Dafinchi AI

U.S. Physical Therapy, Inc.

USPH

Healthcare

1w

Balance Sheet Strength and Capital Allocation Flexibility

The company ended Q2 with $34.1 million in cash and a $175 million revolving credit facility.
A new share repurchase program of up to $25 million was authorized, providing strategic flexibility.
Debt structure includes a fixed interest rate of 4.7% through mid-2027, supporting financial stability.
Management prioritizes acquisitions but maintains flexibility for share buybacks and other capital uses.

CDNA

Healthcare

1w

Financial Performance Summary

Adjusted EBITDA improved to $9.1 million from a loss of $0.3 million in Q2 2024.
Adjusted revenue for Q2 2025 was $90.5 million, up 14% year-over-year excluding prior period test revenue adjustments.
Cash from operations was $10 million, ending the quarter with $186 million in cash and no debt after a $50 million share repurchase.
Non-GAAP gross margin improved by 340 basis points to 70.4%, with Testing Services margin at 77.6%, Patient & Digital Solutions at 39.5%, and Lab Products at 63.9%.
Operating expenses increased 3% year-over-year to $56.7 million, well below revenue growth, reflecting operational leverage.
Patient & Digital Solutions revenue grew 19% to $12.8 million, and Lab Products revenue increased 12% to $11.8 million.
Reported revenue was $86.7 million, including a $3.8 million write-off related to prior period tests, down 6% year-over-year.
Testing Services revenue was $66 million adjusted, up 14% year-over-year with approximately 49,500 tests delivered, marking the eighth consecutive quarter of volume growth.

OPKO Health, Inc.

OPK

Healthcare

2w

Financial Performance Summary

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.

Acadia Healthcare Company, Inc.

ACHC

Healthcare

1w

Financial Performance Summary

Acadia Healthcare reported Q2 2025 revenue of $869.2 million, a 9.2% increase year-over-year.
Adjusted EBITDA for Q2 2025 was $201.8 million, up 7.5% from the prior year, with an adjusted EBITDA margin of 23.2%.
Cash and cash equivalents stood at $131.4 million with $828 million available under the revolving credit facility as of June 30, 2025.
Same-facility revenue grew 9.5% year-over-year, driven by a 7.5% increase in revenue per patient day and 1.8% growth in patient days.
Start-up losses increased to $14.2 million in Q2 2025 from $4.6 million in Q2 2024 due to accelerated facility openings.
Tennessee Supplemental Payment Program contributed a favorable pretax benefit of $51.8 million in Q2 2025.

Emergent BioSolutions Inc.

EBS

Healthcare

1w

Financial Performance Summary

Adjusted EBITDA for Q2 was $29 million, a $39 million improvement from negative $10 million in Q2 2024.
Adjusted gross margin improved by 2,300 basis points year-over-year to 49%.
Emergent reported second quarter 2025 revenues of $141 million, exceeding guidance by $21 million.
Liquidity increased to $367 million, including $267 million cash and $100 million undrawn revolver.
Net leverage improved significantly to 1.9x debt-to-adjusted EBITDA from 9.9x in Q2 2024.
Operating expenses decreased by $63 million or 53% compared to the prior year.
Year-to-date adjusted EBITDA reached $106 million, leading to an upward revision of full-year guidance to $175 million to $200 million.