Adjusted EBITDA grew 9% year-over-year to $105.1 million, while GAAP net income was $12 million compared to $19.6 million in the prior year period.
Collegium Pharmaceuticals reported record quarterly revenue of $188 million, a 29% increase year-over-year, driven by strong performance across its portfolio including Jornay PM and the pain portfolio.
GAAP operating expenses increased 69% year-over-year, and non-GAAP adjusted operating expenses increased 104%, reflecting investments in Jornay commercialization.
Jornay PM generated record quarterly revenues of $32.6 million with prescriptions growing 23% year-over-year.
Operating cash flow was strong at $72.4 million, with $222 million in cash and equivalents at quarter-end.
The pain portfolio achieved record quarterly revenue of $155.4 million, up 7% year-over-year, with all three core pain medicines showing growth.
Approximately 91,000 bottles were dispensed to patients, slightly above the top end of guidance.
Cash and cash equivalents stood at approximately $381 million at quarter end.
Gross margins remained strong and flat at 93%, with gross-to-net discount around 45%, improving sequentially due to reduced patient copays.
R&D expenses increased by $3.3 million primarily due to the TP-04 program and other development activities.
SG&A expenses increased by approximately $44 million year-over-year, driven by sales and marketing costs including DTC advertising and a larger sales force.
Tarsus reported record-breaking Q2 2025 net sales of $102.7 million for XDEMVY, marking the strongest quarter to date.
Adjusted EBITDA increased slightly to $125.4 million from $124.7 million year-over-year.
Adjusted EBITDA margin for inpatient rehab declined slightly to 22.6% from 23.1%.
Consolidated revenue grew nearly 5% to $1.3 billion in Q2 2025.
Critical illness recovery hospital division revenue declined 1% to $601.1 million; adjusted EBITDA declined 22% year-over-year with margin at 9.4% versus 11.9% prior year.
Earnings per common share from continuing operations rose 88% to $0.32 from $0.17.
Inpatient rehab hospital division revenue rose 17% year-over-year to $313.8 million with adjusted EBITDA up nearly 15% to $71 million.
Interest expense was $30 million in Q2 compared to $28 million prior year.
Operating cash flow generated $110.3 million; investing activities used $64.7 million; financing activities used $46.5 million including $85.1 million in share repurchases.
Outpatient rehab division revenue increased 3.8% driven by a 3.8% increase in patient volume; adjusted EBITDA increased 6.1% with margin improving to 9.3% from 9.1%.
Salary, wage and benefits to revenue ratio in critical illness division rose slightly to 58%.
Adjusted EBITDA margin was 15.6%, 10 basis points higher than the prior year.
Corporate debt stood at $2.2 billion with no maturities until 2030; effective interest rate increased to approximately 7.4% due to expiration of interest rate swaps and higher floating rates.
Days sales outstanding improved by 3 days sequentially, indicating better cash conversion.
Leverage ratio (net debt to EBITDA) was 4.1x per credit agreement and 4.7x using consolidated debt divided by adjusted EBITDA before NCI.
Operating cash flow was $81 million in Q2 2025, with $54 million distributed to physician partners and $10 million spent on maintenance capital expenditures.
Same-facility revenue growth was 5.1%, driven by 3.4% surgical case growth and 1.6% rate growth, consistent with the company's long-term growth algorithm.
Surgery Partners reported second quarter 2025 net revenue of $826 million, an 8.4% increase year-over-year, and adjusted EBITDA of $129 million, a 9% increase compared to the prior year.
The company ended the quarter with $250 million in cash and total liquidity of $645 million including revolver capacity.
Adjusted EBITDA margin improved by 500 basis points to 8.4%, compared to 3.4% in Q2 2024, reflecting operational efficiencies and volume leverage.
Adjusted net loss improved to $10.2 million or $0.32 per share from $18.8 million or $0.61 per share in Q2 2024.
Adjusted operating expenses increased 16% year-over-year to $145.2 million due to remediation activities, global volume growth support, and investments in innovation and commercial initiatives.
Expanded access to Zio services as an in-network benefit to over 10 million additional patients in the U.S.
Gross margin was 71.2%, ahead of expectations, benefiting from volume leverage and operational efficiencies despite higher costs from increased Zio AT mix.
iRhythm reported Q2 2025 revenue of $186.7 million, up 26.1% year-over-year, driven by growth in core long-term continuous monitoring and Zio AT product lines.
New store growth accounted for approximately 68% of year-over-year volume growth, with home enrollment for Zio Services at about 23% of volume in the U.S.
Acquisition of VirtuOx completed for $140 million, with an annual revenue run rate of approximately $45 million, neutral to non-GAAP EPS in Q4.
Capital returned to shareholders totaled over $610 million through dividends and share repurchases.
Cash balance at quarter end was $1.2 billion with $668 million gross debt and $541 million net cash.
Cash flow from operations in Q4 was $539 million; capital expenditure was $31 million; depreciation and amortization totaled $64 million.
Free cash flow for fiscal year 2025 was $1.7 billion, supporting investments and shareholder returns.
Gross margin expanded by 230 basis points year-over-year to 61.4%, driven by procurement, manufacturing, logistics efficiencies, and favorable currency movements.
Net income increased by 22%, and non-GAAP diluted EPS rose by 23%, positively impacted by foreign exchange rates.
Operating profit increased by 19%, with operating margin improving to 35% from 33% the prior year.
ResMed reported 10% year-over-year revenue growth in Q4 FY 2025, reaching $1.35 billion, with 9% growth in constant currency terms.
Cash used in operations for Q2 2025 was $6.4 million, a significant decrease from $13.3 million in Q2 2024.
General and administrative expenses decreased slightly to $7.4 million from $8.1 million year-over-year.
Net loss for Q2 2025 was $9.9 million or $0.30 per share, improved from a net loss of $17.8 million or $0.59 per share in Q2 2024.
R&D expenses decreased to $2.8 million in Q2 2025 from $10.7 million in Q2 2024, primarily due to winding down REL-1017 trials, partially offset by ramp-up costs for NDV-01 and sepranolone.
Relmada reported a cash balance of $20.6 million as of June 30, 2025, down from $44.9 million at the end of 2024.
Dafinchi
