Slide 1: Harvard Bioscience Investor Overview
NASDAQ: HBIO Harvard Bioscience Investor Overview March 2026
Slide 2: Forward-Looking Statements & Non-GAAP Financial Information
Forward-Looking Statements & Non-GAAP Financial Information Forward Looking Statements This document contains forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by
Slide 3: Vision
Vision “Accelerating drug development through human-relevant translational tools” 3
Slide 4: Harvard Bioscience By The Numbers
Harvard Bioscience By The Numbers Harvard Bioscience builds tools that power translational research across drug discovery & preclinical development $87M 58% $8M Revenue Adj. Gross Margin Adj. EBITDA FY25 FY25 FY25 Guiding 2-4% growth in FY26 Guiding 58-60% in FY26 Guiding 6-10% growth in FY26 54% #1
Slide 5: Recent Actions
Recent Actions ✔New Executive Leadership: Appointed John Duke CEO effective July 2025 & made Mark Frost permanent CFO in March of 2026 ✔Focused Strategic Direction: Announced focus on Translational Science products in February 2026 ✔Debt Refinancing: Extended debt maturity to 2029, reduced annual de
Slide 6: Investment Highlights: Strong Foundation Poised for Growth
Investment Highlights: Strong Foundation Poised for Growth Market Leadership with #1 preclinical telemetry franchise for 35+ years, & early organoid leadership Structural Tailwinds Blue-Chip Customer Base Selling to diverse, blue-chip customer base on a global scale Recurring Revenue, High Software,
Slide 7: Key Strategic Pillars: The New Harvard Bioscience
Key Strategic Pillars: The New Harvard Bioscience Historically known as life sciences tools company, becoming pure play Translational Science Tools company Lead the Scale High-Margin Expand Recurring Operate with Translational Bridge Innovation Revenue Mix Discipline Advance differentiated Integrate
Slide 8: An Evolving Translational Science Market
An Evolving Translational Science Market Regulatory, scientific, & economic shift in drug development ▪ Regulators usher in new tools: FDA, EMA, & other global regulators are actively pushing the adoption of New Approach Methodologies (NAMs) ▪ NAMs are human relevant technologies geared to reduce fa
Slide 9: Leading Reputation, with Multiple Competitive Advantages
Leading Reputation, with Multiple Competitive Advantages A differentiated platform with durable market leadership Breadth Across the Translational Workflow First-Mover & Technology Leadership ▪ Only provider spanning in vivo telemetry & in vitro ▪ Category-defining MeshMEA™ & decades of organoid pla
Slide 10: Global Footprint & Distribution – Built to Scale Efficiently
Global Footprint & Distribution – Built to Scale Efficiently A global operating platform with embedded growth leverage ▪ Strong commercial organization with 45 highly technical, deeply BIOPRODUCTION Cambridge, UK knowledgeable direct sales CELLULAR & representatives MOLECULAR Stuttgart, Germany ▪ Co
Slide 11: Blue-Chip Customers Across Multiple Revenue Streams
Blue-Chip Customers Across Multiple Revenue Streams CONTRACT RESEARCH ACADEMIC RESEARCH BIOTECH, PHARMACEUTICAL 50% of 2025 Revenue 28% of 2025 Revenue ORGANIZATIONS 22% of 2025 Revenue Who ▪ Scientific Research labs primarily government ▪ Perform early discovery & then transition from ▪ Preclinical
Slide 12: Direct Sales Force Complemented by Key Distributors for Global Reach
Direct Sales Force Complemented by Key Distributors for Global Reach CHANNEL REVENUE MIX SALES FORCE GEOGRAPHY 2025 REVENUE BY SALES CHANNEL 2025 SALES REPS BY REGION Distributors EMEA 39% 38% AMERICAS 42% Direct Sales 61% APAC 20% ▪ Signed Fisher North America agreement in August 2025, ▪ Effective
Slide 13: Broad Portfolio Serves as One Stop Shop for Customers
Broad Portfolio Serves as One Stop Shop for Customers ▪ Leading provider of products across the drug development cycle, spanning research & discovery, bioproduction & preclinical testing ▪ Diversified offerings that span the gamut of preclinical workflows & applications ▪ Top-tier market positions a
Slide 14: Organoids & MeshMEA™: Powering Shift to Human-Relevant Discovery
Organoids & MeshMEA™: Powering Shift to Human-Relevant Discovery FIRST & FASTER & MORE RECURRING & DIFFERENTIATED PREDICTIVE HIGH-MARGIN Industry’s first platform for long-term Earlier safety & efficacy insights versus Integrated hardware, consumables, & functional recording inside living traditiona
Slide 15: NPI Pipeline Provides High Growth Opportunities
NPI Pipeline Provides High Growth Opportunities STRENGTHEN THE BASE: MARKET LEADERSHIP & HIGH-GROWTH PLATFORMS: FROM INVESTMENT TO IMPACT PROFITABLE GROWTH Bio-Production In-Vitro Organoid Apps PRECLINICAL CMT CMT - ORGANOIDS ▪ PonemahTM Enterprise Data Acquisition/Analysis GLP ▪ BTX® electroporatio
Slide 16: Recurring Revenue, Strong Margins & Cash Generation
Recurring Revenue, Strong Margins & Cash Generation Recurring Revenue High Gross Margin Positive Cash Flow 54% recurring consumables, software & services revenue 46% 46% non- 54% recurring equipment revenue Note: represents full year 2025 revenue mix ▪ 54% recurring revenue in 2025 ▪ Improvement dri
Slide 17: Revenue Breakout by Geography & Segment
Revenue Breakout by Geography & Segment % of FY25 HBIO Revenue 4Q24 4Q25 FY24 FY25 Revenue $11.3M $11.0M $45.3M $42.2M 49% NIH/ACA funding drove US Sequential improvements: Americas ▪ Americas CMT 4Q YoY decreases driven by lower academic CMT $4.0M $3.9M $18.4M $15.9M sales. Pre-clinical 4Q YoY decr
Slide 18: 4Q25 Financial Metrics (GAAP except where noted)
4Q25 Financial Metrics (GAAP except where noted) $ Million except per share data $3.8 $14.0 $14.2 $3.0 GAAP ADJUSTED $0.00 $0.00 * Non-GAAP measure, see Slide 27-29 for reconciliation to GAAP financial measures 18
Slide 19: FY25 Financial Metrics (GAAP except where noted)
FY25 Financial Metrics (GAAP except where noted) $ Million except per share data $8.1 $54.8 $49.9 $7.2 $0.00 GAAP ADJUSTED * Non-GAAP measure, see Slide 27-29 for reconciliation to GAAP financial measures 19
Slide 20: Outlook
Outlook REVENUE ADJ. GROSS MARGIN ADJ. EBITDA 1Q26 Revenue between $20.0M - $22.0M 1Q26 Adj. GM between 57.0% - 59.0% 1Q26 Adj. EBITDA between $1.0M - $2.2M FY26 Revenue growth between 2%-4% FY26 Adj. GM between 58% - 60% FY26 Adj. EBITDA growth between 6%-10% 20
Slide 21: Investment Highlights: Strong Foundation Poised for Growth
Investment Highlights: Strong Foundation Poised for Growth Market Leadership with #1 preclinical telemetry franchise for 35+ years, & early organoid leadership Structural Tailwinds Blue-Chip Customer Base Selling to diverse, blue-chip customer base on a global scale Recurring Revenue, High Software,
Slide 22: Additional Product Portfolio Details
Additional Product Portfolio Details 22 22
Slide 23: Diversified Platform Powering the Full Translational Workflow
Diversified Platform Powering the Full Translational Workflow Two complementary engines covering critical stages of drug discovery through preclinical development while driving cash flow today & growth tomorrow Preclinical Systems Cellular & Molecular Technology (CMT) Market Leadership & Cash Genera
Slide 24: Pre-Clinical Systems Products
Pre-Clinical Systems Products VivaMARSTM Neuro- New: SoHoTM Implantable Implantable / External Ponemah Data Inhalation / Respiratory Behavioral System Telemetry System Telemetry Management Measurement of biopotentials in Software designed for optimal Collects basic respiratory High-capacity behavior
Slide 25: Cellular & Molecular Technology (CMT) Products
Cellular & Molecular Technology (CMT) Products Research & Discovery Preclinical Safety & Toxicology Bio-Production Regulatory Report Low Yield COMPOUND CELLULAR ORGANOIDS SMALL MODEL LARGE / NHP MODEL CLINICAL LARGE POPULATION CREATION TESTINGS SAFETY/TOXICOLOGY SAFETY/TOX BTX® Electroporation / Cel
Slide 26: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables 26 26
Slide 27: Non-GAAP Reconciliation Table – Adjusted Operating Income
Non-GAAP Reconciliation Table – Adjusted Operating Income Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 GAAP operating income (loss) $ 1,710 $ 11 $ (48,580) $ (6,211) Stock-based compensation 459 961 1,855 4,340 Acquired ass
Slide 28: Non-GAAP Reconciliation Table – Adjusted EBITDA
Non-GAAP Reconciliation Table – Adjusted EBITDA Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 GAAP net loss $ (2,847) $ 18 $ (56,700) $ (12,405) Stock-based compensation 459 961 1,855 4,340 Acquired asset amortization 850 1,
Slide 29: Non-GAAP Reconciliation Table – Adjusted EPS & Net Debt
Non-GAAP Reconciliation Table – Adjusted EPS & Net Debt December 31, 2025 2024 Debt, including unamortized deferred financing costs $ 35,870 $ 36,956 Unamortized deferred financing costs 4,130 394 Cash and cash equivalents (8,614) (4,108) Net debt $ 31,386 $ 33,242 29
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