Adjusted operating profit margin increased 230 basis points to 20.3%.
Cash balance increased by $25.1 million to $509.7 million as of June 30, 2025, despite $134 million in share repurchases.
Contract Manufacturing segment saw 0.5% organic revenue growth, driven by ramp-up of Dublin facility for auto-injectors and pens.
Gross profit was $273.9 million, up $43.9 million or 19.1% year-over-year, with a gross margin of 35.7%, a 290 basis point increase from Q2 2024.
Operating cash flow for the first six months was $306.5 million, an 8.2% increase from prior year, with capital spending down $44.3 million year-over-year to $146.5 million.
Proprietary Products segment grew 8.4% organically, driven by 11.3% growth in HVP components, including strong demand for GLP-1 elastomer products which accounted for 8% of total revenues.
West Pharmaceutical Services reported Q2 2025 net sales of $766.5 million, representing a 9.2% increase overall and 6.8% organic growth.
Adjusted EBITDA reached an all-time high of $138 million, a 26% increase, with margin expansion of 130 basis points due to pricing and productivity gains.
Cash and marketable securities ended at $858 million.
Exact Sciences delivered a record 1.3 million test results in Q2 2025, with core revenue growth accelerating to 16% year-over-year.
Free cash flow was $47 million in Q2, with year-to-date free cash flow increasing by $95 million compared to the prior year.
GAAP net income was negative $1 million, including $15 million in one-time operational efficiency costs.
Precision oncology revenue grew 9% to $179 million on a core basis, supported by Oncotype DX international adoption and sublicensing revenue from TwinStrand technology.
Screening revenue increased 18% to $628 million, driven by Cologuard rescreens, care gap programs, and improved commercial execution.
Cash balance ended at $225 million with net debt just over $380 million, resulting in net leverage of just above 1.5x based on midpoint adjusted EBITDA guidance.
Consolidated revenue decreased by just over 7% due to portfolio restructuring, offset by strong same-unit growth of over 6%.
D&A expense declined to $5.3 million from $8.8 million prior year, reflecting practice dispositions.
G&A expenses decreased slightly year-over-year due to staffing reductions and lower professional services and legal fees, partially offset by increased incentive compensation.
Operating cash flow was $138 million, up from $109 million prior year, driven by higher earnings and improved working capital.
Other nonoperating expenses decreased to $4.9 million from $10 million, reflecting higher interest income and lower interest expense.
Pediatrix Medical Group reported adjusted EBITDA of just over $73 million for Q2 2025, exceeding expectations.
Practice-level SW&B expenses declined year-over-year due to portfolio restructuring, but same-unit expenses increased due to higher incentive compensation and salary increases averaging 3% to 3.5%.
Same-unit pricing increased 3.5%, driven by patient acuity, RCM cash collections, and contract administrative fees.
Same unit revenue growth was over 6%, driven by strong hospital-based volume with NICU days up 6%, higher acuity levels, strong RCM collections, and increased hospital administrative fees.
Adjusted EBITDA was a loss of $6.1 million compared to a positive $17.2 million in Q2 2024.
Adjusted gross margin was 31.6% in Q2 2025 versus 33.9% in Q2 2024, with Mobile Health margins improving sequentially but down year-over-year.
Medical Transportation Services revenue increased to $49.6 million from $48.2 million year-over-year, with a 7% underlying growth excluding Colorado exit.
Mobile Health revenue declined to $30.8 million from $116.7 million year-over-year, driven by reduced migrant-related revenues.
SG&A expenses decreased 7% year-over-year and 5% sequentially on an absolute basis, with recurring SG&A down 9% sequentially and 18% year-over-year.
Strong cash flow from operations of $33.6 million in Q2 2025, with total cash and equivalents rising to $128.7 million.
Total revenue for Q2 2025 was $80.4 million, down from $164.9 million in Q2 2024, primarily due to the wind down of migrant-related government programs.
Annualized savings from Q2 headcount reductions are expected to be approximately $30 million, up from $25 million in Q1, with a target of 150 FTEs or less by year-end.
Coherus Oncology reported Q2 2025 net revenue of $10 million for LOQTORZI, a 36% increase quarter-over-quarter and a 65% increase year-over-year.
SG&A expenses for 2025 are projected between $90 million and $100 million, with R&D expenses dependent on ongoing portfolio prioritization and data readouts.
The company ended Q2 with $238 million in cash and investments, projecting sufficient runway through 2026 beyond key data readouts.
The company used $483 million in upfront cash proceeds from divestiture to pay off $230 million convertible notes and reduce royalty obligations.
Dafinchi