Slide 1: Harvard Bioscience Investor Overview May 2026
NASDAQ: HBIO Harvard Bioscience Investor Overview May 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 identi
Slide 3: Vision: Accelerating drug development through human-relevant translational tools
“Accelerating drug development through human - relevant translational tools” Vision 3
Slide 4: Harvard Bioscience By The Numbers
Harvard Bioscience By The Numbers 54% Recurring Revenue (path to 60%+) #1 or #2 in 7 of 10 product lines 10,000+ Customers $87M Revenue FY25 Guiding 2 - 4% growth in FY26 4 58% Adj. Gross Margin FY25 Guiding 58 - 60% in FY26 $8M Adj. EBITDA FY25 Guiding 6 - 10% growth in FY26 Harvard Bioscience buil
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 effective
Slide 6: Debt Refinancing: $40M Deal Structure
Debt Refinancing: $40M Deal Structure Note: Shares & share price adjusted to account for reverse split 6 BroadOak Conversions Exit Fee Prepayment Penalty Amortization Maturity Interest Rate Amount Term Loan BroadOak received warrants for 200K shares at $5.00/share Right to nominate one board member
Slide 7: Project Viking: Strategic Manufacturing Consolidation
Project Viking: Strategic Manufacturing Consolidation Announced in Q1 2026 Expected completion in Q1 2027 $3M of cost savings directly contributing to Adj. EBITDA for FY 2027 $4M of cost savings directly contributing to Adj. EBITDA for FY 2028 and beyond ▪ Consolidating Holliston, MA manufacturing s
Slide 8: Investment Highlights: Strong Foundation Poised for Growth
Investment Highlights: Strong Foundation Poised for Growth Market Leadership with Structural Tailwinds #1 preclinical telemetry franchise for 35+ years, & early organoid leadership Blue - Chip Customer Base Selling to diverse, blue - chip customer base on a global scale Recurring Revenue, High Margi
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 Positioning Company For Long - Term Growth Scale High - Margin Innovation Expand Recurring Revenue Mix Operate with Discipline Use preclinical c
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 f
Slide 11: Global Operating Platform and Footprint
CELLULAR & MOLECULAR Boston PRECLINICAL SYSTEMS Minneapolis Core Operating Site Sales Office / Small Centers of Excellence *Headcount is approximate. Note: Headquarters moving to Minneapolis in 1Q27; Additional manufacturing sites in Sweden, Barcelona, and Freiburg 12 - 31 - 25 12 - 31 - 24 339 354
Slide 12: Blue-Chip Customers Across Multiple Revenue Streams
Why Who What ACADEMIC RESEARCH 50% of 2025 Revenue ▪ Scientific Research labs primarily government & grant funded ▪ Early discovery of new novel drugs & compounds for therapies & vaccines ▪ Advanced cellular testing & gene editing Breakthrough technologies & applications drive innovation BIOTECH, PH
Slide 13: Direct Sales Force Complemented by Key Distributors for Global Reach
Direct Sales 61% CHANNEL REVENUE MIX 2025 REVENUE BY SALES CHANNEL Distributors 39% SALES FORCE GEOGRAPHY 2025 SALES REPS BY REGION EMEA 38% AMERICAS 42% APAC 20% ▪ Effective direct sales channel supported by 45 highly technical, deeply knowledgeable direct sales representatives ▪ Global reach with
Slide 14: Drug Discovery Life Cycle & Where We Fit In
Research & Discovery Preclinical Safety & Toxicology CELLULAR TESTINGS COMPOUND CREATION CLINICAL SMALL MODEL SAFETY/TOXICOLOGY LARGE / NHP MODEL SAFETY/TOXICOLOGY Bio - Production Regulatory Report Low Yield ORGANOIDS LARGE POPULATION ▪ Leading provider of products across the drug development cycle
Slide 15: Organoids & MeshMEA: Powering Shift to Human-Relevant Discovery
RECURRING & HIGH - MARGIN Integrated hardware, consumables, & advanced analysis software ▪ Creates high switching costs & expanding recurring revenue streams MCS Software Platform FIRST & DIFFERENTIATED Industry’s first platform for long - term functional recording inside living organoids ▪ Enables
Slide 16: High-Growth Platforms: From Investment to Impact
HIGH - GROWTH PLATFORMS: FROM INVESTMENT TO IMPACT CMT - ORGANOIDS CMT Bio - Production In - Vitro Organoid Apps STRENGTHEN THE BASE: MARKET LEADERSHIP & PROFITABLE GROWTH PRECLINICAL ▪ Ponemah TM Enterprise Data Acquisition/Analysis GLP ▪ Introduced 2 nd release of SoHo shared housing implantable t
Slide 17: Recurring Revenue, Strong Margins & Cash Generation
▪ 54% recurring revenue in 2025 ▪ Clear path to 60% recurring revenue ▪ Focusing NPI on resources & investments on higher - margin consumables service & software 46% 54% ▪ Improvement driven by cost reductions to date ▪ Maintaining cost discipline & operational efficiency going forward ▪ Differentia
Slide 18: 1Q26 Financial Metrics
$ Million except per share data * Non - GAAP measure, see Slide 28 - 30 for reconciliation to GAAP financial measures 1Q26 Financial Metrics (GAAP except where noted) GAAP 18 ADJUSTED $12.2 $12.2 $0.8 $0.8 ▪ Cash flow from operations decreased primarily due to higher inventory as well as one - time
Slide 19: Outlook
REVENUE 2Q26 Revenue between $20.5M - $22.5M FY26 Revenue growth between 2% - 4% ADJ. GROSS MARGIN 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% Outlook
Slide 20: Investment Highlights: Strong Foundation Poised for Growth
Investment Highlights: Strong Foundation Poised for Growth Market Leadership with Structural Tailwinds #1 preclinical telemetry franchise for 35+ years, & early organoid leadership Blue - Chip Customer Base Selling to diverse, blue - chip customer base on a global scale Recurring Revenue, High Margi
Slide 21: Appendix
T) Bio Appendix
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 ▪ Only provider spanning in vivo telemetry & in vitro organoid platforms ▪ Enables standardized data & cross - selling across development stages
Slide 23: Revenue Breakdown
Revenue Breakdown 23 % Var 1Q25 1Q26 HBIO Revenue Americas decrease due to NIH funding delays which caused lower academic and government sales - 9% $10.7M $9.7M Americas EMEA increase due to strong NPI uptake, with higher sales from distribution partners and to pharma customers 7% $6.0M $6.5M EMEA A
Slide 24: Diversified Platform Powering the Full Translational Workflow
Cellular & Molecular Technology (CMT) Innovation & High - Growth Applications x Positioned at the center of NAM adoption & human - relevant research models x Leading electrophysiology platforms supporting discovery, translational, & organoid research x First - of - its - kind MeshMEA system enabling
Slide 25: Pre-Clinical Systems Products
Bio - Production Regulatory Report LARGE / NHP MODEL CLINICAL SAFETY/TOX Preclinical Safety & Toxicology Low Yield LARGE POPULATION SMALL MODEL SAFETY/TOXICOLOGY ORGANOIDS Research & Discovery CELLULAR TESTINGS COMPOUND CREATION Inhalation / Respiratory VivaMARS TM Neuro - Behavioral System High - c
Slide 26: Cellular & Molecular Technology (CMT) Products
Research & Discovery Preclinical Safety & Toxicology CELLULAR TESTINGS COMPOUND CREATION CLINICAL SMALL MODEL SAFETY/TOXICOLOGY LARGE / NHP MODEL SAFETY/TOX Bio - Production Regulatory Report Low Yield ORGANOIDS LARGE POPULATION BTX® Electroporation / Electrofusion Electroporation technology bridges
Slide 27: Non-GAAP Reconciliation Tables
Non - GAAP Reconciliation Tables 27
Slide 28: 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 R
Slide 29: Non-GAAP Reconciliation Table – Adjusted EBITDA
(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. (2) Interest
Slide 30: Non-GAAP Reconciliation Tables – Adjusted EPS & Net Debt
2025 March 31, 2026 $ 35,958 $ 36,211 Debt, including unamortized deferred financing costs 392 3,789 Unamortized deferred financing costs (5,546) (7,098) Cash and cash equivalents $ 30,804 $ 32,902 Net debt Non - GAAP Reconciliation Tables – Adjusted EPS & Net Debt 30 Three Months Ended 3/31/2025 Th
Slide 31: (HBio
(HBio