Slide 1: Harvard Bioscience Investor Overview
NASDAQ: HBIO Harvard Bioscience Investor Overview August 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 3-5% growth in FY26 Guiding 57-59% in FY26 Guiding 6-10% growth in FY26 54%
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 ✔ Expanded Board of Directors: Appointed Rob Gagnon & Seth Benson effective July 2025, Stephen DeNelsky effective September 2025, BroadOak Partner Bill Snider effec
Slide 6: Debt Refinancing: $40M Deal Structure
Debt Refinancing: $40M Deal Structure Term Amount Interest Rate Maturity Amortization Prepayment Penalty Exit Fee Conversions BroadOak Loan 10.00% exit fee Can be converted to Commencing December 31, on all prepaid or ABL providing lower BroadOak A $10M 2027, the Company is Year 1: 3.00% repaid amou
Slide 7: Project Viking: Strategic Manufacturing Consolidation
Project Viking: Strategic Manufacturing Consolidation Expected $3M of cost savings $4M of cost savings Announced directly contributing to directly contributing to completion in Q1 in Q1 2026 2027 Adj. EBITDA for FY Adj. EBITDA for FY 2027 2028 and beyond RELOCATION DETAILS Consolidating Holliston,
Slide 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 2Q26 Financial Metrics (GAAP except where noted)
2Q26 Financial Metrics (GAAP except where noted) $ Million except per share data $11.5 $12.6 $1.7 $1.5 GAAP ADJUSTED * Non-GAAP measure, see Slides 28-31 for reconciliation to GAAP financial measures 18
Slide 19: Outlook
Outlook REVENUE ADJ. GROSS MARGIN* ADJ. EBITDA* 3Q26 Revenue between $21.0M - $22.6M 3Q26 GM between 56% - 58% 3Q26 Adj. EBITDA between $1.5M - $2.5M FY26 Revenue growth between 3% - 5% FY26 GM between 57% - 59% FY26 Adj. EBITDA growth between 6% - 10% (Raised from 2% – 4%) (Updated from 58% - 60%)
Slide 20: 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 21: Appendix
Appendix 21 21
Slide 22: 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 plat
Slide 23: 2Q26 Revenue Breakdown
2Q26 Revenue Breakdown HBIO Revenue 2Q26 2Q25 % Var Americas $11.4M $10.1M 13% Americas increase due to growth in CRO’s telemetry business EMEA growth due to CRO, pharma & distributors. EMEA up 1.5% on a EMEA $6.8M $6.6M 3% constant currency basis APAC $4.6M $3.7M 24% APAC increase primarily driven
Slide 24: 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 25: 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 26: 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 27: Non-GAAP Reconciliation Tables
Non-GAAP Reconciliation Tables 27 27
Slide 28: Non-GAAP Reconciliation Table – Gross Margin
Non-GAAP Reconciliation Table – Gross Margin Three Months Ended June 30, Six Months Ended June 30, Non-GAAP Gross Profit and Non-GAAP Gross Margin 2026 2025 2026 2025 Amount Margin Amount Margin Amount Margin Amount Margin (in thousands) Gross profit $ 12,630 55.6% $ 11,533 56.4% $ 24,874 57.2% $ 23
Slide 29: Non-GAAP Reconciliation Table – Adjusted Operating Income
Non-GAAP Reconciliation Table – Adjusted Operating Income Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 GAAP operating loss $ (978) $ (819) $ (2,152) $ (50,487) Stock-based compensation 380 472 637 1,072 Acquired asset amortization 820 1,162 1,640 2,322
Slide 30: Non-GAAP Reconciliation Table – Adjusted EBITDA
Non-GAAP Reconciliation Table – Adjusted EBITDA Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 GAAP net loss $ (2,910) $ (2,282) $ (6,334) $ (52,622) Stock-based compensation 380 472 637 1,072 Acquired asset amortization 820 1,162 1,640 2,322 Goodwill imp
Slide 31: Non-GAAP Reconciliation Tables – Adjusted EPS & Net Debt
Non-GAAP Reconciliation Tables – Adjusted EPS & Net Debt Three Months Ended Six Months Ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Diluted loss per share (GAAP) * $ (0.64) $ (0.52) $ (1.41) $ (11.91) Diluted adjusted loss per share * $ (0.14) $ (0.05) $ (0.47) $ (0.18) Weighted-ave
Slide 32: 32
32