Harvard Bioscience (HBIO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $20.8 million, down 4.7%-5% year-over-year, mainly due to lower sales in the Americas and APAC, partially offset by EMEA and China growth.

• Gross margin improved to 59%, up nearly 300 basis points year-over-year, driven by favorable product mix, cost reductions, and new product innovation.

• Adjusted EBITDA was $0.8 million, flat year-over-year, with a margin of 3.7%.

• Net loss narrowed to $3.4 million from $50.3 million in Q1 2025, which included a $48 million goodwill impairment.

• Leadership team strengthened with a new SVP of Commercial; Project Viking manufacturing consolidation and Made in China initiative are underway to drive cost savings and growth.

Financial highlights

• Revenue was $20.8 million, down from $21.8 million in Q1 2025, with declines in Americas and APAC, but growth in EMEA (+7%) and China (+3%).

• Adjusted gross margin reached 59%, up from 56% in Q1 2025, at the high end of guidance.

• Operating loss was $1.2 million, improved from $49.7 million last year (which included a $48 million goodwill impairment).

• Adjusted operating income was $0.2 million, slightly down from $0.3 million last year.

• Adjusted EPS was -$0.33, improved from -$1.25 last year; GAAP EPS was -$0.77, improved from -$11.42.

Outlook and guidance

• Q2 2026 revenue expected between $20.5 million and $22.5 million, with adjusted gross margin of 57%-59% and adjusted EBITDA of $1-$2 million.

• Full year 2026 guidance reaffirmed: revenue growth of 2%-4%, gross margin of 58%-60%, and adjusted EBITDA growth of 6%-10%.

• Project Viking manufacturing consolidation is expected to deliver $3 million in cost savings in 2027 and $4 million annually from 2028.

• Anticipates revenue ramp in the second half of 2026, driven by high-margin NPI sales.