Cash, equivalents, and investments totaled $165.2 million with no debt at quarter-end.
Core revenue grew 8% year-over-year to $8.2 million, driven by a 22% increase in instrument revenue to $2.1 million, flat license revenue at $2.6 million, and a 5% increase in processing assembly (PA) revenue to $3.1 million.
Gross margin was 82% in Q2 2025 compared to 86% in Q2 2024; non-GAAP adjusted gross margin was 83% versus 82% last year.
Operating expenses were $21.2 million, slightly higher than $20.9 million in Q2 2024, but decreased modestly year-to-date despite absorbing SeQure Dx costs.
Total revenue for Q2 2025 was $8.5 million, down 18% from $10.4 million in Q2 2024, primarily due to lower SPL program-related revenue.
Gross margin expanded to 52% in Q2, up year-over-year and sequentially, driven primarily by pricing and partially offset by product mix and non-manufacturing costs.
International sales performance exceeded expectations despite a $10 million headwind from distributor inventory adjustments ahead of a 2026 direct sales transition.
Operating expenses grew 10% year-over-year due to SG&A investments, while R&D expenses remained flat.
Tandem Diabetes Care achieved record second quarter 2025 sales of $241 million worldwide, with $170 million in the U.S. and $70 million internationally.
The company ended Q2 with $315 million in cash and investments, having settled $41 million in convertible notes and paid $8 million towards a $36 million patent settlement.
Year-to-date worldwide sales reached $475 million, representing 15% growth driven by pump and supply volumes and a 4% pricing improvement year-over-year.
For the first half of 2025, Practice Collections grew 15.7% to $1.66 billion, Care Margin increased 13.2%, and Adjusted EBITDA grew 33.3% to $55.9 million.
Implemented Providers grew 13.8% year-over-year to 5,125, and value-based lives attribution increased 15.2%.
Medicaid attributed lives grew over 31% year-over-year, with no downside risk taken on these contracts, focusing on upside shared savings.
Privia Health reported strong financial results for Q2 2025, with Practice Collections increasing 18.5% year-over-year to $862.9 million and Adjusted EBITDA rising 31.6% to $29 million, representing 25.2% of Care Margin, a 310 basis point improvement.
The company ended Q2 with over $390 million in cash and no debt, after deploying $95 million for the IMS acquisition in Arizona.
Dafinchi