HARVARD BIOSCIENCE INC (HBIO): Results of Operations and Financial Condition
HARVARD BIOSCIENCE INC (HBIO) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Harvard Bioscience Announces Second Quarter 2026 Financial Results · 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., August 11, 2026 (GLOBE NEWSWIRE) -
How this was made
The 30-second read
Why it matters
The key tradable items are the raised full-year revenue guidance and the updated adjusted gross margin and adjusted EBITDA growth ranges, plus Q3 revenue and profitability guidance.
Market read
Investors get a fresh datapoint set: Q2 revenue and margin performance, Q3 outlook ranges, and a raised full-year revenue and adjusted EBITDA growth outlook.
What to watch
Cash from operations was negative ($0.3M used in) over the first six months, so investors may scrutinize working-capital dynamics alongside adjusted metrics.
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
Revenue grew 11% year over year and the Company raised full-year revenue guidance, but GAAP net loss widened, gross margin declined, and six-month operating cash flow moved to a use of cash.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended June 30, 2026GAAP | $22.7 million | – | 11% |
| Cost of revenues, three months ended June 30, 2026GAAP | 10,097 (in thousands) | – | – |
| Gross profit, three months ended June 30, 2026GAAP | $12.6 million | – | – |
| Gross margin, three months ended June 30, 2026GAAP | 55.6% | – | – |
| Adjusted gross profit, three months ended June 30, 2026non-GAAP | $12.9 million | – | – |
| Adjusted gross margin, three months ended June 30, 2026non-GAAP | 56.7% | – | – |
| Sales and marketing expenses, three months ended June 30, 2026GAAP | 5,400 (in thousands) | – | – |
| General and administrative expenses, three months ended June 30, 2026GAAP | 4,617 (in thousands) | – | – |
| Research and development expenses, three months ended June 30, 2026GAAP | 2,453 (in thousands) | – | – |
| Amortization of intangible assets, three months ended June 30, 2026GAAP | 820 (in thousands) | – | – |
| Other operating expenses, three months ended June 30, 2026GAAP | 318 (in thousands) | – | – |
| Total operating expenses, three months ended June 30, 2026GAAP | 13,608 (in thousands) | – | – |
| Operating loss, three months ended June 30, 2026GAAP | (978) (in thousands) | – | – |
| Interest expense, three months ended June 30, 2026GAAP | (1,793) (in thousands) | – | – |
| Other expense, net, three months ended June 30, 2026GAAP | (125) (in thousands) | – | – |
| Total other expense, three months ended June 30, 2026GAAP | (1,918) (in thousands) | – | – |
| Loss before income taxes, three months ended June 30, 2026GAAP | (2,896) (in thousands) | – | – |
| Income tax expense, three months ended June 30, 2026GAAP | 14 (in thousands) | – | – |
| Net loss, three months ended June 30, 2026GAAP | ($2.9) million | – | – |
| Basic and diluted loss per share, three months ended June 30, 2026GAAP | $(0.64) | – | – |
| Weighted-average common shares, basic and diluted, three months ended June 30, 2026GAAP | 4,526 (in thousands) | – | – |
| Adjusted EBITDA, three months ended June 30, 2026non-GAAP | $1.7 million | – | – |
| Revenue, six months ended June 30, 2026GAAP | $43.5 million | – | – |
| Cost of revenues, six months ended June 30, 2026GAAP | 18,608 (in thousands) | – | – |
| Gross profit, six months ended June 30, 2026GAAP | $24.9 million | – | – |
| Gross margin, six months ended June 30, 2026GAAP | 57.2% | – | – |
| Adjusted gross profit, six months ended June 30, 2026non-GAAP | $25.3 million | – | – |
| Adjusted gross margin, six months ended June 30, 2026non-GAAP | 58.3% | – | – |
| Sales and marketing expenses, six months ended June 30, 2026GAAP | 10,735 (in thousands) | – | – |
| General and administrative expenses, six months ended June 30, 2026GAAP | 9,319 (in thousands) | – | – |
| Research and development expenses, six months ended June 30, 2026GAAP | 4,779 (in thousands) | – | – |
| Amortization of intangible assets, six months ended June 30, 2026GAAP | 1,640 (in thousands) | – | – |
| Goodwill impairment, six months ended June 30, 2026GAAP | - | – | – |
| Other operating expenses, six months ended June 30, 2026GAAP | 553 (in thousands) | – | – |
| Total operating expenses, six months ended June 30, 2026GAAP | 27,026 (in thousands) | – | – |
| Operating loss, six months ended June 30, 2026GAAP | (2,152) (in thousands) | – | – |
| Interest expense, six months ended June 30, 2026GAAP | (3,521) (in thousands) | – | – |
| Other expense, net, six months ended June 30, 2026GAAP | (530) (in thousands) | – | – |
| Total other expense, six months ended June 30, 2026GAAP | (4,051) (in thousands) | – | – |
| Loss before income taxes, six months ended June 30, 2026GAAP | (6,203) (in thousands) | – | – |
| Income tax expense (benefit), six months ended June 30, 2026GAAP | 131 (in thousands) | – | – |
| Net loss, six months ended June 30, 2026GAAP | ($6.3) million | – | – |
| Basic and diluted loss per share, six months ended June 30, 2026GAAP | $(1.41) | – | – |
| Weighted-average common shares, basic and diluted, six months ended June 30, 2026GAAP | 4,484 (in thousands) | – | – |
| Adjusted EBITDA, six months ended June 30, 2026non-GAAP | $2.4 million | – | – |
Third Quarter 2026 and Full Year 2026 outlook
- RevenueThird Quarter 2026: Revenue between $21.0 million and $22.6 million; Full Year 2026: Revenue growth between 3% and 5%
- Gross marginThird Quarter 2026: Adjusted gross margin between 56% and 58%; Full Year 2026: Adjusted gross margin between 57% and 59%
- NoteThird Quarter 2026: Adjusted EBITDA between $1.5 million and $2.5 million
- NoteFull Year 2026: Adjusted EBITDA growth between 6% and 10%
What drove it
- Stronger demand and an improved environment across key customer channels.
- Solid commercial traction across telemetry and cellular and molecular technology (CMT) products, driven by AAA and electroporation businesses.
- Strong engagement from researchers utilizing the preclinical platform.
- Expected strong CMT portfolio momentum and continued adoption of the NPI pipeline.
- Revenue for the second quarter of 2026 included a favorable impact from foreign currency exchange rates of approximately 1%, using a constant currency basis.
Concerns
- GAAP gross margin was 55.6%, compared to 56.4% in the second quarter of 2025.
- Adjusted gross margin was 56.7%, compared with 57.2% in the same period of the prior year, reflecting mix impact from CMT products and China.
- Net loss was ($2.9) million, compared to a net loss of ($2.3) million in the second quarter of 2025.
- 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.
- The full-year adjusted gross margin target was updated for expected higher-volume of lower-margin CMT product and geographic mix.
What to watch
- Third-quarter revenue delivery within the range of $21.0 million to $22.6 million.
- Third-quarter adjusted gross margin within the range of 56% to 58% amid CMT product and geographic mix.
- Third-quarter adjusted EBITDA within the range of $1.5 million to $2.5 million.
- Continued demand across CMT and NPI platforms and adoption of the NPI pipeline.
- Whether operating cash flow improves after cash (used in) provided by operations of ($0.3) million for the first six months of 2026.
Balance sheet and cash flow
- 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.
Analysis
Harvard Bioscience reported second-quarter revenue of $22.7 million, up 11% year over year from $20.5 million. Management attributed the performance to stronger demand across key customer channels, commercial traction in telemetry and CMT products, including AAA and electroporation, and engagement with its preclinical platform. Foreign currency exchange rates provided an approximately 1% favorable impact on second-quarter revenue on a constant currency basis.
The revenue gain did not translate into improved reported profitability. GAAP gross margin declined to 55.6% from 56.4%, while adjusted gross margin declined to 56.7% from 57.2%. Management cited outperformance in CMT products and China as creating a slight adjusted gross-margin mix impact. GAAP operating loss was (978) (in thousands), compared with (819) (in thousands), and net loss widened to ($2.9) million from ($2.3) million. Adjusted EBITDA increased to $1.7 million from $1.5 million.
First-half results show revenue of $43.5 million versus $42.2 million, with GAAP gross margin improving to 57.2% from 56.2% and adjusted gross margin improving to 58.3% from 57.0%. The first-half GAAP net loss was ($6.3) million versus ($52.6) million, with the prior-year period including $48.0 million of goodwill impairment. Cash (used in) provided by operations was ($0.3) million, compared with $5.7 million in the prior-year period, making cash conversion a notable item despite positive adjusted EBITDA.
The Company raised full-year 2026 revenue guidance to growth between 3% and 5%, supported by expected CMT momentum and NPI-pipeline adoption. It maintained its adjusted EBITDA growth target of between 6% and 10%, while setting full-year adjusted gross margin guidance at between 57% and 59% to reflect expected higher volume of lower-margin CMT product and geographic mix. Third-quarter guidance calls for revenue between $21.0 million and $22.6 million, adjusted gross margin between 56% and 58%, and adjusted EBITDA between $1.5 million and $2.5 million.
Management, verbatim
We delivered a strong quarter anchored by 11% top-line growth, reflective of stronger demand and an improved environment across our key customer channels】【。】【”】【},{
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.
John Duke, President and Chief Executive Officer
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.
John Duke, President and Chief Executive Officer
Not in the filing
stated, not guessed- Previous-quarter figures for reported metrics were not provided.
- Revenue by reportable segment was not provided.
- Non-GAAP operating income (loss), operating margin, adjusted net income (loss), adjusted earnings (loss) per share, and adjusted EBITDA margin were referenced as potential non-GAAP measures but their values were not included in the provided filing text.
- Free cash flow was not provided.
- Quarterly operating cash flow was not provided.
- Cash balance, debt balance, net debt, and other balance-sheet amounts were not provided.
- Share repurchases, dividends, and other capital-return amounts were not provided.
- Prior outlook was not provided, so no actual-versus-prior-guidance comparison is available.
- Guidance for operating expenses and tax rate was not provided.
- A GAAP reconciliation for forward-looking adjusted gross margin and adjusted EBITDA guidance was not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) with Exhibit 99.1 covering Harvard Bioscience’s Q2 2026 financial results and updated Q3 and full-year 2026 guidance.
Ticker impact
Harvard Bioscience reported Q2 2026 revenue of $22.7M (+11% YoY) and raised full-year 2026 revenue guidance to 3%-5% growth.
Near-term bias upward if investors focus on the raised full-year revenue and EBITDA growth ranges; margin/mix concerns could cap upside.
The filing discloses both Q2 results and updated full-year targets (revenue growth 3%-5%, adjusted gross margin 57%-59%, adjusted EBITDA growth 6%-10%), which are actionable for positioning into subsequent quarters.
Market effects
Signals demand strength and commercialization traction in Harvard Bioscience’s CMT and preclinical platform, potentially supportive for small-cap life science tools sentiment.
China mix noted as a driver of slight gross margin impact, relevant for investors tracking regional demand sensitivity.
Limited direct global spillover beyond small-cap biotech tools, but guidance updates can affect peer read-through on lab-tech spending.
Counterpoint
Raised revenue guidance may be offset by lower-margin CMT volume and geographic mix, limiting margin expansion despite EBITDA growth.
Key entities
- companyHarvard Bioscience, Inc.
Nasdaq-listed company reporting Q2 2026 results and raising full-year 2026 guidance.
- executiveJohn Duke
President and CEO quoted on demand strength and CMT outperformance.
