Harvard Bioscience Announces Second Quarter 2026 Financial Results

About this update from Harvard Bioscience, Inc.

Second Quarter 2026 Revenue Growth of 11% Year Over Year to $22.7 Million Raises Full Year 2026 Revenue Guidance to 3%-5% Year Over Year Growth HOLLISTON, Mass. , Aug. 11, 2026 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company” or “Harvard Bioscience”) today announced financial results for the second quarter ended June 30, 2026 . "We delivered a strong quarter anchored by 11% top-line growth, reflective of stronger demand and an improved environment across our key customer channels,” said John Duke , President and Chief Executive Officer. “We are seeing solid commercial traction across our telemetry and cellular and molecular technology (CMT) products, driven by our AAA and electroporation businesses, and strong engagement from researchers utilizing our preclinical platform. Outperformance in our CMT products and China drove a slight mix impact on adjusted gross margin. This strong sales momentum positions us to raise our full-year revenue outlook while maintaining our adjusted EBITDA target, supported by ongoing cost discipline and operational progress.” Second Quarter 2026 Results For the second quarter of 2026, the Company reported revenues of $22.7 million compared to $20.5 million in the second quarter of 2025. Revenue for the second quarter of 2026 included a favorable impact from foreign currency exchange rates of approximately 1%, using a constant currency basis. Gross profit for the second quarter of 2026 was $12.6 million compared to $11.5 million in the second quarter of 2025. Gross margin for the second quarter of 2026 was 55.6%, compared to 56.4% in the second quarter of 2025. Adjusted gross profit and adjusted gross margin for the second quarter of 2026 was $12.9 million and 56.7%, respectively, compared with $11.7 million and 57.2% in the same period of the prior year. Net loss for the second quarter of 2026 was ($2.9) million , compared to a net loss of ($2.3) million in the second quarter of 2025. Adjusted EBITDA for the second quarter of 2026 was $1.7 million compared to $1.5 million in the second quarter of the prior year. Six Months Ended June 30, 2026 Results For the six months ended June 30, 2026 , the Company reported revenues of $43.5 million , compared to $42.2 million in the same period of the prior year. Revenue for the six months ended June 30, 2026 , included a favorable impact from foreign currency exchange rates of approximately 2%, using a constant currency basis. Gross profit was $24.9 million for the first six months of 2026 compared to $23.7 million in the same period of the prior year. Gross margin for the six months ended June 30, 2026 , was 57.2% compared with 56.2% in the same period of the prior year. Adjusted gross profit and adjusted gross margin for the six months ended June 30, 2026 , was $25.3 million and 58.3%, respectively, compared with $24.1 million and 57.0% in the same period of the prior year. Net loss for the six months ended June 30, 2026 , was ($6.3) million compared to a net loss of ($52.6) million in the same period of the prior year, primarily due to goodwill impairment in the first quarter of 2025 of $48.0 million . Adjusted EBITDA for the six months ended June 30, 2026 , was $2.4 million , compared to adjusted EBITDA of $2.3 million for the same period of the prior year. Cash (used in) provided by operations was ($0.3) million during the six months ended June 30, 2026 compared to $5.7 million in the same period of the prior year. This press release includes certain financial information presented on an adjusted, or non-GAAP, basis. For additional information on the non-GAAP financial measures included in this press release, see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below. Third Quarter 2026 Guidance The Company’s third quarter outlook reflects expected mid-single-digit year-over-year revenue growth at the midpoint of guidance, driven by expected ongoing demand across CMT and new product innovation (NPI) platforms and improving year-over-year profitability on an adjusted EBITDA basis. The Company expects: Revenue between $21.0 million and $22.6 million Adjusted gross margin between 56% and 58% Adjusted EBITDA between $1.5 million and $2.5 million Full Year 2026 Guidance The Company is raising its full-year 2026 revenue guidance to reflect expected strong CMT portfolio momentum and continued adoption of its NPI pipeline, while updating its full-year adjusted gross margin target to account for expected higher-volume of lower-margin CMT product and geographic mix. The Company now expects: Revenue growth between 3% and 5% Adjusted gross margin between 57% and 59% Adjusted EBITDA growth between 6% and 10% Webcast and Conference Call Details In conjunction with this announcement, Harvard Bioscience will be hosting a conference call and webcast today at 8:00 a.m. Eastern Time . A presentation that will be referenced during the webcast will be posted to the Company’s Investor Relations website shortly before the webcast begins. Analysts who would like to join the call and ask a question must register  here . Once registered, you will receive the dial-in numbers and a unique PIN number.  Participants who would like to join the audio-only webcast should go to our events and presentations on the investor website  here . Use of Non-GAAP Financial Information In this press release we have included non-GAAP financial information, including one or more of adjusted operating income (loss), adjusted operating margin, adjusted gross margin, adjusted net income (loss), adjusted EBITDA, adjusted EBITDA margin, diluted adjusted earnings (loss) per share, net debt, adjusted gross profit, and non-GAAP revenue on a constant currency basis. We believe that this non-GAAP financial information provides investors with an enhanced understanding of the underlying operations of our business. For the periods presented, these non-GAAP financial measures have excluded certain expenses and income resulting from items that we do not believe are reflective of the underlying operations of the business. Items excluded include stock-based compensation, amortization of intangibles related to acquisitions, restructuring charges, other operating expenses, goodwill impairment, interest and other expense, net, income taxes, and the tax impact of reconciling items. Management believes that this non-GAAP financial information is important in comparing current results with prior period results and is useful to investors and financial analysts in assessing the Company’s operating performance. Historical non-GAAP financial information included herein is accompanied by a reconciliation to the nearest corresponding GAAP measure, which is included below. In addition, the forward-looking Adjusted gross margin and Adjusted EBITDA guidance for the third quarter of 2026 and full-year 2026 excludes potential charges or gains that may be recorded during the fiscal year, including among other things, restructuring and reorganization expenses, and non-GAAP restructuring related expenses. The Company has not attempted to provide reconciliations of such forward-looking non-GAAP earnings guidance to the comparable GAAP measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be misleading to investors. Such items could have a substantial impact on GAAP measures of the Company’s financial performance. The non-GAAP financial information provided in this press release should be considered in addition to, not as a substitute for, the financial information provided and presented in accordance with GAAP and may be different from other companies’ non-GAAP financial information. About Harvard Bioscience Harvard Bioscience, Inc. is a leading developer, manufacturer and seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug and therapy discovery, bio-production and preclinical testing for pharmaceutical and therapy development. Our customers range from renowned academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations. With operations in the United States , Europe , and China , we sell through a combination of direct and distribution channels to customers around the world. For more information, please visit our website at www.harvardbioscience.com. 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 the use of words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend,” “believe” and similar expressions or statements that do not relate to historical matters. Forward-looking statements include, but are not limited to, information concerning expected future financial and operational performance including revenues, adjusted gross margin, adjusted EBITDA, gross margin, cash and debt position, balance sheet, growth, adoption and the introduction of new products, the strength of the Company’s market position, business model and anticipated macroeconomic conditions. Forward-looking statements do not guarantee future performance and involve known and unknown uncertainties, risks, assumptions, and contingencies, many of which are outside the Company’s control. Risks and other factors that could cause the Company’s actual results to differ materially from those described in its forward-looking statements include those described in the “Risk Factors” section of the Company’s most recently filed Annual Report on Form 10-K, as well as in the Company’s other filings with the Securities and Exchange Commission. Forward-looking statements are based on the Company’s expectations and assumptions as of the date of this document. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect any change in expectations, even as new information becomes available. Investor Inquiries: Mark Frost Chief Financial Officer (508) 893-3120 [email protected] HARVARD BIOSCIENCE, INC. Condensed Consolidated Statements Of Operations (Unaudited, in thousands, except per share data)                               Three Months Ended June 30 ,   Six Months Ended June 30 ,     2026   2025   2026   2025                           Revenues $ 22,727     $ 20,450     $ 43,482     $ 42,224   Cost of revenues   10,097       8,917       18,608       18,507     Gross profit   12,630       11,533       24,874       23,717                                Sales and marketing expenses   5,400       4,539       10,735       9,510      General and administrative expenses   4,617       4,262       9,319       9,447      Research and development expenses   2,453       2,189       4,779       4,510      Amortization of intangible assets   820       1,162       1,640       2,322   Goodwill impairment   -       -       -       47,951      Other operating expenses   318       200       553       464   Total operating expenses   13,608       12,352       27,026       74,204                             Operating loss   (978 )     (819 )     (2,152 )     (50,487 )                           Other expense:                          Interest expense   (1,793 )     (1,001 )     (3,521 )     (1,934 )    Other expense, net   (125 )     (434 )     (530 )     (627 ) Total other expense   (1,918 )     (1,435 )     (4,051 )     (2,561 )                           Loss before income taxes   (2,896 )     (2,254 )     (6,203 )     (53,048 ) Income tax expense (benefit)   14       28       131       (426 ) Net loss $ (2,910 )   $ (2,282 )   $ (6,334 )   $ (52,622 )                           Loss per share:                         Basic and diluted loss per share * $ (0.64 )   $ (0.52 )   $ (1.41 )   $ (11.91 )                           Weighted-average common shares:                         Basic and diluted *   4,526       4,430       4,484       4,420                             * Retroactively presented to reflect 1-for-10 reverse stock split effective on March 13, 2026 .                           HARVARD BIOSCIENCE, INC. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except share and per share data)                   June 30, 2026   December 31, 2025 Assets             Cash and cash equivalents $ 6,503   $ 8,614   Accounts receivable, net   14,500     16,043   Inventories   22,230     20,805   Other current assets   3,230     2,763           Total current assets   46,463     48,225   Property, plant and equipment   5,347     4,787   Goodwill and other intangibles   15,550     17,198   Other long-term assets   8,926     9,861      Total assets $ 76,286   $ 80,071             Liabilities and Stockholders' Equity             Other current liabilities   24,793     21,960           Total current liabilities   24,793     21,960   Long-term debt, net   36,682     35,870   Other long-term liabilities   7,393     8,507   Stockholders’ equity   7,418     13,734      Total liabilities and stockholders’ equity $ 76,286   $ 80,071             HARVARD BIOSCIENCE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands)                   Six Months Ended       June 30, 2026     June 30, 2025 Cash flows from operating activities:             Net loss   $ (6,334 )   $ (52,622 ) Adjustments to operating cash flows     4,213       52,062   Changes in operating assets and liabilities     1,784       6,301   Net cash (used in) provided by operating activities     (337 )     5,741                 Cash flows from investing activities:             Additions to property, plant and equipment     (1,114 )     (602 ) Acquisition of intangible assets     (422 )     (314 ) Net cash used in investing activities     (1,536 )     (916 )               Cash flows from financing activities:             Repayment of term debt     -       (2,000 ) Payment of debt issuance costs     (131 )     (433 ) Proceeds from exercise of warrants and stock purchase plan     150       46   Taxes paid related to net share settlement of equity awards     (66 )     (75 ) Net cash used in financing activities     (47 )     (2,462 )               Effect of exchange rate changes on cash and cash equivalents     (191 )     971   (Decrease) increase in cash and cash equivalents     (2,111 )     3,334   Cash and cash equivalents at the beginning of period     8,614       4,108   Cash and cash equivalents at the end of period   $ 6,503     $ 7,442                 HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) (in thousands, except per share data and percentages)                                           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     Goodwill impairment   -       -       -       47,951     Other operating expenses (1)   318       200       553       464     Other adjustments (2)   579       30       671       42   Adjusted operating income $ 1,119     $ 1,045     $ 1,349     $ 1,364                               Operating margin         (4.3 %)     (4.0 %)     (4.9 %)     (119.6 %) Adjusted operating margin   4.9 %     5.1 %     3.1 %     3.2 %                             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 impairment   -       -       -       47,951     Other operating expenses (1)   318       200       553       464     Other adjustments (2)   579       30       671       42     Income taxes         190       183       716       (16 ) Adjusted net (loss) income   (623 )     (235 )     (2,117 )     (787 )   Depreciation & amortization   549       456       1,086       950     Interest and other expense, net (2) (3)   1,918       1,435       4,051       2,561     Adjusted income taxes (4)   (177 )     (156 )     (579 )     (410 ) Adjusted EBITDA     $ 1,667     $ 1,500     $ 2,435     $ 2,314   Adjusted EBITDA margin   7.3 %     7.3 %     5.6 %     5.5 %                             Diluted loss per share (GAAP) $ (0.64 )   $ (0.52 )   $ (1.41 )   $ (11.91 )                             Diluted adjusted (loss) earnings per share $ (0.14 )   $ (0.05 )   $ (0.47 )   $ (0.18 ) Weighted-average common shares:                 Diluted GAAP *       4,526       4,430       4,484       4,420                                 Diluted Adjusted *     4,526       4,430       4,484       4,420                                                                                 June 30 ,                         2026       2025   Debt, including unamortized deferred financing costs         $ 36,682     $ 34,864   Unamortized deferred financing costs           3,318       486   Cash and cash equivalents           (6,503 )     (7,442 ) Net debt                   $ 33,497     $ 27,908                                 * Retroactively presented to reflect 1-for-10 reverse stock split effective on March 13, 2026 .                                       (1) Other operating expenses for the three months ended June 30, 2026 includes $318 thousand of restructuring-related charges compared to $30 thousand of restructuring-related charges and $170 thousand of employee retention tax credit fees for the three months ended June 30, 2025 . Other operating expenses for the six months ended June 30, 2026 includes $553 thousand of restructuring-related charges compared to $123 thousand of restructuring-related charges and $341 thousand related to ERTC Fees for the six months ended June 30, 2025                               (2) Other adjustments for the three months ended June 30, 2026 includes $579 thousand of Non-GAAP restructuring-related charges compared to $30 thousand of Non-GAAP restructuring-related charges for the three months ended June 30, 2025 . Other adjustments for the six months ended June 30, 2026 includes $671 thousand of Non-GAAP restructuring-related charges compared to $42 thousand of Non-GAAP restructuring-related charges for the six months ended June 30, 2025                               (3) Interest expense for the three months ended June 30, 2026 was $1.8 million ,compared to $1.0 million for the three months ended June 30, 2025 . Interest expense for the six months ended June 30, 2026 was $3.5 million ,compared to $1.9 million for the six months ended June 30, 2025 .       (4) Adjusted income taxes includes the tax effect of adjusting for the reconciling items using the tax rates in the jurisdictions in which the reconciling items arise.     HARVARD BIOSCIENCE, INC. Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited) (in thousands, except per share data and percentages)                       Three Months Ended June 30 ,   Six Months Ended June 30 ,         Non-GAAP revenue on a constant currency basis   2026     2025   Growth Rates 2026     2025 Growth Rates       Total revenues $ 22,727   $ 20,450     11.1 % 43,482     42,224 3.0 %       Effects of foreign currency rate fluctuations   (153 )   -     (791 )           Revenue on a constant currency basis $ 22,574   $ 20,450     10.4 % 42,691     42,224 1.1 %                                                                                         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 %   $ 23,717 56.2 % Adjustments:                   Stock-based compensation expense - cost of sales   15     0.1 %   31   0.2 %   21 0.0 %     61 0.1 % Depreciation and amortization - cost of sales   195     0.9 %   138   0.7 %   399 0.9 %     284 0.7 % Other adjustments - cost of sales   44     0.2 %   -   0.0 %   45 0.1 %     - 0.0 % Non-GAAP gross profit $ 12,884     56.7 % $ 11,702   57.2 % $ 25,339 58.3 %   $ 24,062 57.0 %                     (1) Other adjustments - cost of sales for the three months ended June 30, 2026 includes $44 thousand of Non-GAAP restructuring-related charges compared to $1 thousand of Non-GAAP restructuring-related charges. Other adjustments - cost of sales for the six months ended June 30, 2026 includes $45 thousand of Non-GAAP restructuring-related charges. Source: Harvard Bioscience, Inc. 2026 GlobeNewswire, Inc., source Press Releases

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