Harvard Bioscience — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter 2026 revenue was $22.2 million, an 8% year-over-year increase compared to $20.6 million in the third quarter of 2025.
• Nine months ended September 30, 2026, revenue was $65.7 million, compared to $62.8 million in the same period of 2025.
• Third quarter 2026 gross profit was $12.3 million (55.4% margin), compared to $12.0 million (58.4% margin) in the prior year period.
• Nine months 2026 gross profit was $37.2 million (56.6% margin), compared to $35.7 million (56.9% margin) in the prior year period.
• Adjusted gross profit for the third quarter was $12.7 million (57.1% margin), compared to $12.2 million (59.2% margin) in the prior year.
• Adjusted gross profit for the nine months was $38.0 million (57.9% margin), compared to $36.3 million (57.7% margin) in the prior year.
• Net loss for the third quarter was $2.6 million, compared to a net loss of $1.2 million in the prior year.
• Net loss for the nine months was $9.0 million, compared to a net loss of $53.9 million in the prior year, primarily due to a $48.0 million goodwill impairment in Q1 2025.
• Adjusted EBITDA for the third quarter was $1.8 million, compared to $2.0 million in the prior year.
• Adjusted EBITDA for the nine months was $4.2 million, compared to $4.3 million in the prior year.
• Cash used in operations for the third quarter was $0.2 million, compared to $1.0 million provided in the prior year.
• Cash used in operations for the nine months was $0.6 million, compared to $6.8 million provided in the prior year.
• Long-term debt, net, increased to $37.2 million as of September 30, 2026, from $35.9 million as of December 31, 2025.
• Net debt was $35.1 million as of September 30, 2026, compared to $27.5 million as of September 30, 2025.
• Cash and cash equivalents decreased to $4.9 million as of September 30, 2026, from $8.6 million as of December 31, 2025.

Guidance and Future Outlook:

• The Company reaffirmed full-year 2026 revenue growth guidance of 3% to 5% year-over-year.
• Full-year 2026 adjusted gross margin guidance is between 57% and 59%.
• Full-year 2026 adjusted EBITDA growth guidance is between (1%) and 4%.
• Fourth quarter 2026 revenue guidance is between $23.7 million and $25.5 million.
• Fourth quarter 2026 adjusted gross margin guidance is between 59% and 61%.
• Fourth quarter 2026 adjusted EBITDA guidance is between $3.8 million and $4.2 million.
• Full-year adjusted EBITDA target was updated to account for higher sales of lower-margin CMT products and higher revenue contribution from distribution channels and China.
• Project Viking is on track for completion by the end of the first quarter of 2027.

Business Segments and Product Lines:

• Solid double-digit revenue growth was reported to CROs and customers in China.
• Growth in China was driven by sales of products for organoids, respiratory, and fluidics.
• Revamped sales and marketing teams are delivering encouraging results.
• Ongoing demand is noted across Cellular & Molecular Technology (CMT) and New Product Innovation (NPI) platforms.

Market and Competitive Landscape:

• The Company operates in the life science applications sector, serving academic institutions, government laboratories, pharmaceutical, biotechnology, and contract research organizations.
• Operations span the United States, Europe, and China, utilizing direct and distribution channels.
• Revenue for the nine months included a favorable foreign currency impact of approximately 1.2%, while the third quarter included an unfavorable impact of less than 1%.

Risks and Challenges:

• Gross margin decreased in the third quarter (55.4% vs 58.4%) and remained relatively flat for the nine months (56.6% vs 56.9%).
• Cash used in operations turned negative for both the quarter and the nine-month period compared to positive cash flow in the prior year.
• Restructuring-related charges were incurred: $658,000 in the third quarter and $1.2 million in the nine months of 2026.
• Non-GAAP restructuring-related charges were $864,000 in the third quarter and $1.5 million in the nine months of 2026.
• Interest expense increased to $1.8 million in the third quarter (from $1.3 million) and $5.3 million for the nine months (from $3.3 million).
• Forward-looking statements note uncertainties regarding potential charges or gains, including restructuring expenses, which could substantially impact GAAP measures.

Management Commentary and Tone:

• CEO John Duke stated the company delivered its second consecutive quarter of strong year-over-year growth.
• Management expressed confidence in the business trajectory citing sales momentum, New Product Innovation adoption, and progress on key initiatives.
• The tone indicates optimism regarding the revamped sales and marketing teams and the completion of Project Viking.

Other Key Points:

• A 1-for-10 reverse stock split was effective on March 13, 2026.
• The Company excluded potential charges or gains from forward-looking non-GAAP earnings guidance, including restructuring and reorganization expenses, as permitted by Regulation S-K.
• Conference call and webcast details were provided for November 10, 2026, at 8:00 a.m. Eastern Time.