Adjusted operating expenses were $30.6 million, or 38% of revenue, improved from 40% in Q2 2024.
Adjusted professional services gross margin was 18%, down 190 basis points year-over-year but improved 250 basis points sequentially.
Adjusted technology gross margin was 66%, down 140 basis points year-over-year due to platform migration costs.
Adjusted total gross margin was 50%, slightly down 30 basis points year-over-year but up 30 basis points sequentially.
Cash and equivalents ended at $97 million, down from $392 million at year-end 2024, with term loan face value at $162 million after paying off $230 million convertible notes in April 2025.
Health Catalyst reported Q2 2025 revenue of $80.7 million, a 6% year-over-year increase, and adjusted EBITDA of $9.3 million, exceeding guidance and marking the highest adjusted EBITDA in company history.
Professional Services revenue declined 1% year-over-year to $27.8 million, impacted by contract restructuring and exits.
Technology segment revenue grew 11% year-over-year to $52.9 million, driven primarily by recurring revenue from new and acquired clients.
Cash and equivalents ended at $447 million, with a $40 million increase in cash during the quarter excluding settlement payments.
Consumables revenue totaled $122.2 million, down 1%, with Chromium consumables down 9% due to lower average reaction prices and spatial consumables up 24%.
Excluding the settlement-related license and royalty revenue, Q2 revenue was $145.6 million, down 5% year-over-year.
Gross profit was $125.1 million with a gross margin of 72%, boosted by the settlement; adjusted gross margin excluding settlement was 67%.
Instrument revenue was $14.5 million, down 39%, with Chromium instruments down 35% and spatial instruments down 42%, impacted by strategic discounts and CapEx constraints.
Net income was $34.5 million versus a net loss of $37.9 million last year; adjusted net loss excluding settlement was $33.5 million.
Operating income was $30.1 million compared to a loss of $41.7 million last year; adjusted operating loss excluding settlement was $37.9 million.
Services revenue increased 47% to $8.5 million, driven by growth in Xenium service plans.
Total revenue for Q2 2025 was $172.9 million, up 13% year-over-year, including a $68 million settlement payment from Bruker.
Cash and investments totaled $900.4 million as of June 30, 2025, with 138.1 million common shares outstanding.
Net loss for Q3 2025 was $175.2 million or $1.26 per share, compared to a net loss of $170.8 million or $1.38 per share in Q3 2024.
Operating expenses increased to $193.3 million from $176.1 million year-over-year, driven by higher R&D and SG&A costs.
Post-quarter events include a $100 million milestone payment from Sarepta and a $130 million upfront payment from Sanofi for Greater China rights to plozasiran.
Revenue for the quarter was $27.8 million, primarily from the license and collaboration agreement with Sarepta.
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.
Dafinchi