Adjusted EBITDA increased by approximately 33% to $24.8 million, with an adjusted EBITDA margin of 21.9%, a 300 basis point improvement from the prior year.
Artivion reported total constant currency revenue growth of over 14% year-over-year in Q2 2025, reaching $113 million.
Free cash flow was $11.7 million in Q2 2025, with a net leverage ratio reduced to 2.2 from 4.1 in the prior year due to retiring convertible notes.
Gross margins improved slightly to 64.7% (non-GAAP gross margin of 65.1%), driven by favorable mix from AMDS HDE revenues and strong On-X growth.
On-X revenues grew 24%, stent graft revenues grew 22%, BioGlue grew 4%, and tissue processing revenues grew 3% year-over-year on a constant currency basis.
Regional revenue growth was 18% in North America, 15% in Asia Pacific, 10% in EMEA, and 7% in Latin America.
Annualized savings from Q2 headcount reductions are expected to be approximately $30 million, up from $25 million in Q1, with a target of 150 FTEs or less by year-end.
Coherus Oncology reported Q2 2025 net revenue of $10 million for LOQTORZI, a 36% increase quarter-over-quarter and a 65% increase year-over-year.
SG&A expenses for 2025 are projected between $90 million and $100 million, with R&D expenses dependent on ongoing portfolio prioritization and data readouts.
The company ended Q2 with $238 million in cash and investments, projecting sufficient runway through 2026 beyond key data readouts.
The company used $483 million in upfront cash proceeds from divestiture to pay off $230 million convertible notes and reduce royalty obligations.
Dafinchi