Dafinchi AI

U.S. Physical Therapy, Inc.

USPH

Healthcare

1w

Financial Performance Summary

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.

AORT

Healthcare

1w

Financial Performance Summary

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.

Alphatec Holdings, Inc.

ATEC

Healthcare

2w

Financial Performance Summary

Adjusted EBITDA reached a record $23 million, or 13% of revenue, marking a 4x improvement over the prior year same quarter.
Cash on hand was $157 million with an additional $60 million available on revolving credit, totaling $217 million in liquidity.
Free cash flow was $5 million, at the favorable end of the previously communicated $0 to $5 million range.
Non-GAAP gross margin was 70%, flat sequentially but down 130 basis points year-over-year due to product mix and biologics attach rate.
Non-GAAP R&D expense was $14 million, approximately 8% of sales, reflecting increased investment in long-term growth.
Non-GAAP SG&A was $108 million, about 58% of sales, down $4 million sequentially with improvements in variable and nonvariable expenses.
Q2 2025 total revenue was $186 million, up 27% year-over-year, with surgical revenue growing 29% to $168 million.
Trailing 12 months adjusted EBITDA stood at $62 million, demonstrating consistent margin expansion.

PGNY

Healthcare

1w

Financial Performance Summary

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.

Treace Medical Concepts, Inc.

TMCI

Healthcare

1w

Financial Performance Summary

Adjusted EBITDA loss improved significantly by 58% to $3.6 million from $8.7 million in the prior year quarter.
Cash and equivalents were $69.3 million at quarter end, with total liquidity of approximately $90.7 million including revolver access.
Cash usage decreased by 55% in Q2 and 78% year-to-date compared to 2024, supporting a targeted 50% reduction for full year 2025.
Gross margin slightly decreased to 79.7% from 80.2% in the prior year quarter.
Net loss improved by 18% to $17.4 million or $0.28 per share from $21.2 million or $0.34 per share in Q2 2024.
Operating expenses were reduced by 4% to $54.7 million compared to $57.1 million in Q2 2024 due to expense management initiatives.
Revenue in Q2 2025 was $47.4 million, a 7% increase over Q2 2024, driven by higher bunion procedure kit sales.

iRhythm Technologies, Inc.

IRTC

Healthcare

2w

Financial Performance Summary

Adjusted EBITDA margin improved by 500 basis points to 8.4%, compared to 3.4% in Q2 2024, reflecting operational efficiencies and volume leverage.
Adjusted net loss improved to $10.2 million or $0.32 per share from $18.8 million or $0.61 per share in Q2 2024.
Adjusted operating expenses increased 16% year-over-year to $145.2 million due to remediation activities, global volume growth support, and investments in innovation and commercial initiatives.
Expanded access to Zio services as an in-network benefit to over 10 million additional patients in the U.S.
Gross margin was 71.2%, ahead of expectations, benefiting from volume leverage and operational efficiencies despite higher costs from increased Zio AT mix.
iRhythm reported Q2 2025 revenue of $186.7 million, up 26.1% year-over-year, driven by growth in core long-term continuous monitoring and Zio AT product lines.
New store growth accounted for approximately 68% of year-over-year volume growth, with home enrollment for Zio Services at about 23% of volume in the U.S.

Esperion Therapeutics, Inc.

ESPR

Healthcare

2w

Financial Performance Summary

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.

Chemed Corporation

CHE

Healthcare

2w

Financial Performance Summary

Adjusted EBITDA for VITAS, excluding Medicare Cap, was $66.8 million, flat with prior year, with margin at 16.2%, down 163 basis points due to admitting more short-stay patients.
Admissions at VITAS totaled 17,545, a 1.2% increase from Q2 2024, or 4.9% excluding transfers from the 2024 Covenant Health acquisition.
Average daily census at VITAS increased 6.1% to 22,318. Hospital-directed admissions increased 9.1%, while home-based, nursing home, and assisted living admissions declined.
Average length of stay increased to 137.1 days from 100.6 days in Q2 2024, reflecting effects of community access initiative patients.
Average revenue per patient per day was $207.3, 350 basis points above prior year.
Roto-Rooter adjusted EBITDA was $48.6 million, down 18.7% from prior year, with margin at 21.8%, a 517 basis point decline due to labor inefficiencies, higher commissions, casualty and workers' comp costs, and increased paid search marketing costs.
Roto-Rooter revenue increased 0.6% in Q2 2025, with branch residential revenue up 0.9% and commercial revenue up 4.4%. Independent contractor revenue declined 4.4%.
VITAS net revenue was $396.2 million in Q2 2025, up 5.8% from prior year, driven by a 6.1% increase in days of care and a 4.2% Medicare reimbursement rate increase.

IQVIA Holdings Inc.

IQV

Healthcare

4w

Financial Performance Summary

Adjusted EBITDA increased 2.6% in Q2, with adjusted diluted EPS rising 6.4% to $2.81 year-over-year.
Backlog reached a record $32.1 billion, up 5.1% year-over-year, with next 12 months revenue from backlog at $8.1 billion, up 4.8%.
Contract Sales & Medical Solutions revenue increased 9.3% reported and 6.4% constant currency.
IQVIA reported second quarter 2025 revenue exceeding $4 billion for the first time, growing 5.3% year-over-year on a reported basis and 6.3% excluding COVID-related work.
Issued $2 billion senior notes maturing in 2032.
Net leverage ratio was 3.61x trailing 12-month adjusted EBITDA; free cash flow was $292 million in Q2 after $151 million capex.
R&D Solutions (R&DS) revenue grew 2.5% reported and 1.3% constant currency, with 4.2% growth excluding COVID-related revenues.
Share repurchases totaled over $1 billion in the first half, with $607 million repurchased in Q2 alone.
Technology & Analytics Solutions (TAS) revenue grew 8.9% reported and 6.8% constant currency, driven by double-digit growth in real-world evidence.

Relmada Therapeutics, Inc.

RLMD

Healthcare

1w

Financial Performance Summary

Cash used in operations for Q2 2025 was $6.4 million, a significant decrease from $13.3 million in Q2 2024.
General and administrative expenses decreased slightly to $7.4 million from $8.1 million year-over-year.
Net loss for Q2 2025 was $9.9 million or $0.30 per share, improved from a net loss of $17.8 million or $0.59 per share in Q2 2024.
R&D expenses decreased to $2.8 million in Q2 2025 from $10.7 million in Q2 2024, primarily due to winding down REL-1017 trials, partially offset by ramp-up costs for NDV-01 and sepranolone.
Relmada reported a cash balance of $20.6 million as of June 30, 2025, down from $44.9 million at the end of 2024.