Dafinchi AI

PGNY

Healthcare

Adjusted EBITDA grew 6% to $58 million, though adjusted EBITDA margin declined modestly to 17.4% due to increased investments.
As of June 30, Progyny had $305 million in cash and equivalents, no debt, and a new undrawn $200 million revolving credit facility.
Capital expenditures increased by $4 million to $5 million in Q2, reflecting investments in member experience and acquisition integration.
Excluding a large former client under a transition of care agreement, core revenue grew 18% year-over-year in Q2 and the first half of 2025.
Gross profit increased 16% to $79 million, with gross margin expanding to 23.7% from 22.5% a year ago.
Net income was $17.1 million or $0.19 per diluted share, compared to $16.5 million or $0.17 per diluted share a year ago.
Operating cash flow was $55.5 million in Q2 and $105 million in the first half, highlighting strong cash conversion.
Second quarter 2025 revenue grew 9.5% year-over-year to $332.9 million, driven by increased clients and covered lives.

USPH

Healthcare

Adjusted EBITDA rose to $26.9 million, up $4.7 million from the second quarter of 2024, with an EBITDA margin expansion to 17.5% from 16.4%.
Injury Injury Prevention (IIP) revenues grew 22.6% with gross profit up 25.8% compared to the prior year quarter.
Net rate per patient visit was $105.33, slightly ahead of last year's $105.05 despite Medicare rate reductions and payer policy changes in Michigan.
Physical therapy gross profit margin improved to 21.1%, the highest since Q2 2023.
Physical therapy revenues increased 17.3% year-over-year to $168.3 million, driven largely by acquisitions including the Metro PT acquisition.
Salaries and related costs per visit increased slightly by 0.7%, the smallest increase since Q4 2023, while total operating cost per visit decreased year-over-year.
U.S. Physical Therapy reported a record second quarter 2025 with average visits per clinic per day reaching 32.7, up from 30.6 in the prior year.

HALO

Healthcare

Total revenue of $326 million, up 41% year-over-year, driven by strong royalty performance.
Royalty revenue increased 65% to $206 million, fueled by DARZALEX, Phesgo, and VYVGART Hytrulo.
Multiple new product approvals and reimbursement milestones in Europe and China created revenue inflections.
DARZALEX subcutaneous reached 96% conversion in the US, with ongoing growth in frontline and early-stage indications.
Phesgo revenue grew 55% to CHF 1.2 billion, with increased global adoption and label expansion in Europe.
VYVGART Hytrulo sales surged 97% to $949 million, with expansion into new indications and markets.
Johnson & Johnson's RYBREVANT subcutaneous revenue doubled YoY to $179 million, with strong launch uptake.
Multiple other ENHANZE-enabled products, including OCREVUS ZUNOVO, Tecentriq Hybreza, and OPDIVO Qvantig, are early in their growth phases.
Guidance raised twice in 2025, now projecting total revenue of $1.275-$1.355 billion, with royalty revenue leading growth.
Share repurchases of over $303 million in Q2, totaling more than $1.85 billion since 2019, supporting capital return strategy.

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