Harvard Bioscience, Inc.

Good day, and welcome to the Q1, 2026 Harvard Biosciences, Inc. Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question, you will need to press star 1-1 on your touch-tone telephone. Please note this call is being recorded. I would like to turn the call over to Taylor Krafchick, Senior Vice President, Edelestis TA. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you for joining the Harvard Bioscience first quarter 2026 earnings conference call. Leading the call today will be John Duke, President and Chief Executive Officer, and Mark Frost, Chief Financial Officer. In conjunction with today's recorded call, we have provided the presentation that will be referenced during our remarks that is posted to the investor relations section of our website at investor.harvardbioscience.com. Please note the statements made in today's discussion that are not historical facts, including statements on management's expectations of future events or future financial performance, and forward-looking statements, and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the current views of Harvard Bioscience Management, and Harvard Bioscience assumes no obligation to update or revise any forward-looking statements. Actual results may differ materially from those expressed or implied. please refer to today's press release, the Harvard Bioscience Form 10-Q, and other filings with the Securities and Exchange Commission for additional disclosures on forward-looking statements and the risks, uncertainties, and contingencies associated therewithin. During the call, management will also reference certain non-GAAP financial measures, which can be useful in evaluating the company's operations related to our financial condition and results. These non-GAAP measures are intended to supplement GAAP financial information and should not be considered a substitute. Reconciliations of GAAP to non-GAAP measures are provided in today's earnings press release. I will now turn the call over to John. John, please go ahead.

Thanks, Taylor. Good morning, everyone, and thank you for joining us. Overall, Q1 reflected continued progress on transforming Harvard Bioscience from a traditional tools provider into a leading supplier of the emerging translational science market. To summarize our Q1 financial performance, Revenue was $20.8 million, in line with their expectations. Adjusted gross margin was 59%, growing nearly 300 basis points year over year. And adjusted EBITDA came in at $0.8 million, which was flat with Q1 last year. Our Q1 results were driven by growth in sales of our new product innovation pipeline, including MeSH-MEA for organoids, BTX for electroporation, and SOHO telemetry products. We expect this suite of products will deliver double-digit revenue growth for the full year. These products are the centerpieces of our evolution into a leading supplier of translational science products. As anticipated, growth in consumables and software products in our NPI portfolio is translating into higher margins. This puts us on a path towards consistent gross margins greater than 60% and recurring revenue approaching 60%. Our NPI products are also increasing opportunities with pharma and large biotech customers. Sales to these customers grew more than 20% in the quarter versus prior year. A key driver of sales to biopharma is an accelerating adoption of the new approach methodologies. As biopharma customers seek more predictive human-relevant outcomes, demand is shifting towards technologies that can deliver deeper, more actionable insights and help form a stronger translational science bridge traditional animal models. Our MPI portfolio is directly aligned with this shift. MeSH-MEA enables high-resolution, long-term electrical recording of organoids and 3D tissue models, allowing researchers to study complex human biology in vitro with a level of fidelity not previously possible. BTX provides electroporation-enabled cell engineering and transfection solutions. supporting everything from gene editing to advanced cell-based development, critical tools for building and manipulating next-gen biological models. SOHO telemetry delivers continuous real-time physiological monitoring and preclinical settings, generating rich datasets that help bridge in vivo insights with emerging in vitro approaches, improving the translational relevance of preclinical research. The industry's growing need for more predictive models reinforces our confidence in the strategy and long-term growth trajectory of the company. We are pleased with the early results of the enhanced distribution agreement we signed in August of last year with Fisher North America. Sales through Fisher North America grew by high single digits in Q1. We strengthened our leadership team by adding Dave Panzarella as our new SVP of Commercial. With 30 years of industry experience as a global growth-oriented sales leader across multiple life science tools companies, we believe he'll be instrumental in driving overall revenue expansion and sales of our translational science platforms. We're excited to have him on board. We've done much work in the past year to strengthen our leadership team and board, and we're pleased with the deep expertise we've added as we work to scale the business. In China, Q1 revenue grew 3%, driven by increased CRO revenue. Incentives exist for Chinese companies to source domestically. As a result, we launched our Made in China initiative, beginning with our BTX electroporation products. We plan to expand this initiative to other products in 2026. Project Viking, our manufacturing consolidation initiative, remains on track. As a reminder, This initiative includes the phased closure of our Holliston, Massachusetts facility into our sites in Minneapolis and Europe. In Q1, we moved one product line and are on track to move several product lines in Q2. We remain confident Project Viking will generate $3 million in savings in 2027 and $4 million annually thereafter. Looking ahead, Mark will provide additional details on our guidance. At a high level, in the second quarter, at the midpoints of our guidance, we anticipate mid-single-digit year-over-year revenue growth, continued margin expansion, and flat adjusted EBITDA on a year-over-year basis. We are reaffirming our full-year 2026 guidance. For the full year, we expect continued growth of NPI with our MeSH MEA, BTX, and SOHO platforms. We expect continued growth with pharma and biotech customers and growth in China. We remain committed to improving our operational efficiency and driving profitability. In summary, we're excited about the path ahead and remain laser-focused on executing our translational science strategy to create long-term shareholder value. I will now turn the call over to Mark, who will go through the financials and our guidance in more detail. Mark.