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HBio NASDAQ : HBIO 2Q26 Earnings Presentation John Duke , President & CEO Mark Frost , CFO & Treasurer August 11 , 2026
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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. 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, net debt, adjusted gross profit, and non-GAAP revenue on a constant currency basis. 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, 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. In addition, the forward- looking Adjusted gross margin and Adjusted EBITDA guidance for the third quarter of 2026 and full-year 2026 excludes potential charges or gains that may be recorded during the fiscal year, including among other things, restructuring and reorganization expenses, and non-GAAP restructuring related expenses. The Company has not attempted to provide reconciliations of such forward-looking non-GAAP earnings guidance to the comparable GAAP measure, as permitted by Item 10(e)(1)(i)(B) of Regulation S-K, because the impact and timing of these potential charges or gains is inherently uncertain and difficult to predict and is unavailable without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision and certainty that could be misleading to investors. Such items could have a substantial impact on GAAP measures of the Company’s financial performance. 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. Forward-Looking Statements and Non-GAAP Financial Information 2
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Second Quarter Operating & Financial Summary 2Q26 results: Revenue of $22.7 million, up 11% year-over-year driven by commercial traction across our telemetry and cellular and molecular technology (CMT) products Adjusted gross margin of 57%, lower than anticipated due to higher-than-expected sales from lower-margin CMT products and China sales Adjusted EBITDA of $1.7 million, up 11% year-over-year Actions in the quarter: Transitioned two product lines out of Holliston; remain on track to complete consolidation in 1Q27 Expanded shipping of BTX products via Made in China initiative Optimized sales force under SVP of Commercial Dave Panzarella; sales team focusing on highest-growth NPI products and opportunities with biopharma and CRO customers 3Q26 outlook: 3Q26 outlook reflects mid-single-digit year-over-year revenue growth at the midpoint of the guidance range, expecting ongoing demand across CMT and NPI portfolio, and improved year over year profitability on an adjusted EBITDA basis FY 2026 outlook – translating strategy into growth: Revenue guidance raised to 3% – 5% year-over-year growth to reflect stronger CMT demand trends and second quarter momentum Adjusted gross margin updated to 57% – 59% to account for CMT product mix and higher China sales Adjusted EBITDA guidance reaffirmed at 6% – 10% year-over-year growth, supported by second-half volume leverage and operational discipline 3
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Income Statement Components ($ in millions except percentages) 2Q26 2Q25 Revenue 22.7 20.5 Gross Margin 12.6 11.5 % of Revenue 55.6% 56.4% Operating Expenses 13.6 12.4 % of Revenue 59.9% 60.4% Operating Income (Loss) (1.0) (0.8) % of Revenue (4.3%) (4.0%) Adjusted Operating Income* 1.1 1.0 % of Revenue 4.9% 5.1% Adjusted EBITDA* 1.7 1.5 % of Revenue 7.3% 7.3% * Non-GAAP measure, see Slides 13-15 for reconciliation to GAAP financial measures 2Q26 Highlights 4
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5 2Q26 Revenue Breakdown HBIO Revenue 2Q26 2Q25 % Var Americas $11.4M $10.1M 13% Americas increase due to growth in CRO’s telemetry business EMEA $6.8M $6.6M 3% EMEA growth due to CRO, pharma & distributors. EMEA up 1.5% on a constant currency basis APAC China $4.6M $3.1M $3.7M $2.4M 24% 29% APAC increase primarily driven by growth in BTX electroporation and respiratory HBIO Total $22.7M $20.5M 11% HBIO Total up 10% on a constant currency basis
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$ Million except per share data 2Q26 Earnings, Cash & Debt GAAP ADJUSTED * Non-GAAP measure, see Slides 13-15 for reconciliation to GAAP financial measures 6 $(0.52) $(0.64) $(0.05) $(0.14) 2Q25 2Q26 2Q25 2Q26 EARNINGS (LOSS) PER SHARE* $5.7 $(0.3) YTD25 YTD26 YTD CASH FLOW FROM OPERATIONS $27.9 $33.5 As of 2Q25 As of 2Q26 NET DEBT*
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Outlook 7
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REVENUE ADJ. EBITDAADJ. GROSS MARGIN 3Q26 Revenue between $21.0M - $22.6M FY26 Revenue growth between 3% - 5% (Raised from 2% – 4%) 3Q26 GM between 56% - 58% FY26 GM between 57% - 59% (Updated from 58% - 60%) 3Q26 Adj. EBITDA between $1.5M - $2.5M FY26 Adj. EBITDA growth between 6% - 10% (Maintained at 6% - 10%) Outlook 8
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Appendix 9
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10 Non-GAAP Reconciliation Table – Currency Non-GAAP revenue on a constant currency basis 2026 2025 Growth Rates 2026 2025 Growth Rates Total revenues 22,727$ 20,450$ 11% 43,482 42,224 3% Effects of foreign currency rate fluctuations (153) - (791) - Revenue on a constant currency basis 22,574$ 20,450$ 10% 42,691$ 42,224$ 1% Three Months Ended June 30, Six Months Ended June 30,
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11 (1) Other adjustments - cost of sales for the three months ended June 30, 2026 includes $44 thousand of Non-GAAP restructuring-related charges compared to $1 thousand of Non-GAAP restructuring-related charges. Other adjustments - cost of sales for the six months ended June 30, 2026 includes $45 thousand of Non-GAAP restructuring-related charges. Non-GAAP Reconciliation Table – Gross Margin Non-GAAP Gross Profit and Non-GAAP Gross Margin Amount Marg i n Amount Marg i n Amount Marg i n Amount Marg i n (in thousands) Gross profit 12,630$ 55.6% 11,533$ 56.4% 24,874$ 57.2% 23,717$ 56.2% Adjustm ents: Stock-based compensation ex pense - cost of sales 15 0.1% 31 0.2% 21 0.0% 61 0.1% Depreciation and amortization - cost of sales 195 0.9% 138 0.7% 399 0.9% 284 0.7% Other adjustments - cost of sales (1) 44 0.2% - 0.0% 45 0.1% - 0.0% Non-G AAP gross profit 12,884$ 56.7% 11,702$ 57.2% 25,339$ 58.3% 24,062$ 57.0% 2026 2025 2026 2025 Three Months Ended June 30, Six Months Ended June 30,
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12 Non-GAAP Reconciliation Table – Adjusted Operating Income (1) Other operating expenses for the three months ended June 30, 2026 includes $318 thousand of restructuring- related charges compared to $30 thousand of restructuring-related charges and $170 thousand of employee retention tax credit fees for the three months ended June 30, 2025. Other operating expenses for the six months ended June 30, 2026 includes $553 thousand of restructuring-related charges compared to $123 thousand of restructuring-related charges and $341 thousand related to ERTC Fees for the six months ended June 30, 2025. (2) Other adjustments for the three months ended June 30, 2026 includes $579 thousand of Non-GAAP restructuring-related charges compared to $30 thousand of Non- GAAP restructuring-related charges for the three months ended June 30, 2025. Other adjustments expenses for the six months ended June 30, 2026 includes $671 thousand of Non-GAAP restructuring-related charges compared to $42 thousand of Non-GAAP restructuring-related charges for the six months ended June 30, 2025. June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 (978)$ (819)$ (2,152)$ (50,487)$ Stock-based com pensation 380 472 637 1,072 Acquired asset amortization 820 1,162 1,640 2,322 Goodwill impairment - - - 47,951 Other operating ex penses (1) 318 200 553 464 Other adjustm ents (2) 579 30 671 42 Adjusted operating income 1,119$ 1,045$ 1,349$ 1,364$ Operating m argin (4.3%) (4.0%) (4.9%) (119.6%) Adjusted operating m argin 4.9% 5.1% 3.1% 3.2% GAAP operating loss Three Months Ended Six Months Ended
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13 (1) Other operating expenses for the three months ended June 30, 2026 includes $318 thousand of restructuring- related charges compared to $30 thousand of restructuring-related charges and $170 thousand of employee retention tax credit fees for the three months ended June 30, 2025. Other operating expenses for the six months ended June 30, 2026 includes $553 thousand of restructuring- related charges compared to $123 thousand of restructuring-related charges and $341 thousand related to ERTC Fees for the six months ended June 30, 2025. (2) Other adjustments for the three months ended June 30, 2026 includes $579 thousand of Non-GAAP restructuring-related charges compared to $30 thousand of Non-GAAP restructuring-related charges for the three months ended June 30, 2025. Other adjustments expenses for the six months ended June 30, 2026 includes $671 thousand of Non-GAAP restructuring-related charges compared to $42 thousand of Non-GAAP restructuring-related charges for the six months ended June 30, 2025. (3) Interest expense for the three months ended June 30, 2026 was $1.8 million, compared to $1.0 million for the three months ended June 30, 2025. Interest expense for the six months ended June 30, 2026 was $3.5 million, compared to $1.9 million for the six months ended June 30, 2025. (4) Adjusted income taxes includes the tax effect of adjusting for the reconciling items using the tax rates in the jurisdictions in which the reconciling items arise. Non-GAAP Reconciliation Table – Adjusted EBITDA June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 (2,910)$ (2,282)$ (6,334)$ (52,622)$ Stock-based com pensation 380 472 637 1,072 Acquired asset amortization 820 1,162 1,640 2,322 Goodwill impairment - - - 47,951 Other operating ex penses (1) 318 200 553 464 Other adjustm ents (2) 579 30 671 42 Income tax es 190 183 716 (16) Adjusted net loss (623) (235) (2,117) (787) Depreciation & amortization 549 456 1,086 950 Interest and other ex pense, net (2) (3) 1,918 1,435 4,051 2,561 Adjusted income tax es (4) (177) (156) (585) (410) Adjus ted EB ITDA 1,667$ 1,500$ 2,435$ 2,314$ Adjusted EBITDA m argin 7.3% 7.3% 5.6% 5.5% GAAP net loss Three Months Ended Six Months Ended
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14 Non-GAAP Reconciliation Tables – Adjusted EPS & Net Debt * Retroactively presented to reflect 1-for-10 reverse stock split effective on March 13, 2026. June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Diluted loss per share (GAAP) * (0.64)$ (0.52)$ (1.41)$ (11.91)$ Diluted adjusted loss per share * (0.14)$ (0.05)$ (0.47)$ (0.18)$ Weighted-average common shares: Diluted GAAP * 4,526 4,430 4,484 4,420 Diluted Adjusted * 4,526 4,430 4,484 4,420 2026 2025 Debt, including unamortized deferred financing costs 36,682$ 34,864$ Unamortized deferred financing costs 3,318 486 Cash and cash equivalents (6,503) (7,442) Net debt 33,497$ 27,908$ June 30, Three Months Ended Six Months Ended
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