Harvard Bioscience Inc. (NASDAQ:HBIO) reported better-than-expected second-quarter results on Tuesday and raised its full-year 2026 revenue outlook after stronger demand across its telemetry and cellular and molecular technology businesses.
The company posted an adjusted loss of $0.14 per share, considerably narrower than the consensus estimate for a $0.38 loss per share.
Revenue increased 11% year on year to $22.7 million from $20.5 million, also exceeding the $21.9 million analyst forecast.
Despite the earnings and revenue beats, Harvard Bioscience shares showed little reaction, edging just 0.31% higher in after-hours trading.
Stronger demand supports higher revenue forecast
Following the quarterly performance, Harvard Bioscience raised its 2026 revenue guidance and now expects growth of between 3% and 5% year on year.
Management attributed the improved outlook to commercial traction across the company’s telemetry and cellular and molecular technology products.
“We delivered a strong quarter anchored by 11% top-line growth, reflective of stronger demand and an improved environment across our key customer channels,” said John Duke, President and Chief Executive Officer.
The higher full-year revenue forecast suggests the improvement in demand is expected to extend beyond the second quarter.
Adjusted EBITDA rises despite margin pressure
Harvard Bioscience generated adjusted EBITDA of $1.7 million during the quarter, up from $1.5 million a year earlier.
Adjusted gross margin eased to 56.7% from 57.2% in the second quarter of 2025.
The company maintained its adjusted EBITDA target while revising its gross margin outlook to reflect changes in geographic and product mix.
On a GAAP basis, Harvard Bioscience remained loss-making, reporting a net loss of $2.9 million compared with a $2.3 million loss in the prior-year period.
Q3 outlook remains close to analyst expectations
For the third quarter, Harvard Bioscience expects revenue of between $21.0 million and $22.6 million.
The midpoint of $21.8 million sits slightly below the analyst consensus estimate of $21.85 million.
Third-quarter adjusted EBITDA is forecast at $1.5 million to $2.5 million, while adjusted gross margin is expected to range from 56% to 58%.
For the full year, the company now expects an adjusted gross margin of between 57% and 59%, alongside adjusted EBITDA growth of 6% to 10%.
For investors, the combination of an earnings beat, double-digit quarterly revenue growth and higher full-year sales guidance points to improving commercial momentum. However, the wider GAAP net loss and modest gross margin decline leave profitability as an important measure to watch as Harvard Bioscience works to convert stronger demand into improved bottom-line performance.
Harvard Bioscience stock price
