Harvard Bioscience Inc 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Harvard Bioscience reported second quarter 2026 revenue of $22.7 million, up 11% year over year, driven by strong demand from CRO customers and solid sales across the CMT portfolio.
- Adjusted gross margin was 57%, slightly below expectations due to higher sales of lower-margin CMT products and sales in China.
- Adjusted EBITDA was $1.7 million, an 11% increase year over year, with a 7.3% margin.
- Recurring revenue increased to 55% of total revenue in the first half, approaching the long-term target of 60%.
- Geographically, Americas revenue was $11.4 million, up 13%; Europe was $6.8 million, up 3%; and APAC was $4.6 million, up 24%, with China revenue up 29% to $3.1 million.
- GAAP diluted EPS was -$0.64, while adjusted EPS was $0.14, improved from -$0.05 in the prior year quarter.
- Cash used in operations was $0.3 million for the first six months, compared to cash generated of $5.7 million in the prior year period, due to inventory builds and higher interest costs.
- Net debt was $33.5 million, up $5.6 million year over year, with total debt at $36.7 million after refinancing adjustments.
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Transcript
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Good day, and welcome to the second quarter 2026 Harvard Bioscience earnings conference call. At this time, all participants are in listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star one one on your touchtone telephone. Please note this call is being recorded. I would like to turn the call over to Taylor Krafchik, 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 and are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current views of Harvard Bioscience management, and Harvard Bioscience assumes no obligation to update or revise any forward-looking statement. Actual results may differ materially from those expressed or implied.
Please refer to today's press release, the Harvard Bioscience Form 10-Q, and others' filings with the Securities and Exchange Commission for additional disclosures on forward-looking statements and the risks, uncertainties, and contingencies associated therewith. During the call, management will also reference certain non-GAAP financial measures which can be useful in evaluating the company's operations related to our financial condition and results. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered a substitute. Reconciliations of GAAP to non-GAAP measures are provided in today's earnings press release. I will now turn the call over to John.
John, please go ahead. Thank you, Taylor, and good morning, everyone.
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