Slide 1: 4Q25 Earnings Presentation
NASDAQ: HBIO 4Q25 Earnings Presentation John Duke, President & CEO Mark Frost, CFO & Treasurer March 12, 2026
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: Fourth Quarter Operating & Financial Summary
Fourth Quarter Operating & Financial Summary 2025 – strengthened foundation: Completed comprehensive refinancing that strengthened liquidity and financial flexibility Strengthened governance by appointing four new board members Solidified leadership with new CEO and recently appointed perman
Slide 4: 4Q25 Highlights
4Q25 Highlights Fourth quarter results at high end of expectations driven by improvements from cost reductions Income Statement Components ($ in millions except percentages) 4Q24 4Q25 Revenue 24.6 23.7 Gross Margin 14.0 14.2 % of Revenue 57.1% 59.7% Operating Income (Loss) 0.0 1.7 % of Revenue 0.0%
Slide 5: FY25 Highlights
FY25 Highlights Exited the year a leaner & more efficient business with a strengthened balance sheet Income Statement Components ($ in millions except percentages) FY24 FY25 Revenue 94.1 86.6 Gross Margin 54.8 49.9 % of Revenue 58.2% 57.7% Operating Income (Loss) (6.2) (48.6) % of Revenue -6.6% -56.
Slide 6: Revenue Breakdown
Revenue Breakdown HBIO Revenue 4Q24 4Q25 % Var FY24 FY25 % Var $11.3M $11.0M -2% $45.3M $42.2M -7% Americas NIH/ACA funding drove US Sequential improvements: Americas CMT 4Q YoY decreases driven by lower academic CMT $4.0M $3.9M -2% $18.4M $15.9M -13% sales. Pre-clinical 4Q YoY decrease driven by
Slide 7: Earnings, Cash & Debt
Earnings, Cash & Debt $ Million except per share data 4Q25 GAAP ADJUSTED $0.00 $0.00 FY25 $0.00 GAAP ADJUSTED * Non-GAAP measure, see Slides 11-13 for reconciliation to GAAP financial measures 7
Slide 8: Outlook
Outlook 8
Slide 9: Outlook
Outlook REVENUE ADJ. GROSS MARGIN ADJ. EBITDA 1Q26 Revenue between $20.0M - $22.0M 1Q26 GM between 57.0% - 59.0% 1Q26 Adj. EBITDA between $1.0M - $2.2M FY26 Revenue growth between 2%-4% FY26 GM between 58% - 60% FY26 Adj. EBITDA growth between 6%-10% 9
Slide 10: Appendix
Appendix 10
Slide 11: 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 12: 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 13: 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 13
Slide 14: Confidential & Proprietary Information
Confidential & Proprietary Information 14