Dafinchi AI

DCGO

Healthcare

Adjusted EBITDA was a loss of $6.1 million compared to a positive $17.2 million in Q2 2024.
Adjusted gross margin was 31.6% in Q2 2025 versus 33.9% in Q2 2024, with Mobile Health margins improving sequentially but down year-over-year.
Medical Transportation Services revenue increased to $49.6 million from $48.2 million year-over-year, with a 7% underlying growth excluding Colorado exit.
Mobile Health revenue declined to $30.8 million from $116.7 million year-over-year, driven by reduced migrant-related revenues.
SG&A expenses decreased 7% year-over-year and 5% sequentially on an absolute basis, with recurring SG&A down 9% sequentially and 18% year-over-year.
Strong cash flow from operations of $33.6 million in Q2 2025, with total cash and equivalents rising to $128.7 million.
Total revenue for Q2 2025 was $80.4 million, down from $164.9 million in Q2 2024, primarily due to the wind down of migrant-related government programs.

SKIN

Healthcare

Adjusted EBITDA was $13.9 million, above expectations, supported by disciplined cost control and operational improvements.
Consumables sales totaled $55.8 million, up 0.8% year-over-year, with growth in Americas and EMEA offset by declines in APAC.
Device sales declined 36.5% year-over-year due to macroeconomic headwinds and transition in China to a distributor model.
GAAP gross margin improved significantly to 62.8% from 45.2% in the prior year, with adjusted gross margin at 65.9%.
Operating expenses decreased by 17.8%, with selling and marketing expenses down 24.2% and G&A expenses down 12.6%.
Q2 2025 revenue was $78.2 million, exceeding guidance and driven by consumables revenue growth and margin expansion.

WST

Healthcare

Adjusted diluted EPS increased 21.1% year-over-year, or 26.4% excluding stock-based compensation tax benefit.
Adjusted operating profit margin increased 230 basis points to 20.3%.
Cash balance increased by $25.1 million to $509.7 million as of June 30, 2025, despite $134 million in share repurchases.
Contract Manufacturing segment saw 0.5% organic revenue growth, driven by ramp-up of Dublin facility for auto-injectors and pens.
Gross profit was $273.9 million, up $43.9 million or 19.1% year-over-year, with a gross margin of 35.7%, a 290 basis point increase from Q2 2024.
Operating cash flow for the first six months was $306.5 million, an 8.2% increase from prior year, with capital spending down $44.3 million year-over-year to $146.5 million.
Proprietary Products segment grew 8.4% organically, driven by 11.3% growth in HVP components, including strong demand for GLP-1 elastomer products which accounted for 8% of total revenues.
West Pharmaceutical Services reported Q2 2025 net sales of $766.5 million, representing a 9.2% increase overall and 6.8% organic growth.

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