Cash, cash equivalents, and investments totaled $322 million at June 30, a $29 million increase from the end of 2024.
Mirum Pharmaceuticals reported total net product revenue of $128 million for Q2 2025, representing a 64% increase over the prior year.
Mirum was operating cash flow positive for the quarter and expects to remain so for the full year.
Net product sales were driven by strong performance of Livmarli in both U.S. and international markets, with approximately $57 million in U.S. sales and $31 million internationally.
Noncash stock-based compensation expense was $18 million, and intangible amortization and other noncash items were $6 million.
The bile acid portfolio, including CTEXLI and COBACHOLBAM, contributed approximately $40 million in revenue.
Total operating expenses for the quarter were $133 million, including $46 million in R&D, $63 million in SG&A, and $23 million in cost of sales.
Cash balance ended at $401 million, up $90 million from March 31, 2025.
Cash increased by approximately $90 million to over $400 million at quarter end due to improved billing cycle and healthy AR collections.
Earnings per share were $1.03 and diluted EPS was $0.92 for 2Q 2025.
Net income for 2Q was $35 million, a 186% year-over-year increase and 36% sequentially.
OCS Lung experienced approximately 14% sequential growth in 2Q.
Operating expenses for 2Q were $60 million, up 6% year-over-year, driven by 15% increase in R&D and 3% increase in SG&A.
Operating income for 2Q was $37 million, up 192% year-over-year and 33% sequentially, with operating margin expanding to 23%.
Operating profit was approximately $36.6 million in 2Q, representing more than 23% of total revenue and up from $27.4 million or 19% of total revenue in 1Q 2025.
Overall gross margin for 2Q was steady at 61.4%, similar to Q1.
Product revenue for 2Q reached $96 million, up 34% year-over-year and 9% sequentially.
Sequential growth was experienced across all 3 organ segments, driven by higher overall utilization and center penetration of OCS NOP in the U.S.
Service revenue for 2Q was $61 million, a 44% increase year-over-year and 11% sequentially.
Total gross margin for the quarter was approximately 61%, up 78 basis points compared to Q2 2024.
Total revenue for 2Q 2025 was $157.4 million, representing approximately 38% growth year-over-year and approximately 10% sequential growth from 1Q 2025.
Transplant logistics service revenue for 2Q was $29.8 million, representing 56% year-over-year and 14% sequential growth.
U.S. transplant revenue was approximately $152 million, up 40% year-over-year and 10% sequentially.
Adjusted EBITDA increased by approximately 33% to $24.8 million, with an adjusted EBITDA margin of 21.9%, a 300 basis point improvement from the prior year.
Artivion reported total constant currency revenue growth of over 14% year-over-year in Q2 2025, reaching $113 million.
Free cash flow was $11.7 million in Q2 2025, with a net leverage ratio reduced to 2.2 from 4.1 in the prior year due to retiring convertible notes.
Gross margins improved slightly to 64.7% (non-GAAP gross margin of 65.1%), driven by favorable mix from AMDS HDE revenues and strong On-X growth.
On-X revenues grew 24%, stent graft revenues grew 22%, BioGlue grew 4%, and tissue processing revenues grew 3% year-over-year on a constant currency basis.
Regional revenue growth was 18% in North America, 15% in Asia Pacific, 10% in EMEA, and 7% in Latin America.
Cash and cash equivalents ended at $86.1 million, supporting the company’s path to sustainable profitability.
Collaboration revenue decreased 7% year-over-year to $42.1 million, impacted by a prior settlement milestone but grew 105% excluding that milestone.
Esperion achieved its first quarter of operating income from ongoing business of approximately $15 million.
Esperion reported total revenue of $82.4 million for Q2 2025, a 12% increase year-over-year despite a $25 million milestone payment in the prior year quarter.
Research and development expenses decreased 37% year-over-year to $7.2 million, and selling, general and administrative expenses decreased 11% to $39.5 million.
U.S. net product revenue grew 42% year-over-year to $40.3 million and increased 15% sequentially from Q1 2025.
Adjusted EBITDA was $10.7 million, down 2% from prior year, impacted by Pathline acquisition ramp; excluding Pathline, adjusted EBITDA grew 13%.
Adjusted gross profit improved by $4.6 million or 6% over prior year.
Cash flow from operations was positive $20 million, up 44% year-over-year, with cash and marketable securities ending at $164 million.
Clinical revenue grew 16% year-over-year with organic clinical revenue up 13%, driven by a 10% increase in test volumes and a 3% increase in average unit price (AUP).
NeoGenomics reported Q2 2025 revenue of $181 million, representing 10% year-over-year growth but slightly below guidance.
NGS testing accounted for 32% of total clinical revenue and grew 23%, slightly below the 25% target but above market growth rates.
Nonclinical revenue declined 26% year-over-year due to weakness in pharma and biotech customer demand.
The company retired $201 million of convertible notes in Q2, significantly reducing debt.
Dafinchi