Q2 2026 Harvard Bioscience Inc Earnings Call Transcript
Key Points
- Harvard Bioscience Inc (HBIO) delivered strong Q2 2026 revenue of $22.7 million, up 11% year-over-year, exceeding guidance.
- The company raised its full-year 2026 revenue growth guidance to 3%-5% from 2%-4%, reflecting strong commercial momentum.
- Recurring revenue increased to 55% of total revenue in the first half, progressing toward the long-term target of 60%.
- Project Viking manufacturing consolidation is on track, with two product lines transitioned in Q2 and two more planned for Q3, expected to deliver $3 million in cost savings in 2027.
- The Made in China localization initiative is progressing well, with strong regional performance and plans to expand localized product lines in the second half.
- Adjusted EBITDA grew 11% year-over-year to $1.7 million in Q2, reaching the high end of the outlook range.
- The distribution agreement with Fisher Scientific generated double-digit growth in Q2, broadening customer reach.
- NPI revenue contribution increased to 11% of revenue, up from 3% in the prior year, indicating successful new product adoption.
- Adjusted gross margin declined to 57% in Q2, lower than anticipated due to a product mix shift toward lower-margin CMT products and higher China sales.
- The company revised its full-year 2026 adjusted gross margin guidance down by 100 basis points to 57%-59% from 58%-60%.
- Operating loss widened to $1.0 million in Q2, compared to a loss of $0.8 million in Q2 2025.
- Adjusted EPS was negative $0.14 in Q2, worse than the negative $0.05 in Q2 2025.
- Cash used in operations for the first six months was $0.3 million, compared to cash generated of $5.7 million in the prior year, due to inventory builds and higher interest costs.
- Net debt increased to $33.5 million, up roughly $5.6 million year-over-year.
- OpEx increased by $1.2 million in Q2 due to restored salaries and merit, offsetting gross margin improvements.
- The company has not yet secured a subtenant for the Holliston facility, with expectations for a lease not until Q4 2026 or Q1 2027.
Good day, and welcome to the second quarter 2026 Harvard Bioscience Earnings Conference Call.
( Operators Instructions )
Please note this call is being recorded.
I would like to turn the call over to Taylor Krafchick, Senior Vice President at Ellipsis. Please go ahead.
Thank you, operator, and good morning, everyone.
Thank you for joining the Harvard Bioscience second quarter 2026 earnings conference call.
Leading the call today will be John Duke, President and Chief Executive Officer, and Mark Frost, Chief Financial Officer. In conjunction with today's recorded call, we have provided a presentation that will be referenced during our remarks that is posted to our Investor Relations section of our website at investor.harvardbioscience.com.
Please note that statements made in today's discussion that are not historical facts, including statements on management's expectations of future events or future financial performance, are forward-looking statements
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