Dafinchi AI

Insmed Incorporated

INSM

Healthcare

1w

Financial Performance Summary

ARIKAYCE delivered double-digit year-over-year revenue growth globally, with the highest quarterly revenue ever achieved in the United States.
Cash balance increased to approximately $1.9 billion following a $823 million net proceeds equity offering.
Cost of product revenues was $28.1 million or 26.1% of revenues, slightly higher due to increased international sales proportion.
Europe sales grew 48%, primarily due to strong demand in Germany, Switzerland, and Austria.
Full year 2025 ARIKAYCE net revenue guidance remains $405 million to $425 million.
Japan sales grew 45% driven by new targeting strategies and improved patient experience.
Operating expenses increased due to investments in commercial readiness for brensocatib and pipeline funding.

Encompass Health Corporation

EHC

Healthcare

1w

Financial Performance Summary

Adjusted EBITDA rose 17.2% to $308.6 million, reflecting operational efficiencies and favorable payer mix.
Adjusted free cash flow increased 30.5% to approximately $186 million in Q2, with year-to-date free cash flow up 31.7% to $408 million.
Bad debt expense decreased by 90 basis points to 2%, benefiting net revenue per discharge.
Benefit expense per FTE increased 18%, driven by higher frequency of high-dollar medical claims.
Net leverage at quarter end was 2x, with $100 million in unrestricted cash and over $950 million available on revolving credit.
Net preopening and ramp-up costs were $4 million in Q2, with full-year expected costs between $18 million and $22 million.
Quarterly dividend increased to $0.19 per share, payable in October.
Revenue for Q2 2025 increased 12% to $1.46 billion, driven by 7.2% discharge growth and a 4.2% increase in net revenue per discharge.
Salaries and wages per FTE increased 3.4%, while contract labor and sign-on bonuses declined by 15.1%.
Share repurchases totaled approximately 232,000 shares for $24.7 million in Q2.

Ionis Pharmaceuticals, Inc.

IONS

Healthcare

2w

Financial Performance Summary

Ionis reported revenue of $452 million in Q2 2025, a twofold increase year-over-year, and $584 million for the first six months, up nearly 70% versus prior year.
Non-GAAP net income was $154 million for the quarter.
Operating expenses increased 8% year-over-year, with sales and marketing expenses rising due to Tryngolza launch and Donidalorsen preparations, while R&D expenses decreased as late-stage studies concluded.
R&D collaboration revenue included a $280 million upfront payment for the sapablursen license, nearly 100% of which dropped to the bottom line.
Royalty revenues increased approximately 10% to $70 million, driven by SPINRAZA and Wainua contributions.
Sales and marketing expenses included minority portion of Wainua's sales and marketing costs.
Tryngolza generated $19 million in net product sales in Q2, a threefold increase quarter-over-quarter.

iRhythm Technologies, Inc.

IRTC

Healthcare

2w

Financial Performance Summary

Adjusted EBITDA margin improved by 500 basis points to 8.4%, compared to 3.4% in Q2 2024, reflecting operational efficiencies and volume leverage.
Adjusted net loss improved to $10.2 million or $0.32 per share from $18.8 million or $0.61 per share in Q2 2024.
Adjusted operating expenses increased 16% year-over-year to $145.2 million due to remediation activities, global volume growth support, and investments in innovation and commercial initiatives.
Expanded access to Zio services as an in-network benefit to over 10 million additional patients in the U.S.
Gross margin was 71.2%, ahead of expectations, benefiting from volume leverage and operational efficiencies despite higher costs from increased Zio AT mix.
iRhythm reported Q2 2025 revenue of $186.7 million, up 26.1% year-over-year, driven by growth in core long-term continuous monitoring and Zio AT product lines.
New store growth accounted for approximately 68% of year-over-year volume growth, with home enrollment for Zio Services at about 23% of volume in the U.S.

ADMA Biologics, Inc.

ADMA

Healthcare

1w

Financial Performance Summary

Adjusted EBITDA increased by 59% year-over-year on an underlying basis to $50.8 million.
Adjusted net income grew approximately 85% year-over-year on an underlying basis, reaching $36 million.
Approximately $15 million of common stock was repurchased under the authorized $500 million share repurchase program.
Free cash flow was robust despite a $19.3 million strategic inventory build to support ASCENIV demand, ending the quarter with $90.3 million in cash.
GAAP net income was $34.2 million.
Gross profit rose to $67.2 million with gross margins improving to 55.1%, a 7.7% expansion on an underlying basis.
Total revenues for Q2 2025 reached $122 million, representing a 14% year-over-year increase or approximately 29% growth on an underlying basis excluding a nonrecurring Medicaid rebate accrual reversal from 2024.

Elevance Health Inc.

ELV

Healthcare

1mo

Financial Performance Summary

Adjusted operating expense ratio improved by 140 basis points to 10.0%.
Benefit expense ratio rose 260 basis points to 88.9%, mainly due to ACA and Medicaid cost pressures.
Carelon Rx revenue grew over 20%, while Carelon Services revenue and operating gain grew over 50%.
Debt-to-capital ratio was 40.8%, with $2 billion returned to investors year-to-date.
Elevance Health reported Q2 2025 GAAP diluted EPS of $7.72 and adjusted EPS of $8.84, consistent with expectations.
Medical membership declined by approximately 200,000 sequentially, primarily from Medicaid and ACA effectuation rates.
Operating cash flow was $2.1 billion for the quarter, with a full-year expectation of $6 billion reflecting revised outlook and working capital items.
Operating revenue increased 14% year-over-year to $49.4 billion, driven by higher premium yields and acquisitions.

Alignment Healthcare, Inc.

ALHC

Healthcare

2w

Financial Performance Summary

Adjusted EBITDA was $46 million in Q2, surpassing guidance range of $10 million to $18 million, with a margin of 4.5%, expanding 360 basis points year-over-year.
Adjusted gross profit was $135 million, a 76% increase year-over-year, with a consolidated MBR of 86.7%, improving by 200 basis points.
Adjusted SG&A ratio improved by 160 basis points year-over-year to 8.8%.
Balance sheet ended Q2 with $504 million in cash, cash equivalents, and investments.
First half 2025 adjusted EBITDA was $66 million, exceeding the high end of initial full year guidance ($35 million to $60 million).
Health plan membership reached 223,700 members in Q2 2025, a 28% year-over-year increase.
Total revenue for Q2 2025 was $1 billion, up approximately 49% year-over-year.

Supernus Pharmaceuticals, Inc.

SUPN

Healthcare

1w

Financial Performance Summary

Cash position improved to approximately $523 million as of June 30, 2025, up from $454 million at year-end 2024.
Excluding Trokendi XR and Oxtellar XR, revenues increased 17% year-over-year driven by Qelbree, GOCOVRI, and ONAPGO.
For the first half of 2025, total revenues were $315 million, flat compared to $312 million last year, with net product sales flat as well.
GAAP net earnings increased to $22 million or $0.40 per diluted share from $20 million or $0.36 per diluted share last year.
GAAP operating earnings decreased to $12 million from $23 million due to higher sales and marketing expenses related to ONAPGO launch.
Net product sales were $158 million, with royalty, licensing, and other revenues at $7 million.
Non-GAAP adjusted operating earnings were $41 million compared to $45 million in the prior year quarter.
Operating earnings for the first half declined to $2 million from $19 million due to acquisition-related costs and higher marketing expenses.
Total revenue for Q2 2025 was $165 million, slightly down from $168 million in Q2 2024.

Intellia Therapeutics, Inc.

NTLA

Healthcare

1w

Financial Performance Summary

Cash, cash equivalents, and marketable securities totaled approximately $630.5 million as of June 30, 2025, down from $861.7 million at the end of 2024.
Collaboration revenue increased to $14.2 million in Q2 2025 from $6.9 million in Q2 2024, driven mainly by cost reimbursements from Regeneron Pharmaceuticals.
G&A expenses declined by $4.6 million to $27.2 million, reflecting lower stock-based compensation but higher commercial infrastructure build-out costs.
R&D expenses decreased by $17.2 million year-over-year to $97 million, primarily due to lower employee-related expenses and stock-based compensation, partially offset by increased advancement of lead programs.
Stock-based compensation expenses were $14.1 million in R&D and $8 million in G&A for the quarter.
The company expects a year-over-year decline in GAAP operating expenses of approximately 10% for 2025 and maintains a cash runway into the first half of 2027.

Anavex Life Sciences Corp.

AVXL

Healthcare

1w

Financial Performance Summary

Cash position was $101.2 million as of June 30, 2025, with no debt.
Cash runway is anticipated to be more than 3 years at the current adjusted cash utilization rate.
Cash utilization in operating activities was $12.5 million during the quarter.
General and administrative expenses increased to $4.5 million from $2.8 million year-over-year, driven by higher noncash compensation charges.
Net loss for the quarter was $13.2 million or $0.16 per share.
Research and development expenses decreased to $10 million from $11.8 million year-over-year.

Pulmonx Corporation

LUNG

Healthcare

2w

Financial Performance Summary

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.