Form 8-K
8-K — HARVARD BIOSCIENCE INC
Accession: 0001171843-26-003270
Filed: 2026-05-12
Period: 2026-05-12
CIK: 0001123494
SIC: 3826 (LABORATORY ANALYTICAL INSTRUMENTS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — f8k_050826.htm (Primary)
EX-99.1 — EXHIBIT 99.1 (exh_991.htm)
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UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
_________________
FORM 8-K
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 12, 2026
_______________________________
HARVARD BIOSCIENCE, INC.
(Exact name of registrant as specified in its charter)
______________________________
Delaware
001-33957
04-3306140
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
84 October Hill Road
Holliston, MA 01746
(Address of Principal Executive Offices) (Zip Code)
(508) 893-8999
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
____________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.01 par value
HBIO
The NASDAQ Capital Market
Indicate by check mark whether the registrant is an emerging growth company as defined
in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2
of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not
to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On May 12, 2026, Harvard Bioscience, Inc. (the “Company”)
issued a press release announcing financial results for the three months ended March 31, 2026, and the details of a related conference
call to be held at 8:00 AM ET on May 12, 2026. The press release is furnished as Exhibit 99.1 and incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached
hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange
Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under
the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number
Description
99.1
Press Release issued by Harvard Bioscience, Inc. on May 12, 2026
104
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
HARVARD BIOSCIENCE, INC.
Date: May 12, 2026
By:
/s/ Mark Frost
Mark Frost
Chief Financial Officer
EX-99.1 — EXHIBIT 99.1
EX-99.1
Filename: exh_991.htm · Sequence: 2
Exhibit 99.1
Harvard Bioscience Announces First
Quarter 2026 Financial Results
· First Quarter 2026 Revenues of $20.8M
and Gross Margin of 59%
· Consolidation of Manufacturing Operations
Progressing on Schedule
· Reaffirms Full Year 2026 Financial Guidance
HOLLISTON, Mass., May 12, 2026 (GLOBE NEWSWIRE) -- Harvard Bioscience,
Inc. (Nasdaq: HBIO) (the “Company” or “Harvard Bioscience”) today announced financial results for the first quarter
ended March 31, 2026.
“First quarter revenues were in line with our expectations and gross
margin expanded year-over-year, while we remained profitable on an adjusted EBITDA basis,” said John Duke, President and Chief Executive
Officer. “We are encouraged by the adoption rates of our NPI portfolio – specifically the MeshMEATM organoid platform,
and our BTX® Electroporation and SoHo™ Telemetry systems – which are deepening our reach into the biopharma sector. This
shift toward a higher-margin product mix is expected to put us on a path toward consistent 60+% margin and higher recurring revenue. Additionally,
our manufacturing consolidation is on track and is expected to yield significant efficiencies and cost savings. Looking ahead, we continue
to focus on operational efficiency and believe we remain well positioned for our next phase of growth. We’re reaffirming our full
year guidance, which anticipates high margin NPI sales growth driving bottom line growth in the second half of the year.”
First Quarter 2026 Results
For the first quarter of 2026, the Company reported revenues of $20.8 million
compared to $21.8 million in the first quarter of 2025. Gross margin for the first quarter of 2026 was 59%, compared to 56% in the first
quarter of 2025.
Net loss for the first quarter of 2026 was $(3.4) million, compared to
a net loss of $(50.3) million in the first quarter of 2025, which included goodwill impairment of $(48.0) million. Adjusted EBITDA for
the first quarter of 2026 was $0.8 million compared to $0.8 million in the first quarter of the prior year. Cash (used) in and provided
by operations was $(0.7) million during the three months ended March 31, 2026, compared to $3.0 million in the same period in 2025. The
reduction in the cash balance is primarily due to one-time charges related to the process that resulted in the debt refinancing.
This press release includes certain financial information presented
on an adjusted, or non-GAAP, basis. For additional information on the non-GAAP financial measures included in this press release, see
“Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
Second Quarter 2026 Guidance
The Company’s Q2 outlook reflects year-over-year revenue
growth in the mid-single digit range at the midpoint of guidance, margin expansion as NPI adoption scales, and continued profitability
on an adjusted EBITDA basis. We expect:
· Revenue between $20.5 million and $22.5 million
· Adjusted gross margin between 57% and 59%
· Adjusted EBITDA between $1.0 and $2.0 million
Full Year 2026 Guidance
The Company is reaffirming its full-year guidance and anticipates
a ramp in revenue in the second half of the year, driven by expected sales growth in our higher margin NPI pipeline, which includes products
for organoids and electroporation. The Company continues to expect:
· Revenue growth between 2% and 4%
· Adjusted gross margin between 58% and 60%
· Adjusted EBITDA growth between 6% and 10%
Webcast and Conference Call Details
In conjunction with this announcement, Harvard Bioscience will
be hosting a conference call and webcast today at 8:00 a.m. Eastern Time. A presentation that will be referenced during the webcast will
be posted to the Company’s Investor Relations website shortly before the webcast begins.
Analysts who would like to join the call and
ask a question must register here (https://register-conf.media-server.com/register/BIec8b2ff5898f4554a258f5a3be030ad5).
Once registered, you will receive the dial-in numbers and a unique PIN number.
Participants who would like to join the
audio-only webcast should go to our events and presentations on the investor website here (https://investor.harvardbioscience.com/events-and-presentations).
Use of Non-GAAP Financial Information
In this press release we have included non-GAAP financial information,
including one or more of adjusted operating income (loss), adjusted operating margin, adjusted gross margin, adjusted net income (loss),
adjusted EBITDA, adjusted EBITDA margin, diluted adjusted earnings (loss) per share, and net debt. We believe that this non-GAAP financial
information provides investors with an enhanced understanding of the underlying operations of our business. For the periods presented,
these non-GAAP financial measures have excluded certain expenses and income resulting from items that we do not believe are reflective
of the underlying operations of the business. Items excluded include stock-based compensation, amortization of intangibles related to
acquisitions, restructuring charges, other operating expenses, goodwill impairment, interest and other expense, net, loss on pension settlement,
loss on equity securities, income taxes, and the tax impact of reconciling items. Management believes that this non-GAAP financial information
is important in comparing current results with prior period results and is useful to investors and financial analysts in assessing the
Company’s operating performance.
Historical non-GAAP financial information included herein is accompanied
by a reconciliation to the nearest corresponding GAAP measure, which is included below.
The non-GAAP financial information provided in this press release
should be considered in addition to, not as a substitute for, the financial information provided and presented in accordance with GAAP
and may be different from other companies’ non-GAAP financial information.
About Harvard Bioscience
Harvard Bioscience, Inc. is a leading developer, manufacturer and
seller of technologies, products and services that enable fundamental advances in life science applications, including research, drug
and therapy discovery, bio-production and preclinical testing for pharmaceutical and therapy development. Our customers range from renowned
academic institutions and government laboratories to the world’s leading pharmaceutical, biotechnology and contract research organizations.
With operations in the United States, Europe, and China, we sell through a combination of direct and distribution channels to customers
around the world.
For more information, please visit our website
at www.harvardbioscience.com.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of
the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified
by the use of words such as “may,” “will,” “expect,” “plan,” “anticipate,”
“estimate,” “intend,” “believe” and similar expressions or statements that do not relate to historical
matters. Forward-looking statements include, but are not limited to, information concerning expected future financial and operational
performance including revenues, adjusted gross margin, adjusted EBITDA, gross margin, cash and debt position, balance sheet, growth, adoption
and the introduction of new products, the strength of the Company’s market position, business model and anticipated macroeconomic
conditions. Forward-looking statements do not guarantee future performance and involve known and unknown uncertainties, risks, assumptions,
and contingencies, many of which are outside the Company’s control. Risks and other factors that could cause the Company’s
actual results to differ materially from those described in its forward-looking statements include those described in the “Risk
Factors” section of the Company’s most recently filed Annual Report on Form 10-K, as well as in the Company’s other
filings with the Securities and Exchange Commission. Forward-looking statements are based on the Company’s expectations and assumptions
as of the date of this document. Except as required by law, the Company assumes no obligation to update forward-looking statements to
reflect any change in expectations, even as new information becomes available.
Investor Inquiries:
Mark Frost
Chief Financial Officer
(508) 893-3120
investors@harvardbioscience.com
HARVARD BIOSCIENCE, INC.
Condensed Consolidated Statements Of Operations
(Unaudited, in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Revenues
$ 20,755
$ 21,774
Cost of revenues
8,511
9,590
Gross profit
12,244
12,184
Sales and marketing expenses
5,335
4,971
General and administrative expenses
4,702
5,185
Research and development expenses
2,326
2,321
Amortization of intangible assets
820
1,160
Goodwill impairment
—
47,951
Other operating expenses
235
264
Total operating expenses
13,418
61,852
Operating loss
(1,174 )
(49,668 )
Other expense:
Interest expense
(1,728 )
(933 )
Other expense, net
(405 )
(193 )
Total other expense
(2,133 )
(1,126 )
Loss before income taxes
(3,307 )
(50,794 )
Income tax expense (benefit)
117
(454 )
Net loss
$ (3,424 )
$ (50,340 )
Loss per share:
Basic and diluted loss per share *
$ (0.77 )
$ (11.42 )
Weighted-average common shares:
Basic and diluted *
4,473
4,410
* Retroactively presented to reflect 1-for-10 reverse stock split effective on March 13, 2026.
HARVARD BIOSCIENCE, INC.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
March 31,
December 31,
2026
2025
Assets
Cash and cash equivalents
$ 7,098
$ 8,614
Accounts receivable, net
14,572
16,043
Inventories
22,205
20,805
Other current assets
3,604
2,763
Total current assets
47,479
48,225
Property, plant and equipment
4,869
4,787
Goodwill and other intangibles
16,278
17,198
Other long-term assets
9,312
9,861
Total assets
$ 77,938
$ 80,071
Liabilities and Stockholders' Equity
Other current liabilities
23,863
21,960
Total current liabilities
23,863
21,960
Long-term debt, net
36,211
35,870
Other long-term liabilities
7,818
8,507
Stockholders’ equity
10,046
13,734
Total liabilities and stockholders’ equity
$ 77,938
$ 80,071
HARVARD BIOSCIENCE, INC.
Condensed Consolidated Statements Of Cash Flows
(Unaudited, in thousands)
Three Months Ended
March 31, 2026
March 31, 2025
Cash flows from operating activities:
Net loss
$ (3,424 )
$ (50,340 )
Adjustments to operating cash flows
1,968
49,814
Changes in operating assets and liabilities
794
3,512
Net cash (used in) provided by operating activities
(662 )
2,986
Cash flows from investing activities:
Additions to property, plant and equipment
(426 )
(513 )
Acquisition of intangible assets
(194 )
(170 )
Net cash used in investing activities
(620 )
(683 )
Cash flows from financing activities:
Repayment of term debt
—
(1,000 )
Payment of debt issuance costs
(129 )
(129 )
Proceeds from exercise of employee stock options and purchases
150
—
Taxes paid related to net share settlement of equity awards
(30 )
(75 )
Net cash used in financing activities
(9 )
(1,204 )
Effect of exchange rate changes on cash and cash equivalents
(225 )
339
(Decrease) increase in cash and cash equivalents
(1,516 )
1,438
Cash and cash equivalents at the beginning of period
8,614
4,108
Cash and cash equivalents at the end of period
$ 7,098
$ 5,546
HARVARD BIOSCIENCE, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures (unaudited)
(In thousands, except per share data and percentages)
Three Months Ended
March 31, 2026
March 31, 2025
GAAP operating loss
$ (1,174 )
$ (49,668 )
Stock-based compensation
257
600
Acquired asset amortization
820
1,160
Goodwill impairment
—
47,951
Other operating expenses (1)
235
264
Other adjustments
93
12
Adjusted operating income
$ 231
$ 319
Operating margin
(5.7 %)
(228.1 %)
Adjusted operating margin
1.1 %
1.5 %
GAAP net loss
$ (3,424 )
$ (50,340 )
Stock-based compensation
257
600
Acquired asset amortization
820
1,160
Goodwill impairment
—
47,951
Other operating expenses (1)
235
264
Other adjustments
93
12
Income taxes
525
(199 )
Adjusted net loss
(1,494 )
(552 )
Depreciation & amortization
536
495
Interest and other expense, net (2)
2,133
1,126
Adjusted income taxes (3)
(408 )
(255 )
Adjusted EBITDA
$ 767
$ 814
Adjusted EBITDA margin
3.7 %
3.7 %
Diluted loss per share (GAAP) *
$ (0.77 )
$ (11.42 )
Diluted adjusted loss per share *
$ (0.33 )
$ (1.25 )
Weighted-average common shares:
Diluted GAAP *
4,473
4,410
Diluted Adjusted *
4,473
4,410
March 31,
2026
2025
Debt, including unamortized deferred financing costs
$ 36,211
$ 35,958
Unamortized deferred financing costs
3,789
392
Cash and cash equivalents
(7,098 )
(5,546 )
Net debt
$ 32,902
$ 30,804
* Retroactively presented to reflect 1-for-10 reverse stock split effective on March 13, 2026.
(1) Other operating expenses for the three months ended March 31, 2026 includes $235 thousand of restructuring-related charges compared to $93 thousand of restructuring-related charges and $171 thousand of employee retention tax credit fees for the three months ended March 31, 2025.
(2) Interest expense for the three months ended March 31, 2026 was $1.7 million, compared to $0.9 million for the three months ended March 31, 2025. Other expense, net was $405 thousand for the three months ended March 31, 2026, compared to $193 thousand for the three months ended March 31, 2025.
(3) Adjusted income taxes includes the tax effect of adjusting for the reconciling items using the tax rates in the jurisdictions in which the reconciling items arise.
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May 12, 2026
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na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration