Heron Therapeutics demonstrated strong financial performance with significant revenue and EBITDA growth, successful financing, and progress in product adoption, particularly for ZYNRELEF and APONVIE. However, transient revenue impacts and discrepancies in inventory and revenue growth were noted. Overall, the company's strategic initiatives and financial management indicate positive momentum.

Company Guidance

During the Heron Therapeutics Second Quarter 2025 Earnings Call, the company announced several key financial metrics and strategic updates. Heron reported total net revenues of $37.2 million for Q2 2025 and $76.1 million for the first half of 2025, with an adjusted EBITDA of $7.9 million for the first half. The company also highlighted strong year-over-year growth in its Acute Care franchise, with ZYNRELEF and APONVIE combined net revenues growing by 55.5% for the quarter and 70.5% for the first half compared to the same periods in 2024. The transition from a C-code to a permanent J-code for ZYNRELEF, effective October 1, was noted as a significant milestone expected to streamline reimbursement processes. Heron maintained its 2025 net revenue guidance of $153 million to $163 million and revised its adjusted EBITDA guidance to a range of $9 million to $13 million. The company also completed a new financing arrangement, which included a $150 million credit facility with Hercules Capital and a $35 million issuance of senior convertible notes, aimed at strengthening its balance sheet and supporting future growth initiatives.

Successful New Financing

The completion of a new financing that strengthens Heron's balance sheet, providing enhanced financial flexibility to accelerate strategic initiatives.

Revenue and EBITDA Growth

Total net revenues of $37.2 million for the quarter and $76.1 million for the first half of 2025. Adjusted EBITDA was $7.9 million for the first half of the year.

ZYNRELEF and APONVIE Growth

Combined net revenues from APONVIE and ZYNRELEF totaled $10.7 million for the second quarter, reflecting year-over-year growth of 55.5% for the quarter.

J-Code Transition for ZYNRELEF

Transition from a C-code to a permanent J-code for ZYNRELEF, effective October 1, expected to streamline reimbursement processes and improve access.

Improved Financial Performance

Net income of $300,000 for the first half of 2025 compared to a net loss of $12.4 million for the same period in 2024.

Oncology Franchise Success

Combined net revenues from CINVANTI and SUSTOL reaching $26.5 million for the quarter, maintaining market share in a competitive environment.

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.