Harvard Bioscience (HBIO) investor relations material

Executive summary

• Achieved 11% year-over-year revenue growth in Q2 2026, reaching $22.7 million, driven by strong demand from CRO, telemetry, and CMT customers, with notable outperformance in China.

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

• Operational execution, strategic focus, and product line consolidation initiatives advanced, supporting recurring revenue growth and improved product mix.

• Project Viking manufacturing consolidation and Made in China localization initiatives are progressing, contributing to cost savings and regional growth.

• Sales force optimization and new product innovation contributed to commercial traction, especially in biopharma and CRO sectors.

Financial highlights

• Q2 2026 revenue: $22.7 million, up 11% year-over-year; adjusted EBITDA: $1.7 million (7.3% margin); adjusted operating income: $1.1 million (4.9% margin).

• Adjusted gross margin was 57% in Q2 2026, slightly below expectations due to product and geographic mix; GAAP gross margin was 55.6%.

• Q2 2026 net loss: ($2.9) million; adjusted EPS was -$0.14, GAAP diluted EPS was -$0.64, both reflecting a reverse stock split.

• Cash used in operations for the first half was $0.3 million; net debt stood at $33.5 million as of June 30, 2026.

• Total debt was $36.7 million, with $6.5 million in cash and cash equivalents at June 30, 2026.

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.