Adjusted EBITDA increased by 59% year-over-year on an underlying basis to $50.8 million.
Adjusted net income grew approximately 85% year-over-year on an underlying basis, reaching $36 million.
Approximately $15 million of common stock was repurchased under the authorized $500 million share repurchase program.
Free cash flow was robust despite a $19.3 million strategic inventory build to support ASCENIV demand, ending the quarter with $90.3 million in cash.
GAAP net income was $34.2 million.
Gross profit rose to $67.2 million with gross margins improving to 55.1%, a 7.7% expansion on an underlying basis.
Total revenues for Q2 2025 reached $122 million, representing a 14% year-over-year increase or approximately 29% growth on an underlying basis excluding a nonrecurring Medicaid rebate accrual reversal from 2024.
BioSpin Group revenue was roughly flat at $403 million; CALID Group grew in the low teens percentage; Bruker Nano grew in the low single digits; BEST segment declined in the low teens percentage.
Bruker's Q2 2025 reported revenues decreased 0.4% year-over-year to $797.4 million, with a 7.0% organic decline and a 2.9% FX tailwind.
Diluted non-GAAP EPS was $0.32, down 39% from $0.52 in Q2 2024, impacted by organic revenue decline, tariffs, and foreign exchange headwinds.
First half 2025 revenues increased 5.0% to $1.60 billion, with a 2.3% organic revenue decline.
Non-GAAP gross margin decreased 270 basis points to 48.6% in Q2 2025.
Non-GAAP operating margin for Q2 2025 was 9.0%, down 480 basis points year-over-year due to lower revenue absorption, tariffs, and currency headwinds.
Operating cash flow decreased by $85 million in H1 2025 due to timing of tax payments and other items, resulting in a free cash outflow of $110 million.
Organic revenue decline was 7.2% in the BSI segment and 4.8% in the BEST segment, with acquisitions contributing 3.7% growth.
Weighted average diluted shares increased to 151.7 million due to a follow-on equity offering.
Adjusted EBITDA was $14.5 million, a 24% increase year-over-year, with adjusted EPS of $0.05 for the quarter.
Adjusted gross margin improved by 140 basis points to 71.5%, reflecting operational efficiencies and favorable test mix.
Average revenue per test grew 2% year-over-year, driven by favorable test mix, sales targeting, revenue cycle projects, and expanding payer coverage.
GeneSight revenue declined 12% year-over-year due to UnitedHealthcare coverage changes but volume growth rebounded to 5% in Q2.
Hereditary cancer testing revenue grew 9% year-over-year, with oncology channel volume up 14%.
Myriad Genetics reported Q2 2025 revenue of $213 million, a 5% increase year-over-year excluding impacts from UnitedHealthcare's GeneSight coverage decision and the divested European EndoPredict business.
Prenatal revenue grew 7% year-over-year despite a 7% volume decline due to order management system issues, which have since been resolved.
Prolaris revenue grew 4% year-over-year, with volume up 6% sequentially from Q1 2025.
The company recognized a noncash goodwill and intangible impairment charge of $317 million due to market capitalization decline, excluded from non-GAAP EPS.
Adjusted EBITDA improved significantly to a negative $4.7 million from negative $35 million in Q2 2024, marking the fifth consecutive quarter of improvement.
Cash burn reduced to $3 million in Q2, ending the quarter with $219 million in cash and marketable securities and zero debt.
Gross margin expanded to 56.1%, up 3.3 percentage points from Q1 2025, reflecting higher software mix and cost initiatives.
Operating expenses declined with R&D down 12.2% year-over-year, sales and marketing down 32%, and G&A down 25.7% compared to Q2 2024.
Subscription software revenue grew 47% year-over-year to $40.4 million, representing 57% of total revenue, driven by deployments across the Military Health System (MHS).
Total revenue for Q2 2025 was $70.9 million, a 13% increase from Q2 2024, and 25% higher when normalized for the sale of Amwell Psychiatric Care (APC).
Dafinchi