Heron Therapeutics Q2 revenue rises 3.3%, raises EBITDA guidance

Overview

• Heron Q2 2025 net revenue rises 3.3% yr/yr to $37.2 mln

• Co raises full-year 2025 adjusted EBITDA guidance to $9.0 mln - $13.0 mln

• Completed capital restructuring, reducing total debt from $175 mln to $145 mln

Outlook

• Heron reaffirms 2025 net revenue guidance of $153 mln to $163 mln

• Heron raises full-year 2025 adjusted EBITDA guidance to $9 mln - $13 mln

• Company plans expanded commercial initiatives for ZYNRELEF in Q3 2025

• ZYNRELEF to receive permanent J-code from CMS, effective Oct 1, 2025

Result Drivers

• ZYNRELEF DEMAND - ZYNRELEF unit demand grew 6.3% in Q2 2025 compared to Q1 2025, though revenue was impacted by a temporary wholesaler adjustment

• APONVIE ADOPTION - APONVIE unit demand increased 19% in Q2 2025, driven by greater adoption in hospital systems

• CAPITAL RESTRUCTURING - Completed restructuring reduced total debt from $175 mln to $145 mln, enhancing financial flexibility

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Heron Therapeutics Inc is $6.00, about 69.3% above its August 7 closing price of $1.84

• The stock recently traded at 93 times the next 12-month earnings vs. a P/E of 122 three months ago

Press Release: ID:nPn3lDp5Ta