HBIO Harvard Bioscience, Inc.

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Executive Summary

Harvard Bioscience reported Q1 2026 revenue of $20.8M, down 4.6% YoY from $21.8M, and a GAAP net loss of $(3.4)M, improved from a $(50.3)M loss in Q1 2025 that included a $48.0M goodwill impairment. Adjusted EBITDA was flat at $0.8M, and the company reaffirmed full-year 2026 guidance for 2-4% revenue growth and 6-10% adjusted EBITDA growth, with Q2 revenue guided to $20.5-22.5M.

Key Financial Metrics

Actionable Insight

Key Facts

• Q1 2026 revenue of $20.8M, down from $21.8M YoY (-4.6%)
• GAAP net loss of $(3.4)M vs $(50.3)M in Q1 2025 (prior year included $48.0M goodwill impairment)
• Adjusted EBITDA of $0.8M, flat YoY
• Gross margin improved to 59% from 56% YoY
• Operating cash flow was $(0.7)M vs $3.0M in Q1 2025
• Reaffirmed full-year 2026 guidance: 2-4% revenue growth, 58-60% adjusted gross margin, 6-10% adjusted EBITDA growth
• Q2 2026 guidance: revenue $20.5-22.5M, adjusted gross margin 57-59%, adjusted EBITDA $1.0-2.0M
• GAAP diluted loss per share $(0.77) vs $(11.42) in Q1 2025 (adjusted for 1-for-10 reverse stock split)
• Cash and cash equivalents $7.1M at March 31, 2026, down from $8.6M at December 31, 2025

Financial Impact

Revenue decline of ~$1M YoY; net loss improved by ~$47M due to absence of goodwill impairment; adjusted EBITDA flat at $0.8M

Risk Factors

• Continued revenue decline in Q1 (-4.6% YoY) with no clear catalyst for near-term reversal
• Negative operating cash flow of $(0.7)M vs positive $3.0M in prior year
• High net debt of $32.9M relative to $31M market cap
• Dependence on NPI adoption for second-half revenue growth, which may not materialize

Market Snapshot

Documents Analyzed

This report is based on 1 press release from GlobeNewswire.

US Market Status

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