HLS Therapeutics Inc (TSE:HLS)
TSX:HLS
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HLS Therapeutics Inc
(TSX:HLS)
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Rating:52Neutral
Price Target:
C$4.50
▲(2.74% Upside)
Action:ReiteratedDate:03/14/26
The score is driven by solid cash generation and improving leverage, partially offset by persistent net losses and flat-to-down revenue trends. Technicals also remain a headwind with the stock below key moving averages and negative MACD, while valuation is limited by negative earnings and lack of dividend support. Earnings-call commentary adds some support via strong EBITDA growth and debt reduction, but tempered by softer revenue and reduced Vascepa growth expectations.
Positive Factors
Cash generation
Consistent positive operating cash flow and a surge in free cash flow in 2025 provide durable financial flexibility. This supports reinvestment in commercialization, funds working capital for launches, and enables debt reduction or strategic deals without immediate equity raises, improving resilience over the next several quarters.
Negative Factors
Persistent net losses
Ongoing net losses and negative ROE signal the company has not yet converted operating strength into bottom-line profitability. This constrains retained earnings, limits ability to reward shareholders, and increases reliance on cash flow or financing to fund growth, posing a medium-term earnings risk if cost items below EBITDA persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent positive operating cash flow and a surge in free cash flow in 2025 provide durable financial flexibility. This supports reinvestment in commercialization, funds working capital for launches, and enables debt reduction or strategic deals without immediate equity raises, improving resilience over the next several quarters.
Read all positive factors
HLS Therapeutics Inc (HLS) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$136.98M
Dividend YieldN/A
Average Volume (3M)19.90K
Price to Earnings (P/E)―
Beta (1Y)0.76
Revenue Growth0.73%
EPS Growth33.51%
CountryCA
Employees92
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.05
Shares Outstanding31,273,682
10 Day Avg. Volume21,807
30 Day Avg. Volume19,898
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)1.80
Price to Sales (P/S)1.96
P/FCF Ratio7.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$8.23Price Target Upside87.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.25
Revenue Forecast (FY)C$60.35M
HLS Therapeutics Inc Business Overview & Revenue Model
Company Description
HLS Therapeutics Inc., a specialty pharmaceutical company, acquires and commercializes pharmaceutical products in the specialty central nervous system and cardiovascular (CV) markets in Canada, the United States, and internationally. The company's...
How the Company Makes Money
HLS primarily makes money by generating net product sales from prescription medicines it commercializes in its target markets (Canada and, for certain products, the United States). Revenue is driven by (1) sales volume (prescriptions filled and un...
HLS Therapeutics Inc Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The earnings call reflects a mixed performance, with strong adjusted EBITDA growth and a solid financial position, but challenges in revenue growth and competitive pressures in the Clozaril business. While there are significant achievements, the revenue decline and lower-than-expected growth in certain areas indicate a balanced sentiment.Positive Updates
Strong Adjusted EBITDA Growth
Adjusted EBITDA reached $4.9 million in Q3, up 19% year-over-year, and $13.9 million year-to-date, up 25% compared to the same period in 2024.
Negative Updates
Revenue Decline
Total revenue for Q3 was $13.5 million, down from $14.1 million in Q3 last year. Year-to-date revenue was $40.3 million, compared to $41.1 million in the same period last year.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Adjusted EBITDA Growth
Adjusted EBITDA reached $4.9 million in Q3, up 19% year-over-year, and $13.9 million year-to-date, up 25% compared to the same period in 2024.
Read all positive updates
Company Guidance
During the Q3 2025 Financial Results Conference Call for HLS Therapeutics, the company reported an adjusted EBITDA of $4.9 million for the third quarter, marking a 19% increase year-over-year, and $13.9 million year-to-date, up 25% from the same period in 2024. Total revenue for Q3 was $13.5 million, slightly down from $14.1 million in the previous year, while year-to-date revenue was $40.3 million compared to $41.1 million. Canadian product sales in local currency grew by 2% year-to-date, despite a 4% revenue decline in Q3, with Vascepa prescriptions showing a substantial 24% growth year-to-date. However, Vascepa's revenue growth is expected to be in the mid-teens for the full year, revised from the initial 18% to 26% forecast. Clozaril's Canadian business projected a 4% to 5% decline due to inventory fluctuations and competitive pressures, although U.S. Clozaril sales were up 1% year-to-date. The company aims to reach an adjusted EBITDA growth range of 17% to 23% for the full year, translating to $19.5 million to $20.5 million, with an anticipated consolidated revenue estimate of $55 million to $56 million. Looking ahead, HLS Therapeutics plans to launch bempedoic acid in Q2 2026, expecting it to contribute to future growth, and has positioned itself to leverage operational synergies with Vascepa, maintaining financial discipline and reducing debt while exploring strategic growth opportunities.HLS Therapeutics Inc Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
53
Neutral
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 56.47M | 56.62M | 63.07M | 61.47M | 60.01M |
| Gross Profit | 24.01M | 47.62M | 55.45M | 56.49M | 56.04M |
| EBITDA | 18.02M | 17.22M | 12.88M | 18.00M | 25.41M |
| Net Income | -12.65M | -19.66M | -27.53M | -23.60M | -13.12M |
Balance Sheet | |||||
| Total Assets | 137.28M | 159.90M | 209.06M | 241.65M | 275.90M |
| Cash, Cash Equivalents and Short-Term Investments | 11.70M | 17.46M | 21.95M | 20.72M | 21.18M |
| Total Debt | 49.73M | 66.45M | 87.62M | 97.34M | 97.57M |
| Total Liabilities | 75.72M | 88.56M | 111.36M | 116.33M | 115.17M |
| Stockholders Equity | 61.56M | 71.34M | 97.70M | 125.32M | 160.74M |
Cash Flow | |||||
| Free Cash Flow | 15.81M | 7.99M | 15.60M | 6.79M | 11.92M |
| Operating Cash Flow | 16.02M | 8.00M | 15.79M | 16.94M | 16.43M |
| Investing Cash Flow | -1.73M | 11.73M | -189.00K | -10.15M | -4.51M |
| Financing Cash Flow | -20.52M | -23.36M | -14.64M | -6.86M | -11.40M |
HLS Therapeutics Inc Technical Analysis
Negative
4.38
Price Trends
4.49
Negative
4.71
Negative
4.98
Negative
Market Momentum
-0.03
Negative
40.27
Neutral
88.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:HLS, the sentiment is Negative. The current price of 4.38 is below the 20-day moving average (MA) of 4.39, below the 50-day MA of 4.49, and below the 200-day MA of 4.98, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 40.27 is Neutral, neither overbought nor oversold. The STOCH value of 88.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:HLS.
HLS Therapeutics Inc Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | C$169.01M | 15.91 | 23.25% | 1.60% | 22.22% | 25.50% | |
78 Outperform | C$437.87M | 10.05 | 24.23% | ― | 94.28% | 5.23% | |
71 Outperform | C$705.85M | -112.09 | -0.45% | ― | 18.70% | 88.31% | |
68 Neutral | C$99.49M | 211.50 | 0.87% | ― | 2.14% | -83.06% | |
52 Neutral | C$136.98M | -8.75 | -19.40% | ― | 0.73% | 33.51% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
38 Underperform | C$663.17K | 0.45 | 9.47% | ― | 122.30% | 75.74% |
* Healthcare Sector Average
TSE:HLS
HLS Therapeutics Inc
4.38
-0.27
-5.81%
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35.84%
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0.00%
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TSE:RX
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33.99%
HLS Therapeutics Inc Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
HLS Therapeutics Lifts Profitability, Cuts Debt as It Expands Cardiovascular Portfolio
Positive
Mar 12, 2026
HLS Therapeutics reported fiscal 2025 revenue of $55.5 million, with Adjusted EBITDA rising 18% to $19.6 million and cash from operations more than doubling to $17.1 million. The company cut operating expenses, reduced long-term debt by 26%, and l...
Business Operations and StrategyProduct-Related Announcements
HLS Therapeutics launches NILEMDO in Canada to tackle unmet cholesterol treatment needs
Positive
Mar 5, 2026
HLS Therapeutics has launched NILEMDO (bempedoic acid) across Canada, offering a first-in-class, once-daily oral non-statin therapy for adults who cannot reach LDL-cholesterol targets on existing treatments or are statin intolerant. Supported by t...
Business Operations and StrategyProduct-Related Announcements
HLS Therapeutics launches NILEMDO in Canada to target unmet LDL-cholesterol needs
Positive
Mar 5, 2026
HLS Therapeutics has launched NILEMDO, a once-daily oral non-statin therapy, across Canada for adults who cannot reach LDL-cholesterol targets with current treatments or who are statin intolerant. The drug, in-licensed from Esperion Therapeutics a...
Business Operations and StrategyFinancial Disclosures
HLS Therapeutics Sets March 12 Date for Fiscal 2025 Results and Investor Call
Neutral
Feb 26, 2026
HLS Therapeutics Inc. will release its fiscal 2025 fourth-quarter and full-year financial results on March 12, 2026, before markets open, and will host a conference call at 8:30 a.m. ET the same day, led by its CEO, CFO, and Chief Commercial Offic...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.