Harvard Bioscience : Q1 2026 Harvard Bioscience, Inc. Earnings Conference Call

Published: 2026-05-12 07:42:11 ET HBIO

Published on 05/12/2026 at 07:42 am EDT

NASDAQ: HBIO

1Q26 Earnings Presentation

John Duke, President & CEO Mark Frost, CFO & Treasurer May 12, 2026

First Quarter Operating & Financial Summary

Revenue of $20.8, million in line with our guidance

Gross margin of 59%, up nearly 300 bps YoY and at the high end of guidance

Adjusted EBITDA of $0.8 million, which was flat YoY

Increased NPI pipeline sales penetration into pharma and biotech customers

Launched and made progress on manufacturing consolidation, on track for completion in 1Q27

Piloted and implemented Made in China initiative and shipped first product in 1Q

Added SVP of Commercial to drive revenue opportunities; 30 years of sales experience within life science tools

Leading the translational science bridge

Accelerating high-margin innovation through New Product Innovation "NPI" pipeline

Expanding consumables & recurring revenue

Operational excellence & disciplined growth

2Q26 outlook reflects mid-single digit year over year revenue growth at the midpoint of the guidance range

Reiterating full year 2026 guidance, which forecasts low single digit revenue and high single digit adjusted EBITDA growth

Outlook driven by expected sales growth in higher margin NPI pipeline that focuses on the translational science market

1Q26 Highlights

First quarter results driven by increased pharma & biotech sales

Income Statement Components ($ in millions percentages)

except 1Q26

1Q25

Revenue

20.8

21.8

Gross Margin

12.2

12.2

% of Revenue

59%

56%

Operating Income (Loss)

(1.2)

(49.7)

% of Revenue

(5.7%)

(228.1%)

Adjusted Operating Income*

0.2

0.3

% of Revenue

1.1%

1.5%

Adjusted EBITDA*

0.8

0.8

% of Revenue

3.7%

3.7%

* Non-GAAP measure, see Slides 10-12 for reconciliation to GAAP financial measures

Revenue Breakdown

HBIO Revenue

1Q26

1Q25

% Var

Americas

$9.7M

$10.7M

-9%

EMEA

$6.5M

$6.0M

+7%

APAC

China

$4.6M

$2.8M

$5.1M

$2.7M

-9%

+3%

HBIO Total

$20.8M

$21.8M

-5%

1Q26 Earnings, Cash & Debt

$ Million except per share data

Cash flow from operations decreased primarily due to higher inventory as well as one-time costs related to the reverse split and S3 filing

* Non-GAAP measure, see Slides 10-12 for reconciliation to GAAP financial measures

Outlook

Outlook

REVENUE

2Q26 Revenue between $20.5M - $22.5M FY26 Revenue growth between 2% - 4%

2Q26 GM between 57% - 59%

FY26 GM between 58% - 60%

ADJ. EBITDA

2Q26 Adj. EBITDA between $1M - $2M FY26 Adj. EBITDA growth between 6% - 10%

Appendix

Non-GAAP Reconciliation Table - Adjusted Operating Income

(1) Other operating expenses for the three months ended March 31, 2026 includes $235 thousand of restructuring-related charges compared to $93 thousand of restructuring-related charges and $171 thousand of employee retention tax credit fees for the three months ended March 31, 2025.

Non-GAAP Reconciliation Table - Adjusted EBITDA

Other operating expenses for the three months ended March 31, 2026 includes $235 thousand of restructuring-related charges compared to $93 thousand of restructuring-related charges and $171 thousand of employee retention tax credit fees for the three months ended March 31, 2025.

Interest expense for the three months ended March 31, 2026 was $1.7 million, compared to $0.9 million for the three months ended March 31, 2025. Other expense, net was $405 thousand for the three months ended March 31, 2026, compared to $193 thousand for the three months ended March 31, 2025.

Adjusted income taxes includes the tax effect of adjusting for the reconciling items using the tax rates in the jurisdictions in which the reconciling items arise.

Non-GAAP Reconciliation Tables - Adjusted EPS & Net Debt

Three Months Ended

3/31/2026

Three Months Ended

3/31/2025

Diluted loss per share (GAAP) *

$

(0.77)

$

(11.42)

Diluted adjusted loss per share *

$

(0.33)

$

(1.25)

Weighted average common shares:

Diluted GAAP *

4,473

4,410

Diluted Adjusted *

4,473

4,410

* Retroactively presented to reflect 1-for-10 reverse stock split effective on March 13, 2026.

March 31,

2026

2025

Debt, including unamortized deferred financing costs

$ 36,211

$ 35,958

Unamortized deferred financing costs

3,789

392

Cash and cash equivalents

(7,098)

(5,546)

Net debt

$ 32,902

$ 30,804

Disclaimer

Harvard Bioscience Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 11:41 UTC.