Adjusted SG&A as a percentage of revenue improved by 280 basis points year-over-year to 17%, demonstrating operating leverage despite growth investments.
Clover Health reported 32% year-over-year Medicare Advantage membership growth to over 106,000 members in Q2 2025.
Days in claims payable decreased by 5 days sequentially to 32 days, indicating normalization of claims processing.
GAAP net loss improved by $4 million year-to-date to $12 million, with adjusted EBITDA and adjusted net income steady at $43 million and $42 million respectively.
Insurance Benefit Expense Ratio (BER) increased to 88.4% in Q2 2025 from 76.1% in Q2 2024, reflecting elevated Part D and supplemental benefit utilization.
Insurance revenue increased 34% year-over-year to $470 million in Q2 and 34% year-to-date to $927 million.
Cash and investments totaled $912 million at quarter-end; $560 million in convertible notes due later this year will be retired with cash on hand.
General and administrative expenses rose 17% to $44 million, driven by higher share-based compensation and personnel costs supporting the lung cancer launch and company build-out.
Gross margin was 74%, down from 77% in Q2 2024, mainly due to rollout costs of the HFE array and non-small cell lung cancer launch prior to broad reimbursement.
Net loss was $40 million with a loss per share of $0.36; adjusted EBITDA was negative $10 million.
Net revenues were $159 million, a 6% increase from Q2 2024, driven primarily by 7% active patient growth in the GBM franchise and double-digit growth in international markets.
Research and development expenses were $56 million, up 2% year-over-year, with no expected material step-up this year due to shifting trial spend.
Sales and marketing expenses were $57 million, a 1% increase, reflecting incremental launch costs for non-small cell lung cancer mostly offset by lower stock-based compensation.
The company plans to draw $100 million from its credit facility in September as part of a four-tranche agreement, with the first two tranches obligated to be drawn.
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.
Gross margin was 31% excluding noncash items, with expectations for improvement due to restructuring and manufacturing optimization.
Iovance reported $60 million in total revenue for Q2 2025, a 22% increase over the prior quarter, with $54 million from Amtagvi infusions and $6 million from Proleukin.
Net cash burn is expected to be less than $245 million over the next four quarters, with a cash position of approximately $307 million sufficient to fund operations into Q4 2026.
Operating expenses increased to approximately $117 million from $102 million year-over-year, driven by higher headcount, clinical trials, and marketing costs.
The company announced a strategic restructuring including a 19% workforce reduction expected to generate over $100 million in annual cost savings starting Q4 2025.
Dafinchi