Cash used in operations was $26 million, influenced by performance reconciliations and a collection slowdown, with $24 million catch-up payments received post-quarter.
Normalized oncology trend for Q2 was approximately 10.5%, modestly below the initial forecast of 12% for the year.
Prior year claims development provided a favorable $11.7 million impact, partially offset by $4.6 million in revenue updates, netting a $7.1 million benefit.
Q2 adjusted EBITDA was $37.5 million, in the top half of the guided range, driven by strong results across Technology and Services and Performance Suite.
Q2 revenue was $444 million, $11 million below the midpoint of guidance, mainly due to lower 2024 revenue and go-live timing delays.
Unrestricted cash ended at $151 million at quarter-end.
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.
Dafinchi