Harvard Bioscience (HBIO) Investor presentation summary

Strategic direction and leadership

• Appointed new CEO and permanent CFO, expanded board with experienced members, and refocused on translational science products to drive growth and innovation.

• Streamlined operations through manufacturing consolidation, relocating production to Minneapolis and Europe, aiming for significant cost savings and EBITDA improvement.

• Refinanced debt, extending maturity to 2029, reducing annual debt service by $3M, and securing a $7.5M investment in convertible notes.

Financial performance and outlook

• FY25 revenue reached $87M with 2–4% growth guidance for FY26; recurring revenue at 54% with a path to 60%+.

• Adjusted gross margin was 58% in FY25, with guidance of 58–60% for FY26; adjusted EBITDA of $8M in FY25, targeting 6–10% growth in FY26.

• 1Q26 revenue was $20.8M, down 5% year-over-year, with adjusted EBITDA margin steady at 3.7%.

• Cash flow from operations decreased due to higher inventory and one-time costs; net debt increased to $32.9M as of 1Q26.

Market position and customer base

• Holds #1 or #2 position in 7 of 10 product lines, with a blue-chip customer base spanning academia, pharma, and CROs.

• 10,000+ customers globally, with 50% of 2025 revenue from academic research, 28% from biotech/pharma, and 22% from CROs.

• Direct sales force of 45 representatives, complemented by distributors, with a recent agreement expanding access in North America.