Harvard Bioscience (HBIO) investor relations material

Executive summary

• Q3 revenue rose 7.8% YoY to $22.2M, marking a second consecutive quarter of growth; CRO, China and distribution demand supported sales.

• Adjusted EBITDA was $1.8M; lower-margin product and channel mix pressured margins and led to a cut in FY26 adjusted EBITDA growth guidance.

• Nine-month revenue increased 4.6% to $65.7M; net loss was $9.0M, with prior-year results affected by a $48.0M goodwill impairment.

Financial highlights

• Q3 GAAP gross margin was 55.4% vs. 58.4%; adjusted gross margin was 57.1% vs. 59.2%.

• Operating loss was $1.2M vs. $0.2M operating income; adjusted operating income was $1.2M vs. $1.5M.

• Adjusted EBITDA was $1.8M vs. $2.0M; adjusted EBITDA margin was 7.9% vs. 9.6%.

• Net loss was $2.6M vs. $1.2M; GAAP diluted loss per share was $0.58 vs. $0.28, and adjusted diluted loss per share was $0.06 vs. $0.04.

• Nine-month operating loss was $3.3M vs. $50.3M; nine-month net loss was $9.0M vs. $53.9M.

Outlook and guidance

• FY26 revenue growth guidance remains 3%–5% and adjusted gross margin guidance 57%–59%; adjusted EBITDA growth guidance was cut to -1%–4% from 6%–10%.

• Q4 revenue guidance is $23.7M–$25.5M, adjusted gross margin 59%–61%, and adjusted EBITDA $3.8M–$4.2M.

• Q4 outlook anticipates YoY revenue growth across CMT and NPI platforms, sequential adjusted gross-margin expansion and improving YoY adjusted EBITDA profitability.

• Management expects gross margin in the 60% range in 2027; ~75% of Project Viking benefits relate to gross margin.

• Project Viking is expected to save $3M in 2027 and $4M annually from 2028.