Adjusted EPS was $0.45, at the top of guidance but down 29% year-over-year, reflecting strong revenue execution and OpEx management offset by higher remediation costs.
Codman Specialty Surgical segment revenue was $304 million, up 0.7% reported but down 0.3% organic, with neurosurgery up 0.3% organically and ENT growth below expectations due to reimbursement pressures.
GAAP goodwill impairment charge of approximately $511 million was recorded due to macroeconomic uncertainties and supply recovery risks; this is a noncash charge with no impact on liquidity or operations.
Gross margin declined 450 basis points to 60.7%, primarily due to higher operational costs from shipholds remediation; adjusted EBITDA margin was 17.1%, down 290 basis points.
Integra LifeSciences delivered global revenue of $415.6 million in Q2 2025, slightly down 0.6% reported and 1.4% organic versus prior year, impacted by shipholds but offset by mid-single digit portfolio growth.
Operating cash flow was $9 million; free cash flow was negative $11.2 million due to capital investments.
Tissue Technology segment revenue was $111.6 million, down about 4% reported and organic, with strong growth in Integra Skin and DuraSorb offset by shipholds impacting MediHoney and private label declines.
Cash and cash equivalents ended at $370 million, with an additional $275 million received upfront from the Aspaveli capped royalty purchase agreement with Sobi.
EMPAVELI revenue was $21 million in Q2, up 5% quarter-over-quarter, with patient compliance at 97%.
Free goods usage impacted SYFOVRE revenue by approximately $13 million in Q2, with similar impacts expected for the rest of 2025.
Operating expenses were $212 million in Q2, down from $229 million in Q2 2024; 2025 OpEx expected to be in line with 2024.
SYFOVRE injections grew 6% quarter-over-quarter, with over 95,000 doses delivered (82,000 commercial and 13,000 free goods).
The royalty purchase agreement provides $275 million upfront plus $25 million in milestones, with defined caps allowing Apellis to participate in long-term upside.
Total revenue for Q2 2025 was $178 million, including SYFOVRE net product revenue of $151 million.
Dafinchi