlights for the Three Months Ended December 31, 2006

    --  21.5% overall revenue growth;

    --  15.6% non-GAAP adjusted operating income as a percent of
        revenue, after accruing $0.7 million, or 3% of revenues, for
        performance based bonuses;

    --  10.6% GAAP operating income as a percent of revenue, including
        the effect of adoption of Statement of Financial Accounting
        Standards (SFAS) No. 123R, Share-Based Payments, a revision of
        SFAS No. 123, Accounting for Stock-Based Compensation;

    --  $0.08 non-GAAP adjusted earnings per diluted share from
        continuing operations;

    --  $0.06 GAAP earnings per diluted share from continuing
        operations.

    Highlights for the Year Ended December 31, 2006

    --  13.0% overall revenue growth;

    --  16.2% non-GAAP adjusted operating income as a percent of
        revenue, after accruing $1.5 million, or 2% of revenues for
        performance based bonuses. This represents an increase of 150
        basis points over our non-GAAP adjusted operating income as a
        percentage of revenue in 2005 of 14.7%;

    --  11.4% GAAP operating income as a percent of revenue, including
        the effect of adoption of SFAS 123R;

    --  $0.26 non-GAAP adjusted earnings per diluted share from
        continuing operations. This represents an increase of 37% over
        our non-GAAP adjusted earnings per diluted share from
        continuing operations in 2005 of $0.19;

    --  $0.21 GAAP earnings per diluted share from continuing
        operations.

See Exhibits 3, 5 and 6 for reconciliations of GAAP to non-GAAP adjusted operating income and GAAP earnings per diluted share to non-GAAP adjusted earnings per diluted share from continuing operations.

"As we look forward to the first quarter of 2007, our goal is to continue the trends of 2006. We anticipate the economic trends to remain favorable and thus we anticipate generating revenues between $18.5 and $19.5 million at current exchange rates and reporting non-GAAP adjusted earnings per diluted share from continuing operations between $0.06 and $0.07. For the full year 2007, we expect to generate revenue between $80.0 and $83.0 million and report non-GAAP adjusted earnings per diluted share from continuing operations to be between $0.29 and $0.31," said Chane Graziano, CEO of Harvard Bioscience.

This non-GAAP adjusted earnings per diluted share from continuing operations guidance excludes amortization of intangible assets, the impact of potential additional acquisitions in 2007, the impact of stock compensation expense recognized under SFAS No. 123R, and the impact of tax benefits associated with filing consolidated tax returns for continuing and discontinued businesses. See the table below for a reconciliation of our estimated non-GAAP adjusted earnings per diluted share from continuing operations to estimated GAAP adjusted earnings per diluted share from continuing operations.

Reconciliation of Guidance for US GAAP Earnings per Diluted Share From
 Continuing Operations to Adjusted Non-GAAP Earnings per Diluted Share
                      From Continuing Operations
                             (unaudited)

                               Three Months Ended      Year Ended
                                 March 31, 2007     December 31, 2007
                                 Low       High      Low       High
                                Estimate  Estimate  Estimate  Estimate
Non-GAAP adjusted diluted
 earnings per common share from
 continuing operations - A        $0.06     $0.07     $0.29     $0.31
Less the impact of:
Amortization of intangible
 assets, net of tax - A           (0.01)    (0.01)    (0.04)    (0.04)

Stock-based compensation (SFAS
 No. 123R), net of tax - B        (0.01)    (0.01)    (0.06)    (0.06)

Tax benefits of filing
 consolidated tax returns for
 continuing and discontinued
 businesses - C                    0.01      0.01      0.04      0.04

                               --------- --------- --------- ---------
Diluted earnings per common
 share from continuing
 operations - A                   $0.05     $0.06     $0.23     $0.25
                               ========= ========= ========= =========
                                      .                   .

A - Assumes no additional acquisitions.
B - Assumes no 2007 stock option grants.
C - Does not include the tax impact of completing the divestiture of
 our Capital Equipment Business.

Operating Results for Continuing Operations

Three months ended December 31, 2006 compared to three months ended December 31, 2005:

Revenues increased $3.9 million, or 21.5%, to $21.7 million for the three months ended December 31, 2006 compared to $17.8 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $2.8 million, or 15.4%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand for core physiology and cell biology equipment, particularly in Asia Pacific and Europe, and from sales attributed to our recently acquired Anthos product lines. The foreign exchange impact on sales denominated in foreign currencies was $1.1 million during the fourth quarter of 2006.

Cost of product revenues increased $2.4 million, or 27.1%, to $11.1 million for the three months ended December 31, 2006 from $8.7 million for the three months ended December 31, 2005. The increase in cost of product revenues was mainly due to increased sales volumes in the fourth quarter of 2006 compared to the same period in 2005. Gross profit as a percentage of revenues decreased to 48.9% for the three months ended December 31, 2006 compared with 51.1% for the same period in 2005. The decrease in gross profit percentage was primarily due to sales attributed to a large tender from a Chinese distributor of our Anthos products which were sold at lower gross profit margins.

Sales and marketing expenses increased $0.5 million, or 24.2%, to $2.7 million for the three months ended December 31, 2006 compared to $2.2 million for the three months ended December 31, 2005. This increase is primarily due to employee related costs attributed to investments in direct marketing initiatives we began during the second half of 2005.

General and administrative expenses were $4.4 million, an increase of $1.0 million, or 30.5%, for the three months ended December 31, 2006 compared to $3.4 million for the three months ended December 31, 2005. The increase in general and administrative expenses is primarily due to approximately $0.6 million, or $0.02 per diluted share, of stock compensation expense recognized under SFAS No. 123R and an increase in bonus expense of approximately $0.6 million.

Research and development expenses were $0.8 million and $0.7 million for the three months ended December 31, 2006 and 2005, respectively.

Year ended December 31, 2006 compared to year ended December 31, 2005:

Revenues increased $8.8 million, or 13.0%, to $76.2 million for the year ended December 31, 2006 compared to $67.4 million for the same period in 2005. Excluding the impact of foreign exchange, revenues increased $7.7 million, or 11.4%. The revenue increase was across various product lines, and was primarily attributed to an increase in demand for core physiology and cell biology equipment, particularly in Asia Pacific and Europe, new spectrophotometer products, amino acid analyzers, strong international demand, and from sales attributed to our recently acquired Anthos product lines. During the year ended December 31, 2006, there was a positive foreign exchange impact on sales denominated in foreign currencies of approximately $1.1 million, or 1.6%.

Cost of product revenues increased $3.9 million, or 11.5%, to $38.1 million for the year ended December 31, 2006 from $34.2 million for the year ended December 31, 2005. Gross profit as a percentage of revenues increased to 50.0% for the year ended December 31, 2006 compared with 49.3% for the same period in 2005. The increase in gross profit as a percentage of revenues was mainly due to increased sales volumes, improved product mix and higher margins on certain new product introductions offset by sales attributed to a large tender from a Chinese distributor of our Anthos products which were sold at lower gross profit margins.

Sales and marketing expenses increased $1.4 million, or 17.1%, to $9.5 million for the year ended December 31, 2006 compared to $8.1 million for the year ended December 31, 2005. This increase is primarily due to investments in direct marketing initiatives and to employee related costs attributed to those investments that we began during the second half of 2005.

General and administrative expenses were $15.0 million, an increase of $2.4 million, or 19.2%, for the year ended December 31, 2006 compared to $12.6 million for the year ended December 31, 2005. The increase in general and administrative expenses is primarily due to approximately $1.9 million, or $0.06 per diluted share, of stock compensation expense recognized under SFAS No. 123R and an increase in bonus expense of approximately $1.1 million. Offsetting this increase were restructuring charges of approximately $0.3 million recorded during the second quarter of 2005.

Research and development expenses increased $0.2 million, or 6.9%, to $3.2 million for the year ended December 31, 2006 compared to $3.0 million for the year ended December 31, 2005.

Balance Sheet

We ended the fourth quarter of 2006 with cash and cash equivalents of $9.4 million compared to cash and cash equivalents of $7.6 million at December 31, 2005. During the year ended December 31, 2006, we repaid $5.5 million on our revolving credit facility bringing down the amount outstanding as of December 31, 2006 to $3.0 million compared to $8.5 million at December 31, 2005.

Accounts receivable were $13.3 million and inventories were $10.7 million as of December 31, 2006. Outstanding days of sales were 57 days for the three months ended December 31, 2006 compared to 53 days for the same period of 2005. Inventory turns were 4.1 times for the three months ended December 31, 2006 compared to 3.7 times for the same period of 2005.

Discontinued Operations

During the quarter ended September 30, 2005, the Company announced plans to divest its Capital Equipment Business segment. The decision to divest this business segment was based on the fact that market conditions for the Capital Equipment Business have been such that this business has not met the Company's expectations and the decision to focus Company resources on the Apparatus and Instrumentation Business segment. As a result, we began reporting the Capital Equipment Business segment as a discontinued operation in the third quarter of 2005. The loss from discontinued operations, net of tax was approximately $4.3 million for the three months ended December 31, 2006 compared to a loss of $11.3 million for the same period in 2005. The loss from discontinued operations, net of tax was approximately $9.0 million for year ended December 31, 2006 compared to a loss of $38.1 million for the same period in 2005. During the quarter ended December 31, 2006, in accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, the Company recorded additional impairment charges of approximately $3.2 million.

Adoption of SFAS No. 123R

On January 1, 2006, the Company adopted SFAS No. 123R, which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to the Employee Stock Purchase Plan ("employee stock purchases"). The Company adopted SFAS No. 123R using the modified prospective transition method, which requires the application of the accounting standard as of January 1, 2006, the first day of the Company's fiscal year 2006. In accordance with the modified prospective transition method, the Company's Consolidated Financial Statements for prior periods have not been restated to reflect, and do not include, the impact of SFAS 123R. Stock-based compensation expense recognized under SFAS No. 123R for the three months and year ended December 31, 2006 was $0.6 million and $1.9 million, respectively, which consisted of stock-based compensation expense related to employee stock options and the employee stock purchase plan and was recorded as a component of cost of sales, sales and marketing expenses, general and administrative expenses, and research and development expenses, as applicable.

Conference Call Details

As previously announced, management will host a conference call to address fourth quarter and full year results and business highlights and outlook, which will be simultaneously broadcast over the Internet and can be accessed through the Harvard Bioscience, Inc. web site. In addition, management may answer one or more questions concerning business and financial developments and trends and other business and financial matters affecting the Company, some of the responses to which may contain information that has not been previously disclosed. The conference call will begin at 5:30 p.m. Boston time on Thursday, March 1, 2007. To listen to the conference call, log on to our website at: www.harvardbioscience.com, click on the Earnings Call icon. The live conference call is also accessible by dialing 800-561-2601 and referencing the pass code of "89328221." This earnings release, as well as any material financial and other statistical information presented on the call which is not included in this earnings release, is available on our website by clicking on the Press Releases icon. If you are unable to listen to the live conference call, the call, this press release and any related financial or statistical information will be archived on our web site under the Press Releases icon or Earnings Call icon, as appropriate.

Use of Non-GAAP Financial Information

In this press release, we have included non-GAAP financial information including adjusted operating income, adjusted income from continuing operations, adjusted earnings per diluted share from continuing operations and revenue growth excluding foreign exchange. We believe that this non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of the business. For the periods presented, these non-GAAP financial measures of income have excluded certain expenses primarily resulting from purchase accounting or events that we do not believe are related to the underlying operations of the business including amortization of intangibles related to acquisitions, fair value adjustments of inventory and backlog related to acquisitions, restructuring expenses, discontinued operations and stock compensation expense, all net of tax. They also exclude the tax benefits of filing consolidated tax returns for continuing and discontinued businesses and the impact of our cash repatriation program. We believe that revenue excluding foreign exchange provides useful information to investors by enabling them to evaluate growth in our business, excluding the impact of change in foreign exchange rates. This non-GAAP financial information approximates information used by our management to internally evaluate the operating results of the Company. Tabular reconciliations of our non-GAAP adjusted operating income, non-GAAP adjusted income and earnings per diluted share from continuing operations for the three months and year ended December 31, 2006 and 2005, and our revenue growth excluding the impact of foreign exchange for the quarters ending March 31, 2005 through December 31, 2006 and the year ended December 31, 2006 and 2005, compared to the corresponding periods ending from the prior year to the comparable GAAP financial information is included below in this press release.

The non-GAAP financial information provided in this press release should be considered in addition to, not as a substitute for, the financial information provided and presented in accordance with GAAP.

About Harvard Bioscience

Harvard Bioscience is a global developer, manufacturer, and marketer of a broad range of specialized products, primarily scientific instruments and apparatus, used to advance life science research at pharmaceutical and biotechnology companies, universities and government laboratories worldwide. HBIO sells its products to thousands of researchers in over 100 countries, through its 1,100 page catalog (and various other specialty catalogs), its website and through its distributors, including GE Healthcare, Fisher Scientific and VWR. HBIO has sales and manufacturing operations in the United States, the United Kingdom, Germany, and Austria with additional facilities in France and Canada. For more information, please visit www.harvardbioscience.com.

This press release contains, and our conference call may contain, forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words "guidance," "expects," "plans," "estimates," "projects," "intends," "believes" and similar expressions that do not relate to historical matters. Forward-looking statements in this press release or that may be made during our conference call may include, but are not limited to, statements or inferences about the Company's or management's beliefs or expectations, the Company's anticipated future revenues and earnings, the strength of the Company's market position and business model, the impact of acquisitions, the outlook for the life sciences industry, the Company's business strategy, the positioning of the Company for growth, the market demand and opportunity for the Company's products, and the Company's plans, objectives and intentions that are not historical facts.

These statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause the Company's actual results to differ materially from those in the forward-looking statements include the Company's inability to complete the divestiture of its Capital Equipment Business segment on attractive terms, the potential loss of business at the Company's Capital Equipment Business segment relating to the Company's decision to divest this business, unanticipated costs or expenses related to the divestiture of the Capital Equipment Business segment, the Company's failure to successfully integrate acquired businesses or technologies, expand its product offerings, introduce new products or commercialize new technologies, unanticipated costs relating to acquisitions, decreased demand for the Company's products due to changes in its customers' needs, financial position, general economic outlook, or other circumstances, overall economic trends, the timing of our customers' capital equipment purchases and the seasonal nature of purchasing in Europe, our potential misinterpretation of trends of our capital equipment product lines due to the cyclical nature of this market, economic, political and other risks associated with international revenues and operations, additional costs of complying with recent changes in regulatory rules applicable to public companies, our ability to manage our growth, our ability to retain key personnel, competition from our competitors, technological changes resulting in our products becoming obsolete, our ability to meet the financial covenants contained in our credit facility, our ability to protect our intellectual property and operate without infringing on others' intellectual property, potential costs of any lawsuits to protect or enforce our intellectual property, economic and political conditions generally and those affecting pharmaceutical and biotechnology industries, impact of any impairment of our goodwill or intangible assets, and our acquisition of Genomic Solutions failing to qualify as a tax-free reorganization for federal tax purposes, plus factors described under the heading "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2005 or described in the Company's other public filings. The Company's results may also be affected by factors of which the Company is not currently aware. The Company may not update these forward-looking statements, even though its situation may change in the future, unless it has obligations under the federal securities laws to update and disclose material developments related to previously disclosed information.

For investor inquiries, please call (508) 893-8066. Press releases may be found on our web site, http://www.harvardbioscience.com.

EXHIBIT #1

              HARVARD BIOSCIENCE, INC.
   Selected Consolidated Balance Sheet Information
              (Unaudited, in thousands)

                                                     December December
                                                        31,      31,
                                                        2006     2005
                                                     -------- --------

Assets

  Cash and cash equivalents                           $9,357   $7,632
  Trade receivables                                   13,323   10,143
  Inventories                                         10,743    9,086
  Property, plant and equipment                        4,610    3,983
  Goodwill and other intangibles                      34,419   32,227
  Other assets                                         4,410    5,020
  Assets of discontinued operations - held for sale   17,312   23,944
                                                     -------- --------
          Total assets                               $94,174  $92,035
                                                     ======== ========

Liabilities and Stockholder's Equity

  Current liabilities - continuing operations         $9,413   $8,107
  Current liabilities - discontinued operations        5,066    4,889
                                                     -------- --------

     Total current liabilities                        14,479   12,996
        Total liabilities                             22,291   23,619
        Stockholders' equity                          71,883   68,416
                                                     -------- --------
          Total liabilities and stockholders' equity $94,174  $92,035
                                                     ======== ========

EXHIBIT #2

                       HARVARD BIOSCIENCE, INC.
                Consolidated Statements of Operations
                (In thousands, except per share data)
                             (unaudited)



                                    Three Months       Years Ended
                                        Ended
                                    December 31,       December 31,
                                     2006     2005     2006      2005
                                  -------- -------- -------- ---------


Revenues                          $21,683  $17,840  $76,181   $67,431
Cost of product revenues           11,081    8,722   38,094    34,156
                                  -------- -------- -------- ---------
    Gross profit                   10,602    9,118   38,087    33,275
                                  -------- -------- -------- ---------

Sales and marketing expenses        2,675    2,154    9,499     8,110
General and administrative
 expenses                           4,373    3,350   15,047    12,627
Research and development expenses     820      700    3,154     2,950
Amortization of intangible assets     437      409    1,697     1,664
                                  -------- -------- -------- ---------
    Total operating expenses        8,305    6,613   29,397    25,351
                                  -------- -------- -------- ---------

Operating income                    2,297    2,505    8,690     7,924
                                  -------- -------- -------- ---------

Other income (expense):
    Foreign exchange                  (43)      32       33       (55)
    Interest expense                  (40)    (243)    (429)     (917)
    Interest income                    58       82      216       234
    Other, net                        (14)     (29)    (114)      (46)
                                  -------- -------- -------- ---------
Other income (expense), net           (39)    (158)    (294)     (784)
                                  -------- -------- -------- ---------

Income from continuing operations
 before income taxes                2,258    2,347    8,396     7,140
Income taxes                          304       36    1,775       899
                                  -------- -------- -------- ---------
Income from continuing operations   1,954    2,311    6,621     6,241
Discontinued operations, net of
 tax                               (4,332) (11,335)  (8,962)  (38,118)
                                  -------- -------- -------- ---------
Net loss                          $(2,378) $(9,024) $(2,341) $(31,877)
                                  ======== ======== ======== =========

Income (loss) per share:
    Basic earnings per common
     share from continuing
     operations                     $0.06    $0.08    $0.22     $0.20
    Discontinued operations         (0.14)   (0.37)   (0.29)    (1.25)
                                  -------- -------- -------- ---------
    Basic loss per common share    $(0.08)  $(0.30)  $(0.08)   $(1.05)
                                  ======== ======== ======== =========

    Diluted earnings per common
     share from continuing
     operations                     $0.06    $0.07    $0.21     $0.20
    Discontinued operations         (0.14)   (0.37)   (0.29)    (1.24)
                                  -------- -------- -------- ---------
    Diluted loss per common share  $(0.08)  $(0.29)  $(0.08)   $(1.04)
                                  ======== ======== ======== =========

Weighted average common shares:
    Basic                          30,548   30,462   30,519    30,442
                                  ======== ======== ======== =========
    Diluted                        31,271   30,863   31,148    30,781
                                  ======== ======== ======== =========

EXHIBIT #3

                       HARVARD BIOSCIENCE, INC.
   Reconciliation of US GAAP Operating Income to Non-GAAP Adjusted
                           Operating Income
                            (in thousands)
                             (unaudited)


                                   Three Months Ended    Year Ended
                                      December 31,      December 31,
                                        2006    2005     2006    2005
                                   --------------------------- -------

US GAAP operating income              $2,297  $2,505   $8,690  $7,924

Adjustments:

Amortization of intangible assets        437     409    1,697   1,664

Fair value adjustments to inventory       50       -       50       -

Restructuring charges                      -       -        -     302

Stock-based compensation expense         604       -    1,934       -

                                   ---------- ------- -------- -------
Non-GAAP adjusted operating income    $3,388  $2,914  $12,371  $9,890
                                   ========== ======= ======== =======

EXHIBIT #4

                       HARVARD BIOSCIENCE, INC.
 Reconciliation of US GAAP Income from Continuing Operations to Non-
            GAAP Adjusted Income from Continuing Operations
                            (in thousands)
                             (unaudited)


                                    Three Months Ended   Year Ended
                                       December 31,     December 31,
                                         2006    2005    2006    2005
                                    -------------------------- -------

US GAAP income from continuing
 operations                            $1,954  $2,311  $6,621  $6,241

Adjustments:

Amortization of intangible assets         437     409   1,697   1,664

Fair value adjustments to inventory        50       -      50       -

Restructuring charges                       -       -       -     302

Stock-based compensation expense          604       -   1,934       -

Income taxes (A)                         (631)   (990) (2,167) (2,295)

                                    ---------- ------- ------- -------
Non-GAAP adjusted income from
 continuing operations                 $2,414  $1,730  $8,135  $5,912
                                    ========== ======= ======= =======


(A) Income taxes includes the tax effect of adjusting for the
 amortization of intangible assets, fair value adjustments to
 inventory, restructuring charges, and stock-based compensation. It
 also excludes the tax benefits of filing consolidated tax returns for
 continuing and discontinued businesses.

EXHIBIT #5

                       HARVARD BIOSCIENCE, INC.
  Reconciliation of US GAAP Diluted Earnings Per Common Share from
   Continuing Operations to Non-GAAP Adjusted Diluted Earnings Per
                Common Share from Continuing Operations
                             (unaudited)


                                      Three Months Ended  Year Ended
                                         December 31,    December 31,
                                         2006      2005   2006   2005
                                      ------------------------- ------

US GAAP diluted earnings per common
 share from continuing operations       $0.06     $0.07  $0.21  $0.20

Adjustments:

Amortization of intangible assets        0.01      0.01   0.05   0.05

Fair value adjustments to inventory      0.00         -   0.00      -

Restructuring charges                       -         -      -   0.01

Stock-based compensation expense         0.02         -   0.06      -

Income Taxes (A)                        (0.01)    (0.02) (0.06) (0.07)

                                      --------   ------- ------ ------
Non-GAAP adjusted diluted earnings
 per common share from continuing
 operations                             $0.08     $0.06  $0.26  $0.19
                                      ========   ======= ====== ======


(A) Income taxes includes the tax effect of adjusting for the
 amortization of intangible assets, fair value adjustments to
 inventory, restructuring charges, and stock-based compensation. It
 also excludes the tax benefits of filing consolidated tax returns for
 continuing and discontinued businesses.

EXHIBIT #6

                       HARVARD BIOSCIENCE, INC.
Reconciliation of Changes In Total Revenue Compared to the Same Period
               of the Prior Year (Continuing Operations)
                             (unaudited)


                    For the Three Months Ended        For the Year
                                                           Ended
               ------------------------------------- -----------------
               March 31, June 30, Sept. 30, Dec. 31,     Dec. 31,
                   2005     2005      2005     2005             2005
               ---------------------------- -------- ----------------

Organic growth     -0.3%     3.6%      5.0%     7.2%             4.0%

Acquisitions        5.0%     0.0%      0.0%     0.0%             1.1%

Foreign
 exchange
 effect             1.6%     0.6%     -0.8%    -4.8%            -1.0%

               --------- -------- --------- -------- ----------------
Total revenue
 growth             6.3%     4.2%      4.2%     2.4%             4.1%
               ========= ======== ========= ======== ================


                    For the Three Months Ended         For the Year
                                                           Ended
               ------------------------------------- -----------------
               March 31, June 30, Sept. 30, Dec. 31,     Dec. 31,
                   2006     2006      2006     2006              2006
               --------- -------- --------- -------- -----------------

Organic growth     11.9%    11.2%      3.7%     7.8%              8.5%

Acquisitions        0.0%     0.0%      3.6%     7.6%              2.9%

Foreign
 exchange
 effect            -4.2%     0.5%      3.0%     6.1%              1.6%

               --------- -------- --------- -------- -----------------
Total revenue
 growth             7.7%    11.7%     10.3%    21.5%             13.0%
               ========= ======== ========= ======== =================

    CONTACT: Harvard Bioscience, Inc.
             David Green
             President
             dgreen@harvardbioscience.com
             Tel: 508 893 8999
             Fax: 508 429 8478
             or
             Chane Graziano
             CEO
             cgraziano@harvardbioscience.com
             or
             Bryce Chicoyne
             CFO
             bchicoyne@harvardbioscience.com

    SOURCE: Harvard Bioscience


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