Cash position remained strong at approximately $340 million with near cash-neutral operations and expected $27 million in taxes related to the TRELEGY sale accrued in Q2.
Collaboration revenue grew 31% year-over-year, driven by YUPELRI sales growth and improved profit margins.
Non-GAAP losses improved to $4.2 million compared to $6.3 million in the prior year, excluding onetime items.
The company recognized a $7.5 million milestone payment following YUPELRI's regulatory approval in China.
Theravance Biopharma reported strong Q2 2025 financial results with YUPELRI net sales reaching approximately $66 million, a 22% year-over-year increase, marking the highest Q2 sales since launch.
Theravance completed the $225 million sale of its remaining TRELEGY royalty interest to GSK, recognizing $75 million of other income and strengthening the balance sheet.
Cash, cash equivalents, and marketable securities totaled $214.2 million as of June 30, 2025, with an additional $50 million raised in a July registered direct offering.
Dividend and interest income declined to $2.3 million in Q2 2025 from $2.9 million in Q2 2024, reflecting lower interest rates and invested balances.
GAAP total operating expenses for Q2 2025 were $30.5 million, up from $26.8 million in Q2 2024; adjusted operating expenses were $23.8 million, slightly down from $24.4 million.
Gross profit for Q2 2025 was $351,000 with a gross margin of 59%, including a 13% benefit from low or no value inventory utilization.
Q2 2025 revenue was $591,000, primarily from Platinum instruments, consumable kits, and related services, below expectations due to capital sales headwinds.
The company expects runway into Q2 2028 based on current cash and capital raise.
Adjusted EBITDA increased to $6.1 million or 24% of revenue, up from $3.9 million or 20% last year, reflecting improved gross margin and operational leverage.
BioLife Solutions reported Q2 2025 revenue of $25.4 million, a 29% year-over-year increase driven primarily by a 28% increase in cell processing revenue.
Cash and marketable securities totaled $100.2 million at quarter end, down from $107.6 million at the end of Q1, with cash usage driven by PanTHERA acquisition, debt repayments, and capital expenditures.
GAAP gross margin decreased slightly to 62% from 64% in Q2 2024, while adjusted gross margin was 65% compared to 67% last year, impacted by fleet repair costs and product mix.
GAAP net loss was $15.8 million or $0.33 per share, impacted by the IPR&D expense; excluding this, net loss per share would have been $0.01.
GAAP operating expenses rose to $42.1 million from $21 million, mainly due to a $15.5 million noncash IPR&D expense related to the PanTHERA acquisition and increased stock-based compensation.
GAAP operating loss was $16.6 million versus $1.3 million in the prior year, with adjusted operating loss improving slightly to $0.5 million from $0.8 million.
Adjusted EBITDA margin improved by 240 basis points to 12.4%, driven by volume growth, pricing, and G&A productivity, partially offset by transactional FX losses.
Adjusted EPS was $0.26, up $0.15 from Q2 2024, supported by EBITDA growth and a lower tax rate of 33.3%.
Envista reported Q2 2025 sales of $682 million with core sales growth of 5.6% year-over-year, aided by a 200 basis point currency exchange tailwind.
Envista repurchased $82 million of stock in Q2, totaling $100 million year-to-date under a $250 million 2-year authorization.
Equipment & Consumables segment core sales increased 7.3%, with adjusted operating margin improving 140 basis points versus prior year.
Free cash flow in Q2 was $76 million, down about $10 million from last year due to higher working capital driven by faster growth.
Specialty Products & Technologies segment grew core revenue by 7.2%, with adjusted operating margin up over 400 basis points despite FX headwinds.
Year-to-date free cash flow conversion was 84%, with a net debt to adjusted EBITDA ratio of approximately 1x.
Adjusted earnings per share (EPS) increased 3% year-over-year to $2.07 despite dilution from Paragon 28 and commercial investments.
Adjusted gross margin improved to 72.3% driven by favorable mix and lower excess and obsolescence costs, offsetting higher manufacturing costs.
Adjusted operating margin was 27.8%, down year-over-year due to increased commercial investments and Paragon 28 integration but in line with expectations.
Days of inventory on hand were reduced by nearly 20 days compared to Q2 2024.
GAAP diluted EPS was $0.77 compared to $1.18 in the prior year, impacted by acquisition-related charges and interest expense.
Operating cash flow was $378 million and free cash flow was $248 million, consistent with 2024 levels despite Paragon 28 acquisition.
Zimmer Biomet reported net sales of $2.77 billion in Q2 2025, a 7% increase on a reported basis and 2.8% organic constant currency growth excluding foreign currency and Paragon 28 acquisition.
Dafinchi