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Harvard Bioscience Spin-Off Likely To Drive 50% Near-Term And 100%+ Long-Term Upside

Harvard Bioscience (NASDAQ:HBIO), a leading supplier of life science research tools, has a solid multi-year growth record, an exceptionally broad product and customer base, and a clean balance sheet. Despite this, shares have languished in a narrow trading range for the last 9 years, have no research coverage, and little institutional following. In recent years, growing core EPS has been masked by mounting operating losses associated with the company's Regenerative Medicine Device business unit ("RMD" or the "HART" spin-off) - which we believe has left shares meaningfully undervalued. Specifically, shares currently trade at 23x trailing 2012 reported non-GAAP EPS of $0.22. However, they trade at just 13x 2012 EPS, excluding RMD. We expect the upcoming HART spin-off to...

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