Cash and equivalents totaled $580 million, with an additional $170 million in committed government funding, providing total available liquidity of around $750 million.
General and administrative expenses were approximately $19 million, down from $20 million, including ongoing intellectual property defense costs.
Net loss for the quarter was roughly $35 million, an improvement from a $37 million loss in Q2 2024.
Research and development expenses were about $39 million, slightly lower than the previous year by $2 million due to timing of program-specific expenses.
Revenue for Q2 2025 was approximately $17 million, up from $7 million in Q2 2024, driven by a $10 million lump sum licensing fee from the Trianni platform.
Sales and marketing expenses decreased slightly to $3 million compared to the prior year.
Capital expenditures totaled $94 million, and depreciation and amortization were $119 million.
EBIT margin increased 50 basis points to 22.8% due to gross margin improvement and operating expense leverage.
Free cash flow was strong at $327 million, supported by earnings growth and working capital improvements.
Gross margin improved by 20 basis points to 45.3%, with positive price and productivity gains offsetting inflation and tariff costs.
Net income from continuing operations was $231.2 million, with adjusted EPS of $2.34, a 15% increase year-over-year.
The company announced its 20th consecutive year of dividend increases, raising the quarterly dividend by 10% to $0.63.
Total debt was reduced to $1.9 billion, with a gross debt to EBITDA ratio of 1.2x.
Total reported revenue grew 9% in Q1 2026, with constant currency organic revenue growth of 8%, driven by volume and 230 basis points of price increases.
Adjusted EBITDA grew 8.4% over prior year quarter, with a substantial portion from core operations.
Adjusted EBITDA margin improved by 30 basis points compared to prior year quarter.
Cash flow from operations was $4.2 billion; capital expenditures were $1.2 billion; share repurchases were $2.5 billion; dividends were $171 million.
Contract labor improved to 4.3% of total labor costs from 4.6% in prior year quarter.
Equivalent admissions increased 1.7% for the quarter and 2.3% year-to-date.
Managed care equivalent admissions grew 4% year-to-date, Medicare grew 3%, Medicaid was slightly down, and self-pay was slightly up but below expectations.
Revenue grew 6.4%, driven by greater demand, improved payer mix, and consistent patient acuity.
Supply expense increased slightly due to cardiac-related device spending.
The company reported a 24% increase in diluted earnings per share as adjusted to $6.84 for Q2 2025.
Dafinchi