Harvard Bioscience Announces Second Quarter 2026 Financial Results
Rhea-AI Summary
Harvard Bioscience (Nasdaq: HBIO) reported second quarter 2026 revenue of $22.7 million, up 11% year over year (about 1% from FX), with gross profit of $12.6 million and gross margin of 55.6% versus 56.4% a year ago. Adjusted gross margin was 56.7%. Net loss widened to $2.9 million, while adjusted EBITDA increased to $1.7 million from $1.5 million.
For the first half of 2026, revenue rose to $43.5 million, net loss narrowed to $6.3 million from $52.6 million (which included a $48 million goodwill impairment in 2025), and adjusted EBITDA was $2.4 million. The company raised its full-year 2026 revenue growth outlook to 3%–5% and now targets adjusted gross margin of 57%–59% and adjusted EBITDA growth of 6%–10%. Third quarter 2026 guidance calls for revenue of $21.0–$22.6 million and adjusted EBITDA of $1.5–$2.5 million.
Positive
- Q2 2026 revenue up 11% year over year to $22.7 million
- First-half 2026 revenue increased to $43.5 million from $42.2 million
- Q2 2026 adjusted EBITDA rose to $1.7 million from $1.5 million
- First-half 2026 net loss reduced to $6.3 million from $52.6 million
- Full-year 2026 revenue growth guidance raised to 3%–5%
- Full-year 2026 adjusted EBITDA growth guided to 6%–10%
Negative
- Q2 2026 GAAP net loss widened to $2.9 million from $2.3 million
- Q2 2026 gross margin declined to 55.6% from 56.4%
- Operating cash flow for first-half 2026 was an outflow of $0.3 million versus $5.7 million inflow
- Cash balance declined to $6.5 million at June 30, 2026 from $8.6 million at year-end 2025
- Total debt reported at $36.7 million versus stockholders’ equity of $7.4 million
Market reaction after 2Q26 earnings report: HBIO -4.38%
Following this news, HBIO has declined 4.38%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 2 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $6.11.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | 1Q26 earnings report | Negative | -20.9% | Revenue declined year over year despite improved margin and a sharply narrowed net loss. |
| Mar 12 | FY25 earnings report | Negative | -2.6% | Annual results included a $48.0 million goodwill impairment and a $56.7 million net loss. |
| Feb 10 | Preliminary earnings report | Positive | +13.4% | Preliminary results exceeded expectations while gross margin reached 60% and adjusted EBITDA increased. |
| Nov 06 | 3Q25 earnings report | Negative | -7.3% | The quarter included a net loss and management issued lower-quarter revenue guidance. |
| Aug 11 | 2Q25 earnings report | Positive | -9.3% | Revenue exceeded guidance and adjusted EBITDA improved, but the stock fell 9.25%. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-matched earnings events averaged -5.33%, with negative 24-hour reactions recorded after four of the five provided events.
Key Terms
adjusted ebitda financial
constant currency financial
goodwill impairment financial
non-gaap financial
reverse stock split regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
- 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
Second Quarter 2026 Results
For the second quarter of 2026, the Company reported revenues of
Adjusted gross profit and adjusted gross margin for the second quarter of 2026 was
Net loss for the second quarter of 2026 was (
Six Months Ended June 30, 2026 Results
For the six months ended June 30, 2026, the Company reported revenues of
Adjusted gross profit and adjusted gross margin for the six months ended June 30, 2026, was
Net loss for the six months ended June 30, 2026, was (
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% and58% - 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% and5% - Adjusted gross margin between
57% and59% - Adjusted EBITDA growth between
6% and10%
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
investors@harvardbioscience.com
| 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 | |||||||||||||||||||||
| (2) Other adjustments for the three months ended June 30, 2026 includes | |||||||||||||||||||||
| (3) Interest expense for the three months ended June 30, 2026 was | |||||||||||||||||||||
| (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 | ||||||||||||||||||||
