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Heron Therapeutics (HRTX) investor relations material
Heron Therapeutics Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 net revenue reached $37.2M, with YTD revenue at $76.1M and strong operational milestones including a permanent J code for ZYNRELEF effective October 1, 2025.
Acute Care franchise revenue grew 55.5% year-over-year in Q2 2025, with ZYNRELEF and APONVIE unit demand up 6.3% and 19% sequentially.
Oncology segment revenue declined due to increased competition from generics and branded alternatives.
Completed comprehensive refinancing, reducing total debt from $175M to $145M and extending maturities to at least 2030.
Commercial restructuring and targeted sales initiatives implemented to drive future growth.
Financial highlights
Q2 2025 net revenues: $37.2M; first half 2025 net revenues: $76.1M.
Adjusted EBITDA for first half 2025: $7.9M; Q2 2025 adjusted EBITDA: $1.8M vs. $(1.2)M in Q2 2024.
Q2 product gross profit: $27.3M (73.5% margin), up from 70.8% in Q2 2024.
Q2 net loss: $2.4M vs. $9.2M loss in Q2 2024; first half 2025 net income: $0.3M vs. $12.4M loss in 2024.
Cash and short-term investments at June 30, 2025: $40.6M.
Outlook and guidance
2025 net revenue guidance maintained at $153M–$163M.
Adjusted EBITDA guidance raised to $9M–$13M from prior $4M–$12M.
Management expects continued acute care growth, while oncology faces ongoing competitive pressure.
Available cash and investments expected to cover needs for at least one year from the report date.
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