Cytokinetics ended Q2 2025 with approximately $1.04 billion in cash, cash equivalents, and investments, slightly down from $1.09 billion in Q1 2025.
G&A expenses rose to $65.7 million from $50.8 million year-over-year, primarily due to commercial readiness investments and personnel costs.
Net loss narrowed to $134.4 million or $1.12 per share in Q2 2025 compared to $143.3 million or $1.31 per share in Q2 2024.
R&D expenses increased to $112.6 million in Q2 2025 from $79.6 million in Q2 2024, driven by clinical trial advancement and higher personnel and medical affairs costs.
The company exercised its option on the Tranche 4 loan from Royalty Pharma, receiving $75 million, with an option to draw $100 million on Tranche 5 before November 25, 2025.
Corneal Health franchise delivered net sales of $20.6 million, a 4% year-over-year growth, including Photrexa net sales of $17.9 million.
Glaukos reported record second quarter consolidated net sales of $124.1 million, up 30% on a reported basis or 29% on a constant currency basis versus the year ago quarter.
Gross margins came in at 83% for the quarter, showing modest accretion year-over-year and quarter-over-quarter.
International glaucoma franchise delivered record net sales of $31.3 million, a 20% year-over-year growth on a reported basis and 15% on a constant currency basis.
Underlying cash and equivalents grew by more than $4 million in the second quarter excluding one-time investments.
U.S. glaucoma franchise delivered record second quarter net sales of $72.3 million, a 45% year-over-year growth, driven by iDose TR sales of approximately $31 million.
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 earnings per share from continuing operations were $0.59, increasing 28% over the prior year.
Adjusted gross margins were 14.7%, a decrease of 170 basis points compared to prior year, primarily due to Vantive MSA impact, lower manufacturing volumes, and unfavorable product mix.
Adjusted gross margins were 14.7%, down 170 basis points due to Vantive MSA impact, lower manufacturing volumes, and unfavorable product mix.
Adjusted operating margin was 15.1%, improving 180 basis points year-over-year, reflecting lower gross margin offset by operational execution and TSA income.
Adjusted operating margin was 15.1%, improving 180 basis points year-over-year, reflecting TSA income and operational execution.
Adjusted R&D spending was $134 million or 4.8% of sales, consistent with prior year.
Adjusted SG&A was $639 million or 22.7% of sales, decreasing 170 basis points from prior year, reflecting investments and employee benefit costs offset by reclassification benefits and expense management.
Adjusted SG&A was $639 million or 22.7% of sales, down 170 basis points, reflecting investments and expense management.
Adjusted tax rate was 16.7%, down 400 basis points due to strategic tax attribute use post-Kidney Care sale.
Adjusted tax rate was 16.7%, down 400 basis points from prior year due to strategic tax attribute use.
Healthcare Systems & Technologies sales were $767 million, increasing 2%, driven by Care & Connectivity Solutions growth.
Medical Products & Therapies segment sales were $1.3 billion, increasing 1%, with strength in Advanced Surgery offset by softness in Infusion Therapies & Technologies.
Medical Products & Therapies segment sales were $1.3 billion, increasing 1%, with strong Advanced Surgery demand offset by softness in Infusion Therapies & Technologies.
Negative free cash flow of $144 million year-to-date, with $77 million positive free cash flow generated in Q2.
Net interest expense was $58 million, down $28 million due to debt paydown from Vantive sale proceeds.
Net interest expense was $58 million, down $28 million from prior year due to debt paydown from Vantive sale proceeds.
Pharmaceuticals segment sales totaled $612 million, increasing 1%, with declines in Injectables & Anesthesia offset by 7% growth in Drug Compounding.
Pharmaceuticals segment sales totaled $612 million, increasing 1%, with declines in Injectables & Anesthesia partly offset by 7% growth in Drug Compounding.
Second quarter sales from continuing operations grew 4% on a reported basis and 1% on an operational basis, with growth from all three segments.
Year-to-date free cash flow was negative $144 million, with $77 million positive free cash flow generated in Q2.
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