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HLS Therapeutics (HLS) investor relations material
HLS Therapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Adjusted EBITDA reached $4.9M in Q3, up 19% year-over-year, and $13.9M year-to-date, up 25% over 2024, reflecting operational improvements and cost discipline.
Profitability and cash flow improved, with Q3 cash from operations at $2.5M (up 67%) and year-to-date at $10.6M (up 121%), driven by lower operating expenses.
Revenue declined 4% in Q3 and 2% year-to-date, mainly due to lower Clozaril Canada sales, FX headwinds, and a significant drop in royalty revenue.
Pasipa (Vascepa) prescriptions grew 24% year-to-date, with Q3 being its most profitable quarter since launch, though growth was below initial ambitions.
Net loss narrowed to ($3.9M) in Q3 and ($11.1M) year-to-date, improving from ($4.8M) and ($16.6M) in 2024.
Financial highlights
Q3 revenue was CAD 13.5M, down from CAD 14.1M in Q3 last year; year-to-date revenue was CAD 40.3M, down from CAD 41.1M.
Adjusted EBITDA grew 19% in Q3 and 25% year-to-date; excluding royalties, Adjusted EBITDA has increased by over 85% since Q3 2023.
Q3 operating expenses were down 22% year-over-year; year-to-date, down 20%, reflecting operational efficiency.
Cash from operations in Q3 was CAD 2.5M, up 67% year-over-year; year-to-date, CAD 10.6M, up 121%.
Interest expense reduced by 38% year-to-date, saving $2.6M.
Outlook and guidance
Adjusted EBITDA for the full year expected to grow 17%-23%, reaching $19.5-$20.5M.
Consolidated revenue estimate for the year is $55-$56M.
Pasipa (Vascepa) revenue growth for the full year now expected in the mid-teens percentage, revised from 18%-26%.
Canadian Clozaril business projected to decline 4%-5% for the full year, with inventory effects expected to impact 2025 comparisons.
2026 expected to see growth in both top-line and Adjusted EBITDA, with bempedoic acid launch contributing to revenue.
Vascepa revenue vs. script growth discrepancy?
Clozaril Canada growth strategy?
What is the M&A target profile for HLS?
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Next HLS Therapeutics earnings date
Q4 202512 Mar, 2026
Next HLS Therapeutics earnings date
Q4 202512 Mar, 2026
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Frequently asked questions
HLS Therapeutics Inc. is a pharmaceutical company focused on the acquisition and commercialization of prescription medications for the treatment of central nervous system (CNS) and cardiovascular conditions. The company specializes in bringing established medications to market, primarily targeting chronic conditions that require long-term treatment. HLS Therapeutics serves patients and healthcare providers across North America with a portfolio of branded medications. The company is headquartered in Toronto, Canada, and its shares are listed on the TSX.
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