Harvard Bioscience Q3 2026 loss widens to $2.6M
The company reaffirmed 2026 revenue and gross-margin guidance while updating its adjusted EBITDA target for product and channel mix.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Harvard Bioscience reported third-quarter 2026 revenue of $22.2 million, up 7.8% from $20.6 million a year earlier. Gross margin was 55.4%, versus 58.4%; net loss was $2.6 million, versus $1.2 million; and adjusted EBITDA was $1.8 million, compared with $2.0 million. Operating activities used $0.2 million of cash, versus $1.0 million provided.
For the first nine months, revenue was $65.7 million versus $62.8 million, while operating cash use was $0.6 million versus $6.8 million provided. Net loss was $9.0 million versus $53.9 million, with the prior-year period including a $48.0 million goodwill impairment; adjusted EBITDA was $4.2 million versus $4.3 million. Harvard Bioscience reaffirmed full-year revenue and gross-margin guidance and updated its adjusted EBITDA target for product and channel mix. Its fourth-quarter outlook calls for year-over-year revenue growth, sequential gross-margin expansion, and improving adjusted EBITDA profitability; Project Viking remains on track for completion by the end of the first quarter of 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue grew 7.8% to $22.2 million year over year.
Negative
- Moderate pointNet loss increased to $2.6 million from $1.2 million.
- Minor pointAdjusted EBITDA declined to $1.8 million from $2.0 million.
- Minor pointOperating cash flow was $0.2 million used, versus $1.0 million provided.
Filing Explained
At September 30, 2026, Harvard Bioscience reported net debt of $35,144 thousand.
Harvard Bioscience furnished its third-quarter and nine-month results release with this Form 8-K; the release reports results for periods ended
The release says weighted-average share counts and per-share figures were retroactively presented to reflect a 1-for-10 reverse stock split effective
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
constant currency basis financial
goodwill impairment financial
Cellular & Molecular Technology (CMT) technical
Earnings Snapshot
The company reaffirmed full-year 2026 revenue and gross-margin guidance and updated its adjusted EBITDA target. At the fourth-quarter guidance midpoint, it expects year-over-year revenue growth, sequential gross-margin expansion, and improving year-over-year adjusted EBITDA profitability.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Securities registered pursuant to Section 12(b) of the Act: | ||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| The |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 10, 2026, Harvard Bioscience, Inc. (the “Company”) issued a press release announcing financial results for the three and nine months ended September 30, 2026, and the details of a related conference call to be held at 8:00 AM ET on November 10, 2026. The press release is furnished as Exhibit 99.1 and incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |
| 99.1 | Press Release issued by Harvard Bioscience, Inc. on November 10, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HARVARD BIOSCIENCE, INC. | ||
| Date: November 10, 2026 | By: | /s/ Mark Frost |
| Mark Frost | ||
| Chief Financial Officer | ||
Exhibit 99.1
Harvard Bioscience Announces Third Quarter 2026 Financial Results
| · | Third Quarter 2026 Revenue Growth of 8% Year Over Year to $22.2 Million |
| · | Reaffirms Full Year 2026 Revenue Guidance of 3%-5% Year Over Year Growth |
HOLLISTON, Mass., November 10, 2026 (GLOBE NEWSWIRE) -- Harvard Bioscience, Inc. (Nasdaq: HBIO) (the “Company” or “Harvard Bioscience”) today announced financial results for the third quarter ended September 30, 2026.
“We delivered our second consecutive quarter of strong year over year growth with an 8% topline increase in the third quarter,” said John Duke, President and Chief Executive Officer. “We saw solid double-digit revenue growth to CROs and customers in China, driven by sales of our products for organoids, respiratory, and fluidics products. Our revamped sales and marketing teams are delivering encouraging results, and Project Viking remains on track for completion by the end of the first quarter in 2027. Looking ahead, our sales momentum, continued New Product Innovation (NPI) adoption, and progress on key initiatives give us confidence in the trajectory of the business.”
Third Quarter 2026 Results
For the third quarter of 2026, the Company reported revenues of $22.2 million compared to $20.6 million in the third quarter of 2025. Revenue for the third quarter of 2026 included an unfavorable impact from foreign currency exchange rates of less than 1%, using a constant currency basis. Gross profit for the third quarter of 2026 was $12.3 million compared to $12.0 million in the third quarter of 2025. Gross margin for the third quarter of 2026 was 55.4%, compared to 58.4% in the third quarter of 2025.
Adjusted gross profit and adjusted gross margin for the third quarter of 2026 were $12.7 million and 57.1%, respectively, compared with $12.2 million and 59.2% in the same period of the prior year.
Net loss for the third quarter of 2026 was $(2.6) million, compared to a net loss of $(1.2) million in the third quarter of 2025. Adjusted EBITDA for the third quarter of 2026 was $1.8 million compared to $2.0 million in the third quarter of the prior year. Cash (used in) provided by operations was $(0.2) million during the three months ended September 30, 2026 compared to $1.0 million in the same period of the prior year.
Nine Months Ended September 30, 2026 Results
For the nine months ended September 30, 2026, the Company reported revenues of $65.7 million, compared to $62.8 million in the same period of the prior year. Revenue for the nine months ended September 30, 2026, included a favorable impact from foreign currency exchange rates of approximately 1.2%, using a constant currency basis. Gross profit was $37.2 million for the first nine months of 2026 compared to $35.7 million in the same period of the prior year. Gross margin for the nine months ended September 30, 2026, was 56.6% compared with 56.9% in the same period of the prior year.
Adjusted gross profit and adjusted gross margin for the nine months ended September 30, 2026, were $38.0 million and 57.9%, respectively, compared with $36.3 million and 57.7% in the same period of the prior year.
Net loss for the nine months ended September 30, 2026, was $(9.0) million compared to a net loss of $(53.9) 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 nine months ended September 30, 2026, was $4.2 million, compared to adjusted EBITDA of $4.3 million for the same period of the prior year. Cash (used in) provided by operations was $(0.6) million during the nine months ended September 30, 2026 compared to $6.8 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.
Fourth Quarter 2026 Guidance
The Company’s fourth quarter outlook at the midpoint of the guidance ranges reflects expected year-over-year revenue growth driven by ongoing demand across Cellular & Molecular Technology (CMT) and NPI platforms, sequential gross margin expansion, and improving year-over-year profitability on an adjusted EBITDA basis. The Company expects:
| · | Revenue between $23.7 million and $25.5 million |
| · | Adjusted gross margin between 59% and 61% |
| · | Adjusted EBITDA between $3.8 million and $4.2 million |
Full Year 2026 Guidance
The Company is reaffirming its full-year 2026 revenue and gross margin guidance while updating its full-year adjusted EBITDA target to account for higher-than-expected sales of certain lower-margin CMT products and higher revenue contribution from distribution channels and China. The Company now expects:
| · | Revenue growth between 3% and 5% |
| · | Adjusted gross margin between 57% and 59% |
| · | Adjusted EBITDA between (1%) and 4% growth |
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, Non-GAAP restructuring related 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 fourth 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 September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | $ | 22,196 | $ | 20,591 | $ | 65,678 | $ | 62,815 | ||||||||
| Cost of revenues | 9,889 | 8,570 | 28,497 | 27,077 | ||||||||||||
| Gross profit | 12,307 | 12,021 | 37,181 | 35,738 | ||||||||||||
| Sales and marketing expenses | 5,420 | 4,613 | 16,155 | 14,123 | ||||||||||||
| General and administrative expenses | 4,756 | 4,176 | 14,075 | 13,623 | ||||||||||||
| Research and development expenses | 2,258 | 2,132 | 7,037 | 6,642 | ||||||||||||
| Amortization of intangible assets | 365 | 855 | 2,005 | 3,177 | ||||||||||||
| Goodwill impairment | - | - | - | 47,951 | ||||||||||||
| Other operating expenses | 658 | 48 | 1,211 | 512 | ||||||||||||
| Total operating expenses | 13,457 | 11,824 | 40,483 | 86,028 | ||||||||||||
| Operating (loss) income | (1,150 | ) | 197 | (3,302 | ) | (50,290 | ) | |||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (1,783 | ) | (1,323 | ) | (5,304 | ) | (3,257 | ) | ||||||||
| Other income (expense), net | 238 | (8 | ) | (292 | ) | (635 | ) | |||||||||
| Total other expense | (1,545 | ) | (1,331 | ) | (5,596 | ) | (3,892 | ) | ||||||||
| Loss before income taxes | (2,695 | ) | (1,134 | ) | (8,898 | ) | (54,182 | ) | ||||||||
| Income tax (benefit) expense | (72 | ) | 97 | 59 | (329 | ) | ||||||||||
| Net loss | $ | (2,623 | ) | $ | (1,231 | ) | $ | (8,957 | ) | $ | (53,853 | ) | ||||
| Loss per share: | ||||||||||||||||
| Basic and diluted loss per share * | $ | (0.58 | ) | $ | (0.28 | ) | $ | (1.99 | ) | $ | (12.15 | ) | ||||
| Weighted-average common shares: | ||||||||||||||||
| Basic and diluted * | 4,561 | 4,456 | 4,500 | 4,432 | ||||||||||||
* 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) | ||||||||
| September 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 4,856 | $ | 8,614 | ||||
| Accounts receivable, net | 14,912 | 16,043 | ||||||
| Inventories | 23,491 | 20,805 | ||||||
| Other current assets | 2,718 | 2,763 | ||||||
| Total current assets | 45,977 | 48,225 | ||||||
| Property, plant and equipment | 5,399 | 4,787 | ||||||
| Goodwill and other intangibles | 15,481 | 17,198 | ||||||
| Other long-term assets | 8,442 | 9,861 | ||||||
| Total assets | $ | 75,299 | $ | 80,071 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Other current liabilities | 26,127 | 21,960 | ||||||
| Total current liabilities | 26,127 | 21,960 | ||||||
| Long-term debt, net | 37,153 | 35,870 | ||||||
| Other long-term liabilities | 6,914 | 8,507 | ||||||
| Stockholders’ equity | 5,105 | 13,734 | ||||||
| Total liabilities and stockholders’ equity | $ | 75,299 | $ | 80,071 | ||||
| HARVARD BIOSCIENCE, INC. | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (Unaudited, in thousands) | ||||||||
| Nine Months Ended | ||||||||
| September 30, 2026 | September 30, 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (8,957 | ) | $ | (53,853 | ) | ||
| Adjustments to operating cash flows | 6,083 | 54,087 | ||||||
| Changes in operating assets and liabilities | 2,289 | 6,591 | ||||||
| Net cash (used in) provided by operating activities | (585 | ) | 6,825 | |||||
| Cash flows from investing activities: | ||||||||
| Additions to property, plant and equipment | (2,041 | ) | (809 | ) | ||||
| Acquisition of intangible assets | (838 | ) | (455 | ) | ||||
| Net cash used in investing activities | (2,879 | ) | (1,264 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Repayment of term debt | - | (3,000 | ) | |||||
| Payment of debt issuance costs | (131 | ) | (687 | ) | ||||
| Proceeds from exercise of warrants and stock purchase plan | 150 | 46 | ||||||
| Taxes paid related to net share settlement of equity awards | (111 | ) | (99 | ) | ||||
| Net cash used in financing activities | (92 | ) | (3,740 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (202 | ) | 888 | |||||
| (Decrease) increase in cash and cash equivalents | (3,758 | ) | 2,709 | |||||
| Cash and cash equivalents at the beginning of period | 8,614 | 4,108 | ||||||
| Cash and cash equivalents at the end of period | $ | 4,856 | $ | 6,817 | ||||
HARVARD BIOSCIENCE, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
(in thousands, except per share data and percentages)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| GAAP operating (loss) income | $ | (1,150 | ) | $ | 197 | $ | (3,302 | ) | $ | (50,290 | ) | |||||
| Stock-based compensation | 436 | 324 | 1,073 | 1,396 | ||||||||||||
| Acquired asset amortization | 365 | 855 | 2,005 | 3,177 | ||||||||||||
| Goodwill impairment | - | - | - | 47,951 | ||||||||||||
| Other operating expenses (1) | 658 | 48 | 1,211 | 512 | ||||||||||||
| Other adjustments (2) | 864 | 93 | 1,535 | 135 | ||||||||||||
| Adjusted operating income | $ | 1,173 | $ | 1,517 | $ | 2,522 | $ | 2,881 | ||||||||
| Operating margin | (5.2 | )% | 1.0 | % | (5.0 | )% | (80.1 | )% | ||||||||
| Adjusted operating margin | 5.3 | % | 7.4 | % | 3.8 | % | 4.6 | % | ||||||||
| GAAP net loss | $ | (2,623 | ) | $ | (1,231 | ) | $ | (8,957 | ) | $ | (53,853 | ) | ||||
| Stock-based compensation | 436 | 324 | 1,073 | 1,396 | ||||||||||||
| Acquired asset amortization | 365 | 855 | 2,005 | 3,177 | ||||||||||||
| Goodwill impairment | - | - | - | 47,951 | ||||||||||||
| Other operating expenses (1) | 658 | 48 | 1,211 | 512 | ||||||||||||
| Other adjustments (2) | 864 | 93 | 1,535 | 135 | ||||||||||||
| Income taxes | 12 | (250 | ) | 727 | (266 | ) | ||||||||||
| Adjusted net loss | (288 | ) | (161 | ) | (2,406 | ) | (948 | ) | ||||||||
| Depreciation & amortization | 588 | 468 | 1,669 | 1,417 | ||||||||||||
| Interest and Other income (expense), net (3) | 1,545 | 1,331 | 5,596 | 3,892 | ||||||||||||
| Adjusted income taxes (4) | (84 | ) | 347 | (668 | ) | (63 | ) | |||||||||
| Adjusted EBITDA | $ | 1,761 | $ | 1,985 | $ | 4,191 | $ | 4,298 | ||||||||
| Adjusted EBITDA margin | 7.9 | % | 9.6 | % | 6.4 | % | 6.8 | % | ||||||||
| Diluted loss per share (GAAP) | $ | (0.58 | ) | $ | (0.28 | ) | $ | (1.99 | ) | $ | (12.15 | ) | ||||
| Diluted adjusted loss per share | $ | (0.06 | ) | $ | (0.04 | ) | $ | (0.53 | ) | $ | (0.21 | ) | ||||
| Weighted-average common shares: | ||||||||||||||||
| Diluted GAAP * | 4,561 | 4,456 | 4,500 | 4,432 | ||||||||||||
| Diluted Adjusted * | 4,561 | 4,456 | 4,500 | 4,432 | ||||||||||||
| September 30, | ||||||||||||||||
| 2026 | 2025 | |||||||||||||||
| Debt, including unamortized deferred financing costs | $ | 37,153 | $ | 33,967 | ||||||||||||
| Unamortized deferred financing costs | 2,847 | 383 | ||||||||||||||
| Cash and cash equivalents | (4,856 | ) | (6,817 | ) | ||||||||||||
| Net debt | $ | 35,144 | $ | 27,533 | ||||||||||||
* Retroactively presented to reflect 1-for-10 reverse stock split effective on March 13, 2026.
(1) Other operating expenses for the three months ended September 30, 2026 includes $658 thousand of restructuring-related charges compared to $48 thousand of restructuring-related charges for the three months ended September 30, 2025. Other operating expenses for the nine months ended September 30, 2026 includes $1.2 million of restructuring-related charges compared to $171 thousand of restructuring-related charges and $341 thousand related to ERTC Fees for the nine months ended September 30, 2025.
(2) Other adjustments for the three months ended September 30, 2026 includes $864 thousand of Non-GAAP restructuring-related charges compared to $93 thousand of Non-GAAP restructuring-related charges for the three months ended September 30, 2025. Other adjustments expenses for the nine months ended September 30, 2026 includes $1.5 million of Non-GAAP restructuring-related charges compared to $135 thousand of Non-GAAP restructuring-related charges for the nine months ended September 30, 2025.
(3) Interest expense for the three months ended September 30, 2026 was $1.8 million compared to $1.3 million for the three months ended September 30, 2025. Interest expense for the nine months ended September 30, 2026 was $5.3 million compared to $3.3 million for the nine months ended September 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 September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| Non-GAAP revenue on a constant currency basis | 2026 | 2025 | Growth Rates | 2026 | 2025 | Growth Rates | ||||||||||||||||||
| Total revenues | $ | 22,196 | $ | 20,591 | 7.8 | % | 65,678 | 62,815 | 4.6 | % | ||||||||||||||
| Effects of foreign currency rate fluctuations | 7 | - | (723 | ) | ||||||||||||||||||||
| Revenue on a constant currency basis | $ | 22,203 | $ | 20,591 | 7.8 | % | 64,955 | 62,815 | 3.4 | % | ||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 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 | $ | 12,307 | 55.4 | % | $ | 12,021 | 58.4 | % | $ | 37,181 | 56.6 | % | $ | 35,738 | 56.9 | % | ||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||
| Stock-based compensation expense - cost of sales | 13 | 0.1 | % | 18 | 0.1 | % | 34 | 0.1 | % | 79 | 0.1 | % | ||||||||||||||||||||
| Depreciation and amortization - cost of sales | 201 | 0.9 | % | 156 | 0.8 | % | 598 | 0.9 | % | 440 | 0.7 | % | ||||||||||||||||||||
| Other adjustments - cost of sales (1) | 143 | 0.6 | % | - | 0.0 | % | 188 | 0.3 | % | - | 0.0 | % | ||||||||||||||||||||
| Non-GAAP gross profit | $ | 12,664 | 57.1 | % | $ | 12,195 | 59.2 | % | $ | 38,001 | 57.9 | % | $ | 36,257 | 57.7 | % | ||||||||||||||||
(1) Other adjustments - cost of sales for the three months ended September 30, 2026 includes $143 thousand of Non-GAAP restructuring-related charges. Other adjustments - cost of sales for the nine months ended September 30, 2026 includes $188 thousand of Non-GAAP restructuring-related charges.