Harvard Bioscience (HBIO) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 11% year-over-year to $22.7 million, driven by strong demand in telemetry, CMT, and preclinical portfolios, especially in China and APAC.

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

• Operational execution, strategic focus, and sales force optimization initiatives advanced, supporting recurring revenue growth and improved product mix.

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

• Net loss for Q2 2026 was $2.9 million, reflecting higher operating and interest expenses.

Financial highlights

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

• Adjusted gross margin for Q2 2026: 57%; GAAP gross margin: 55.6%.

• Adjusted EBITDA: $1.7 million (7.3% margin); adjusted operating income: $1.1 million (4.9% margin).

• Q2 2026 net loss: ($2.9) million; adjusted EPS: -$0.14; GAAP EPS: -$0.64.

• Net debt: $33.5 million as of June 30, 2026; cash and equivalents: $6.5 million.

Outlook and guidance

• Full-year 2026 revenue growth guidance raised to 3%-5% (from 2%-4%) due to strong Q2 and commercial momentum.

• Full-year adjusted gross margin target revised to 57%-59% (from 58%-60%) to reflect 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, with adjusted gross margin of 56%-58% and adjusted EBITDA of $1.5-$2.5 million.

• Project Viking and sales/marketing restructuring expected to deliver $3 million in cost savings in 2027 and $4 million annually from 2028.