Adjusted EBITDA for VITAS, excluding Medicare Cap, was $66.8 million, flat with prior year, with margin at 16.2%, down 163 basis points due to admitting more short-stay patients.
Admissions at VITAS totaled 17,545, a 1.2% increase from Q2 2024, or 4.9% excluding transfers from the 2024 Covenant Health acquisition.
Average daily census at VITAS increased 6.1% to 22,318. Hospital-directed admissions increased 9.1%, while home-based, nursing home, and assisted living admissions declined.
Average length of stay increased to 137.1 days from 100.6 days in Q2 2024, reflecting effects of community access initiative patients.
Average revenue per patient per day was $207.3, 350 basis points above prior year.
Roto-Rooter adjusted EBITDA was $48.6 million, down 18.7% from prior year, with margin at 21.8%, a 517 basis point decline due to labor inefficiencies, higher commissions, casualty and workers' comp costs, and increased paid search marketing costs.
Roto-Rooter revenue increased 0.6% in Q2 2025, with branch residential revenue up 0.9% and commercial revenue up 4.4%. Independent contractor revenue declined 4.4%.
VITAS net revenue was $396.2 million in Q2 2025, up 5.8% from prior year, driven by a 6.1% increase in days of care and a 4.2% Medicare reimbursement rate increase.
Breast Health revenue declined 5.8% or 10.8% organically excluding Endomagnetics and SSI, but grew sequentially compared to Q2 and slightly exceeded internal goals.
Diagnostics revenue grew 0.9% or 2.9% organically excluding COVID-related sales, with molecular diagnostics leading growth at 2.4% globally and 7.3% in the U.S. excluding COVID.
Net margin was 23.8%, down 100 basis points year-over-year but up 60 basis points sequentially.
Non-GAAP EPS was $1.08, a 1.9% increase year-over-year and $0.01 above the high end of guidance.
Non-GAAP operating margin was just above 30%, with gross margin at 60.3%, down 80 basis points due to product mix and a reserve related to Fluoroscan discontinuation.
Operating cash flow was $343 million, with $1.88 billion in cash and short-term investments and a net leverage ratio of 0.6x.
Operating expenses increased 2.2% driven by acquisitions and deferred compensation, but excluding acquisitions, expenses declined 4.3%.
Skeletal revenue grew 62.1% as shipping resumed for the final DEXA model, meeting pent-up demand.
Surgical revenue increased 6.3% or 1.2% organically excluding Gynesonics, driven by strong international growth of 24.8%.
Total revenue for the third quarter was $1.024 billion, representing a slight growth of 0.4% and exceeding the high end of guidance by about $14 million.
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.
Biogen delivered 7% revenue growth in Q2 2025 driven by strong commercial execution from four launch products generating $252 million and the U.S. MS business.
Contract manufacturing revenue increased due to accelerated batch releases ahead of planned Q4 plant maintenance.
Ex-U.S. MS business faced expected generic and biosimilar pressures, particularly for TECFIDERA in Europe.
Free cash flow was $134 million in Q2, with $745 million in cash tax payments concentrated in the quarter.
Issued $1.75 billion of new debt to redeem senior notes due in September, resulting in $15-20 million incremental interest expense in H2 2025.
Launch products grew 26% quarter-over-quarter and 91% year-over-year, offsetting MS portfolio declines.
LEQEMBI global end market sales were approximately $160 million, including a $35 million favorable shipment timing impact to China.
Non-GAAP core operating expenses decreased 2% year-over-year due to R&D prioritization and Fit for Growth initiatives.
Non-GAAP diluted EPS grew 4% in the quarter; excluding $0.26 impact from acquired IPR&D expenses, EPS would have been $5.73, up 9%.
Non-GAAP operating income included $47 million of acquired IPR&D charges related to City Therapeutics and felzartamab milestones.
SKYCLARYS revenue grew 5% globally compared to last quarter, with U.S. growth offsetting Medicare discount impacts.
SPINRAZA demand remained consistent globally, with expected inventory drawdown continuing into Q3.
U.S. MS franchise revenue was $657 million, supported by favorable inventory dynamics and gross to net adjustments.
ZURZUVAE revenue was $46 million, up 213% year-over-year and 68% quarter-over-quarter, with 50% profit sharing recognized.
Amicus Therapeutics reported total revenue of $154.7 million for Q2 2025, a 22% increase over Q2 2024, with 18% growth at constant exchange rates.
Cash, cash equivalents, and marketable securities totaled $231 million as of June 30, 2025, down from $250 million at the end of 2024.
GAAP net loss was $24.4 million or $0.08 per share, compared to a net loss of $15.7 million or $0.05 per share in Q2 2024; excluding the DMX-200 payment, GAAP net income would have been positive.
GAAP operating expenses increased 48% to $148.9 million, including a $30 million upfront payment for DMX-200 licensing; non-GAAP operating expenses increased 56% to $127.8 million.
Galafold revenue reached $128.9 million, up 12% at constant exchange rates and 16% reported, driven by new patient starts and a 69% global market share for treated Fabry patients.
Non-GAAP net income was $1.9 million or $0.01 per share, down from $18.5 million or $0.06 per share in Q2 2024.
Pombiliti and Opfolda revenue was $25.8 million, up 58% at constant exchange rates, with strong sales growth and record patient demand across 11 countries.
BioReference's testing volume grew 1.4% excluding pending and closed asset sales; 4Kscore test volume increased approximately 12% year-over-year.
Cash, cash equivalents, and restricted cash totaled approximately $285 million at quarter end.
Consolidated operating loss improved slightly to $60 million from $61.7 million, but net loss widened to $148.4 million or $0.19 per share from $10.3 million or $0.01 per share due to a $92 million convertible note expense.
Diagnostic operating loss improved to $18.2 million from $26.6 million in Q2 2024, with total costs and expenses down to $119.3 million from $156 million.
Diagnostics revenue for Q2 2025 was $101.1 million, down from $129.4 million in Q2 2024, primarily due to the Labcorp oncology asset sale.
Pharmaceutical operating loss increased to $28.7 million from $24.8 million, driven by increased R&D spending of $29.8 million versus $23.7 million.
Pharmaceutical revenue was $55.7 million, up from $52.8 million in 2024, with product revenue slightly up to $40.7 million.
Adjusted EBITDA was positive $12.5 million, improving by nearly $13 million compared to the prior year.
Gross margin was 82% for the quarter, slightly below Q1 due to nonroutine expenses related to Gvoke capacity expansion.
Gvoke revenue increased 17% to $23.5 million, supported by a 5% growth in total prescriptions and favorable gross-to-net adjustments.
Keveyis revenue rose modestly to $11.5 million, with a slight increase in patient numbers and new patient starts.
R&D expenses increased by $2.2 million to $8.1 million, reflecting investments in pipeline products including XP-8121.
Recorlev revenue surged 136% year-over-year to $31.4 million, with a 122% increase in the average number of patients on therapy.
SG&A expenses rose 11% year-over-year to $44.4 million, mainly due to Recorlev commercial expansion and personnel costs.
Xeris Biopharma reported a 49% year-over-year increase in total revenue to $71.5 million in Q2 2025, driven by a 46% increase in net product revenue to $67.7 million.
Adjusted earnings per share were $4.08, below the prior year, primarily due to pricing and medical cost trend factors at UnitedHealthcare and OptumHealth.
Discrete items totaling about $1.2 billion were recognized, including unfavorable impacts from ACA exchange offerings and settlements of outstanding items primarily from prior years.
Optum Health revenues declined by $1.8 billion to $25.2 billion, impacted by contract adjustments and Medicare funding reductions.
OptumInsight revenues increased 6% year-over-year to $4.8 billion, with recovery from last year's cyberattack progressing slower than expected.
OptumRx revenues grew 19% to $38.5 billion, driven by new customer adds and specialty products, but earnings growth was constrained by portfolio actions removal and launch phase impacts.
The full year 2025 outlook includes adjusted earnings of at least $16 per share and revenues approaching $448 billion, an 11% growth over 2024.
The full year medical care ratio is expected at 89.25% plus or minus 25 basis points, up from the initial 86.5% midpoint, driven by discussed factors.
UnitedHealthcare's second quarter revenues grew by over $12 billion to $86.1 billion, while operating earnings declined by $1.9 billion to $2.1 billion due to medical trend pressures.
UnitedHealth Group reported second quarter revenues of nearly $112 billion, a 13% increase over the prior year, driven by growth across UnitedHealthcare and Optum.
Dafinchi
