HARVARD BIOSCIENCE INC Q4 FY2026 earnings call

· In 2025, key actions taken include completing comprehensive refinancing, strategic consolidation of manufacturing footprint, strengthening governance by appointing new board members and establishing product and scientific advisory board, and solidifying executive leadership. · Fourth quarter financial results: revenue $23.7 million above guidance midpoint, gross margin 60% at high end of guidance, adjusted EBITDA $3.8 million with 27% y-o-y growth. · Company evolving from traditional life science tools provider to leading enabler of translational science. · Four priorities: leading translational science bridge, accelerating high margin innovation, expanding consumables and recurring revenue, operational excellence and disciplined growth.

Fourth quarter revenue was $23.7 million, above the midpoint of the guidance range. Gross margin was 60% at the high end of guidance. Adjusted EBITDA was $3.8 million, reflecting 27% year-over-year growth. Full-year revenue was $86.6 million, down from $94.1 million. Gross margin was 57.77%, down from 58.2% last year. Adjusted EBITDA increased 12.5 percent to $8.1 million from $7.2 million in 2024. Geographically, fourth quarter revenues in Americas were down 2% year-over-year, Europe down 12%, China and Asia Pacific up 10% year-over-year. Full-year revenues in Americas down 7%, Europe down 6%, China and Asia Pacific down due to lower distribution revenue.

· 2026 full-year guidance: low single-digit growth in revenue and high single-digit growth in adjusted EBITDA. · First quarter expected revenue between $20 - $22 million, adjusted gross margin between 57 - 59%, adjusted EBITDA between $1 - $2.2 million. · 2026 full-year expected revenue growth 2 - 4%, gross margin 58 - 60%, adjusted EBITDA growth 6 - 10% with revenue ramping throughout the year supported by stronger NPI revenue.

· Actual results may differ materially from forward-looking statements. · Need to refer to SEC filings for additional disclosures on risks. · Monitor NIH funding timing and global macro conditions. · Impact of manufacturing consolidation on adjusted gross margin in 2026.

Q: Regarding the NIH, how quickly do you think that approval turns into a better academic environment for you?

A: Expect to start seeing positive impact both towards the end of Q1 as well as going into Q2. NIH revenue is about 20% of US revenue. We are a build-to-order business, so most benefit will start seeing probably in second quarter from the NIH release.

Q: Could you talk about growth of BTX and MeshMEA in 2026?

A: Expect both to grow in double digits this year.

Q: About debt pay down schedule?

A: Structure of debt deal has no amortization in first two years, ability to convert term loan A to ABL and term loan C potentially to equity.

Q: Asia-Pac revenue pop, is this sign of turnaround?

A: Expect to get back to normal cadence in Asia, unless further tariff news changes it. Ended year with highest backlog in over two years and maintained it.

Q: Characterize CRO side of business?

A: Pharma and biotech business is up year to date and expected to continue, factored into 2026 guidance