Slide 1: 3Q25 Earnings Presentation
NASDAQ: HBIO 3Q25 Earnings Presentation John Duke, President & CEO Mark Frost, Interim CFO & Treasurer November 6, 2025
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements and 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
Slide 3: Third Quarter Operating & Financial Summary
Third Quarter Operating & Financial Summary Key priorities for the remainder of 2025: Maintaining financial discipline by continuing to deliver cost efficiencies and generate positive cash flow Accelerating product adoption by leveraging our strong and innovative pipeline to position the compa
Slide 4: 3Q25 Highlights
3Q25 Highlights Third quarter results above expectations with a continued focus on cost management Income Statement Components ($ in millions except percentages) 3Q25 3Q24 Revenue 20.6 22.0 Gross Margin 12.0 12.8 % of Revenue 58.4% 58.1% Operating Income (Loss) 0.2 (1.9) % of Revenue 1.0% -8.5% Adju
Slide 5: Quarterly Product Revenue by Region
Fx Adjustment Quarterly Product Revenue by Region (in $M) CMT Pre-Clinical 3Q24 $ 11.81 $ $ 10.09 $ 4Q24 1Q25 2Q25 11.52 $ 9.58 $ 10.31 13.06 $ 12.32 $ 9.79 3Q25 $ 9.36 $ 10.89 Currency* $ 0.07 $ (0.02) $ (0.13) $ 0.35 $ 0.34 Total $ 21.97 $ 24.56 $ 21.77 $ 20.45 $ 20.59 Pre-clinical CMT Americas EM
Slide 6: 3Q25 Financial Metrics (GAAP except where noted)
3Q25 Financial Metrics (GAAP except where noted) $ Million except REVENUE ADJUSTED EBITDA* per share data GROSS MARGIN $12.0 $12.8 $2.0 $1.3 EARNINGS (LOSS) PER SHARE YTD CASH FLOW FROM OPERATIONS NET DEBT* GAAP Adjusted* 3Q25 3Q24 3Q25 3Q24 * Non-GAAP measure, see Slide 10 for reconciliation to GAA
Slide 7: Outlook
Outlook 7
Slide 8: 4Q25 Outlook
4Q25 Outlook Our fourth quarter guidance demonstrates solid execution and financial discipline: 4Q Revenues ranging from $22.5M to $24.5M 4Q Gross Margin ranging from 58-60% Improved demand and backlog give us confidence to project continued financial improvement in the fourth quarter 8
Slide 9: Appendix
Appendix 9
Slide 10: Reconciliation to GAAP P&L
Reconciliation to HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) GAAP P&L (in thousands, except per share data and percentages) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 GAAP operating
Slide 11: Confidential & Proprietary Information
Confidential & Proprietary Information 11