Overview

• Life science equipment maker's Q1 revenue declined 5% yr/yr to $20.8 mln

• Gross margin rose to 59% from 56% a year earlier

• Company reaffirmed full-year 2026 guidance, expects revenue growth to accelerate in H2

Outlook

• Company sees Q2 revenue between $20.5 mln and $22.5 mln

• Harvard Bioscience reaffirms 2026 revenue growth of 2% to 4%

• Company expects adjusted gross margin of 58% to 60% for full year 2026

Result Drivers

• HIGHER-MARGIN PRODUCTS - Gross margin improved due to increased adoption of higher-margin NPI products, including MeshMEA organoid platform and BTX Electroporation and SoHo Telemetry systems

• MANUFACTURING CONSOLIDATION - Ongoing consolidation of manufacturing operations is progressing on schedule and expected to yield efficiencies and cost savings

Company press release: ID:nGNXccjgpw

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$20.76 mln	$21.20 mln (2 Analysts)
Q1 EPS		-$0.77
Q1 Net Income		-$3.42 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 1 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• Wall Street's median 12-month price target for Harvard Bioscience Inc is $6.00, about 12.3% below its May 11 closing price of $6.84

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