Breast Health revenue declined 5.8% or 10.8% organically excluding Endomagnetics and SSI, but grew sequentially compared to Q2 and slightly exceeded internal goals.
Diagnostics revenue grew 0.9% or 2.9% organically excluding COVID-related sales, with molecular diagnostics leading growth at 2.4% globally and 7.3% in the U.S. excluding COVID.
Net margin was 23.8%, down 100 basis points year-over-year but up 60 basis points sequentially.
Non-GAAP EPS was $1.08, a 1.9% increase year-over-year and $0.01 above the high end of guidance.
Non-GAAP operating margin was just above 30%, with gross margin at 60.3%, down 80 basis points due to product mix and a reserve related to Fluoroscan discontinuation.
Operating cash flow was $343 million, with $1.88 billion in cash and short-term investments and a net leverage ratio of 0.6x.
Operating expenses increased 2.2% driven by acquisitions and deferred compensation, but excluding acquisitions, expenses declined 4.3%.
Skeletal revenue grew 62.1% as shipping resumed for the final DEXA model, meeting pent-up demand.
Surgical revenue increased 6.3% or 1.2% organically excluding Gynesonics, driven by strong international growth of 24.8%.
Total revenue for the third quarter was $1.024 billion, representing a slight growth of 0.4% and exceeding the high end of guidance by about $14 million.
Cash, cash equivalents, and investments totaled approximately $892 million at quarter-end, providing runway into mid-2027.
Net cash consumed in Q2 2025 was approximately $127.7 million, including $50.5 million in milestone payments related to ECLIPSE 1 first patient dosed; excluding milestones, net cash consumed was about $77.2 million.
Net loss for Q2 2025 was $111 million, improved from a net loss of $138.4 million in Q2 2024.
R&D expenses for Q2 2025 were $97.5 million, down from $105.1 million in Q2 2024, driven by restructuring cost savings partially offset by clinical and oncology program expenses.
SG&A expenses for Q2 2025 were $22.3 million, down from $30.3 million in Q2 2024, due to headcount reductions and restructuring.
Total operating expenses for Q2 2025 were $119.6 million, a $42.1 million decrease from Q2 2024, reflecting lower R&D, SG&A, and absence of prior restructuring charges.
Adjusted earnings per share were $4.08, below the prior year, primarily due to pricing and medical cost trend factors at UnitedHealthcare and OptumHealth.
Discrete items totaling about $1.2 billion were recognized, including unfavorable impacts from ACA exchange offerings and settlements of outstanding items primarily from prior years.
Optum Health revenues declined by $1.8 billion to $25.2 billion, impacted by contract adjustments and Medicare funding reductions.
OptumInsight revenues increased 6% year-over-year to $4.8 billion, with recovery from last year's cyberattack progressing slower than expected.
OptumRx revenues grew 19% to $38.5 billion, driven by new customer adds and specialty products, but earnings growth was constrained by portfolio actions removal and launch phase impacts.
The full year 2025 outlook includes adjusted earnings of at least $16 per share and revenues approaching $448 billion, an 11% growth over 2024.
The full year medical care ratio is expected at 89.25% plus or minus 25 basis points, up from the initial 86.5% midpoint, driven by discussed factors.
UnitedHealthcare's second quarter revenues grew by over $12 billion to $86.1 billion, while operating earnings declined by $1.9 billion to $2.1 billion due to medical trend pressures.
UnitedHealth Group reported second quarter revenues of nearly $112 billion, a 13% increase over the prior year, driven by growth across UnitedHealthcare and Optum.
Dafinchi