Cash from operations increased by approximately $47 million in the first half of 2025, with a clean balance sheet and strong cash conversion dynamics.
Gross margin improved to 63.4% in Q2 2025 compared to approximately 59% in Q2 2024, with steady sequential margins excluding true-ups despite increased exome volumes.
Natera reported $547 million in revenue for Q2 2025, representing 32% growth year-over-year and 34% growth excluding revenue true-ups.
Non-cash stock-based compensation and legal accruals of about $30 million impacted EPS, with adjusted EPS loss estimated at $0.53 versus reported $0.74.
Operating expenses are expected to remain flat for 2025 despite increased investments, reflecting scale in the business.
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.
Adjusted earnings per share increased 27% to $0.79 in Q2, with first half adjusted EPS up 42% driven by margin expansion and reduced interest expenses.
Adjusted EBITDA margin was flat year-over-year at 17.2%, with year-to-date margin expansion of 75 basis points.
Enovis reported second quarter 2025 sales of $565 million, a 7% increase year-over-year and 5% organic growth on a constant currency basis.
Gross margins improved by 90 basis points in the quarter and 200 basis points year-to-date, driven by favorable product mix and productivity programs.
Interest expense decreased to $9 million from $17 million in the prior year quarter.
The company delivered positive free cash flow in Q2 despite $6 million in tariff payments.
Agios ended Q2 with approximately $1.3 billion in cash, cash equivalents, and marketable securities.
Cost of sales for the quarter was $1.7 million.
In Q2 2025, Agios reported net revenue of $12.5 million, a 45% increase compared to $8.6 million in Q2 2024 and a 44% increase compared to Q1 2025.
R&D expenses were $91.9 million, up $14.5 million from Q2 2024, primarily due to a $10 million milestone payment to Alnylam related to AG-236 development.
SG&A expenses were $45.9 million, an increase of $10.4 million year-over-year, driven by investments ahead of the potential PYRUKYND thalassemia launch.
The company expects modest full-year 2025 net revenue growth compared to 2024, with quarter-on-quarter variability due to ordering patterns and a sales force transition to thalassemia.
Cash, cash equivalents and marketable securities were $325.6 million as of June 30, 2025, a decrease of $49.1 million compared to December 31, 2024.
Fanapt net product sales in Q2 2025 were $29.3 million, a 27% increase compared to Q2 2024 and a 24% increase compared to Q1 2025, driven by increased volume and prescriptions.
Fanapt net product sales were $52.8 million for the first 6 months of 2025, a 21% increase compared to $43.7 million in the same period in 2024, driven by increased volume.
HETLIOZ net product sales in Q2 2025 were $16.2 million, a 13% decrease compared to Q2 2024, due to decreased volume and price.
HETLIOZ net product sales were $37.1 million for the first 6 months of 2025, a 4% decrease compared to $38.8 million in the same period in 2024, due to decreased volume partially offset by price increases.
Net loss for Q2 2025 was $27.2 million compared to $4.5 million in Q2 2024, including an income tax benefit of $7.7 million.
Operating expenses for Q2 2025 were $91.1 million, a $30.5 million increase compared to Q2 2024, driven by higher SG&A and R&D expenses related to commercial launches.
Operating expenses increased by $64.8 million to $182.2 million for the first 6 months of 2025, driven by higher SG&A and R&D expenses related to commercial launches and licensing agreements.
PONVORY net product sales in Q2 2025 were $7.1 million, an 18% decrease compared to Q2 2024 but a 26% increase compared to Q1 2025, driven by volume increases and inventory changes.
PONVORY net product sales were $12.7 million for the first 6 months of 2025, an 18% decrease compared to $15.4 million in the same period in 2024, due to decreased volume and price.
Second quarter 2025 total revenues were $52.6 million, a 4% increase compared to $50.5 million in the second quarter of 2024, mainly due to Fanapt revenue growth.
Total revenues for the first 6 months of 2025 were $102.6 million, a 5% increase compared to $97.9 million for the same period in 2024, primarily due to growth in Fanapt revenue from the bipolar commercial launch.
Vanda recorded a net loss of $56.7 million for the first 6 months of 2025 compared to a net loss of $8.7 million for the same period in 2024, including an income tax benefit of $15.6 million.
Cash, cash equivalents, and restricted cash totaled $15 million as of June 30, 2025, down from $24.9 million as of September 30, 2024.
Current cash is sufficient to fund operations into the next calendar year, beyond the expected FDA end of Phase 2 meeting for Inovasaram.
For Q3 2025, research and development costs decreased to $3 million from $4.8 million in the prior quarter due to the wind down of the Phase 2b quality clinical study for Inovasaram.
For the nine months ended June 30, 2025, R&D costs increased to $12.7 million from $9.5 million due to Phase 2b clinical study expenses, partially offset by decreased spending on terminated programs.
Net loss from continuing operations for the nine months was $17 million or $1.16 per diluted share, improved from $26.7 million or $2.04 per diluted share in the prior period.
Net loss from continuing operations was $7.3 million or $0.50 per diluted share, improved from a net loss of $10.3 million or $0.71 per diluted share in the prior year quarter.
Net loss from discontinued operations related to the FC2 business was $7.2 million or $0.49 per diluted share, including a $4.3 million loss on sale.
Net working capital was $9.5 million as of June 30, 2025, compared to $23.4 million as of September 30, 2024.
Selling, general and administrative expenses decreased to $5 million from $5.8 million primarily due to lower share-based compensation.
Selling, general and administrative expenses for the nine months decreased to $15.4 million from $18.4 million due to lower share-based compensation.
The company is not profitable and has negative cash flow from operations, requiring additional capital to support drug development.
The company recognized a gain on sale of fee assets of $485,000 compared to $110,000 in the prior quarter.
The company recorded gains on sale of NTAPI assets of $2.2 million and a gain on extinguishment of debt of $8.6 million related to the sale of the FC2 Female Condom business.
Dafinchi