Harvard Bioscience (HBIO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $20.8 million, down 4.7%-5% year-over-year, mainly due to lower academic and APAC distributor sales, partially offset by growth in pharma, biotech, EMEA, and China CROs.

• Adjusted gross margin improved to 59%, up 300 basis points year-over-year, driven by higher-margin NPI products and operational efficiencies.

• Adjusted EBITDA was $0.8 million, flat year-over-year, while net loss narrowed to $3.4 million from $50.3 million, which previously included a $48 million goodwill impairment.

• Manufacturing consolidation (Project Viking) is underway, expected to yield $3 million in cost savings in 2027 and $4 million annually from 2028.

• Leadership team strengthened with a new SVP of Commercial to drive revenue growth and recurring revenue streams.

Financial highlights

• Revenue: $20.8 million, down from $21.8 million in Q1 2025.

• Gross margin: 59% (up from 56% in Q1 2025).

• Adjusted EBITDA: $0.8 million, flat year-over-year, with a 3.7% margin.

• Operating loss: $1.2 million vs. $49.7 million loss last year (prior year included $48 million goodwill impairment).

• Net loss: $3.4 million, improved from $50.3 million in Q1 2025.

• Adjusted EPS: -$0.33 vs. -$1.25 last year (reflects reverse split and absence of impairment).

Outlook and guidance

• Q2 2026 guidance: Revenue $20.5M–$22.5M, adjusted gross margin 57%–59%, adjusted EBITDA $1M–$2M.

• Full year 2026 guidance reaffirmed: Revenue growth 2%–4%, gross margin 58%–60%, adjusted EBITDA growth 6%–10%.

• Anticipates revenue ramp in the second half of 2026, driven by high-margin NPI sales and growth in pharma/biotech and China.