Harvard Bioscience (HBIO) investor relations material

Executive summary

• Q2 2026 revenue grew 11% year-over-year to $22.7 million, driven by strong demand from CRO customers, robust performance in telemetry and CMT products, and notable growth in China and APAC regions.

• Adjusted EBITDA for Q2 2026 was $1.7 million, up 11% year-over-year, with a 7.3% margin; adjusted gross margin was 57%, slightly below expectations due to higher CMT and China sales.

• Net loss for Q2 2026 was $2.9 million, compared to $2.3 million in Q2 2025, reflecting higher operating and interest expenses.

• Project Viking manufacturing consolidation and Made in China localization initiatives are progressing, targeting $3 million in cost savings in 2027 and $4 million annually thereafter.

• Product line consolidation, sales force optimization, and new product innovation contributed to improved recurring revenue and future growth.

Financial highlights

• Q2 2026 revenue: $22.7 million (up 11% year-over-year); six-month revenue: $43.5 million (up 3%).

• Adjusted EBITDA: $1.7 million (7.3% margin), up from $1.5 million in Q2 2025; adjusted operating income: $1.1 million (4.9% margin).

• Q2 2026 gross profit: $12.6 million; gross margin: 55.6% (Q2 2025: 56.4%); adjusted gross margin: 56.7%.

• Net loss for Q2 2026: ($2.9) million; six-month net loss: ($6.3) million, improved from ($52.6) million in the prior year due to a $48 million goodwill impairment.

• Cash and cash equivalents at June 30, 2026: $6.5 million; net debt: $33.5 million.

Outlook and guidance

• Full-year 2026 revenue growth guidance raised to 3%-5%, up from 2%-4%.

• Adjusted gross margin guidance revised to 57%-59% due to higher CMT and China sales.

• Full-year adjusted EBITDA growth guidance reaffirmed at 6%-10%.

• Q3 2026 revenue expected between $21 million and $22.6 million; adjusted gross margin: 56%-58%; adjusted EBITDA: $1.5-$2.5 million.