Harvard Bioscience, Inc.

Good day and welcome to the second quarter, 2026 Harvard Bioscience 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 touchstone telephone. Please note this call is being recorded. I would like to turn the call over to Taylor Krafchick, Senior Vice President at Ellipsis. Please go ahead.

Thank you, operator, and good morning, everyone. Thank you for joining the Harvard Bioscience Second 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 a presentation that will be referenced during our remarks that is posted to our investor relations section of our website at investor.harvardbioscience.com. Please note that statements made in today's discussion that are not historical facts, including statements on management's expectations of future events or future financial performance, are 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 Forum 10Q, and others, filings with the Securities and Exchange Commission for additional disclosures on forward-looking statements and the risks, uncertainties, and contingencies associated therewith. During the call, managers 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.

Thank you, Taylor, and good morning, everyone. Since becoming CEO a year ago, our team has focused on sharpening our strategy, commercial alignment, and operational discipline, from optimizing our sales organization and distribution channels to executing footprint consolidation through project viking. That disciplined focus and execution helped us deliver strong second quarter performance highlighted by double-digit revenue growth across our CMT and preclinical portfolios and solid operational execution that reinforced our confidence in raising our full-year revenue outlook. To give a high-level summary before Mark dives into the detailed financials, revenue came in strong at $22.7 million, representing 11% year-over-year. This performance was driven by solid demand, particularly from CRO customers, and healthy sales across our CMT portfolio. adjusted gross margin was 57% for the quarter, slightly lower than anticipated due to higher than expected sales from our CMT products and sales in China, both of which carry lower relative gross margin. Adjusted EBITDA came in at 1.7 million, up 11% year over year. We are increasingly seeing our execution across our strategic focus translate into tangible operational progress across our customer mix, Product Portfolio, and Recurring Revenue Profile. Researchers are adopting our products to generate more predictive human relevant data and address key preclinical translational challenges. We remain focused on our highest growth customer opportunities and continue to strengthen our position with pharmaceutical, biotech, and CRO accounts. We also saw an improvement over the first quarter in our academic segment. Looking at our product mix, we are seeing solid commercial traction and saw double-digit growth within our telemetry and CMT businesses, highlighted by growth in our AAA bioprocessing and electroporation products. Customers continue to show strong engagement across both preclinical and CMT platforms. Increasing high-margin recurring revenue remains a key long-term focus. Our recurring revenue strategy is anchored around high-margin single-use consumables, such as telemetry implants and electroporation reagents, complemented by annual software licenses and service contracts. As our instrument install base expands with platforms like SOHO and BTX, we're generating a steady recurring revenue stream quarter after quarter. We saw our recurring revenue increase to 55% of total revenue in the first half as we continued to work towards our long-term target of 60%. Looking at broader industry demand patterns, Preclinical drug candidate pipelines are growing, biopharma spending continues to increase, and CRO activity is expanding. Additionally, our distribution agreement with Fisher Scientific continues to deliver strong commercial returns, generating double-digit growth in Q2 while broadening our customer reach. To build on this momentum, our recently appointed SVP of Commercial, Dave Panzarella, is optimizing our commercial teams to focus on our highest growth opportunities, specifically MPI platforms, AAA bioprocessing, and growing our market share within biopharma and CRO accounts. Our Project Viking manufacturing footprint consolidation remains on track. We successfully transitioned two product lines out of our Holliston facility in Q2 and are prepared to move two more in Q3. As a reminder, we expect Project Viking will deliver $3 million in cost savings in 2027 and $4 million annually thereafter. Our Made in China localization initiative is progressing well and contributing to strong regional performance. Following the launch of our localized BTX line, we are actively shipping units and capturing domestic demand. Looking ahead, we continue to expand our BTX product line and are advancing certifications on additional products in the second half of the year, positioning us for growth in 2027. Turning to our outlook, based on our strong performance in Q2 and expanding commercial momentum within our CMT product portfolio, we are raising our full-year revenue growth guidance to 3% to 5%. To account for the Q2 top line performance and the near-term mix shift towards our CMT product lines and higher China sales, We are revising our full year adjusted gross margin range by one percentage point to 57% to 59%. Longer term, we remain confident that our strategic focus on higher margin NPI platforms and expanding recurring revenue will drive gross margin expansion beyond our 2026 baseline. This trajectory will be further strengthened by structural cost savings from Project Viking beginning in 2027. Lastly, we are reaffirming our full year adjusted EBITDA growth guidance of 6% to 10%, supported by continued cost discipline, operational improvements, and operating leverage as revenue scales. Over the past year, we strengthened our balance sheet, put a plan in place to simplify our operational footprint, and sharpened our strategic focus. We're seeing these deliberate actions reflected in meaningful top line growth, a more differentiated product portfolio, Stronger market engagement from our key customer segments and improving operating performance. We believe Harvard Bioscience is becoming a fundamentally stronger, more profitable company. With that, I'll turn the call over to Mark for a deeper review of the financials. Mark?