Clinical Diagnostics sales were $389 million, flat reported and down 0.7% currency-neutral, impacted by lower diabetes testing reimbursement in China.
Core Life Science Group revenue excluding process chromatography decreased 1.7% reported and 2.7% currency-neutral due to softness in biotech and academic research markets.
Gross margin declined to 53% reported and 53.7% non-GAAP from 55.6% and 56.4% respectively in Q2 2024, due to higher material costs and lower instrument demand.
Life Sciences Group sales were $263 million, up 4.9% reported and 3.8% currency-neutral, driven by process chromatography and food safety products.
Net cash from operations was $117 million, free cash flow was $71 million, up from $98 million and $55 million respectively in Q2 2024.
Net sales for Q2 2025 were approximately $652 million, a 2.1% increase on a reported basis versus $638 million in Q2 2024, and a 1% increase on a currency-neutral basis.
Non-GAAP net income was $71 million or $2.61 per diluted share.
Operating income was $77 million (11.8% of sales) versus $101 million (15.9%) in Q2 2024; non-GAAP operating margin was 13.6% versus 16.7%.
Process chromatography experienced strong double-digit growth, with about 20% of Q2 sales pulled forward by customers.
R&D expenses were $61 million (9.3% of sales), slightly higher than prior year due to project-related spending.
Reported net income was $318 million or $11.67 per diluted share, boosted by a $250 million gain from Sartorius AG equity value changes.
SG&A expenses increased to $208 million (31.9% of sales) from $195 million (30.5%), driven by higher variable compensation.
Share repurchases totaled $139 million in Q2, with $337 million remaining under the current authorization.
Adjusted EBITDA margin improved by 280 basis points to 21.3%.
Free cash flow for the quarter was $743 million, with $2.6 billion cash on hand and no borrowings on the credit facility.
Hospital segment adjusted EBITDA grew 25% to $623 million with same-store hospital admissions up 1.6% and revenue per adjusted admission up 5.2%.
Leverage ratio was 2.45x EBITDA as of June 30, 2025, reflecting strong operational and financial discipline.
Tenet Healthcare reported second quarter 2025 net operating revenues of $5.3 billion and consolidated adjusted EBITDA of $1.121 billion, a 19% increase over 2024.
The company repurchased 7.2 million shares for $1.1 billion in the first half of 2025, with a board authorization to increase the share repurchase program by $1.5 billion.
USPI segment adjusted EBITDA grew 11% to $498 million with a 7.7% increase in same-facility revenues and 12.6% growth in total joint replacements.
Dafinchi