Adjusted earnings per share increased 27% to $0.79 in Q2, with first half adjusted EPS up 42% driven by margin expansion and reduced interest expenses.
Adjusted EBITDA margin was flat year-over-year at 17.2%, with year-to-date margin expansion of 75 basis points.
Enovis reported second quarter 2025 sales of $565 million, a 7% increase year-over-year and 5% organic growth on a constant currency basis.
Gross margins improved by 90 basis points in the quarter and 200 basis points year-to-date, driven by favorable product mix and productivity programs.
Interest expense decreased to $9 million from $17 million in the prior year quarter.
The company delivered positive free cash flow in Q2 despite $6 million in tariff payments.
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.
Cash from operations increased by approximately $47 million in the first half of 2025, with a clean balance sheet and strong cash conversion dynamics.
Gross margin improved to 63.4% in Q2 2025 compared to approximately 59% in Q2 2024, with steady sequential margins excluding true-ups despite increased exome volumes.
Natera reported $547 million in revenue for Q2 2025, representing 32% growth year-over-year and 34% growth excluding revenue true-ups.
Non-cash stock-based compensation and legal accruals of about $30 million impacted EPS, with adjusted EPS loss estimated at $0.53 versus reported $0.74.
Operating expenses are expected to remain flat for 2025 despite increased investments, reflecting scale in the business.
Adjusted EBITDA loss was $8.4 million compared to $7.6 million last year.
Cash, cash equivalents and marketable securities totaled $84.2 million at quarter end, down $4.5 million from March 31, 2025, with total cash utilization for the first half of 2025 at $17.3 million.
Gross margin was 72%, down from 74% last year, primarily due to a shift in geographic revenue mix with more international and distributor sales.
International revenue reached a record $9.1 million, a 32% increase compared to $6.9 million last year and a 27% increase on a constant currency basis, driven by growth in Europe and Asia.
Net loss was $15.2 million or $0.38 per share, compared to a net loss of $15.3 million or $0.39 per share last year.
Pulmonx reported second quarter 2025 revenue of $23.9 million, a 15% increase from $20.8 million in the same period last year and a 13% increase on a constant currency basis.
Research and development expenses were $5.3 million, down from $5.6 million last year due to a one-time impairment charge in 2024; excluding that, R&D spending increased 36%.
Sales, general and administrative expenses increased 5% to $26.7 million, driven by investments in commercial efforts including direct-to-patient outreach.
Total operating expenses were $32 million, a 3% increase from $30.9 million last year, with noncash stock-based compensation at $5.6 million.
U.S. revenue was $14.7 million, up 6% from $13.9 million in the prior year period but below expectations due to tough year-over-year comparisons and operational pressures.
Dafinchi