Heron Therapeutics showed significant progress with successful financing, strong revenue growth, and strategic initiatives like the transition to a J-code for ZYNRELEF. Despite a net loss and temporary revenue impact from wholesaler inventory adjustments, the company's strong demand growth and financial improvements suggest positive momentum.

Company Guidance -

Q3 2025

During the Heron Therapeutics Second Quarter 2025 Earnings Conference Call, significant guidance was provided on the company's financial performance and strategic initiatives. The company reported total net revenues of $37.2 million for the quarter and $76.1 million for the first half of 2025, with an adjusted EBITDA of $7.9 million. ZYNRELEF and APONVIE achieved combined net revenues of $10.7 million in Q2, with year-over-year growth of 55.5%. The oncology franchise generated $26.5 million in net revenues for the quarter. Heron completed a refinancing that included a new credit facility with Hercules Capital for up to $150 million and the issuance of $35 million in new senior convertible notes. The company maintained its 2025 net revenue guidance of $153 million to $163 million and revised its adjusted EBITDA guidance to $9 million to $13 million. These financial moves, along with strategic sales force enhancements and the receipt of a permanent J-code for ZYNRELEF, were highlighted as key drivers for future growth.

Successful Completion of New Financing

Heron Therapeutics successfully completed new financing, including a credit facility with Hercules Capital, issuance of new senior convertible notes, and sale of common and preferred stock, which strengthens the balance sheet and enhances financial flexibility.

Strong Revenue and EBITDA Growth

Heron generated total net revenues of $37.2 million for the quarter and $76.1 million for the first half of 2025, with adjusted EBITDA of $7.9 million for the first half, reflecting disciplined execution and operational efficiency.

ZYNRELEF and APONVIE Demand Growth

ZYNRELEF and APONVIE demand growth outpaced net revenue growth over the past two quarters, indicating strong business fundamentals and growing adoption of products.

Transition to Permanent J-code for ZYNRELEF

ZYNRELEF transitioned from a C-code to a permanent J-code effective October 1, expected to streamline reimbursement processes and support broader adoption.

Oncology Franchise Outperformance

The oncology franchise exceeded expectations with combined net revenues from CINVANTI and SUSTOL reaching $26.5 million for the quarter and $55.1 million year-to-date.

Heron Therapeutics (HRTX) Earnings, Revenues Date & History

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HRTX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 05, 2025	2025 (Q3)	-0.01 / -	-0.03	―	―	―
Aug 08, 2025	2025 (Q2)	-0.01 / -0.02	-0.06	66.67% (+0.04)
May 06, 2025	2025 (Q1)	>-0.01 / 0.01	-0.02	150.00% (+0.03)
Feb 27, 2025	2024 (Q4)	-0.03 / 0.02	-0.07	128.57% (+0.09)
Nov 12, 2024	2024 (Q3)	-0.04 / -0.03	-0.17	82.35% (+0.14)
Aug 06, 2024	2024 (Q2)	-0.04 / -0.06	-0.35	82.86% (+0.29)
May 07, 2024	2024 (Q1)	-0.07 / -0.02	-0.27	92.59% (+0.25)
Mar 12, 2024	2023 (Q4)	-0.15 / -0.07	-0.17	58.82% (+0.10)
Nov 14, 2023	2023 (Q3)	-0.29 / -0.17	-0.38	55.26% (+0.21)
Aug 14, 2023	2023 (Q2)	-0.22 / -0.35	-0.55	36.36% (+0.20)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

HRTX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 08, 2025	$1.84	$1.32	-28.26%
May 06, 2025	$2.13	$2.42	+13.62%
Feb 27, 2025	$1.71	$2.05	+19.88%
Nov 12, 2024	$1.84	$1.28	-30.43%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.