Harvard Bioscience Q1 Revenues Dip to $20.8M While Gross Margin Rises to 59%
Harvard Bioscience reported Q1 revenues of $20.8M, with gross margin expanding to 59% from 56%, $0.8M adjusted EBITDA and a $3.4M net loss, versus $50.3M a year ago. It reaffirmed full-year 2026 guidance for 2–4% revenue growth, 58–60% gross margin and 6–10% adjusted EBITDA growth.
1. First Quarter Financial Results
Harvard Bioscience reported first quarter 2026 revenues of $20.8 million, down from $21.8 million year-over-year, with gross margin improving to 59% from 56%. The company recorded an adjusted EBITDA of $0.8 million and narrowed its net loss to $3.4 million versus $50.3 million in Q1 2025, the prior period having included a $48 million goodwill impairment.
2. Product Mix and NPI Adoption
The adoption of the MeshMEA organoid platform, BTX Electroporation and SoHo Telemetry systems drove a shift toward higher-margin offerings. Management indicated that scaling of these new product introductions is expected to push gross margin toward a consistent 60%+ and increase recurring revenue streams.
3. Manufacturing Consolidation Progress
The ongoing consolidation of manufacturing operations remains on schedule and is projected to generate significant efficiencies. These efforts are anticipated to reduce costs and improve cash flow as the company completes facility integrations and streamlines production.
4. Forward Guidance
For the second quarter, Harvard Bioscience expects revenues between $20.5 million and $22.5 million, adjusted gross margin of 57% to 59%, and adjusted EBITDA of $1.0 million to $2.0 million. Full-year 2026 guidance was reaffirmed with targets of 2–4% revenue growth, 58–60% adjusted gross margin, and 6–10% adjusted EBITDA expansion.