BioReference's testing volume grew 1.4% excluding pending and closed asset sales; 4Kscore test volume increased approximately 12% year-over-year.
Cash, cash equivalents, and restricted cash totaled approximately $285 million at quarter end.
Consolidated operating loss improved slightly to $60 million from $61.7 million, but net loss widened to $148.4 million or $0.19 per share from $10.3 million or $0.01 per share due to a $92 million convertible note expense.
Diagnostic operating loss improved to $18.2 million from $26.6 million in Q2 2024, with total costs and expenses down to $119.3 million from $156 million.
Diagnostics revenue for Q2 2025 was $101.1 million, down from $129.4 million in Q2 2024, primarily due to the Labcorp oncology asset sale.
Pharmaceutical operating loss increased to $28.7 million from $24.8 million, driven by increased R&D spending of $29.8 million versus $23.7 million.
Pharmaceutical revenue was $55.7 million, up from $52.8 million in 2024, with product revenue slightly up to $40.7 million.
Adjusted SG&A as a percentage of revenue improved by 280 basis points year-over-year to 17%, demonstrating operating leverage despite growth investments.
Clover Health reported 32% year-over-year Medicare Advantage membership growth to over 106,000 members in Q2 2025.
Days in claims payable decreased by 5 days sequentially to 32 days, indicating normalization of claims processing.
GAAP net loss improved by $4 million year-to-date to $12 million, with adjusted EBITDA and adjusted net income steady at $43 million and $42 million respectively.
Insurance Benefit Expense Ratio (BER) increased to 88.4% in Q2 2025 from 76.1% in Q2 2024, reflecting elevated Part D and supplemental benefit utilization.
Insurance revenue increased 34% year-over-year to $470 million in Q2 and 34% year-to-date to $927 million.
Adjusted EBITDA for VITAS, excluding Medicare Cap, was $66.8 million, flat with prior year, with margin at 16.2%, down 163 basis points due to admitting more short-stay patients.
Admissions at VITAS totaled 17,545, a 1.2% increase from Q2 2024, or 4.9% excluding transfers from the 2024 Covenant Health acquisition.
Average daily census at VITAS increased 6.1% to 22,318. Hospital-directed admissions increased 9.1%, while home-based, nursing home, and assisted living admissions declined.
Average length of stay increased to 137.1 days from 100.6 days in Q2 2024, reflecting effects of community access initiative patients.
Average revenue per patient per day was $207.3, 350 basis points above prior year.
Roto-Rooter adjusted EBITDA was $48.6 million, down 18.7% from prior year, with margin at 21.8%, a 517 basis point decline due to labor inefficiencies, higher commissions, casualty and workers' comp costs, and increased paid search marketing costs.
Roto-Rooter revenue increased 0.6% in Q2 2025, with branch residential revenue up 0.9% and commercial revenue up 4.4%. Independent contractor revenue declined 4.4%.
VITAS net revenue was $396.2 million in Q2 2025, up 5.8% from prior year, driven by a 6.1% increase in days of care and a 4.2% Medicare reimbursement rate increase.
Dafinchi