Adjusted EBITDA was $82 million in Q2, negatively impacted by $7 million in severance and sign-on bonuses.
Cash and short-term investments ended Q2 at over $1.1 billion; free cash flow was negative $69 million due to investments in new capabilities and working capital.
G&A costs improved 1 point year-over-year but deleveraged 4 points quarter-over-quarter due to new executives and organizational restructuring.
Gross margins expanded 3 points quarter-over-quarter to 76%, driven by growth outside weight loss specialty.
Marketing spend was 40% of revenue, with slowed investment due to volatility in marketing efficiency.
Monthly average revenue per subscriber declined quarter-over-quarter to $74 from $84, primarily due to offboarding GLP-1 subscribers.
Revenue grew 73% year-over-year to $545 million in Q2 2025, with an adjusted EBITDA margin north of 15%.
Subscribers increased by 73,000 quarter-over-quarter to over 2.4 million, reflecting 31% year-over-year growth.
Technology and development costs increased to 7% of revenue, reflecting investment in technology talent.
Corneal Health franchise delivered net sales of $20.6 million, a 4% year-over-year growth, including Photrexa net sales of $17.9 million.
Glaukos reported record second quarter consolidated net sales of $124.1 million, up 30% on a reported basis or 29% on a constant currency basis versus the year ago quarter.
Gross margins came in at 83% for the quarter, showing modest accretion year-over-year and quarter-over-quarter.
International glaucoma franchise delivered record net sales of $31.3 million, a 20% year-over-year growth on a reported basis and 15% on a constant currency basis.
Underlying cash and equivalents grew by more than $4 million in the second quarter excluding one-time investments.
U.S. glaucoma franchise delivered record second quarter net sales of $72.3 million, a 45% year-over-year growth, driven by iDose TR sales of approximately $31 million.
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.
Adjusted EBITDA was $131 million with a margin of 44.3%, up from 36.4% prior year.
Adjusted operating income was $109.1 million with a margin of 36.9%, up from 30.6% prior year, driven by lower R&D expenses and higher revenue.
Debt reduction of $52 million in Q3, totaling $112 million year-to-date, exceeding the fiscal 2025 target.
Embecta reported Q3 2025 revenue of $295.5 million, an 8.4% increase on an as-reported basis and 8% on an adjusted constant currency basis.
Free cash flow was approximately $81 million in Q3, including $26 million from trade receivables factoring.
GAAP gross profit was $197.1 million with a margin of 66.7%, down from 69.8% prior year due to less favorable profit and inventory adjustments.
GAAP net income was $45.5 million ($0.78 per diluted share), adjusted net income was $65.5 million ($1.12 per diluted share), both significantly higher than prior year.
International revenue grew 5.0% reported and 4.2% adjusted constant currency, with growth in Latin America and Asia offset by a decline in China.
Adjusted operating expenses were $30.6 million, or 38% of revenue, improved from 40% in Q2 2024.
Adjusted professional services gross margin was 18%, down 190 basis points year-over-year but improved 250 basis points sequentially.
Adjusted technology gross margin was 66%, down 140 basis points year-over-year due to platform migration costs.
Adjusted total gross margin was 50%, slightly down 30 basis points year-over-year but up 30 basis points sequentially.
Cash and equivalents ended at $97 million, down from $392 million at year-end 2024, with term loan face value at $162 million after paying off $230 million convertible notes in April 2025.
Health Catalyst reported Q2 2025 revenue of $80.7 million, a 6% year-over-year increase, and adjusted EBITDA of $9.3 million, exceeding guidance and marking the highest adjusted EBITDA in company history.
Professional Services revenue declined 1% year-over-year to $27.8 million, impacted by contract restructuring and exits.
Technology segment revenue grew 11% year-over-year to $52.9 million, driven primarily by recurring revenue from new and acquired clients.
Dafinchi