Adjusted EBITDA reached an all-time high of $138 million, a 26% increase, with margin expansion of 130 basis points due to pricing and productivity gains.
Cash and marketable securities ended at $858 million.
Exact Sciences delivered a record 1.3 million test results in Q2 2025, with core revenue growth accelerating to 16% year-over-year.
Free cash flow was $47 million in Q2, with year-to-date free cash flow increasing by $95 million compared to the prior year.
GAAP net income was negative $1 million, including $15 million in one-time operational efficiency costs.
Precision oncology revenue grew 9% to $179 million on a core basis, supported by Oncotype DX international adoption and sublicensing revenue from TwinStrand technology.
Screening revenue increased 18% to $628 million, driven by Cologuard rescreens, care gap programs, and improved commercial execution.
BioSpin Group revenue was roughly flat at $403 million; CALID Group grew in the low teens percentage; Bruker Nano grew in the low single digits; BEST segment declined in the low teens percentage.
Bruker's Q2 2025 reported revenues decreased 0.4% year-over-year to $797.4 million, with a 7.0% organic decline and a 2.9% FX tailwind.
Diluted non-GAAP EPS was $0.32, down 39% from $0.52 in Q2 2024, impacted by organic revenue decline, tariffs, and foreign exchange headwinds.
First half 2025 revenues increased 5.0% to $1.60 billion, with a 2.3% organic revenue decline.
Non-GAAP gross margin decreased 270 basis points to 48.6% in Q2 2025.
Non-GAAP operating margin for Q2 2025 was 9.0%, down 480 basis points year-over-year due to lower revenue absorption, tariffs, and currency headwinds.
Operating cash flow decreased by $85 million in H1 2025 due to timing of tax payments and other items, resulting in a free cash outflow of $110 million.
Organic revenue decline was 7.2% in the BSI segment and 4.8% in the BEST segment, with acquisitions contributing 3.7% growth.
Weighted average diluted shares increased to 151.7 million due to a follow-on equity offering.
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.
Dafinchi