Harvard Bioscience, Inc.

Revenue was $22.7 million in Q2 2026, up 11% year over year (10% constant currency) and above guidance. GAAP gross margin was 55.6%; adjusted gross margin was 55.8% versus 56.4% in Q2 2025, and management said the quarter’s adjusted gross margin was 57% due to mix. Adjusted EBITDA was $1.7 million, up 11% year over year from $1.5 million. GAAP diluted EPS was negative $0.64 versus negative $0.52 a year ago, and adjusted EPS was negative $0.14 versus negative $0.05. For Q3 2026, management guided to revenue of $21 million to $22.6 million, adjusted gross margin of 56% to 58%, and adjusted EBITDA of $1.5 million to $2.5 million. For full-year 2026, revenue growth guidance was raised to 3% to 5% from 2% to 4%, adjusted gross margin guidance was lowered to 57% to 59% from 58% to 60%, and adjusted EBITDA growth guidance was reaffirmed at 6% to 10%.

John Duke framed the quarter as evidence that the company’s strategy is starting to translate into better execution and growth. He emphasized sharper commercial focus, footprint consolidation through Project Viking, and a stronger mix in higher-growth areas like CMT, telemetry, electroporation, and NPI. His tone was confident and constructive, with repeated references to improving operating momentum, stronger customer engagement, and a path to better margins over time.

Mark Frost walked through the quarter’s numbers and tied them to mix and operating discipline. He said revenue rose to $22.7 million, adjusted EBITDA was $1.7 million, adjusted operating income was $1.1 million, and adjusted EPS was negative $0.14; he also noted GAAP gross margin of 55.6% and adjusted gross margin of 55.8%. Cash used in operations was $0.3 million in the first six months, cash and cash equivalents were $6.5 million, and net debt was $33.5 million, with higher operating cash usage driven by inventory builds and debt-related interest costs. He also pointed to a normalized cost structure after restoring salaries and merit increases, while saying manufacturing consolidation should provide meaningful margin benefit in early 2027.

Analysts focused on electroporation growth, China demand, the academic market, Q3/Q4 expectations, NPI contribution, and the Holliston sublease. Management said electroporation and organoid/Multi Channel Systems products were growing strongly, China sales were broad-based across organoids, BTX electroporation, telemetry, and respiratory inhalation, and most China sales flow through distributors. On academic demand, John Duke said the U.S. market is gradually improving and the company is actively pursuing released NIH-funded pockets; on Project Viking, Mark Frost said the company has marketed the Holliston space but does not expect a new lease until late 2026 or early 2027.